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

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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LSLCPAs

APRIL 4, 2024

The DOL Department of Labor has made some noteworthy changes to the financial statement audit requirement for retirement plans. The post New 401k Plan Audit Rules for 2024 appeared first on LSL CPAs. The rules that began in calendar year 2023 become effective with your July 2024 reporting.

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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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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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CPA Practice

NOVEMBER 21, 2023

(via TNS) The Trump Organization’s longtime controller returned to the witness stand Monday as a witness for the defense at Donald Trump’s financial fraud trial and continued to downplay his role in the fraudulent financial statements central to the case.

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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 In a statement, PCAOB Chair Erica Williams said: Both reports show unacceptable rates of Part I.A In August, China struck a deal allowing U.S. listed Chinese companies.

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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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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. This is an indirect cost of financial statement fraud, but its impact on companies is direct.

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CPA Practice

AUGUST 8, 2023

Champions of audit quality will not be happy with this news from the Public Company Accounting Oversight Board (PCAOB). A staff report released by the audit regulator late last month shows a year-over-year increase in the number of audits with deficiencies at audit firms that the PCAOB inspected in 2022. In Part I.B

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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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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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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. When is the right time for a company’s first audit? The lead-up: Choosing auditors and timing.

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Going Concern

JANUARY 8, 2024

Hey remember the Bloomberg story last March about how staff shortages at audit firms were causing municipal credit ratings to tank ? Refresher: Municipalities across the US are at risk of having their credit ratings downgraded or withdrawn by S&P Global Ratings because staffing shortages have delayed financial disclosure documents.

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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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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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CPA Practice

MARCH 21, 2024

auditing standards. audit regulator. The PCAOB found that Choi, Ma, and Dong violated PCAOB standards in connection with KPMG Huazhen’s audit of the 2017 financial statements of Tarena International, a mainland China-based education service provider listed in the U.S.

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Snyder

DECEMBER 28, 2022

Many small business owners often feel like they might be a heartbeat away from the IRS tax audit. In fact, according to the IRS data , only about 1 percent of taxpayers are facing an audit. percent of small businesses are getting tax audited. What is a tax audit? What does a tax audit mean? IRS tax audit process.

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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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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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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. issued a clean audit report of Akazoo’s 2018 financial statements. The order finds that, by violating PCAOB standards in connection with the 2018 Akazoo audit, Crowe U.K.,

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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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FraudFiles

AUGUST 1, 2023

Tracy Coenen talks about the reasons why traditional financial statement audits don’t find fraud. It is very rare for fraud to be uncovered during the year-end audit, but stakeholders often rely on audits to do just that. This video is a little longer than usual. Tracy walks through these 9 …

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audit financial statements 52

Going Concern

JUNE 13, 2023

Financial Reporting Council chair and stereotypically European named Jan du Plessis has told the Financial Times that audit firms — who regularly complain about the UK audit regulator being up their asses — should pay their junior auditors more. Do a good audit and you don’t get in trouble with us.”

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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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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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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 95

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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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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LSLCPAs

FEBRUARY 27, 2024

There’s no question that annual financial statement audits are sometimes considered a “necessary evil”. Urgent Audit Compliance Deadline March 31, 2024 appeared first on LSL CPAs. We (the auditors) like to think of them as even enjoyable! Unfortunately, when the aforementioned variables are removed, they can.

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Going Concern

MARCH 8, 2024

Audit SEC Settlement Against Auditing Firm Serves as Reminder of Important Independence Rules [ JD Supra ] On February 29, the Securities and Exchange Commission (the SEC) announced that it settled an administrative proceeding against Lordstown Motors Corps’ former auditor, Clark Schaefer Hackett and Co.

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CPA Practice

FEBRUARY 28, 2024

A new report released on Wednesday reveals that the Securities and Exchange Commission (SEC) increased accounting and auditing enforcement actions by 22% last year, but monetary settlements dropped for a second straight year. Despite the SEC reporting $4.9 Chart courtesy of Cornerstone Research.

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LSLCPAs

APRIL 26, 2023

The DOL has made some changes to the financial statement audit requirement for retirement plans. The post New 401k Plan Audit Rules for 2023 appeared first on LSL CPAs. Why the Changes.

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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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CPA Practice

AUGUST 18, 2023

14 over various mistakes the firm made during its 2018 audit of music streaming company Akazoo. issued a clean audit report of Akazoo’s 2018 financial statements. made false statements in its audit report when it claimed that Akazoo fairly presented its financial statements in all material respects for 2018.

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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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Going Concern

JANUARY 6, 2023

Fat Joe’s favorite audit firm once again had a spectacularly horrible PCAOB inspection report. In the 2021 inspection of BDO USA, LLP, the PCAOB assessed the firm’s compliance with laws, rules, and professional standards applicable to the audits of public companies. For each issuer audit selected, we reviewed a portion of the audit.

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