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.

audit 105

audit auditor Real Estate financial statements 105

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.

auditor 52

auditor audit accounting firms financial statements 52

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. Professional and business services added a total of 102,000 jobs in March, including 18,200 in accounting and bookkeeping services. That’s one way to go.

auditor 52

auditor accounting jobs accountant jobs accounts jobs 52

Going Concern

JUNE 29, 2023

Both KPMG and PwC have been fined by the Financial Reporting Council (FRC) in relation to the statutory audits of the financial statements of Eddie Stobart Logistics plc, a shipping and logistics company based in Warrington, UK. The failings were serious but not pervasive, said the FRC.

audit 98

audit Non-Profits auditor financial statements 98

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.

audit 98

audit auditor accounting firms financial statements 98

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. Cue the public exclaiming “where were the auditors!?” issued a clean audit report of Akazoo’s 2018 financial statements. A couple days ago the SEC charged Crowe U.K.

audit 98

audit auditor financial statements Account 98

Going Concern

DECEMBER 30, 2022

We selected for review 56 audits of issuers with fiscal years generally ending in 2020. We also selected for review three reviews of interim financial information (“interim reviews”). Errors were found in one audit each for issuers in the energy, financials, materials, and real estate sectors.

audit 105

audit auditor Real Estate financial statements 105

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.

audit 98

audit auditor accounting firms cpas 98

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.

auditor 105

auditor audit financial statements Account 105

Going Concern

JANUARY 31, 2024

That’s not so terrible though, PwC has proven in recent years they are superior to all other auditors when it comes to avoiding deficiencies from the PCAOB — in 2020, PwC had a record-low 1.9% deficiency rate with just one mistake found in 52 audits inspected. ” You should know this but Part I.A.

audit 119

audit auditor financial statements 119

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.

audit 69

audit auditor CPA financial statements 69

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.

audit 52

audit auditor financial statements Education 52

CPA Practice

AUGUST 17, 2023

In response to abuses that came to light during the 2008-09 financial crisis, the PCAOB was authorized by the Dodd-Frank Act of 2010 to establish an inspection program for auditors of brokers and dealers registered with the Securities and Exchange Commission. The results?

audit 52

audit auditor financial statements Account 52

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.” “Whose statements are these? EY says that wasn’t their job.

audit 105

audit auditor Legal Transportation 105

Going Concern

JANUARY 4, 2023

We selected for review 54 audits of issuers with fiscal years generally ending in 2020. We also selected for review two reviews of interim financial information (“interim reviews”). The good news for KPMG is its deficient rate for 2021 was slightly better than the one in its 2020 auditing report card —26% vs. 26.4%.

audit 110

audit Real Estate financial statements auditor 110

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.

audit 98

audit auditor financial statements Start-ups 98

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. Don’t use just any accounting system. To be clear, such is NOT life.

bookkeeping 98

bookkeeping auditor audit quickbooks 98

Going Concern

JANUARY 6, 2023

We selected for review 30 audits of issuers with fiscal years generally ending in 2020. We also selected for review two reviews of interim financial information (“interim reviews”). failure rate in its 2020 inspection report with a failure rate of 53.3% As a result, BDO followed its 54.2% The most common Part I.A

audit 98

audit Real Estate financial statements auditor 98

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.

audit 52

audit auditor financial statements Account 52

Withum

FEBRUARY 23, 2022

The AICPA Statement on Auditing Standards (SAS) No. The AICPA Statement on Auditing Standards (SAS) No. There was a need to strengthen the quality of employee benefit plan audits and enhance auditor reporting. The study found that 39% of employee benefit plan audits had one or more major deficiencies. What is Changing?

audit 84

audit auditor financial statements public accounting 84

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.

audit 52

audit auditor financial statements public accounting 52

Going Concern

SEPTEMBER 25, 2023

In that capacity, Urban was responsible for maintaining the company’s general ledger, preparing financial statements, and reconciling the company’s accounts payable and receivable and bank statements. Between 2010 and 2020, Fulton charged Nix approximately $336,645 in professional fees for his financial services.

tax preparation 105

tax preparation Gambling Account accountant 105

Going Concern

NOVEMBER 30, 2023

From 2018 until 2020, over 1,000 individuals from PwC Hong Kong, and hundreds of individuals from PwC China, engaged in improper answer sharing – by either providing or receiving access to answers through two unauthorized software applications – in connection with online tests for mandatory internal training courses related to the firms’ U.S.

audit 64

audit auditor public accounting financial statements 64

Going Concern

JANUARY 25, 2023

From 2017 to 2020, RSM had an average yearly audit failure rate of 42%, including failing 46% of its audits reviewed by PCAOB inspectors in 2020. Of the four audits that weren ’t up to snuff, two were for issuers in the financials sector, and the other two were for issuers in the industrials sector.

audit 52

audit auditor financial statements Account 52

Going Concern

MAY 31, 2023

Discountenanced Credit Suisse stockholder Gregory Stevenson is suing 29 of Credit Suisse’s current and former directors and officers, the bank’s ex-auditor KPMG, and various KPMG henchmen on behalf of investors alleging the firm looked the other way while aforementioned directors and officers plundered the bank for more than a decade.

audit 111

audit New York Non-Profits auditor 111

Going Concern

DECEMBER 13, 2022

billion, through false accounting from 2015 until Wirecard collapsed in June 2020. The electric payments company rocketed to fame in the 2010s, rising to become the country’s most valuable financial firm. But two years ago its auditor, EY, declared it could not find nearly 1.9 The new fine is payable by Jan. Cronos Group Inc.

Account 97

Account accountant accounted auditor 97

Going Concern

FEBRUARY 19, 2024

Underemployed staff at the Big Four auditors risk losing their jobs as firms step up their scrutiny of employee workloads in a downturn. The liquidators were “taking steps to protect [their ability to bring] legal claims against auditors”, one of the people said. Lee has led CI since October 2020.

auditor 59

auditor Account accountant accounted 59

Going Concern

NOVEMBER 11, 2022

The next generation of accountants and auditors is in demand, but Ben Lansford, an accounting professor and director of the Master of Accounting program at the Jones Graduate School of Business at Rice University explained why some are hesitant. Many auditors responding to the FERF study noted an increase in effort by their teams (68%).

audit 98

audit auditor Louisiana cpas 98

CPA Practice

SEPTEMBER 26, 2023

During the third quarter of 2018, AAC found that it had collected far less on accounts receivable than expected and determined that it needed to restate its 2016 and 2017 financial statements. In June 2020, AAC filed for bankruptcy protection under Chapter 11 of the U.S. Bankruptcy Code, according to the PCAOB.

audit 52

audit auditor New York financial statements 52

Basis 365

JUNE 15, 2023

The ACFE's 2020 Report to the Nations on Occupational Fraud and Abuse revealed that small businesses suffered higher median losses per scheme than larger organizations. Implement segregation of duties, ensuring multiple employees oversee financial processes. Regularly review and update financial policies to address new risks.

bookkeeping 52

bookkeeping Employee Expense Reimbursement Expense Reimbursements auditor 52

Going Concern

MAY 26, 2023

Long Read How a Pandemic-Era Program Became a Magnet for Fraud [ New York Times ] Amid the onset of the pandemic in 2020, as large swaths of the economy went into lockdown, Washington set up various programs to help keep businesses and their workers afloat. Have a safe Memorial Day. million over a decade.

public accounting 104

public accounting Account accountant accounted 104

CPA Practice

MAY 10, 2023

auditors to inspect the records of U.S.-listed In a statement, PCAOB Chair Erica Williams said: Both reports show unacceptable rates of Part I.A Without access to these companies’ books, the U.S. In August, China struck a deal allowing U.S. listed Chinese companies.

audit 111

audit auditor financial statements public accounting 111

Going Concern

JANUARY 29, 2024

An FBI investigation was initiated in December 2021 after an accounting firm was hired to liquidate a client’s property upon his death in 2020 and found the piece of art. Tupperware hired the Big Four auditor on Jan. 5 letter from district administrator Joe Phillips to Chief Auditor Joris Jabouin.

auditor 52

auditor cpa firm Account accountant 52

Going Concern

SEPTEMBER 22, 2023

Miller was appointed vice president for finance in April 2020 and also serves as the university treasurer. In these roles, he provides financial leadership in support of Virginia Tech’s mission and serves as a trusted, collaborative resource for university leadership. Williams said in a news release.

audit 109

audit accounting and finance Virginia auditor 109

ThomsonReuters

JANUARY 3, 2022

significant portion of which it disguised to appear more financially sound. . Before making this move, the FASB considered a letter by the Big Four requesting more accounting transparency, as well as feedback from other auditors and financial statement users, including analysts and rating agencies. .

Finance 98

Finance accounting and finance auditor accounting standards 98

ThomsonReuters

MAY 5, 2022

The HFCAA was enacted as a way to work through concerns around the inability of the PCAOB to conduct inspections of People’s Republic of China-based auditors of companies listed on US stock exchanges—especially given US investors’ increased exposure to China-based issuers over the past decade. Overview of the HFCAA.

Account 52

Account accountant accounted public accounting 52

Going Concern

FEBRUARY 9, 2024

The Use Of AI By Financial Executives And Their Auditors [ Forbes ] Artificial Intelligence (AI) is starting to have the capabilities to improve both financial reporting and auditing. researchers surveyed financial executives (e.g., You might think that it’s quite a lot of money for a company working on.

Technology 104

Technology Colorado audit cpa firm 104