Going Concern

JANUARY 9, 2023

A PCAOB inspections leader offers his insight to auditors at a conference: “The role of the financial statement auditor and the auditing profession continues to be a noble endeavor that has never been more needed and vital to our economic stability and the well-being of our capital markets,” said George Botic, CPA.

CPA 104

CPA auditor Tax Account 104

CPA Practice

AUGUST 15, 2023

MSPC CPAs These five firms were fined and sanctioned by the PCAOB for violating auditing rules and standards related to communications with audit committees. was fined $75,000 for auditor independence violations during six audits of three company employee benefit plans. 11 for breaking various auditing rules. Snodgrass, Mancera S.C.,

audit 98

audit auditor accounting firms cpas 98

Going Concern

MARCH 22, 2024

” Complying with the Corporate Transparency Act [ CPA Journal ] By now, CPAs should be aware of the Corporate Transparency Act (CTA), passed in 2021 and effective January 1, 2024. But until a deferral is confirmed, CPAs must consider which role they will serve for clients required to file when the CTA becomes effective.

Minnesota 111

Minnesota cpas audit CPA 111

Going Concern

APRIL 29, 2022

4 Ways CPAs Can Explain the Tax Benefits of Direct Indexing to Clients [ Parametric ] Let’s unpack what CPAs should know about direct indexing from a tax perspective—and explore some unique and effective methods for explaining it to your clients. Less work for EY auditors? Auditors Fire Messy Municipal | 4.29.22

auditor 52

auditor audit Account accountant 52

CPA Practice

APRIL 7, 2023

Despite high demand for CPAs, accounting firms struggle to hire accountants. In 2021, there was a 17 percent drop in employed accountants and auditors from a 2019 peak, according to a Bloomberg Tax analysis. By Cameron White.

accounting firms 139

accounting firms CPA Technology Account 139

Going Concern

FEBRUARY 12, 2024

Canadian Accountant put out a piece on the auditor shuffle using some Ideagen Audit Analytics data : While the annual data provided to Canadian Accountant by an American data analytics firm always contains a few fascinating odds and ends — and that year was no different — the most recent data available presented a mystery.

auditor 70

auditor Account accountant accounted 70

CPA Practice

APRIL 3, 2023

Despite high demand for CPAs, accounting firms struggle to hire accountants. In 2021, there was a 17 percent drop in employed accountants and auditors from a 2019 peak, according to a Bloomberg Tax analysis. By Cameron White.

accounting firms 135

accounting firms CPA Technology Account 135

Going Concern

APRIL 12, 2024

ICYMI: These are the most-read articles on Going Concern this week: Tax Preparer Finds Out in the Worst Way Possible That ERC Wasn’t a Free Money Glitch Survey Says: Which Group of Auditors Are Most Satisfied With Their Salaries? the auditor of Tesla Korea, about the company’s financial statements for last year.

CPA 104

CPA auditor Tax audit 104

Going Concern

JANUARY 29, 2024

In the column he referenced this ancient document (August 1993) entitled “The case for non-CPA owners in CPA firms.” Do firms want non-CPAs to be part of the ownership ranks, or is this strictly a rhetorical question? Tupperware hired the Big Four auditor on Jan. Let’s read a little bit.

auditor 52

auditor cpa firm Account accountant 52

Going Concern

DECEMBER 1, 2022

According to NASBA, as of August 2022, there are 665,612 licensed CPAs covering 54 jurisdictions (NASBA 2022). As of January 1, 2022, 65,164 are licensed CPAs in New York State (see the New York State Education Department, Office of the Professions, [link] ). Let’s be real, that’s a huge reason.

accounting degree 62

accounting degree Account accountant accounted 62

Going Concern

SEPTEMBER 29, 2023

What CPAs can learn from Smucker’s [ Accounting Today Voices ] J.M. ” The updated version, issued on September 28th, removes problematic language which could be construed as indicating that internal auditors are not inherently trustworthy and unable to exercise due care in the performance of their duties.

auditor 109

auditor audit New York CPA 109

CPA Practice

FEBRUARY 28, 2023

Significant hurdles remain, however, when it comes to providing consistent, comparable and high-quality sustainability information for investors and lenders, Some 95% of large companies reported on ESG matters in 2021, the latest year available, the IFAC-AICPA & CIMA study found. The current report includes data from 2019-2021.Full

auditor 80

auditor cpas Government accounting standards 80

ThomsonReuters

DECEMBER 9, 2020

This year more than ever, auditors will have to be conscious of the possibility and adjust their audit procedures and fraud inquiries accordingly. The period in which revenue is recorded, for instance, is something auditors will have to pay special attention. It also means that fraud risk is increasing. Fraud risk goes up a lot.

audit 83

audit auditor Maryland cpas 83

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 ]. and 2.3%, respectively, in 2021, according to the Financial Education & Research Foundation’s Public Company Audit Fee Study. Hopefully some of you got the day off.

audit 98

audit auditor Louisiana cpas 98

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

MARCH 11, 2024

We’ll be doing an article shortly, in the meantime here are some quotes from INSIDE Public Accounting : Bob Cedergren, MNCPA board chair added, “I can tell you from my own experience, through conversations with colleagues throughout the country and the members of the MNCPA, that we have a significant shortage of CPAs. Cloud, Minn.-based

audit 62

audit Minnesota Account accountant 62

Going Concern

SEPTEMBER 22, 2023

The job security and the ability to have a comfortable life motivated me at first,” said Khokhar, who served as a senior accountant at two construction firms and senior auditor at an accounting firm. The AICPA often cites that the large pool of retiring Baby Boomers will leave a gaping hole in the supply of experienced CPAs.”

Account 113

Account accountant accounted CPA 113

CPA Practice

MAY 11, 2023

Accounting firms have faced a volatile profession in the past year as teams struggled with burnout while staff shortages increased, regulatory changes caught firms off guard – increasing compliance and security concerns – and tax laws became increasingly more confusing for clients and CPAs alike.

Account 119

Account accountant accounted payroll 119

CPA Practice

SEPTEMBER 5, 2023

AICPA Updates Digital Assets Practice Aid, Adding Audit Guidance The American Institute of CPAs (AICPA), representing AICPA & CIMA, has updated its practice aid for accounting and auditing of digital assets, with added material on auditing. Twenty-seven percent still expect to see a recession in 2024.

audit 59

audit cpas auditor accounting principles 59

Going Concern

MAY 15, 2023

Virginia Society of CPAs is tackling the question “ is 150 too many? ” For nearly the past two decades, prospective CPAs in Virginia have had to undertake 150 hours of education before becoming licensed. But a declining CPA pipeline has accountants asking: Is the 150 now a barrier to becoming a CPA?

Account 52

Account accountant accounted cpas 52

ThomsonReuters

JULY 11, 2023

Entry-level roles are difficult to fill due to a decrease in the number of graduating CPAs or are losing qualified accounting graduates to careers in other industries that offer higher starting salaries and more flexible working options to support the demand for improved work/life balance. According to Revelio Labs Inc.,

Technology 73

Technology Account accountant accounted 73

ThomsonReuters

JANUARY 18, 2024

Working with external auditors. CPA responsibilities to clients As a trusted advisor in an increasingly complex financial landscape, certified public accountants (CPAs) have significant responsibilities for the services they provide to their clients. Accountant vs. CPA vs. tax preparer: What are the differences?

Account 59

Account accountant accounted tax preparation 59

Going Concern

APRIL 15, 2022

For example, the AICPA’s idea of expanding its membership by opening the certified in financial forensics (CFF) certification to non-CPAs runs counter to the exclusivity of the CPA brand. Lack of Access Could Hinder Audits of Companies With Ties to Russia [ Wall Street Journal ] Auditors that assess the financial statements of U.S.-listed

accounting firms 52

accounting firms audit Account accountant 52

Going Concern

NOVEMBER 25, 2022

For example, the firm that employed the guy who just got the largest fine the PCAOB has ever given to an individual auditor couldn ’t get its quality control systems under control: From 2018 to 2021, SKP failed to comply with PCAOB quality control standards, including with respect to audit documentation.

audit 52

audit auditor cpas public accounting 52

Going Concern

SEPTEMBER 22, 2023

Both Mendlowitz and his father, also a CPA, attended the CUNY school. Summing up Sid: The ultimate CPA and friend to all [ Journal of Accountancy podcast ] Plenty of CPAs can say they learned something from Sid Kess, who died last week at age 97. data center industry on the national economy between 2017-2021, adding $2.1

audit 106

audit accounting and finance Virginia auditor 106

Going Concern

APRIL 20, 2022

As I snarkily mentioned last week , the AICPA has finally released its much-anticipated 2021 Trends in the Supply of Accounting Graduates and the Demand for Public Accounting Recruits (or Trends , for short) report [PDF here ], a behemoth data dump of accounting industry stats first released in 1971 and released every two years since 2009.

Account 52

Account accountant accounted CPA 52

Going Concern

JUNE 12, 2023

Mississippi auditor Shad White issued a report Thursday that said the state’s public universities spent $23.4 Women’s Super League (WSL) clubs generated £32m in aggregate revenue in the 2021/22 season, up from £20m in the previous financial year, according to new analysis from Deloitte’s Sports Business Group.

Account 52

Account accountant accounted audit 52

Going Concern

AUGUST 11, 2023

million) is merging in Hearthstone CPA Group of Bremerton, Wash. to Kansas City when a Fresno tax processing center closed in September 2021 have not been found, the report from the government watchdog said. In July, 2021, the firm established the KPMG South Pacific Partners made up of KPMG Fiji, KPMG PNG and KPMG Australia.

Account 97

Account accountant accounted audit 97

Going Concern

APRIL 19, 2024

Evergrande, once one of China’s biggest property developers, ran up more than $300 billion of liabilities before it defaulted in 2021. CPAs Have a Branding Problem for the Younger Generation [ CPA Journal ] By Jason L. However, he emphasized that securing one of them as Tether’s auditor is a high priority for the company.

cpas 103

cpas accounting firms Account accountant 103

Going Concern

AUGUST 7, 2023

This firm in Minnesota no one’s ever heard of put out the cutest press release: DHA CPAs is happy to announce new talented professionals joining their team for accounting and financial services. But, again, the numbers remain unusually robust: Monthly job openings never topped 8 million before 2021.

Account 52

Account accountant accounted audit 52

Going Concern

MARCH 25, 2022

I’m just going to leave this here: Finding ‘untapped’ talent pools of CPAs [ Journal of Accountancy ] Gee I have no idea why it’s getting so hard to find CPAs hmmm…OH maybe because this is the kind of advice being handed out: “Put aside preconceived notions about what experienced CPA job seekers are looking for in their jobs.

tax return 52

tax return audit auditor cpas 52

Going Concern

JANUARY 6, 2023

Money Diary: A Senior External Auditor On 54k [ Refinery29 ]. “I’m 27 years old and currently working as a senior external auditor at an accounting firm in London. I’m an immigrant and I moved to the UK in 2021. CPAs rev up for a new tax season [ Journal of Accountancy ]. GAAP, and labor market uncertainty.

cpa firm 52

cpa firm CPA New Hampshire Ohio 52

Going Concern

JULY 10, 2023

12 on the list with nearly 7,000 local employees, almost an 11% swell since 2021. The firm’s junior auditors have been told that the pay band for one cohort would be frozen while others would increase by just 3pc or 6pc. Deloitte now ranks No. And Ernst & Young comes in at No.

Account 97

Account accountant accounted CPA 97

Going Concern

JULY 28, 2023

The combination of too few professionals and high demand is pushing firm leaders to merge up, outsource tax work and hire non-CPAs, among other strategies. In a chat with People magazine in 2021, she revealed her children were well aware of her wishes when she died, and that her priority was to protect her work and not be taken advantage of.

Gambling 98

Gambling audit Technology accounting firms 98

Going Concern

JANUARY 25, 2023

Deadline: Applies to fiscal years beginning after June 15, 2021. Here are some other actions you can take to move beyond the bargaining stage (again courtesy of EZLease ): Work with your auditors ahead of time to understand what they require for the new standards. ASC 842 deadlines GASB 87, aka Statement No.

Account 104

Account accountant accounted Real Estate 104

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). Kimberly (Chapman) Massanova has joined Freed Maxick CPAs and the firm seems exceedingly pleased.

audit 52

audit Account accountant accounted 52

Going Concern

AUGUST 18, 2023

But after TSG noticed a declining return on its investments, the firm hired an independent auditor to look into how 20th Century was calculating its share, the suit says — and “what the auditors found in sampling just three of the 140+ films at issue was clear evidence of Hollywood Accounting.”

Account 98

Account accountant accounted accounting and finance 98