SEC upped accounting, auditing enforcement in FY 2023
Accounting Today
FEBRUARY 28, 2024
The 83 publicly disclosed accounting and auditing enforcement actions represented the highest number of actions initiated since FY 2019.
Accounting Firm For Trump Media Has Audit Deficiency History
CPA Practice
APRIL 8, 2024
White, and Amanda Iacone, Bloomberg News (TNS) Donald Trump’s social-media company just became the most valuable publicly traded client of an accounting firm that has more experience auditing companies traded over-the-counter and has had a string of regulatory issues, including a 100% deficiency rate on audits reviewed by a U.S.
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Worried About an IRS Audit? Prepare in Advance
RogerRossmeisl
NOVEMBER 13, 2022
IRS audit rates are historically low, according to a recent Government Accountability Office (GAO) report, but that’s little consolation if your return is among those selected to be examined. From tax years 2010 to 2019, audit rates of individual tax returns decreased for all income levels, according to the GAO.
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More Rich Americans Will Soon Be Hit With an IRS Audit, Werfel Pledges
CPA Practice
MAY 3, 2024
The IRS said it’s gearing up to increase audit rates by more than 50% on wealthy taxpayers with more than $10 million in total positive income and nearly triple audit rates on corporations with assets over $250 million by 2026, Commissioner Danny Werfel said on Thursday, as the agency released an update to its strategic operating plan.
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PCAOB Slaps Audit Firm MaloneBailey With $400,000 Fine
CPA Practice
MAY 21, 2024
Top 200 accounting firm MaloneBailey was fined $400,000 by the Public Company Accounting Oversight Board (PCAOB) on May 21 for what the audit regulator calls “pervasive quality control violations.”
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In ongoing accounting crunch, where to go for sales tax help?
TaxConnex
FEBRUARY 27, 2024
Your sales tax obligations depend on knowledge and that knowledge often resides in a professional tax specialist (usually an accountant) who helps your company meet its sales tax obligations. This is a complicated time for sales tax obligations – and a terrible time to try to hire an accountant. There were about 1.65 in 2022, up 1.3%
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Imagine the Chaos If the PCAOB Starts Naming and Shaming Audit Deficiency Clients
Going Concern
MAY 7, 2024
“In other words, the reported deficiencies had to be so serious that, in our view, the audit firm could not provide reasonable assurance that the financial statements were free from material misstatement due to error or fraud,” explained former board member J. .” And you thought NOCLAR was controversial.
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Tuesday Morning Accounting News Brief: A New Kind of Audit Quality Report; Merger Mania; Skilled Talent, Not Newbies | 5.28.24
Going Concern
MAY 28, 2024
The local news in Cincinnati covered this strategic move : One of Greater Cincinnati’s largest accounting firms is being acquired by an Indianapolis company. Blue Ash-based tax, advisory and audit firm Cassady Schiller CPAs & Advisors will become part of Katz, Sapper & Miller in a transaction that will be completed May 31.
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SEC Upped the Ante on Enforcement for Accounting and Auditing in FY 2023
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 Despite the SEC reporting $4.9
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Which Firm Had the Most IPO Audit Clients In Q2 2023?
CPA Practice
AUGUST 9, 2023
billion between April 1 and June 30, according to a recent analysis from Audit Analytics. billion) 2019 : 79 ($32.7 billion, while six special purpose acquisition company (SPAC) IPOs raised total proceeds of $980 million, according to Audit Analytics. PwC is the company’s audit firm, according to Kenvue’s Form 8-K.
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IRIS Launches Statutory Audit Outsourcing Service to Help Practices and Firms Grow Profits and Scale Workloads
Accounting Insight
MAY 10, 2024
IRIS Software Group , a leading global software provider of accounting, edtech, payroll and HR solutions, today unveiled IRIS Outsourcing Audit Services, further assisting accountancy firms in unlocking capacity issues that inhibit growth.
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EY Says Wirecard Gave False Statements During 2019 Audit
PYMNTS
JUNE 26, 2020
The company was involved in deliberate deceit and had given false statements on escrow while EY was carrying out the 2019 audit of the company, which EY took to the relevant authorities, Reuters reported. billion on its books that may not exist. He posted 5 million euros in bail and was released on Tuesday (June 23).
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PCAOB Has Handed Out a Slew of Punishments to Audit Firms Recently
CPA Practice
AUGUST 15, 2023
The Public Company Accounting Oversight Board (PCAOB) has not been in a jovial mood lately. 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.
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Accounting Firms Continue to Prioritize Work-Life Balance
CPA Practice
APRIL 16, 2024
The Philadelphia Inquirer (via TNS) Molly Kowal decided to become an accountant in part because she knew it would be a stable career. My generation is more focused on maintaining that work-life balance,” said Kowal, who works at accounting firm EisnerAmper in Philadelphia. “A By Lizzy McLellan Ravitch.
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Kill the Audit Industry, Says Ex-Auditor
Going Concern
JUNE 1, 2023
In the WaPo opinion pages yesterday one Duncan Mavin, who got his start in the 90s, says the best way to solve the audit industry’s many conflicts is to kill it altogether. He starts the piece summoning the ghost of Enron, as all writers do when discussing what happens when audit goes wrong. billion in global revenue.
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The Audit Profession’s Inability to Retain Talent Poses a Serious Threat to Audit Quality
Going Concern
JUNE 9, 2022
Those employers with a history of mismanaging their human capital , like the largest audit firms, are being hit the hardest. The public accounting business model has relied excessively on its ability to counter the effects of massive turnover with its ability to hire and train massive numbers of new people every year directly out of college.
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Monday Morning Accounting News Brief: Big 4 Firms Hate Going Concern (Warnings, That Is); Being a Whistleblower Blows | 5.20.24
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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The SEC Did Not Appreciate Crowe UK Putting Total Noobs on the Audit of a Shady Company
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. million back in 2021 “for allegedly defrauding investors out of tens of millions of dollars in connection with a 2019 special purpose acquisition company (SPAC) business combination.”
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Friday Footnotes: If There’s AI in Your Job, There May Be More Money; Audits Make Clients Anxious; Who You Calling an Unsexy Sector!? | 5.24.24
Going Concern
MAY 24, 2024
Footnotes is a collection of stories from around the accounting profession curated by actual humans and published every Friday at 5pm Eastern. Comments are closed on Friday Footnotes and the Monday Morning Accounting News Brief by default. ICYMI: Here are the five most-read posts on Going Concern this week.
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Unveiling the new PCAOB standard QC 1000: A leap towards enhanced audit quality
ThomsonReuters
MAY 16, 2024
In the ever-evolving landscape of auditing and accounting, the Public Company Accounting Oversight Board (PCAOB) has taken a significant step forward with the adoption of a new quality control standard, QC 1000. What are the core objectives of QC 1000?
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Monday Morning Accounting News Brief: Capping Busy Season Hours FTW; Open the Books on Audit Firms? | 4.15.24
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. Regulations need to change to match. But what about the books of the auditor?
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EY’s Auditing Has Reverted Back to Being Bad, 2021 PCAOB Inspection Report Shows
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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Grant Thornton Apologizes to Ex-Audit Associate For Paying Him Less Than Minimum Wage
Going Concern
OCTOBER 26, 2023
A gent who spent nine months as an audit associate at Grant Thornton’s Manchester office got a letter from them a year after leaving that apologized for inadvertently paying him less than minimum wage. Yavinka Mendis, a University of Manchester economics graduate, joined KPMG’s Manchester office as an audit associate in 2019.
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The CPA Shortage Compels Accounting Firms to Embrace Digital Transformation
CPA Practice
APRIL 7, 2023
Despite high demand for CPAs, accounting firms struggle to hire accountants. In 2021, there was a 17 percent drop in employed accountants and auditors from a 2019 peak, according to a Bloomberg Tax analysis. By Cameron White. Technology also gives staff real-time access to their data, from anywhere at any time.
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The CPA Shortage Compels Accounting Firms to Embrace Digital Transformation
CPA Practice
APRIL 3, 2023
Despite high demand for CPAs, accounting firms struggle to hire accountants. In 2021, there was a 17 percent drop in employed accountants and auditors from a 2019 peak, according to a Bloomberg Tax analysis. By Cameron White. Technology also gives staff real-time access to their data, from anywhere at any time.
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Some Top Midtier Audit Firms Felt the Wrath of the PCAOB This Week
CPA Practice
FEBRUARY 23, 2024
million earlier this week for breaking various Public Company Accounting Oversight Board auditing rules. Grant Thornton’s India arm and an Australian audit firm also received penalties from the PCAOB. The biggest fine was given to top 25 accounting firm Withum, which was docked $2 million on Feb. up from 59 in 2019.
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KPMG China’s Mishaps Result in Three Audit Partners Being Fined By the PCAOB
CPA Practice
MARCH 21, 2024
The Public Company Accounting Oversight Board (PCAOB) doled out a total of $150,000 in fines to three partners at KPMG in China for turning a blind eye to U.S. auditing standards. audit regulator. Specifically, they didn’t appropriately evaluate the reasonableness of Tarena’s allowance for doubtful accounts.
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The 2023 AICPA Trends Report Shows Things Are Looking Up For Accounting Grad Numbers! JK They Suck
Going Concern
OCTOBER 17, 2023
The 2023 AICPA Trends in the Supply of Accounting Graduates and the Demand for Public Accounting Recruits report (short: Trends report) was released last week and spoiler alert, it’s dark. Says the AICPA, bachelor’s degree completions in accounting dropped 7.8% 65,035 total accounting degrees completed for 2021-22.
The PCAOB Was Not Pleased With This Audit Firm’s Alliance to the Alliance of Which the Firm Is a Member
Going Concern
SEPTEMBER 1, 2023
The PCAOB has scored its first-ever sanctions related to a firm’s membership in an accounting alliance and as one would expect, there is a press release. Given its alliance membership and association with the other accounting firm, Warren Averett had a disincentive to question the reasonableness of the other accounting firm’s valuation work.
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BDO USA Botched More Than Half of Its Audits Inspected By the PCAOB In 2021
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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SEC Fines Crowe U.K. $750,000 For Poor Auditing of Music Streaming Service
CPA Practice
AUGUST 18, 2023
arm of accounting firm Crowe LLP, its CEO, and a senior auditor settled charges with the Securities and Exchange Commission on Aug. 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. The SEC said Crowe U.K. Crowe U.K.’s
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Which Firm Had the Most IPO Audit Clients In Q1 2022?
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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BDO USA, Two Audit Partners Tagged with Fines for Breaking PCAOB Rules
CPA Practice
SEPTEMBER 26, 2023
BDO USA was fined $2 million and two of the firm’s partners were fined a total of $60,000 by the Public Company Accounting Oversight Board (PCAOB) for failures in connection with the 2017 audit of AAC Holdings, which through its subsidiaries provides inpatient substance abuse treatment services, the audit regulator said on Tuesday.
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PCAOB Says Firms Are Screwing Up SPAC Audits
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). From 2021 to 2022, PCAOB inspectors reviewed more than 100 audits of companies that were either considered SPACs or that were formed through a de-SPAC transaction.
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What Triggers an IRS Letter or Audit?
Dent Moses
JUNE 29, 2023
IRS audit rates remain historically low. According to the 2022 General Accounting Office,25% of all individual returns were audited in 2019 versus.90% So how does the IRS check returns and decide who gets a letter or audit? Generally, the IRS has three (3) years from the filing date to audit. 90% in 2020.
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What Triggers an IRS Letter or Audit?
Dent Moses
JUNE 28, 2023
IRS audit rates remain historically low. According to the 2022 General Accounting Office,25% of all individual returns were audited in 2019 versus.90% So how does the IRS check returns and decide who gets a letter or audit? Generally, the IRS has three (3) years from the filing date to audit. 90% in 2020.
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How AI Can Help With Lease Accounting
CPA Practice
MARCH 1, 2024
By Amrita Choudhary, Kiplinger Consumer News Service (TNS) In recent years, lease accounting standard ASC 842 has replaced the ASC 840 standard. Where artificial intelligence comes in Fortune Business Insights projects that by 2026, the global accounting software market will be worth $20.4 Neglecting training and updates.
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Exit Opportunities: Quit Auditing and Start Influencing
Going Concern
JULY 11, 2022
That’s how much Tanvi Shah made in audit before she decided to quit Big 4 for good and make her social media side hustle a full-time gig. This post brought to you by RAID: Shadow Legends, one of the biggest mobile role-playing games of 2019 and it’s tota–oh wait, never mind, wrong post. £3,000 ($3,600) a month.
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Monday Morning Accounting News Brief: Eff You, Pay Us; Let’s Complain About Auditing Again; RIP to a Real One | 8.14.23
Going Concern
AUGUST 14, 2023
When you woke up this morning did you let out a big yawn and then ask yourself “how can audit firms respond to ongoing regulatory scrutiny?” PCAOB staff expects approximately 40% of the audits reviewed in 2022 will have one or more deficiencies, up from 34% in 2021 and 29% in 2020. The rest of it. The firm, BST & Co.,
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Friday Footnotes: Big 4 Culture Gets Slammed Again; Audit Leads the Way in AI; Small Firm Gripes | 11.10.23
Going Concern
NOVEMBER 10, 2023
Footnotes is a collection of stories from around the accounting profession curated by actual humans and published every Friday at 5pm Eastern. “Financial reporting leaders, but also investors, regulators, and other stakeholders in the capital markets expect AI to drive audit quality. .
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Accountants Behaving Badly: Police Department Accountant Couldn’t Be Bothered, PPP Loan Fraud, and a Creepy Tax Preparer
Going Concern
SEPTEMBER 25, 2023
It’s been a while since we’ve done an Accountants Behaving Badly megapost ( 381 days ago , actually), here’s some bad behavior you may have missed. Twice-Convicted Accountant Is Charged With Embezzling More Than $1.1 Palos Hills Accountant Indicted In $7.8M This stock photo is incredible.
How Accounting Firms Can Choose the Right Solutions for Automation Success
CPA Practice
FEBRUARY 8, 2024
By Mike Fouts The accounting profession is at a crucial moment in which there’s massive potential to enhance productivity, elevate client experiences, and prevent burnout. As financial first responders, accountants often find themselves under immense pressure that is only amplified by the busy tax season.
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Once Leaders in the Cannabis Space, Canuck KPMG Decides to Ditch All Its Weed Clients
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. The accounting firm confirmed the move in a statement to MJBizDaily , citing “elevated risk” in Canada’s adult-use cannabis industry.
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4 Reasons to Co-source Government Accounting Functions
Cherry Bekaert
AUGUST 31, 2023
Contributors: Jack McKee, Manager, Government & Public Sector With staffing challenges and exceedingly more complex Government Accounting Standards Board (GASB) requirements , many government and public sector organizations are finding it difficult to focus on their core mission and deliver results for constituents.
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