Going Concern

NOVEMBER 14, 2023

The PCAOB today announced settled disciplinary orders sanctioning Greece-based PricewaterhouseCoopers Auditing Company SA (PwC Greece) and its partner Nicos George Komodromos for violations of PCAOB rules and standards in connection with the audit of the 2016 financial statements of Aegean Marine Petroleum Network Inc.

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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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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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CPA Practice

AUGUST 17, 2023

More than half of the audits of brokers and dealers inspected by the Public Company Accounting Oversight Board (PCAOB) last year had mistakes, as audit firms took a big step backwards from improvements they made in 2021. The PCAOB has released annual progress reports on the audits of broker-dealers since 2012.

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CPA Practice

MAY 6, 2024

Several media outlets have reported that in an SEC filing on May 3, Trump Media replaced BF Borders with Phoenix-based CPA and consulting firm Semple, Marchal & Cooper. Semple, Marchal & Cooper hasn’t publicly commented on taking over auditing duties for Trump Media. markets regulator.

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Going Concern

MAY 3, 2024

“Borgers and his sham audit mill have been shut down.” ” Fresh off the SEC press release press , the Securities and Exchange Commission today charged audit firm BF Borgers CPA PC and its owner, Benjamin F. The SEC did not mince words in this press release.

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Going Concern

MAY 24, 2024

[link] pic.twitter.com/yegGRtXHFN — Going Concern (@going_concern) May 23, 2024 News PwC faces crisis in China over audit of failed property giant Evergrande [ Financial Times ] The Ls just don’t stop for PwC. However, it was announced to partners at a meeting on Tuesday that Shaw had triumphed in a five-candidate race.

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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.

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Going Concern

APRIL 15, 2022

Accounting watchdog investigates Deloitte over Go-Ahead audits [ The Guardian ] One of the UK’s biggest accounting firms, Deloitte, is under investigation by regulators for its audits of Go-Ahead, after the bus and rail operator was embroiled in a scandal for wrongly withholding £50m of taxpayers’ money.

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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 2020 to 2021, U.S. The staff report noted: The PCAOB reviewed 44 SPAC-related audits performed in 2021.

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Going Concern

APRIL 16, 2024

See: Trump Media’s accounting firm has a 100% deficiency rate from U.S. audit watchdog and counts Lingerie Fighting Championships as a client [ Fortune ] OK, actually that’s the only funny headline we’ve seen. For example, during the year, there was one engagement partner who was responsible for 147 issuer audits.

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Going Concern

MARCH 8, 2024

In an interview with Bloomberg Law, Punt said he is optimistic about growing the accounting giant’s market share for the proactive services Deloitte calls “business transformation,” arguing general counsel need to deliver more value to their businesses through streamlined processes. When conducting the fiscal year 2021 audit of Tingo, Inc.,

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CPA Practice

MARCH 15, 2023

They often focus their efforts to maximize the eventual sales value of the acquired business via a combination of targeted acquisitions of other firms, capital investments, expansion into profitable niches, waste reduction, tech adaptation, streamlining and other measures. What size accounting firms are private equity groups eyeing?

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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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Going Concern

DECEMBER 2, 2022

Writes Edward Mendlowitz, CPA/PFS, ABV: There are many reasons why CPAs decide to leave public accounting firms. Based on my experience, I believe some of these reasons are personal and individual, but far too many of these reasons are caused by CPA firms’ leadership and can be avoided or mitigated.

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Going Concern

NOVEMBER 11, 2022

The Big Four accounting firms are even reaching out to high school students to share that message and creating more flexible work environments, Lansford says. Behemoth’ big four consulting firms keep getting bigger [ Australian Financial Review ]. Income at the big four consulting firms jumped 17 per cent to hit $9.91

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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. Right now, they don’t.

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Going Concern

JULY 29, 2022

note: fans of accounting news — all two of you — are encouraged to sign up for our newsletter to get headlines delivered to your inbox twice a week on Tuesday and Friday. The draft legislation uses a version of company income, as measured under US financial accounting rules, to determine what businesses owe in taxes.

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CPA Practice

AUGUST 17, 2023

In July, more than 20 of the profession’s thought leaders met for the virtual Avalara Accounting Meta Influencers roundtable discussion of how AI will likely impact accounting firms and their clients, and to start developing best practices firms can embrace to best optimize its potential benefits.

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Going Concern

SEPTEMBER 22, 2023

Former employee of Chattanooga accounting firm speaks out [ Local 3 ] A former employee of Croft and Frost is speaking out following the accounting firm’s shutdown that cost him and his coworkers their jobs. data center industry on the national economy between 2017-2021, adding $2.1 That compares with the $1.6

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CPA Practice

MAY 14, 2024

The Public Company Accounting Oversight Board (PCAOB) has overhauled its decades-old quality control requirements for audit firms by adopting a new standard on May 13 designed to put the onus squarely on auditors and executives. Firms themselves have also changed significantly, as has the role of firm networks.

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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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Withum

SEPTEMBER 8, 2022

Audited financial statements are a cornerstone of the financial markets. Tonight I will conduct my second Auditing class session of this semester at Fairleigh Dickinson University, and I will be teaching what the auditor’s opinion means and what auditors do to arrive at their opinion.

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Going Concern

OCTOBER 28, 2022

They are talking about audit firm resignations, not auditors quitting just before the finish line. Hong Kong’s accounting regulator is sounding the alarm over a surge in auditor resignations a month before or after a company’s reporting period ends. Audit quality plummets at Deloitte, KPMG: ASIC [ Australian Financial Review ].

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Going Concern

JANUARY 20, 2023

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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Going Concern

MARCH 1, 2024

Meanwhile, the audit side is under increased regulatory pressure because of perceived lapses in audit quality at accounting firms of all sizes. Audit PCAOB to Host Virtual Roundtable on NOCLAR Proposal, Reopen Comment Period Until March 18 [ PCAOB ] We’ll attend and report back. This might be good.

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Going Concern

NOVEMBER 3, 2023

How will AI affect accounting jobs? Thomson Reuters ] While 51% of accounting professionals believe that ChatGPT and generative AI should be applied to tax, accounting, and audit work, opinions are divided about the usefulness of AI tools.

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Going Concern

FEBRUARY 2, 2023

Breaking news: Cohen & Company made a mistake on one of its audits inspected by the PCAOB. Big deal, you ’re probably thinking, audit firms screw up all the time—some more than others. But Cohen & Company had perfect auditing report cards from the PCAOB for 2018, 2019 , and 2020. We’re looking at you, BDO USA.)

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ThomsonReuters

JANUARY 12, 2023

When it comes to cryptocurrency, there are many unknowns around accounting, audit and assurance. This means that crypto audits will certainly be on the rise. . So, what can accountants do to prepare for crypto audits? . AICPA SOC 1 & 2 audited tax software. Understand crypto technology.

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Going Concern

JANUARY 26, 2024

Long Read Corporate Self-Oversight [ The American Prospect ] Four auditing firms examine the books of nearly every big U.S. AI Is your firm keeping pace? How AI is transforming audit [ Thomson Reuters ] In the past, auditors have heavily relied on manual processes to uncover risks in financial statements and business operations.

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Going Concern

AUGUST 21, 2023

Someone who isn’t an auditor complains on Blockworks about using the word audit for things that aren’t audits and then explains in graphic detail the various audit-like things that one can engage in (that aren’t audits). I’ll leave this to my audit colleagues.

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Going Concern

SEPTEMBER 29, 2023

The London-based global accounting firm officially known as PricewaterhouseCoopers International is in talks to lease three floors at a new office building at 3155 Olsen Drive, across from Santana Row in West San Jose, the San Jose Mercury News reported, citing unidentified sources.

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Going Concern

APRIL 12, 2024

Williams made the following statement today at a virtual press conference: Since 2021, the PCAOB has sanctioned nine registered firms for exam cheating. Audit firms currently must publicly identify the lead partner on the audits they perform and the other firms that helped with that work.

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Going Concern

JULY 31, 2023

Currently KPMG, Deloitte and EY provide both consulting and audit to both the public and private sector. Mr Fels, who has provided evidence to the committee looking into the ethical behaviour the major consultancy firms, said conflict-of-interest concerns about the big four were “a problem of their own making”.

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Going Concern

MARCH 16, 2022

The big news in the accounting profession yesterday afternoon from Dave Michaels of the Wall Street Journal was that the SEC is investigating the Big 4 and other public accounting firms on whether the consulting and non-audit services they sell to clients is conflicting with their independence as the auditors of said clients.

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Going Concern

MARCH 15, 2024

This was the brave part of the statement PwC boss Kevin Burrowes made on Wednesday as he announced another 366 partners and employees would be cut at the embattled firm to right-size the shrinking business. a company obtains milk from a dairy farm processor; the auditors audit the processor but not the dairy that supplies the milk).

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Going Concern

FEBRUARY 9, 2024

Three of the firms also joined industry efforts to designate accounting as a science, technology, engineering, and math—or STEM—field, according to federal lobbying disclosures. My buddy from undergrad works office security at one of the Big 4 accounting firms in Midtown.

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