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Monday Morning Accounting News Brief: ‘Auditors Are Not Lawyers’; Big 4 Break Up? | 7.31.23

Going Concern

With days to go before the end of a consultation period on the proposal from the Public Company Accounting Oversight Board, (PCAOB) they are trying to sign up their clients to oppose the plan, saying that audit fees will soar if the changes go through. Such suggestions are false. and Congressman Jason Smith, R-Mo.,

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Withum Noped Out of Trump Media So Fast

Going Concern

Over the past week or so, various media outlets have been picking on Trump Media auditor BF Borgers and their 100% PCAOB deficiency rate. See: Trump Media’s accounting firm has a 100% deficiency rate from U.S. Including SPACs, they have 173 SEC clients which puts them just under BDO with 182 and above RSM with 129.

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Friday Footnotes: EY Can’t Hire Tech; John Doe Sues the PCAOB; Auditors Can’t Find Torpedoes and Missiles | 1.20.03

Going Concern

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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Are Auditors Becoming as Hard to Find as a PS5?

Going Concern

Mind you this was following a record 40,350 accounting graduates hired by public accounting firms in 2012 , and by 2014, the profession logged six consecutive years of record numbers of people majoring in accounting. On top of the overall pipeline issue, we’ve heard grumblings of auditor shortages for years.

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PCAOB Has Handed Out a Slew of Punishments to Audit Firms Recently

CPA Practice

Snodgrass —failed to obtain audit committee pre-approval in connection with providing audit and/or non-audit services to issuer audit clients, in violation of PCAOB Rule 3520, Auditor Independence , and for two of the three firms (BPM and Plante Moran) PCAOB Rule 3524, Audit Committee Pre-Approval of Certain Tax Services. 9: Blue & Co.

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How Did Crowe, Moss Adams, and Marcum Do In Their Respective 2020 PCAOB Inspection Reports?

Going Concern

The latest audit inspection results for Crowe show the 11th-ranked public accounting firm by revenue bombed 27% of the audits reviewed in the most recent PCAOB inspection cycle, but the firm was less bad in its 2020 report card than it was in 2019’s. PCAOB inspectors selected 15 audits to dissect and found problems in just four.

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The Accountant Shortage is a Material Weakness Now

Going Concern

WSJ: The widening shortage of accountants has begun showing up in financial statements. We have engaged a leading public accounting firm to support this work. US-based Advance Auto Parts accounting jobs: Senior Internal Auditor, Vendor Incentives Accounting Manager, Lease Compliance Specialist, Tax Manager.

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