CPA Practice

FEBRUARY 6, 2024

Investing in technology is a key priority for accounting firms as they move into 2024, while m itigating the ongoing talent shortage and keeping pace with new laws continue to cause challenges for many within the profession. Caseware explores worldwide perspectives within the accounting and audit professions annually.

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CPA Practice

JANUARY 23, 2023

With markets changing and capital becoming more constrained by the day, there is a rapidly heightened awareness of the role that due diligence and audits play. These manual verification procedures are painstaking — and most often relegated to the audit professionals early in their career. By Tod McDonald.

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Going Concern

JULY 19, 2023

Hong Kong is suffering from “a serious talent shortage” according to an article today in South China Morning Post and The Hong Kong Association of Registered Public Interest Entity Auditors (PIEAA) says accounting firms should start looking overseas. What a novel idea! We should try that here in the US. “It

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CPA Practice

JULY 9, 2023

the developer of the award-winning cloud-based audit automation platform, has announced aquired Advantage Audit from John Wiley & Sons, Inc. Advantage Audit is an audit planning aid and audit program series designed to help auditors comply with risk-based professional standards in a straightforward and efficient manner.

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Going Concern

APRIL 30, 2024

It’s been almost six years since the Canadian government legalized recreational cannabis and ever since, a microcosm of financial reporting and auditing has been growing (no pun) beside it. Note that many companies switched auditors so not all fees listed went to the current auditor.) billion USD) business in 2023, up 12.2

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ThomsonReuters

MAY 22, 2024

Is your firm among them? In today’s dynamic and competitive business environment, owners and partners of accounting and audit firms should, at least, be considering cloud-based technology as part of their broader strategies. It is a risk that firm leaders cannot afford to take.

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CPA Practice

APRIL 26, 2023

Public Company Accounting Oversight Board (PCAOB) inspectors outlined their priorities for 2023 inspections in a new PCAOB staff report released on April 17. By staying ahead of new and emerging risks, our inspections plan will hold firms accountable and drive improvements in audit quality for investors.”

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CPA Practice

DECEMBER 1, 2023

The Public Company Accounting Oversight Board (PCAOB) has doled out a record $20 million in total fines to audit firms and individual auditors so far in 2023, almost doubling the previous high mark of $11 million set last year. Since that meeting, the PCAOB fined three firms a total of $145,000 on Nov.

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ThomsonReuters

MARCH 20, 2024

When it comes to Single Audits of local governments, nonprofits, school districts, and HUD engagements, auditors must navigate through a complex set of rules that are constantly changing. These challenges compound quickly as the volume of audits increases. However, there is an answer: audit automation.

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CPA Practice

MAY 15, 2024

The technologies used in professional accounting firms continue to evolve and shape how practices function, from client service, to staffing issues, and overall management and growth. And following dire budget conditions during and following the pandemic, states have greatly increased their sales tax audit activity.

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Going Concern

MAY 24, 2024

[link] pic.twitter.com/yegGRtXHFN — Going Concern (@going_concern) May 23, 2024 News PwC faces crisis in China over audit of failed property giant Evergrande [ Financial Times ] The Ls just don’t stop for PwC. However, it was announced to partners at a meeting on Tuesday that Shaw had triumphed in a five-candidate race.

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Going Concern

JULY 31, 2023

Currently KPMG, Deloitte and EY provide both consulting and audit to both the public and private sector. Mr Fels, who has provided evidence to the committee looking into the ethical behaviour the major consultancy firms, said conflict-of-interest concerns about the big four were “a problem of their own making”.

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Going Concern

JANUARY 12, 2024

Comments are closed on Friday Footnotes and the Monday Morning Accounting News Brief by default. Long Reads How Auditor Deloitte Missed A Nigerian Company’s Massive Fraud [ Forbes ] Hindenburg Research, known for sniffing out corporate scams, took aim in June at an obscure Nigeria-based outfit named Tingo Group. Tingo paid $1.6

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Going Concern

MARCH 24, 2023

This article will explore how firms can transform a disengaged team and provide actionable insights firm leaders can set in motion today. Firm Watch Ex-BDO USA Workers Advance Narrowed 401(k) Plan Fee Challenge [ Bloomberg Law ] Former BDO USA LLP employees who accused the accounting firm of mismanaging their $1.2

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Going Concern

MARCH 31, 2023

Big 4 EY Fails to Reach Deal on Split [ Wall Street Journal ] The unexpected revolt that has upended the planned breakup of accounting firm Ernst & Young is being driven by two longtime U.S. auditors who believe their part of the firm could end up weakened by a deal. John King and Frank Mahoney, senior U.S.

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CPA Practice

APRIL 15, 2023

One of the Big Four accounting giants in the U.S., EY was considering splitting up its audit and consulting units to avoid suggestions of a conflict of interest between the two practices. Following a split, EY would have been able to advise companies for which it also acted as auditor. billion PwC: $50.3 billion EY : $45.4

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CPA Practice

MAY 10, 2023

The head of the Public Company Accounting Oversight Board (PCAOB) said today that its inspectors found significant deficiencies in the audits of U.S.-listed listed Chinese companies conducted by KPMG’s affiliate in mainland China and PwC’s member firm in Hong Kong. auditors to inspect the records of U.S.-listed

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Accounting Insight

FEBRUARY 6, 2024

Audit firms struggling to build teams with diverse skill sets that can deliver the audit of the future Investing in technology is a key priority for accounting firms as they move into 2024, while mitigating the ongoing talent shortage and keeping pace with new laws continue to cause challenges for many within the profession.

Technology 45

Technology accounting firms audit Account 45

Going Concern

JANUARY 20, 2023

Practice Management How firms use stay interviews to boost retention [ Journal of Accountancy ] Job interviews have long been an essential part of the hiring process. But now, some public accounting firms are turning the lens on themselves.

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Going Concern

MAY 19, 2023

About 58% of companies allow employees to work a portion of their week from home, according to Scoop Technologies, a software firm that developed an index monitoring workplace strategies of close to 4,500 companies. Around half of the businesses surveyed currently engage an independent auditor to assess their finances, the findings showed.

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Going Concern

NOVEMBER 10, 2023

“Financial reporting leaders, but also investors, regulators, and other stakeholders in the capital markets expect AI to drive audit quality. . “Financial reporting leaders, but also investors, regulators, and other stakeholders in the capital markets expect AI to drive audit quality.

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Going Concern

MAY 20, 2024

PwC is facing legal action claiming the accountancy firm is liable for the alleged rape of a graduate employee following after-work drinks. Earlier: The CPA Credential and the Profession Are in a Race For Relevance, Says ICPAS CEO Todd Shapiro (October 2021) UK audit firms are asleep at the wheel according to a new report.

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Going Concern

FEBRUARY 2, 2024

PwC said on Monday that it had identified 129 breaches of independence rules affecting 74 clients and PCAOB inspectors had found a further one themselves while inspecting audit work in 2022. The figures were included in an update to PwC’s audit quality report, published on its website.

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Going Concern

SEPTEMBER 22, 2023

Former employee of Chattanooga accounting firm speaks out [ Local 3 ] A former employee of Croft and Frost is speaking out following the accounting firm’s shutdown that cost him and his coworkers their jobs. The 2023 Forum on Auditing in the Small Business Environment and on Auditing Broker-Dealers is set for Oct.

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CPA Practice

MAY 15, 2023

during the first quarter of 2023, Marcum audited seven of them—the most of any audit firm, according to a new analysis from Audit Analytics. In addition, Q1 2023 saw a substantial decrease in the total amount raised compared to offerings completed in the first quarter in each of the last five years.

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Going Concern

DECEMBER 15, 2023

Cheaters What went wrong at PwC Canada: Accounting firm agrees to pay $1.45-million million to settle exam cheating scandal [ Canadian Accountant ] The Canadian member firm of PricewaterhouseCoopers International has agreed to pay the Chartered Professional Accountants of Ontario $1.45

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Going Concern

NOVEMBER 27, 2023

The state budgeted $5 million for the audit, which is being conducted by global consulting firm KPMG. According to the audit, crumbling infrastructure, staffing shortages and a prison population that’s expected to grow are converging into critical challenges for the Florida Department of Corrections. Beautifully said.

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Going Concern

FEBRUARY 26, 2024

Marine Corps passed a full financial audit for the first time, with the service announcing Friday its fiscal 2023 financial audit received an “unmodified audit opinion” after a rigorous two-year review. The US audit watchdog also inspected four EY Canada audits in 2020 and found deficiencies in half the engagements.

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Going Concern

DECEMBER 13, 2023

Before I look back on what I think were the best posts (ranked arbitrarily by me), allow me to resurrect this post from January 7: Let’s Start the Year Off With Some Doomsaying Predictions For the Profession in 2023. Yes, let’s. Surprise, the tech people didn’t want to work for EY.

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CPA Practice

AUGUST 9, 2023

AuditClub, the Audit Service Center for CPA firms and companies, has launched a new alliance model designed to connect tax and non-attest accountants with AuditClub One assurance professionals to improve service delivery options to clients. “In

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Going Concern

MARCH 8, 2024

After piloting the program last year in a smaller division, KPMG—a Fortune 100 Best Companies to Work For in 2023—plans to have a company-wide rollout to their 36,000 employees and partners by the end of 2024. When conducting the fiscal year 2021 audit of Tingo, Inc., KPMG has built up a large business auditing U.S.

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CPA Practice

APRIL 26, 2023

A new PCAOB staff report sheds light on an area where PCAOB inspectors have observed relatively high rates of audit deficiencies: special-purpose acquisition companies (SPACs). Last week PCAOB inspectors once again included SPACs among their list of priorities for 2023 inspections. Of those audits, 61% had at least one deficiency.

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Going Concern

DECEMBER 1, 2023

The measure targets the non-audit departments of each city branch in China, including consulting, financial advisory, risk advisory and assurance. How Is Deloitte Making Accounting Accessible To Diverse Young Talent? As of 2023, 64% of certified accountants are White. Employees who do not follow will be counseled out.

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Going Concern

SEPTEMBER 28, 2023

“Like oxygen, audit quality may not be fully appreciated when it is present, but I think you can definitely tell when it’s missing.” Auditors are wild, you never know. “It is important to stress this with less-experienced staff who may have been working entirely remotely since they joined the firm.

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Going Concern

APRIL 15, 2024

In response, the Public Company Accounting Oversight Board has drafted a rule that the accounting firms can have public trust or private financials—but they can’t have both. Public accounting firms operate in a unique space in our society. But what about the books of the auditor? Right now, they don’t.

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Going Concern

APRIL 12, 2024

ICYMI: These are the most-read articles on Going Concern this week: Tax Preparer Finds Out in the Worst Way Possible That ERC Wasn’t a Free Money Glitch Survey Says: Which Group of Auditors Are Most Satisfied With Their Salaries? We broke that record in 2023. We set a record in 2022. And we are breaking it again today.

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Going Concern

SEPTEMBER 16, 2022

EY fired auditor for not approving illegal transactions, says a new lawsuit [ Reuters ] Ernst & Young LLP has been sued by a former partner who says she was forced out of her job for refusing to sign off on client transactions that violated tax and securities laws. Accounting Firm M&A. PwC HK, KPMG to host U.S.

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