CPA Practice

FEBRUARY 23, 2024

Amid technological advancements, the audit professional’s role, characterized by a deep attention to detail, compliance and risk management, is proving to be vital well outside the traditional confines of finance. Auditors’ proficiency in validating data ensures the reliability and accuracy of financial information.

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audit auditor accounting and finance Technology 114

ThomsonReuters

APRIL 30, 2024

In the world of accounting audits, accuracy and completeness are paramount. Auditors rely on data review to ensure the reliability and integrity of financial statements. The significance of accuracy and completeness in audit data review Accuracy and completeness are fundamental principles in auditing.

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auditor audit Technology financial statements 52

CPA Practice

MARCH 4, 2024

Auditors, like so many others today, are seizing the opportunity to transform how they work by adopting artificial intelligence. These findings make it critical for those of us in the audit profession to help the next generation understand the vision and opportunities that await those who choose this career path as auditors embrace AI.

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auditor audit general ledger Technology 69

Going Concern

JUNE 22, 2022

The PCAOB adopted a new audit standard yesterday (AS 1206, Dividing Responsibility for the Audit With Another Accounting Firm ) to ensure that lead auditors are properly supervising the outside auditors they use. PCAOB Adopts New Requirements for Lead Auditor’s Use of Other Auditors [ PCAOB ].

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auditor audit accounting firms financial statements 64

Going Concern

MARCH 15, 2023

While the general investing public is asking “where were the auditors?” To any members of the general investing public reading this: “due professional care” means the independent auditor planned and performed the work required of them according to audit standards. Back to the auditors. billion. .”

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auditor audit accounting principles financial statements 143

ThomsonReuters

DECEMBER 8, 2023

Jump to: How AI is transforming audit AI-Assisted Decision Making in Thomson Reuters Cloud Audit Suite Ready to transform audit? How AI is transforming audit Traditionally, auditors have heavily relied on manual processes to uncover risk in financial statements and business operations.

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audit auditor financial statements Technology 98

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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audit auditor Technology financial statements 111

CPA Practice

MAY 2, 2023

There is a brand-new section that debuted today in PCAOB inspection reports of audit firms, and it is devoted to auditor independence. “We These enhancements will provide relevant information that investors have asked for and support improvements in overall audit quality.”

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audit auditor financial statements 111

Airbase

JANUARY 31, 2023

Kelly Hicks and Robin Sharma share advice after Airbase successfully completes its first external audit. Few milestones in a company’s lifecycle demand a more focused response from finance and accounting than the first external audit. The lead-up: Choosing auditors and timing. When is the right time for a company’s first audit?

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audit auditor Spend Management Platform accounting and finance 130

MineralTree

NOVEMBER 2, 2023

Without proper oversight and regular checks, accounts payable can turn into a source of financial complexity and risk. That’s where accounts payable audits come into play. By ensuring that accounts payable processes are accurate, safe, and compliant, you can keep the financial gears of your business running smoothly.

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accounts payable audit AP Automation auditor 81

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

FEBRUARY 17, 2023

Thomson Reuters has announced the release of Checkpoint Engage Single Audit, the only web-based application that automates the entire single audit process. accounting firms perform approximately 40,000 single audits for clients who receive federal grants. To learn more, visit Checkpoint Engage Single Audit.

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auditor audit accounting firms financial statements 52

CPA Practice

JUNE 7, 2023

The PCAOB on Tuesday introduced a proposal amending current PCAOB auditing standards related to the auditor’s responsibility to detect noncompliance with laws and regulations, including fraud, in the audit of a public company. Those very same investors are who we are here to protect.

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auditor audit financial statements 52

Going Concern

DECEMBER 10, 2022

The PCAOB should be dropping the first batch of 2021 inspection reports soon, and as an appetizer before the main course, the audit cops issued a report Dec. 8 on how the 141 annually and triennially inspected firms did overall during the most recent inspection cycle, in which portions of 690 audits were reviewed. In Part I.B

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audit auditor financial statements Maine 108

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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audit auditor forensic accounting Technology 125

CPA Practice

JUNE 27, 2023

A rules proposal issued by the Public Company Accounting Oversight Board (PCAOB) on June 26 addresses aspects of designing and performing audit procedures that involve technology-assisted analysis of information contained in electronic format.

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auditor Technology audit financial statements 52

CPA Practice

AUGUST 15, 2023

Shortly after criticizing audit firms for the number of errors they made on public company audits reviewed by PCAOB inspectors last year, the audit watchdog doled out sanctions to 12 accounting firms from July 28 to Aug. 11 for breaking various auditing rules. Snodgrass, Mancera S.C.,

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audit auditor accounting firms cpas 98

Going Concern

FEBRUARY 2, 2023

Breaking news: Cohen & Company made a mistake on one of its audits inspected by the PCAOB. Big deal, you ’re probably thinking, audit firms screw up all the time—some more than others. But Cohen & Company had perfect auditing report cards from the PCAOB for 2018, 2019 , and 2020. We’re looking at you, BDO USA.)

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auditor audit financial statements accounting firms 59

Withum

DECEMBER 19, 2023

DOL CAP Audit Series A visit from the Department of Labor (“DOL”) is enough to strike fear into the heart of any Union officer. There are several reasons that the DOL could decide to come and spend some time with your Union, but one of the most common relates to the Compliance Audit Program (“CAP”).

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audit auditor financial statements Maine 59

Going Concern

JULY 31, 2023

Currently KPMG, Deloitte and EY provide both consulting and audit to both the public and private sector. Originally they were just audit firms,” he said. Then the audit firms decided to create this problem by going off and doing their own consulting and the whole thing’s got out of hand.”

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CPA Practice

NOVEMBER 15, 2023

Overall, average audit fees increased by 4.6 Forty-seven percent of member company respondents also indicated an increase in effort to support the external audit while 51 percent reported no change year over year. percent from 2021 to 2022. Additional reasons cited were changes to ICFR followed by divestitures.

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audit auditor financial statements Education 52

Going Concern

SEPTEMBER 20, 2023

note: This post brought to you by the Big Government Auditing lobby. When you hear “government auditing,” do you picture dull offices with fluorescent lighting, stacks of paper taller than you, and people who still think fax machines are the pinnacle of technology? Enter the world of government auditing.

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LSLCPAs

FEBRUARY 27, 2024

There’s no question that annual financial statement audits are sometimes considered a “necessary evil”. However, the feeling is often eased with familiarity of the process, familiarity with your Agency’s operations, and familiarity with your auditors. We (the auditors) like to think of them as even enjoyable!

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audit auditor cpas financial statements 59

Withum

JULY 12, 2023

Whatever the case may be, you may need an audit of your financial statements. If you have been tasked to communicate with the auditors, you are aware of the many emails, phone calls, and documents that flow back and forth from the beginning to the end of the audit. Why these three documents?

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audit auditor Real Estate financial statements 52

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 Canadian dollar ($3.7

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auditor audit Legal Tax 99

Going Concern

AUGUST 17, 2023

LLP, its CEO Nigel Bostock, and senior auditor Matthew Stallabrass for the firm’s deficient audit of music streaming company Akazoo Limited. Cue the public exclaiming “where were the auditors!?” issued a clean audit report of Akazoo’s 2018 financial statements. The client, Greece-based Akazoo S.A,

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audit auditor financial statements Account 92

Going Concern

MARCH 8, 2023

For example, there was no evidence that the audit team had, whether in FY2018 or before, obtained and read a 30-year Public Private Partnership contract with FY2018 revenue of c.£77m 640m – was written in French, but the audit team neither possessed French language skills nor obtained a translation of the contract. .£77m

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audit Government auditor financial statements 98

Going Concern

NOVEMBER 14, 2023

The PCAOB today announced settled disciplinary orders sanctioning Greece-based PricewaterhouseCoopers Auditing Company SA (PwC Greece) and its partner Nicos George Komodromos for violations of PCAOB rules and standards in connection with the audit of the 2016 financial statements of Aegean Marine Petroleum Network Inc.

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audit financial statements auditor accounting and finance 103

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 auditors to inspect the records of U.S.-listed In a statement, PCAOB Chair Erica Williams said: Both reports show unacceptable rates of Part I.A listed Chinese companies.

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audit auditor financial statements public accounting 112

Going Concern

JUNE 29, 2022

The hardworking human beings at Audit Analytics have released their analysis of initial public offering trends and IPO auditor market share for the first quarter of this year , a period in which the number of companies going public was minuscule compared to Q1 of 2021. Marcum and Withum combined audited 49.3%

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audit auditor New York financial statements 101

CPA Practice

APRIL 29, 2024

Calling all public company executives, board members, auditors, financial analysts, and investors: The Public Company Accounting Oversight Board’s Investor Advisory Group (IAG) needs a favor. KAMs are selected from matters communicated with those charged with governance.

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auditor audit financial statements Government 65

Going Concern

DECEMBER 30, 2022

The Black and Yellow had been slowly but surely not screwing up as many audits in recent years. After having a not-great audit deficient rate of 31% in its 2017 inspection report , EY’s error rate had dropped to 26% in its 2018 report , 18% in 2019 , and 15.4% For each issuer audit selected, we reviewed a portion of the audit.

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audit auditor Real Estate financial statements 103

CPA Practice

AUGUST 17, 2023

More than half of the audits of brokers and dealers inspected by the Public Company Accounting Oversight Board (PCAOB) last year had mistakes, as audit firms took a big step backwards from improvements they made in 2021. The PCAOB has released annual progress reports on the audits of broker-dealers since 2012. The results?

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audit auditor financial statements Account 52

FraudFiles

NOVEMBER 12, 2021

Financial statement fraud impacts any person or organization that has a financial interest in the success or failure of a company. The manipulation of financial statements also affects employees. Sarbanes-Oxley required companies to make changes, and it also changed how independent auditors do their work.

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financial statements auditor audit 52

Withum

JANUARY 24, 2023

Although an independent financial statement audit may not gain the day-to-day attention of management the same way as growing revenue or projecting cash flows; for many, there will come a time when an audit becomes a vital part of the company’s lifecycle. When will audit fieldwork commence ?

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audit auditor general ledger cpa firm 69

CPA Practice

APRIL 10, 2024

The Public Company Accounting Oversight Board (PCAOB) issued a pair of proposals on April 9, one of which would require audit firms to publicly disclose several metrics —including the involvement of partners and managers on an audit, auditor workload, and auditor turnover—on a new form that would be accessible to investors.

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audit auditor public accounting accounting firms 52

ThomsonReuters

JANUARY 12, 2023

The primary role of an accountant is to handle a variety of tasks including tax preparation, financial planning and audits. . One of these expanded service areas is audit. . But what exactly does offering auditing services entail? What’s the difference between accounting vs auditing? Financial statements (i.e.,

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audit auditor Account accountant 59