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Citing Rising Costs, Accounting Firms Plan to Increase Fees in 2025

Going Concern

90% plan to increase fees for individual tax returns, 87% plan to increase fees for business tax returns, 85% plan to increase fees for bookkeeping and accounting, and 76% plan to increase fees for CFO and controller services. 57% of accounting firms plan to increase fees across all services in 2025. Or at least half-in.

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PCAOB Gives Chinese Audit Firm the Boot Over Rules Violations

CPA Practice

The Public Company Accounting Oversight Board (PCAOB) revoked the registration of a Chinese audit firm on Nov. First, on multiple occasions, the accounting firm failed to timely report the participants in its issuer audits on PCAOB Form AP, in violation of PCAOB Rule 3211, Auditor Reporting of Certain Audit Participants.

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EY Gets Caught Up in Independence Violations Because Audit Partner Rotation Is For Chumps

Going Concern

Gigantic UK-based energy company Shell announced yesterday it will be updating its 2023 and 2024 Form 20-Fs “due to EY non-compliance with audit partner rotation rules” after EY UK told them they’d discovered a small audit partner rotation issue for those years.

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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

She wrote that the local firm needed to comply with a set of remedial actions or face suspension, or expulsion, from the global network. ” The new office will employ a team of 15 by the end of the year, with all positions in the Boca office staffed by accounting professionals, Goldberg said.

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PCAOB Provides Three Resources For Auditors On the New Quality Control Rules

CPA Practice

In addition, accounting firms that audit more than 100 public companies annually will be tasked to establish an external oversight function, or EQCF, for the quality control system composed of one or more professionals who can “exercise independent judgment,” the PCAOB said in May.

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Gen X? Never Heard of Them! Accounting Firms Are Overrun by Millennials and Gen Z

Going Concern

TLDR: Boomer numbers at accounting firms appear to be dwindling, more than half of staff at firms are under 40, Gen X gets ignored as usual as if they don’t exist. Recruiting costs as a percentage of net revenue are less than 1% for firms at all revenue sizes. Sorry, mid-40s to late-50s. You’re used to it.

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KPMG to Cut Audit Staff By About 4%

CPA Practice

The reason for the layoffs: low levels of voluntary turnover at the Big Four accounting firm. Mark Maurer of the Wall Street Journal wrote: KPMG is among the large accounting firms that have continued to experience slower-than-expected levels of voluntary attrition after aggressively hiring people during the pandemic.

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