Going Concern

JANUARY 8, 2024

Hey remember the Bloomberg story last March about how staff shortages at audit firms were causing municipal credit ratings to tank ? Refresher: Municipalities across the US are at risk of having their credit ratings downgraded or withdrawn by S&P Global Ratings because staffing shortages have delayed financial disclosure documents.

Wyoming 125

Wyoming audit Government Montana 125

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.”

audit 98

audit auditor financial statements Account 98

Going Concern

JANUARY 25, 2023

Based on the 2021 PCAOB inspection reports we ’ve reviewed so far, the audit firm that would win the “most improved” award is RSM US. 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.

audit 52

audit auditor financial statements Account 52

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.

audit 52

audit auditor financial statements Account 52

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%

audit 104

audit auditor New York financial statements 104

CPA Practice

NOVEMBER 15, 2023

Overall, average audit fees increased by 4.6 percent from 2021 to 2022. Forty-seven percent of member company respondents also indicated an increase in effort to support the external audit while 51 percent reported no change year over year. Additional reasons cited were changes to ICFR followed by divestitures.

audit 52

audit auditor financial statements Education 52

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.

audit 52

audit auditor financial statements Account 52

CPA Practice

AUGUST 15, 2023

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. 11 for breaking various auditing rules. Snodgrass, Mancera S.C.,

audit 98

audit auditor accounting firms cpas 98

Going Concern

DECEMBER 29, 2022

Lara Abrash, and other Deloitte audit folks happy (bold part added by us for emphasis): In the 2021 inspection of Deloitte & Touche LLP, the PCAOB assessed the firm’s compliance with laws, rules, and professional standards applicable to the audits of public companies. 2021: 3.6%. Uh-oh, this can t’t make Joe U.,

audit 135

audit financial statements Account accountant 135

Withum

DECEMBER 5, 2023

Accounting Standards Update 2021-07 Determining the Current Price of an Underlying Share for Equity-Classified Share-Based Awards was issued to address concerns raised by stakeholders about the cost and complexity of determining the fair value of equity classified share awards for private companies.

audit 52

audit financial statements auditor accounting standards 52

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 In FY 2023, the SEC initiated 11 actions against non-U.S.

audit 64

audit Account accountant accounted 64

Withum

FEBRUARY 23, 2022

The AICPA Statement on Auditing Standards (SAS) No. The Standard was originally effective for audits of employee benefit plan (EBP) financial statements subject to the ERISA for periods ending on or after December 15, 2020, but was delayed one year to December 15, 2021 due to the COVID-19 pandemic.

audit 84

audit auditor financial statements public accounting 84

CPA Practice

AUGUST 18, 2023

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. made false statements in its audit report when it claimed that Akazoo fairly presented its financial statements in all material respects for 2018.

audit 52

audit financial statements auditor accounting firms 52

Going Concern

JANUARY 4, 2023

The last of the 2021 Big 4 PCAOB inspection reports belongs to KPMG, which has had the highest audit deficiency rate of the four firms for six out of the previous seven years —the lone exception being 2019. We selected for review 54 audits of issuers with fiscal years generally ending in 2020. The most common Part I.A

audit 108

audit Real Estate financial statements auditor 108

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.

auditor 109

auditor audit Legal Tax 109

Going Concern

JANUARY 31, 2024

In an audit quality report released last week [ PDF ], the once flawless PwC admits its next PCAOB inspection report will be twice as bad as the last one. deficiency rate with just one mistake found in 52 audits inspected. deficiency rate with just one mistake found in 52 audits inspected.

audit 117

audit auditor financial statements 117

Going Concern

SEPTEMBER 22, 2023

data center industry on the national economy between 2017-2021, adding $2.1 The 2023 Forum on Auditing in the Small Business Environment and on Auditing Broker-Dealers is set for Oct. The 2023 Forum on Auditing in the Small Business Environment and on Auditing Broker-Dealers is set for Oct. trillion to the U.S.

audit 105

audit accounting and finance Virginia auditor 105

Going Concern

NOVEMBER 11, 2022

Audit Fees Rise Only 2.5%, But Audits Require Greater Effort [ CFO ]. and 2.3%, respectively, in 2021, according to the Financial Education & Research Foundation’s Public Company Audit Fee Study. India Launches Audit Inspections After Spate Of Scandals [ Bloomberg Tax ].

audit 98

audit auditor Louisiana cpas 98

Going Concern

MAY 11, 2022

While there were plenty of accountants who behaved badly in 2021 , the accounting profession as a whole was fairly well-behaved and competent last year, according to a new report from Cornerstone Research. Consistent with that overall trend, SPAC filings that include accounting allegations tripled in 2021 as compared to the prior year.

Account 57

Account accountant accounted accounting principles 57

ThomsonReuters

APRIL 30, 2024

In the world of accounting audits, accuracy and completeness are paramount. Auditors rely on data review to ensure the reliability and integrity of financial statements. The significance of accuracy and completeness in audit data review Accuracy and completeness are fundamental principles in auditing.

auditor 52

auditor audit Technology financial statements 52

Withum

MAY 15, 2024

If you sponsor a 401(k) plan with a December year-end, it is important to remember that your Form 5500 and audited financial statements, if required, are due July 31 with the option to file an extension, allowing an additional 2 ½ months to file. The DOL expects this change to reduce the number of audits by 20,000 annually.

audit 59

audit financial statements tax return corporation tax 59

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

APRIL 15, 2024

The audit opinions they issue typically have meaning and value because the firms operate with public trust. In the public company audit arena, this transparency is maintained through PCAOB inspections of auditors. .” If finalized by the Board, the proposed chapter would become Chapter 6 of FASB Concepts Statement No.

audit 62

audit Account accountant accounted 62

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. The PCAOB noted that firm quality control systems often fall short during its inspections of public company audits.

auditor 69

auditor audit accounting firms financial statements 69

CPA Practice

APRIL 7, 2023

In 2021, there was a 17 percent drop in employed accountants and auditors from a 2019 peak, according to a Bloomberg Tax analysis. Nearly every financial decision is tied to a financial report, and with many deadlines approaching for annual and quarterly financial statement filings, there’s a pressing need for audited financial statements.

accounting firms 139

accounting firms CPA Technology Account 139

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. To get her point across she had to write a whole-ass op-ed in the Wall Street Journal : High-quality audits are essential to the integrity of U.S.

audit 98

audit auditor financial statements Start-ups 98

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.

audit 52

audit Account accountant accounted 52

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.)

auditor 57

auditor audit financial statements accounting firms 57

CPA Practice

APRIL 3, 2023

In 2021, there was a 17 percent drop in employed accountants and auditors from a 2019 peak, according to a Bloomberg Tax analysis. Nearly every financial decision is tied to a financial report, and with many deadlines approaching for annual and quarterly financial statement filings, there’s a pressing need for audited financial statements.

accounting firms 135

accounting firms CPA Technology Account 135

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.

accounting principles 119

accounting principles auditor financial statements audit 119

Going Concern

MAY 31, 2023

Along with KPMG CEO Paul Knopp and KPMG Global Chairman and CEO Bill Thomas, the suit names Global Head of Audit Larry Bradley, Deputy Chair and Chief Operating Officer Laura Newinski, Global Head of Clients and Markets Regina Mayor, and the long-exited former Global Chairman John B. The docket number is No. Thornburgh et al ).

audit 109

audit New York Non-Profits auditor 109

Going Concern

JUNE 21, 2022

The big hurdle in EY’s plan to split audit and consulting lies in whether or not its partners want to take the risk per earlier Wall Street Journal coverage in which people familiar with the matter told WSJ its roughly 12,000 partners will need to vote to approve the spinoff. increase over 2020’s $37.2 billion (up 5.8%).

audit 120

audit Healthcare Transportation financial statements 120

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. Tesla Korea was subjected to 25.1

CPA 104

CPA auditor Tax audit 104

ThomsonReuters

NOVEMBER 8, 2022

Who needs to know : Small, midsize and large finance and accounting professionals that prepare or audit financial statements in compliance with US GAAP. Checkpoint Edge has comprehensive guidance, analysis, tools, charts, and news to help you navigate the shifting accounting, audit, and corporate finance landscape.

accounting and finance 59

accounting and finance audit Finance Account 59

Going Concern

DECEMBER 1, 2022

The SEC Division of Enforcement cracked a lot of skulls in fiscal 2022, as it brought in a record $6.439 billion in penalties and disgorgement , up from $3.852 billion in fiscal year 2021. Of that total, the $4.194 billion in civil penalties the SEC doled out was also a record, but the $2.245 billion in disgorgement fell by 6% from 2021.

audit 57

audit auditor financial statements 57

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.

audit 52

audit auditor bookkeeping accounting and finance 52

ThomsonReuters

JANUARY 12, 2023

When it comes to cryptocurrency, there are many unknowns around accounting, audit and assurance. With more than 50 million taxpayers answering ‘Yes’ to the IRS Virtual Currency question on the front page of the 1040 form on their 2021 tax returns, there is a pressing need for immediate access to tools for cryptocurrency tax preparation. .

audit 52

audit tax preparation Technology tax planning 52