CPA Practice

NOVEMBER 1, 2023

This concern is not misplaced: Research for the 2024 Salary Guide From Robert Half found that organizations in both public and corporate accounting are grappling with an accountant shortage. And unemployment rates for in-demand roles, like accountants and auditors, are typically well below the national average.

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Going Concern

JANUARY 29, 2024

has hired KPMG LLP to vet its financial statements almost three months after its auditor of 28 years quit amid a tumultuous period for the food storage container business. Tupperware hired the Big Four auditor on Jan. 5 letter from district administrator Joe Phillips to Chief Auditor Joris Jabouin. Randy bunch, those EYers.

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CPA Practice

JANUARY 17, 2024

Innovative Solutions for Modern Challenges Corporate accounting and internal audit departments are navigating an increasingly complex and high-pressure business environment. As standards evolve and regulatory demands intensify, the competition for skilled accountants, advisors and auditors has reached new heights.

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Going Concern

JUNE 8, 2023

The ICAEW has been accused of acting as a cheerleader for big auditors despite scandals such as the high-profile failure of Carillion. The accounting watchdog said breaches were numerous and in certain cases basic or fundamental in nature. The certificate should be open to anyone, free of charge.

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Going Concern

MARCH 22, 2024

What Role Should Auditors Play in Corporate Compliance? ProMarket ] The Public Company Accounting Oversight Board has proposed an amendment to its auditing standards that requires auditors to assume a larger role in corporate compliance.

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Going Concern

SEPTEMBER 22, 2023

Audit PCAOB offers forum for auditors; SEC releases several updates [ Journal of Accountancy ] Days after issuing a proposal to strengthen individual accountability for firm violations in audits, the PCAOB has announced a livestreamed forum aimed at educating auditors on how to avoid deficiencies.

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PYMNTS

NOVEMBER 26, 2018

It’s common sense that a corporation would want its C-Suite to have some knowledge of accounting practices, and one could assume that a lack of understanding of corporate accounting may heighten the risk for misstatements on financial reports.

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PYMNTS

DECEMBER 7, 2018

corporate finances following a series of scandals. Separate reports on Thursday in AccountingToday said the nation’s top auditors, including KPMG and PwC, have been urged to improve their corporate accounting processes, with the U.K.’s

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PYMNTS

APRIL 18, 2019

A new technology protocol announced by corporate accounting and auditing firm Ernst & Young (EY) aims to secure transactions made over public Ethereum blockchain. “The only way that blockchains deliver upon their true promise to the world is if public domain networks are the preferred path for enterprises and investors.”

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PYMNTS

AUGUST 1, 2019

s Big Four corporate accountancy and auditing firms — Deloitte, PwC, KPMG and EY — saw nearly three times as many fines last year as they did in 2017, according to the Financial Times. million, respectively, once accounting for settlement discounts). “The million and $15.8 million penalty (later reduced to $7.91

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PYMNTS

DECEMBER 27, 2019

The collapses raised concerns that auditors failed to detect financial troubles in corporates’ books — and ignited a debate over whether auditors are responsible for discovering potential signs of impending collapse, or even fraud. Now, auditing giants are bracing for even more fines. Insolvency Service.

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PYMNTS

OCTOBER 1, 2019

auditors than are currently mandated under international standards. According to reports, the FRC issued an updated going concern standard, adding “significantly stronger requirements” for U.K. The FTC has also reportedly been in communication with its counterparts in Australia, Canada and Japan to support the revisions.

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PYMNTS

MARCH 29, 2019

The co-chief executive officer of Asiana Airlines is exiting the company following an accounting debacle that led two auditors to reject the company’s annual reports. ” Those struggles led Asiana to revise its financials and disclose a larger annual loss for 2018 in order to receive approval from auditors.

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PYMNTS

MARCH 13, 2018

The inspections targeted businesses with complex accounting needs or those with risky situations, like merger and acquisition activity. The auditor has also faced criticism over its work with Carillion, as well as for failing to spot fake accounts opened by Wells Fargo employees. In the U.K.

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PYMNTS

NOVEMBER 13, 2018

Other recent accounting scandals at retailer BHS and Patisserie Valerie have similarly raised concerns that auditors are unable to adequately identify accounting issues at major corporations before it’s too late.

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PYMNTS

AUGUST 21, 2018

. “Ethical standards are critical in supporting the confidence that third-party users can reasonably have in financial statements in circumstances where, of necessity, they only have incomplete information to judge whether the auditor is, in fact, objective,” said FRC Interim Executive Council Claudia Mortimore in a statement.

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PYMNTS

MARCH 13, 2019

Last month reports in the Financial Times said Grant Thornton Chief Executive David Dunckley received criticism after remarks made at the House of Commons as he told MPs that auditors “are not looking for fraud.”

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PYMNTS

JUNE 20, 2018

The newly aggressive tactics suggest the FRC took note of criticism by policymakers that the regulator was ineffective and “toothless” to address substandard auditing by the nation’s Big Four auditors: KPMG, PwC, Ernst & Young and Deloitte.

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PYMNTS

MAY 17, 2018

.” Its accounting practices led to a misrepresentation of the firm’s financial health, MPs noted, while the organization’s leadership demonstrated “recklessness, hubris and greed,” boosting bonuses while financial situations worsened. The Government’s Response. Last month, reports emerged that U.K.

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PYMNTS

NOVEMBER 4, 2019

lawmakers are calling for new legislation that would ensure auditors and accountants are better able to identify and call out issues within their clients’ finances as the government works to avoid more high-profile corporate collapses. Finance U.K. reported on Monday (Nov.

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PYMNTS

NOVEMBER 6, 2019

Specifically, the FT claimed that documents the publication obtained “appear to indicate a concerted effort to fraudulently inflate sales and profits at Wirecard businesses in Dubai and Ireland, as well as to potentially mislead EY, Wirecard’s Tier 1 auditor.”.

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PYMNTS

OCTOBER 9, 2018

The review, headed by Legal & General Chairman John Kingman, has garnered reactions from other industry stakeholders including academics, auditors and investors, many of whom want a breakup of the FRC or an abolition of the body altogether.

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ThomsonReuters

JANUARY 18, 2024

In general, an accountant’s job description includes common accounting tasks such as: Performing risk analysis evaluations. Working with external auditors. Furthermore, accountants are increasingly focusing on a particular vertical or niche to further boost their competitive edge. Recording disbursements and payments.

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PYMNTS

MAY 3, 2018

The watchdog said earlier in the week that it issued a preliminary notice to Samsung BioLogics and its auditors of possible action in response to suspicions that the company inflated net profits ahead of its 2016 initial public offering (IPO).

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PYMNTS

MARCH 17, 2017

Institute of Internal Auditors President and CEO Richard F. “Companies are sharing leading practices and voluntarily working with regulators to help deter and detect financial reporting fraud,” said City Fornelli, executive director of the Center for Audit Quality, on behalf of the Anti-Fraud Collaboration.

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PYMNTS

APRIL 18, 2018

despite accountants green-lighting their financial statements, reports said; adding that since, the FRC has faced additional criticism for its lag time when intervening in matters. Criticism of the FRC hit a peak following the global financial crisis and taxpayer bailouts of top banks in the U.K.,

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ThomsonReuters

APRIL 18, 2023

These standards revised the way the audit report is presented, called for enhanced communications between auditors and managers charged with governance, and prescribed additional audit procedures for related party transactions. Furthermore, professionals must adhere to new auditing standards SAS 134-140.

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PYMNTS

JANUARY 10, 2019

Now, analysts at the International Federation of Accountants (IFAC) are urging ERM to move beyond the c-suite. Professional accountants are well-positioned to better serve the organizations they work for by enabling effective enterprise risk management that identifies both risks and opportunities for the business,” the CEO noted.

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Snyder

MARCH 6, 2023

So, let’s look at the accountant roles of today and the current trends that influence what the roles of an accountant of tomorrow will entail. Hop on reading to learn more about the role of an accountant: 1. Accountants: a quick job description 2. What influences the change in accountants’ role and functions?

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PYMNTS

JULY 9, 2019

HSBC announced Monday (July 8) the launch of its Next Generation Virtual Accounts, a solution that aims to provide corporate treasurers with greater control over how they group corporate accounts and enabling them to consolidate those accounts based on function.

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Going Concern

NOVEMBER 10, 2023

They also expect auditors to understand and evaluate processes and controls, analyze transaction-level data for anomalies, and test more data in real-time,” said Scott Flynn, KPMG vice chair—Audit, in a news release.

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PYMNTS

DECEMBER 7, 2017

They’re ledgers, at the end of the day, and ledgers are at the core of the job of accounting and auditing. So, as everything tokenizes, as everything moves into a blockchain-based world, the jobs that will be most fundamentally changed are the jobs of the accountant and auditor.”.

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CPA Practice

APRIL 8, 2024

said in recent regulatory filings that it will keep BF Borgers, a Lakewood, Colorado-based accounting firm, as its auditor after starting to trade publicly late last month. A Canadian regulator said last year that BF Borgers violated its rules for auditors, while the U.S.’s Trump Media & Technology Group Corp.

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Going Concern

JANUARY 5, 2024

The parliamentary scrutiny made household names of high-fliers who had become used to operating under the radar of public opinion or corporate accountability. The Town Board of Trustees originally requested that the State Auditor and Inspector’s Office perform an investigative audit of municipal court transactions.

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