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 111

auditor audit Legal Tax 111

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

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 59

audit auditor financial statements 59

Going Concern

AUGUST 12, 2022

Hold Auditors Accountable for Complicity in Corporate Fraud [ Bloomberg Tax ] Unfortunately, since the fall of Arthur Anderson in the wake of the Enron scandal, the SEC and PCAOB have often failed to go after auditors playing fast and loose with the rules. Cordes, EA (@cordes_tax) August 11, 2022. PwC fined nearly £1.8m

auditor 98

auditor Account accountant accounted 98

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 111

audit auditor financial statements 111

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

OCTOBER 14, 2022

Clark Nuber PS, a Top 100 accounting and consulting firm, announced Tom Sulewski as its new chief executive officer, effective October 1, 2022. Where climate change isn’t global: auditing [ Financial Times Opinion ]. A longer, meatier report from auditors was introduced over the past decade in both the US and Europe.

auditor 98

auditor Legal audit South Carolina 98

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 119

audit auditor financial statements 119

Going Concern

APRIL 16, 2024

Over the past week or so, various media outlets have been picking on Trump Media auditor BF Borgers and their 100% PCAOB deficiency rate. BF Borgers has become one of the most prolific auditors of US public companies just 15 years after its foundation, and regulators have warned that it has taken on new clients faster than it can manage.

auditor 105

auditor audit public accounting Colorado 105

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 audit financial statements 119

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 105

CPA auditor Tax audit 105

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 59

auditor audit accounting and finance accounting firms 59

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 105

auditor audit financial statements Account 105

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 52

auditor accounting jobs accountant jobs accounts jobs 52

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 98

audit auditor financial statements Start-ups 98

Going Concern

FEBRUARY 27, 2024

“We had to have documentation for that asset, in addition to the auditors having to view those assets and count those assets,” said Gregory Koval, the assistant deputy commandant for resources, to Military.com in an interview. “So, The auditors used a substantive-based testing approach throughout FY 2022 and FY 2023.

auditor 69

auditor audit bookkeeping financial statements 69

Going Concern

MAY 13, 2024

Deloitte inserts itself into some Oregon political drama, an extensive Willamette Week report : State Invoices Show Oregon’s Favorite Fixer Playing a Key Role in Mopping Up Measure 110 In 2022, Oregon state officials faced a growing mess. EY Canada has named a new Chair and CEO. PCAOB Chair Erica Y.

Oregon 93

Oregon Account accountant accounted 93

Going Concern

APRIL 29, 2022

Less work for EY auditors? What about more accountability [ Financial Times ] “Quality before growth, quality before margin.” 2022 Impact Plan today outlining environmental, social, and governance (ESG) strategies and commitments across four pillars: People, Planet, Prosperity, and Principles of Governance. “As

auditor 52

auditor audit Account accountant 52

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.

audit 69

audit auditor CPA financial statements 69

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 121

audit auditor financial statements Maine 121

CPA Practice

AUGUST 17, 2023

In response to abuses that came to light during the 2008-09 financial crisis, the PCAOB was authorized by the Dodd-Frank Act of 2010 to establish an inspection program for auditors of brokers and dealers registered with the Securities and Exchange Commission. The results?

audit 52

audit auditor financial statements Account 52

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 111

audit auditor financial statements payroll 111

Going Concern

APRIL 8, 2024

Bloomberg went digging around in Trump Media’s auditor’s PCAOB inspection reports: Trump Media & Technology Group Corp. 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. Last year, it ranked No.

auditor 59

auditor audit Account accountant 59

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 98

auditor public accounting payroll financial statements 98

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 95

audit auditor New York Legal 95

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 111

audit Nebraska auditor chartered accountant 111

Going Concern

DECEMBER 11, 2023

Business travel remains PwC UK’s single-largest source of carbon pollution, with flying accounting for more than two-thirds of the firm’s emissions in 2022. Second, we find that audit mandates benefit the auditors by creating new demand, particularly from smaller companies just above the exemption threshold.

auditor 105

auditor Account accountant accounted 105

Going Concern

JULY 8, 2022

The three lenders—Crédito Real SAB de CV, AlphaCredit Capital SA de CV and Grupo Finmart—have discredited some financial statements as unreliable. All retained the same auditor for years: Deloitte Mexico, the Mexico City-based unit of Deloitte Touche Tohmatsu Ltd. Michael Meihaus (@MichaelMeihaus) July 8, 2022.

auditor 98

auditor Account accountant accounted 98

Going Concern

MARCH 6, 2024

A failure to document the auditors’ reasoning, or complete their enquires with management, in relation to the retention of rebates under a contract which, on its face, appeared to require such rebates to be passed back to a client. For the fiscal year ended March 2022, UK audit firms were fined a record £46.5 ($59.2 2023 saw £40.4

audit 59

audit auditor Construction financial statements 59

CPA Practice

APRIL 26, 2023

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 PCAOB reviewed 71 SPAC-related audits performed in 2022. Based on these inspections, the report presents several key takeaways for auditors.

audit 52

audit auditor financial statements Account 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 116

auditor audit cpas Iowa 116

CPA Practice

OCTOBER 4, 2023

Williams, who took over as PCAOB chair in January 2022, has made it a goal for the board to update existing auditing standards that had not changed since before the PCAOB was established by the Sarbanes-Oxley Act in 2002. Today, business is largely conducted online. The new standard will apply to all audits conducted under PCAOB standards.

auditor 59

auditor audit financial statements Start-ups 59

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 105

CPA auditor Tax Account 105

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 110

audit auditor financial statements Washington 110

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 98

bookkeeping auditor audit quickbooks 98

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.

audit 111

audit New York Non-Profits auditor 111

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 98

Iowa Account accountant accounted 98