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. Such suggestions are false. In response, commissioner Hester Peirce tweeted (X’d?) and Congressman Jason Smith, R-Mo.,

auditor 98

auditor Account accountant accounted 98

Going Concern

JUNE 23, 2023

The CPA Journal ] Generation Z is beginning to enter the workforce, bringing with it a demographic shift that will affect every facet of American society, including the accounting profession. Expect 2023 enforcement against auditors to focus on quality control, culture, ethics and integrity. My concern is that it goes beyond KPMG.”

cpa firm 105

cpa firm CPA auditor North Carolina 105

Going Concern

APRIL 7, 2023

Big Four Auditors and Consultants Need Liability—And a Divorce [ Bloomberg Tax ] Part of the problem is the revolving door of personnel between the major accounting firms and the banks they purport to audit. Last month, audit firm BDO issued a so-called qualified opinion for Revolut’s 2021 accounts. Flexibility is your policy.

auditor 105

auditor chartered accountant audit accounting and finance 105

Going Concern

MARCH 24, 2023

Reminder: you have until April 17 to weigh in on a proposal to extend the CPA exam window Practice Is it time for firms to transform their business model? Auditors have done so too. Auditors Are Demanding Concessions in Split [ Wall Street Journal ] Ernst & Young’s renegade U.S.

auditor 105

auditor audit Entertainment Real Estate 105

CPA Practice

MAY 3, 2024

By Chris Morris, Fast Company (TNS) The auditor of Donald Trump’s Trump Media has been charged with “massive fraud” by the Securities and Exchange Commission (SEC), which says the company “undermined trust and confidence in our markets.” The company had also been approved as the auditor of the upcoming 2024 report.

audit 116

audit auditor accounting firms financial statements 116

Going Concern

MAY 5, 2022

Here’s a 2015 AICPA article that sort of cosigns my foggy recollection : The profession’s focus on the CPA pipeline has long been a priority. That will continue, with new approaches to attracting, engaging and inspiring the future generation of CPAs. Aaaand the same chart from 2021 [full report can be downloaded here ].

auditor 52

auditor audit cpas CPA 52

Going Concern

MARCH 15, 2024

The NYT report’s focus was that private auditors from large firms failed and consistently missed child labor law violations. Auditors moved quickly and left before children arrived for overnight shifts, or they were not sent where minors worked.

auditor 115

auditor audit cpas Iowa 115

CPA Practice

APRIL 8, 2024

said in recent regulatory filings that it will keep BF Borgers, a Lakewood, Colorado-based accounting firm, as its auditor after starting to trade publicly late last month. A Canadian regulator said last year that BF Borgers violated its rules for auditors, while the U.S.’s Trump Media & Technology Group Corp.

audit 111

audit accounting firms auditor Account 111

Going Concern

NOVEMBER 24, 2023

EY moved to a hybrid work policy in 2021 “with the expectation that most of its people will normally spend at least two days a week working remotely”. Declining enrollments and decreased numbers of CPA candidates have presented formidable challenges for institutions of higher learning.

auditor 115

auditor audit tax return cpas 115

Going Concern

MARCH 1, 2024

For many 22- to 27-year-olds, known as Generation Z, their average student debt of more than $20,000 and the lure of higher-paying Wall Street and Silicon Valley firms means the time and effort required to become a CPA doesn’t pencil out. Audit Deficiencies by Accounting Giants Grew in Latest Inspections, U.S.

audit 111

audit Nebraska auditor chartered accountant 111

Going Concern

MAY 6, 2024

Borgers with deliberate and systemic failures to comply with Public Company Accounting Oversight Board (PCAOB) standards in its audits and reviews incorporated in more than 1,500 SEC filings from January 2021 through June 2023. Last weekend’s weekend discussion: It’s Mental Health Awareness Month. We’re aware.

auditor 91

auditor audit Account accountant 91

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

Going Concern

SEPTEMBER 29, 2023

CPA Exam Friendly reminder, deadlines to apply for BEC before the new exam in 2024 are quickly approaching. CPA Exam Candidates: You Better Hurry Up and Apply For BEC Before It’s Gone Forever Also, WTF? CPA Exam Candidates: You Better Hurry Up and Apply For BEC Before It’s Gone Forever Also, WTF? Did Exam Costs go up?

auditor 110

auditor audit New York CPA 110

Going Concern

APRIL 1, 2022

ARB’s auditor Messrs BDO voluntarily resigns after failure to reach agreement on proposed increase of audit fees [ The Edge ] Expect to see a lot of this going forward: ARB Bhd on Friday (April 1) announced its auditor Messrs BDO PLT (BDO) has voluntarily resigned. Andrea Carr CPA (@andreacpa0) March 31, 2022. is it over yet?

auditor 52

auditor accounting jobs accountant jobs accounts jobs 52

Going Concern

SEPTEMBER 19, 2023

Panama) Frost, PLLC Harbourside CPA LLP (Canada) Keith K Zhen CPA Maggart & Associates, P.C Inc UHY LLP Warren Averett, LLC Zwick CPA, PLLC Expanded reports Baker Tilly US, LLP (12/21/2020 Report) Ernst & Young, S.L. Panama) Frost, PLLC Harbourside CPA LLP (Canada) Keith K Zhen CPA Maggart & Associates, P.C

audit 69

audit auditor CPA financial statements 69

Going Concern

NOVEMBER 3, 2023

The Australian Tax Office alleges the former EY partner promoted three so-called Tax Loss Access Schemes to seven clients between November 2016 and April 2021. The ATO sent a notice to EY in June 2021 which first raised some of the allegations that are now before the Federal Court. I think I was 26 years old,” he added.

financial statements 114

financial statements Tax audit CPA 114

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.

auditor 59

auditor audit accounting firms financial statements 59

Going Concern

MARCH 8, 2024

Audit SEC Settlement Against Auditing Firm Serves as Reminder of Important Independence Rules [ JD Supra ] On February 29, the Securities and Exchange Commission (the SEC) announced that it settled an administrative proceeding against Lordstown Motors Corps’ former auditor, Clark Schaefer Hackett and Co.

audit 91

audit auditor New York Legal 91

Going Concern

APRIL 29, 2022

ICYMI | The CPA Evolution Project Realigns the Professional Certification and Challenges Accounting’s Viability as a Stand-alone Major [ The CPA Journal ] Accounting—at least as an independent field of study—is becoming obsolete in today’s technology- and analytics-focused world. Less work for EY auditors?

auditor 52

auditor audit Account accountant 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

JANUARY 29, 2024

NYSSCPA CEO Calvin Harris, CPA said in a column for CPA Journal : But the winds of change have long been upon us. This is part of why New York Governor Kathy Hochul’s recent signing of “non-CPA ownership” into law is such a big deal. More on the New York non-CPA ownership bill. Let’s read a little bit.

auditor 52

auditor cpa firm Account accountant 52

CPA Practice

FEBRUARY 5, 2024

Steven Bong – 2023 “20 Under 40” Influencer Cofounder AuditFile [link] Steven is the founder and CEO of AuditFile.com, a cloud-based solution for auditors. In 2021, Steven was awarded US Patent 10,891,294 for the application of artificial intelligence and machine learning techniques to financial statement audits.

auditor 52

auditor financial statements audit 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. The results?

audit 52

audit auditor financial statements Account 52

CPA Practice

NOVEMBER 15, 2023

percent from 2021 to 2022. That’s according to the 14 th Annual Public Company Audit Fee Study , commissioned by he Financial Education & Research Foundation , which looked at various factors affecting financial reporting and external audits. Overall, average audit fees increased by 4.6

audit 52

audit auditor financial statements Education 52

Going Concern

FEBRUARY 12, 2024

Someone you know spoke to NPR’s Marketplace for this story: Some accountants are turning away new customers this tax season Tax filing season is here and if you’ve been putting off finding a CPA, good luck. We get calls all the time saying, ‘Hey, my CPA just retired. And we don’t,” said Jenni Merrell, a CPA in Chico, California.

auditor 72

auditor Account accountant accounted 72

Going Concern

JANUARY 26, 2024

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. This allows auditors to shift attention to more complex and strategic work, like interpreting results and offering experience-based insights to clients.

Account 119

Account accountant accounted audit 119

Going Concern

FEBRUARY 9, 2024

Birthdays A CPA Firm Celebrates a Century in Business [ The CPA Journal ] In today’s climate of accounting firm mergers, it is worth recognizing when a CPA firm has managed to remain independent and partner-owned for 100 years. researchers surveyed financial executives (e.g., accounting software? billion 401(k) plan.

Technology 100

Technology Colorado audit cpa firm 100

Going Concern

JANUARY 8, 2024

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. That’s the most since at least 2018, and materially higher than the prior five-year average of 95 such moves, according to S&P data.

Wyoming 126

Wyoming audit Government Montana 126

CPA Practice

APRIL 26, 2023

From 2020 to 2021, U.S. From 2021 to 2022, PCAOB inspectors reviewed more than 100 audits of companies that were either considered SPACs or that were formed through a de-SPAC transaction. The staff report noted: The PCAOB reviewed 44 SPAC-related audits performed in 2021. Of those audits, 61% had at least one deficiency.

audit 52

audit auditor financial statements Account 52

Going Concern

NOVEMBER 11, 2022

‘There’s definitely an accountant shortage out there’: MBAs have become the go-to degree and companies are struggling to hire enough CPAs [ Fortune ]. It’s just a tough subject area, and you need a fifth year of college education to qualify to sit for the CPA exam. Accounting is difficult,” he says.

audit 97

audit auditor Louisiana cpas 97

Going Concern

OCTOBER 17, 2022

EY’s Manchester office hired the most students of all EY’s UK offices; the Manchester office recruited 104 new students, the firm recruited a record 1,473 students into its UK business this year (up 35% compared to 2021). Campo, CPA, MBA (@ajthecpa1226) October 14, 2022. Something tells me Kris won’t be good in sales.

Iowa 97

Iowa Account accountant accounted 97

Going Concern

OCTOBER 28, 2022

Accountants and auditors with the Office of Auditor of State no longer need a four-year degree. There’s currently a nationwide shortage of accountants and auditors, and Iowa’s no exception,” said Jennifer Bradley, Vice President of Academic Affairs for Kirkwood Community College. His accounting songs are incredible.

audit 101

audit auditor Account accountant 101

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. Therefore, there were no controls that could be evaluated.”

tax preparation 104

tax preparation Gambling Account accountant 104

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. billion debt burden and total liabilities in excess of $300 billion.

auditor 59

auditor Account accountant accounted 59

Going Concern

APRIL 8, 2022

CPA firms show progress in diversity amid pipeline challenges [ Journal of Accountancy ] The AICPA finally got around to releasing their 2021 Trends report, which we’ll dissect shortly. in 2020) in the portion of new accounting graduate hires at CPA firms who are ethnically diverse. in 2018 to 34.7% in 2018 to 34.7%

Iowa 52

Iowa auditor cpa firm CPA 52

Going Concern

APRIL 14, 2023

The firm had a contract to perform the 2022 year-end audit for $26,135, but in order to complete it, the CPAs had to spend a lot of time doing extra accounting work that the previous town employees had failed to do, it was stated. At a February meeting, CPA Paul Johnson explained the reasons for the increase.

Tax 105

Tax auditor audit accounting firms 105

Going Concern

APRIL 15, 2022

More Predictions about the Profession’s Future [ The CPA Journal ] Writes Yigal Rechtman, CPA, CFE, CITP, CISM: The current impediments to growth are mostly driven by the perception of prospective entrants to the CPA profession. For example, every startup would benefit immensely from having a CPA among its founders.

accounting firms 52

accounting firms audit Account accountant 52