CPA Practice

AUGUST 7, 2025

AICPA Seeks Comment on Proposed Update to Auditors’ Responsibilities Related to Fraud The American Institute of CPAs’ Auditing Standards Board (ASB) is currently seeking public comment on a proposed standard updating auditors’ responsibilities related to fraud. Comments on the draft are due by Oct.

audit

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. This isn’t surprising, as Marcum is the largest auditor of SPACs.

audit

Going Concern

DECEMBER 21, 2023

Assuming no one but select audit partners actually read this crap, let’s take a look at how auditors should expect increased vigilance in 2024 so everyone can be better informed and stock up on KY. You’ve been warned, auditors. ” And God forbid you people not file a Form 3 in a timely manner or YOU WILL BE PUNISHED.

auditor

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

CPA Practice

MAY 2, 2023

There is a brand-new section that debuted today in PCAOB inspection reports of audit firms, and it is devoted to auditor independence. “We The auditor independence section will appear in reports for PCAOB inspections completed in 2022, beginning with eight reports that were released on Tuesday.

audit

Going Concern

DECEMBER 10, 2022

Those observations prompted this response from PCAOB Chair Erica Williams: “Higher deficiency rates in 2021, coupled with the fact that the PCAOB is also seeing an increase in comment forms for 2022, are a warning signal that the audit profession needs to sharpen its focus on improving audit quality and protecting investors. In Part I.B

audit

Going Concern

JULY 2, 2024

These initiatives, building on the strategic foundation set in 2022, are multifaceted and interdependent. For 2021 inspections, six audits had problems in both internal control over financial reporting and in the financial statement, nine had deficiencies in the financial statement only, and one ICFR audit wasn’t up to snuff.

audit

Going Concern

JANUARY 31, 2024

That’s not so terrible though, PwC has proven in recent years they are superior to all other auditors when it comes to avoiding deficiencies from the PCAOB — in 2020, PwC had a record-low 1.9% New to 2022 inspection reports is the Part I.C New to 2022 inspection reports is the Part I.C According to PwC, Part I.C

audit

Going Concern

SEPTEMBER 19, 2024

In December 2022, Prager Metis put down nearly $35,000 in actual money for this three-story “property” in Decentraland , thus planting a flag on the Metis verse (groan, I know). Effective investor protection requires a collaborative approach that includes both regulators and gatekeepers such as auditors. 25 killed me.

accounting firms

Going Concern

JUNE 10, 2022

previously were charged by the SEC for filing fraudulent financial statements prior to their bankruptcies and Nasdaq delisting. Hilbert with improper professional conduct for violating numerous professional standards in their third quarter 2017 interim review and 2017 annual audit of Sequential’s financial statements.

audit

Going Concern

APRIL 12, 2023

Bloomberg has reported that Silicon Valley Bank auditors KPMG have been sued — along with underwriters Goldman Sachs, Bank of America, and Morgan Stanley — after SVB’s spectacular collapse on March 10. The complaint appears to be the first to target the bank’s auditors and underwriters. We knew this was coming.

audit

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. Related articles: EY Auditors Cheated on Ethics Exams and Tried to Cover It Up, Will Pay a Record Fine for Naughtiness. RSM US ($3.75

audit

Going Concern

APRIL 30, 2024

Here’s a snapshot from 2019 that shows how much cannabis companies were paying to which auditors: A look at 40 Canadian cannabis companies and what they paid to their auditors over their past fiscal year. Note that many companies switched auditors so not all fees listed went to the current auditor.)

auditor

CPA Practice

JANUARY 23, 2023

Many experts predict that the years ahead will be fueled by financial fraud investigations and a heightened emphasis on the ability to conduct due diligence and ensure clear financial insights. According to a Wall Street Journal story on December 29, 2022 , “More than 300,000 U.S.

audit

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. This means audit opinions were signed without completing the audit work required to verify the financial statements. and non-U.S.

audit

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

CPA Practice

DECEMBER 1, 2023

The Public Company Accounting Oversight Board (PCAOB) has doled out a record $20 million in total fines to audit firms and individual auditors so far in 2023, almost doubling the previous high mark of $11 million set last year. Having received that commitment, Gridsum promptly dismissed its then current auditor and hired Haoxin.

auditor

Cherry Bekaert

MAY 15, 2023

As such, it has become critical for users of these services to understand the controls implemented to safeguard their data and to ensure their financial statements are free of material misstatement. Because the auditor is independent, the resulting report can be relied upon broadly across the service organization’s client base.

auditor

Going Concern

DECEMBER 30, 2022

In its 2022 Transparency Report , which was released in late October, EY noted that the PCAOB would be “ issuing Part I of its report on the 2021 inspection of EY US in the coming months, ” but the firm provided no hints as to how well it did or what to expect. The most common Part I.A The most common Part I.A

audit

Going Concern

OCTOBER 17, 2022

The PCAOB’s 2022 Forum on Auditing in the Small Business Environment and on Auditing Broker-Dealers will be livestreamed on Wednesday, October 26, 2022. The Iowa State Auditor’s Office is seeing a shortage of accountants along with a shortage of accounting students with 4-year degrees (no duh). That’s it.

Iowa

Going Concern

MAY 31, 2023

Discountenanced Credit Suisse stockholder Gregory Stevenson is suing 29 of Credit Suisse’s current and former directors and officers, the bank’s ex-auditor KPMG, and various KPMG henchmen on behalf of investors alleging the firm looked the other way while aforementioned directors and officers plundered the bank for more than a decade.

New York

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

CPA Practice

APRIL 19, 2023

When FTX learned in 2020 that in order to be listed on NASDAQ, the company would need to have its policies and procedures audited, senior management allegedly scrambled to fraudulently make up policies that could be shown to auditors within just 24 hours. FTX also faltered in its near-complete lack of accounting systems.

bookkeeping

Going Concern

MAY 10, 2023

Williams on Bloomberg today discussing the long-awaited inspection results for two firms inspected in 2022: KPMG Huazhen LLP in mainland China [ PDF ] and PricewaterhouseCoopers in Hong Kong [ PDF ]. From her statement: Both reports show unacceptable rates of Part I.A From her statement: Both reports show unacceptable rates of Part I.A

audit

ThomsonReuters

APRIL 30, 2024

Auditors rely on data review to ensure the reliability and integrity of financial statements. Auditors must ensure that financial statements are free from material misstatements and that all relevant information is included. It helps auditors identify errors, irregularities, and potential fraud.

auditor

Going Concern

FEBRUARY 24, 2023

More than 90% point to hiring and retaining skilled accountants and auditors. That’s the finding of two newly released reports by leading software provider Caseware International, which surveyed more than 6,000 accountants and auditors globally. Monetary penalties in 2022 totaled close to $10.5 million tied to Q4 actions. “The

Technology

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? We set a record in 2022. This Board set a goal to strengthen PCAOB enforcement, and we are doing just that.

CPA

Going Concern

AUGUST 16, 2024

Projections indicate a growth in employment opportunities for accountants and auditors, while roles focused on bookkeeping and data entry are expected to decline. This shift is largely due to the integration of AI and automation technologies, which streamline routine tasks and open up opportunities for auditors to engage in higher-value work.

audit

Going Concern

SEPTEMBER 29, 2022

Add to that the issue of baby boomer retirements and an entire class of auditors who were trained by Zoom at the beginning of the pandemic now reaching the point where they are expected to train associates below them despite they themselves still struggling and…well. It’s not good. Will it be enough? This year it’s 100%.”

auditor

Going Concern

MARCH 1, 2024

Mr Collins’ disclosure about the Tax Practitioners Board investigation into his activities while at PwC in his November 2022 resignation email should have triggered a process at CA ANZ that flagged his membership and prevented him from resigning before the body investigated. Regulator Says [ Wall Street Journal ] Several U.S.

audit

Going Concern

FEBRUARY 10, 2023

Audit Americanas’ $4 Billion Accounting Scandal Puts More Scrutiny on PwC’s Auditing Record [ Bloomberg ] A $4 billion accounting shortfall would typically raise alarm bells for an auditor. In addition to reducing its secured loans as committed, the report also shows Tether ended 2022 with zero commercial paper.

Florida

Going Concern

SEPTEMBER 29, 2023

” 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

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

Going Concern

JUNE 23, 2023

Audit “When you are a hammer, the world is a nail” – SEC and PCAOB Senior Staff Signal Increased SEC and PCAOB Gatekeeper Enforcement [ Lexology ] SEC Enforcement and PCAOB Enforcement both are pursuing more significant sanctions against auditors, particularly with respect to civil money penalties. 31 is still not finished.

cpa firm

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. Chinese and U.S. That’s one way to go.

auditor

Going Concern

MARCH 8, 2024

One-time PCAOB, KPMG Exec Gets Her Fraud Convictions Thrown Out [ Bloomberg Law ] Another former KPMG LLP executive’s convictions have been vacated in the wake of a 2022 Second Circuit decision limiting the scope of the federal wire fraud statute. Big News Scroll down for regular-sized news. KPMG has built up a large business auditing U.S.

audit

Going Concern

SEPTEMBER 19, 2023

The 2022 inspection of PwC Canada [ PDF] is not great. Of the eight audits selected by the PCAOB for inspection for the 2022 inspection of PwC Canada, 63% had Part I.A For one of these lucky audits, PwC Canada was not the primary auditor. 23A) AND they got them on the audit on which PwC was not the primary auditor.

auditor