CAMs disclosures decrease since 2020
Accounting Today
FEBRUARY 27, 2024
Auditors are including CAMs in more of their opinions but disclosing fewer CAMs per opinion, according to an Ideagen report.
Our Audits Sucked Because the Auditors Are Exhausted, Says Deloitte Australia
Going Concern
NOVEMBER 1, 2022
In short, things are not looking so hot for upside down auditors. Auditors are tired. You’ll note Australia is struggling with the same auditor shortages as every other market. May God have mercy on auditors’ souls. via Australian Financial Review. Ready for this? last year for year-end inventory counts.
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Monday Morning Accounting News Brief: ‘Auditors Are Not Lawyers’; Big 4 Break Up? | 7.31.23
Going Concern
JULY 31, 2023
The PCAOB’s new rules would widen auditors’ responsibility to scrutinise whether a company is complying with laws and regulations, and to communicate more of their concerns to a company’s board of directors. and Congressman Jason Smith, R-Mo., ’ It doesn’t exist anymore,” Schweikert told The Center Square.
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Turns Out Cohen & Company Auditors Are Human After All
Going Concern
FEBRUARY 2, 2023
But Cohen & Company had perfect auditing report cards from the PCAOB for 2018, 2019 , and 2020. If you include the last time Cohen & Company auditors screwed up an audit, which was in 2017, that’s two mistakes in the last 43 audits inspected, for a deficiency rate of 4.6%. We’re looking at you, BDO USA.)
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PCAOB Chair Williams Reminds Us For the 1,000th Time She Is Sick of Auditors’ Bullsh*t
Going Concern
DECEMBER 13, 2022
of the individual audit firm’s inspection reports, up from 29% in 2020. of the individual firm’s inspection reports, up from 26% in 2020. deficiencies, compared to 44% in 2020. deficiencies, compared to 44% in 2020. Mom is getting ready to turn this car around if auditors don’t get it together. and Part I.B
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Once Leaders in the Cannabis Space, Canuck KPMG Decides to Ditch All Its Weed Clients
Going Concern
APRIL 30, 2024
Here’s a snapshot from 2019 that shows how much cannabis companies were paying to which auditors: A look at 40 Canadian cannabis companies and what they paid to their auditors over their past fiscal year. Note that many companies switched auditors so not all fees listed went to the current auditor.)
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In ongoing accounting crunch, where to go for sales tax help?
TaxConnex
FEBRUARY 27, 2024
million accountants and auditors in the U.S. from 2020 and down 15.9% Are they experienced with auditors? The accounting education pipeline is drier than ever even as accounting degrees require many additional course hours. There were about 1.65 in 2022, up 1.3% from the previous year but down 2.6% What’s their customer service?
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Are Auditors Becoming as Hard to Find as a PS5?
Going Concern
MAY 5, 2022
Ever since early 2020 we have been forced to learn how to go without, not always an easy task in our always-connected, on-demand, two-day-delivery world. On top of the overall pipeline issue, we’ve heard grumblings of auditor shortages for years. The post Are Auditors Becoming as Hard to Find as a PS5? Photo by Kate Trifo.
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Some Guy Quit His Job at Baker Tilly and Left the City of Palo Alto, CA Without a City Auditor
Going Concern
AUGUST 25, 2022
The city of Palo Alto, CA is looking for a new city auditor after its last one, Kyle O’Rourke, resigned from his role at Baker Tilly on August 15. By a unanimous vote, the council agreed to ask Baker Tilly to make up to three individuals available for interviews to become the city’s interim city auditor.
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Friday Footnotes: No Foolin’ Here; 18,000 New Accounting Jobs; Skills Auditors Need NOW to Be Future-Ready | 4.1.22
Going Concern
APRIL 1, 2022
Overall employment in professional and business services was 723,000 higher than in February 2020. public companies more than doubled in 2020, according to the 2021 U.S. In 2015, an AICPA exposure draft said the AICPA estimates that approximately 75% of its members will be eligible to retire by 2020. That’s one way to go.
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How Did Crowe, Moss Adams, and Marcum Do In Their Respective 2020 PCAOB Inspection Reports?
Going Concern
MARCH 30, 2022
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. Marcum auditors didn’t do too badly on audits of ICFR. Moss Adams.
The PCAOB Is Not Impressed with the Quality of Firms’ 2021 Audits
Going Concern
DECEMBER 10, 2022
of the individual audit firm’s inspection reports, up from 29% in 2020. of the individual firm’s inspection reports, up from 26% in 2020. deficiencies, compared to 44% in 2020. deficiencies, compared to 44% in 2020. Some audits have both Part I.A and Part I.B and/or Part I.B Some audits have both Part I.A and Part I.B
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Cheaters at PwC Canada Thought Sharing Answers With Each Other Was “Collaborative Culture”
Going Concern
DECEMBER 19, 2023
445 professional staff — 93 percent auditors and seven percent tax and advisory — participated in answer sharing during mandatory, open-book internal training assessments between 2016 and 2020. And PwC Canada’s junior auditors will learn to keep this thing everyone does on the down-low going forward.
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Warren Averett Was the Recipient of a First-Ever Penalty From the PCAOB
CPA Practice
SEPTEMBER 5, 2023
29 fined top 50 firm Warren Averett $200,000 for auditor independence violations during the 2019 and 2020 audits of an issuer. During the 2020 fiscal year, BDO performed certain derivative valuation services for CytoDyn. Warren Averett audited the BDO valuation work as part of its 2019 and 2020 audits of CytoDyn.
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PCAOB Has Handed Out a Slew of Punishments to Audit Firms Recently
CPA Practice
AUGUST 15, 2023
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.
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Bankman-Fried dismissed audit risks at FTX, ex-girlfriend testifies
Accounting Today
OCTOBER 11, 2023
When Caroline Ellison asked the former CEO in 2020 whether the line of credit would show up in FTX's audit, he said, "don't worry, the auditors aren't going to look at that," she testified.
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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
First things first: The PCAOB found that Warren Averett violated independence requirements during its 2019 and 2020 audits of an issuer, because the firm audited valuations performed for the issuer by another accounting firm that sponsored an alliance of which Warren Averett was a member.
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If You Let 23-Year-Olds Sign Off on Audits, You’re Gonna Have a Bad Time
Going Concern
FEBRUARY 3, 2023
From the report: The independent auditor for Adani Enterprises and Adani Total Gas is a tiny firm called Shah Dhandharia. Hindenburg backs up these claims with copies of the auditors’ IDs, Adani Group said publishing this information showed a “brazen disregard of personal privacy and safety.” Batliboi & Co.
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KPMG Beat the Credit Suisse Lawsuit
Going Concern
FEBRUARY 15, 2024
Dozens of former Credit Suisse officials and the auditor KPMG won the dismissal of a U.S. And: KPMG was accused of “active complicity,” with its New York offices being “all but part of” Credit Suisse’s nearby offices, before PricewaterhouseCoopers became the bank’s auditor in 2020.
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2023 Has Been a Banner Year for PCAOB Enforcement
CPA Practice
DECEMBER 1, 2023
The Public Company Accounting Oversight Board (PCAOB) has doled out a record $20 million in total fines to audit firms and individual auditors so far in 2023, almost doubling the previous high mark of $11 million set last year. Having received that commitment, Gridsum promptly dismissed its then current auditor and hired Haoxin.
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Top 20 Firm Leads IPO Auditor Market Share in Q1 2023
CPA Practice
MAY 15, 2023
Compared to Q1 2022 , total proceeds dropped 72%, continuing the IPO malaise that has occurred since the surge of companies that went public in 2020 and 2021. In addition, Q1 2023 saw a substantial decrease in the total amount raised compared to offerings completed in the first quarter in each of the last five years.
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Already Underpaid PwC UKers Get Told Bonuses Will Suck This Year
Going Concern
JUNE 29, 2023
Reports Financial Times : The firm’s junior auditors were told on a webcast last week that the pay band for one cohort would be frozen while others would increase by 3 or 6 per cent, resulting in real-terms pay cuts, firm insiders told the Financial Times. billion ($2.2 billion ($2.2
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PCAOB Report Highlights Rising Audit Deficiencies Related to Engagement Quality Reviews
CPA Practice
OCTOBER 24, 2023
A new report from the staff of the Public Company Accounting Oversight Board (PCAOB) reveals that 42% of firms the PCAOB inspected in 2022 had a quality control criticism related to engagement quality reviews (EQRs), up from 37% in 2020. Engagement quality reviews are an important investor safeguard during the audit process. “We
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Withum Leads SPAC Market as the #1 Auditor of Record for 2020
Withum
JANUARY 29, 2021
(..)
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Prager Metis Just Got Thoroughly Boned By the SEC For Hundreds of Independence Violations
Going Concern
SEPTEMBER 29, 2023
From the SEC : The Securities and Exchange Commission today announced charges against accounting firm Prager Metis CPAs, LLC and its California professional services firm, Prager Metis CPAs LLP, (together, Prager) for violating auditor independence rules and for aiding and abetting their clients’ violations of federal securities laws.
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PCAOB Report Highlights Rising Audit Deficiencies Related to Engagement Quality Reviews
CPA Practice
OCTOBER 23, 2023
A new report from the staff of the Public Company Accounting Oversight Board (PCAOB) reveals that 42% of firms the PCAOB inspected in 2022 had a quality control criticism related to engagement quality reviews (EQRs), up from 37% in 2020. Engagement quality reviews are an important investor safeguard during the audit process. “We
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Upcoming Inspection Report Deficiencies Are ‘Completely Unacceptable,’ Writes PCAOB Chair in Venomous Op-Ed
Going Concern
JULY 26, 2023
Williams does not have severe audit firm-induced trichotillomania (to our knowledge) because here she is again warning auditors that the PCAOB is tired of them being so terrible at auditing. That is up 6 percentage points from 2021, which was 5 points higher than the deficiency rate in 2020. and non-U.S.
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Grant Thornton’s 2021 PCAOB Inspection Report Wasn’t Too Bad
Going Concern
JANUARY 13, 2023
From 2016 until its 2020 inspection report, Grant Thornton had an average audit failure rate of about 21%. rate in 2020 , which was an all-time best for Grant Thornton. Of the six 2021 PCAOB inspection reports released before the holidays, we ’ve so far taken a look at five: PwC , Deloitte , EY, KPMG , and BDO USA.
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EY Scraps Plan to Split Its Consulting and Auditing Businesses
CPA Practice
APRIL 15, 2023
Following a split, EY would have been able to advise companies for which it also acted as auditor. It drew ire from US executives—including senior executives like John King and Frank Mahoney—as they wanted auditors to get a bigger bite of the lucrative tax practice pie. One of the Big Four accounting giants in the U.S.,
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AI Probably Won’t Be Taking Over All the Inventory Counts Any Time Soon
Going Concern
JANUARY 22, 2024
Not all jobs, specifically “vision tasks” which in our little corner of the world most closely applies to auditors’ much-loathed inventory counts. In less intelligent words, they wanted to figure out if robots are taking your job. Partners are no doubt doing that math as we speak.
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Here Are Even More 2024 Accounting Salary Projections
Going Concern
NOVEMBER 14, 2023
While 75% of CPA’s reached retirement age in 2020, the good news is that finance and accounting are now ranking as top career choices among Gen Z candidates. And: Despite a complex economy that requires more guidance from financial and accounting professionals, there’s a serious talent shortage that’s going to worsen in the next few years.
The Growing Risk of Fraud in This Year’s Upcoming Audits
ThomsonReuters
DECEMBER 9, 2020
It will come as no surprise after the year we’ve had: the growing risk of fraud in the 2020 year-end audit is real. This year more than ever, auditors will have to be conscious of the possibility and adjust their audit procedures and fraud inquiries accordingly. Is your firm ready for the 2020 audit season? Are you ready?
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Audit Fees Increased 4.6 Percent in 2022
CPA Practice
NOVEMBER 15, 2023
Additionally, the study found that 21 percent of respondents noted acquisitions as the primary driver of the increase in management’s effort to support the external audit, which was consistent with 2021 and 2020. Additional reasons cited were changes to ICFR followed by divestitures.
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EY’s Auditing Has Reverted Back to Being Bad, 2021 PCAOB Inspection Report Shows
Going Concern
DECEMBER 30, 2022
We selected for review 56 audits of issuers with fiscal years generally ending in 2020. EY auditors did get a 100% on their four audits of issuers in communication services, so they got that going for them. The Black and Yellow had been slowly but surely not screwing up as many audits in recent years. The most common Part I.A
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3 Lessons From FTX’s Bad Bookkeeping
CPA Practice
APRIL 19, 2023
When FTX learned in 2020 that in order to be listed on NASDAQ, the company would need to have its policies and procedures audited, senior management allegedly scrambled to fraudulently make up policies that could be shown to auditors within just 24 hours. To be clear, such is NOT life.
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Withum Gets Marcum’d By the PCAOB
Going Concern
FEBRUARY 21, 2024
Said the PCAOB press release : From January 2020 through December 2021, WithumSmith+Brown, PC accepted a substantial number of special purpose acquisition company (SPAC) audit clients, resulting in a dramatic increase in its issuer audit practice and putting a significant strain on its quality control system.
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PwC Canada Totally Blew Their Perfect Score on PCAOB Inspections This Time Around
Going Concern
SEPTEMBER 19, 2023
Inc UHY LLP Warren Averett, LLC Zwick CPA, PLLC Expanded reports Baker Tilly US, LLP (12/21/2020 Report) Ernst & Young, S.L. Spain) (9/9/2021 Report) MaloneBailey, LLP (12/17/2020 Report) Today we’re going to talk about PwC Canada, if you want to check out the others head over to the PCAOB’s inspection report lookup.
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Our Obsession with Hours Is Destroying the Accounting Profession
CPA Practice
APRIL 12, 2023
students completing bachelor’s degrees in accounting declined from 57,500 in 2012 to 52,500 in 2020, a decrease of nearly 9%. Aspiring auditors and experienced professionals alike are recognizing the shortcomings of the educational and billable hour metrics.
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EY Reminds Us That Audits Provide ‘Reasonable Assurance,’ Not a Guarantee That Billions of Dollars Aren’t Hidden From the Balance Sheet
Going Concern
OCTOBER 27, 2022
The NMC Health collapse of 2020 is still haunting EY UK, this time in London High Court as NMC administrators accuse the firm of failing in their duties and not noticing “one of the biggest frauds ever alleged at a FTSE 100 company.” EY says that wasn’t their job. EY did not admit any failings by its Middle East business.
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If There Was a PCAOB In the Metaverse, It Would Probably Find a Bunch of Errors In Prager Metis’s Audits Too
Going Concern
DECEMBER 5, 2022
In an article for CoinDesk , Francine McKenna took a crack at why the FTX debacle happened, and like she always does when there ’s really bad accounting at a company going through a financial crisis, who are/were the auditors: It’s not clear why FTX commissioned two different audit firms to audit its 2020 and 2021 financial statements.
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EY Continues Streak As Big 4’s Busiest Audit Firm
Going Concern
JULY 7, 2022
Audit Analytics recently released its annual market share analysis of auditor engagements at public companies , and the top 10 firms by registrant counts in 2022 are unchanged from last year: EY, Deloitte, PwC, KPMG, Marcum, Withum, Grant Thornton, BDO, BF Borgers, and RSM. Together, these 10 firms audit 68.8%
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PCAOB Says Firms Are Screwing Up SPAC Audits
CPA Practice
APRIL 26, 2023
From 2020 to 2021, U.S. Based on these inspections, the report presents several key takeaways for auditors. The number of SPAC IPOs increased from 59 in 2019 to 248 in 2020, then spiked significantly to 613 in 2021. markets experienced an unprecedented surge in the number of initial public offerings (IPOs) by SPACs.
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Some Top Midtier Audit Firms Felt the Wrath of the PCAOB This Week
CPA Practice
FEBRUARY 23, 2024
21 for “pervasive” quality control violations found in its audits of special-purpose acquisition companies (SPACs) in 2020 and 2021. In 2020, there were 248 SPAC initial public offerings in the U.S., In 2020, there were 248 SPAC initial public offerings in the U.S., In 2020 and 2021, Withum audited 331 SPAC deals totaling $108.83
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This One Chart Shows Just How Boned the Accounting Profession Is
Going Concern
DECEMBER 1, 2022
The authors compared accounting degrees to computer science degrees completed in the state of New York between 2010 and 2020 which is how we ended up with this chode. Between 2015 and 2020, the number of NYS licenses issued declined by approximately 20%. Let’s be real, that’s a huge reason.
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