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PCAOB Gives Chinese Audit Firm the Boot Over Rules Violations

CPA Practice

Over a period of several years, JTC Fair Song CPA Firm, a public accounting firm located in Shenzhen, the People’s Republic of China, repeatedly failed to make required filings in accordance with PCAOB rules, the audit regulator said.

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Friday Footnotes: PwC Scandal Somehow Gets More Scandalous; Deloitte Denied in Court; Withum Embiggens in Florida | 11.8.24

Going Concern

The report also recommends that these private firms be limited to 400 partners, and that they be prevented from offering both audit and non-audit work – like consulting services – to the same client. This would be a big blow for firms such as PwC which, in 2022, received more than $79 million in fees from Macquarie Group alone.

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Friday Footnotes: CPAs Disappearing From CPA Firms; Grant Thornton Tries to Win Grant Thornton | 7.11.25

Going Concern

Johnson said accounting firms are being more aggressive and strategic in attracting prospective accountants. Talent Attention, firms! billion ($1 billion), alleging the auditor failed to detect fraud and misstatements that contributed to the Toronto private lender’s collapse. Technology Abacus raises $6.6M

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Nine KPMGs Got Real Sloppy About Reporting How Much Outsourced Work They Were Using

Going Concern

Each of them violated PCAOB Rule 3211 , Auditor Reporting of Certain Audit Participants, by “failing to accurately disclose on PCAOB Form AP the participation in firm audits of other accounting firms, including, among others, component auditors, shared service centers, and critical audit matter hub.”

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The AICPA Gets Around to Looking Into If This Whole Private Equity Thing Requires New Independence Rules

Going Concern

They said : A task force of the American Institute of CPAs Professional Ethics Executive Committee (PEEC) will seek public comment on its preliminary conclusions about revisions to independence rules related to alternative practice structures, changes driven by the increasing prevalence of private equity investment in accounting firms.

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Inside GASB's far-reaching agenda

Accounting Today

The due process document will be a broader call for external input into our process, but this is another way that were going to be getting external input from some preparers of financial reports, some auditors, different users and technologists," said Black. The board has also formed a GAAP Structure Consultative Group.

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PwC’s Global Revenue Tops Out at $55.4 Billion in 2024

CPA Practice

billion during its 2024 fiscal year that ended June 30, the Big Four accounting firm said on Monday. The slower growth in Big Four accounting firm revenues in 2024 is primarily due to a slowdown in consulting work over the past 12 to 18 months, which has resulted in layoffs at each firm in several locations, including in the U.S.

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