Summit CPA

OCTOBER 10, 2024

IRS criminal investigations during the 2023 tax filing year identified potentially $37.1 Information concealed during an audit. It’s stressful enough just going through a tax audit. Do not withhold information from an auditor intentionally. Hiding information from an auditor may create a fraudulent situation.

auditor

ThomsonReuters

DECEMBER 27, 2024

Blog home With the introduction of Accounting Standards Update 2023-08, Subtopic 350-60, the landscape for accounting, audit, and assurance of cryptocurrency is evolving. Unique audit risks related to cryptocurrency What is an auditors responsibility in crypto audits?

audit

Going Concern

NOVEMBER 8, 2024

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. However, the town claims it is not able to act on one of the recommendations by auditors. It’s free!

Florida

Going Concern

MARCH 19, 2025

All they had to do was nab KPMG Kenya and it would be a true world tour of audit naughtiness. Said the PCAOB in their press release about this 9-way KPMG smackdown: These disclosures are particularly significant in multi-country audits, where it is even more likely that multiple parties worked on an audit. Uganda, you say?

auditor

Going Concern

JULY 11, 2025

billion ($1 billion), alleging the auditor failed to detect fraud and misstatements that contributed to the Toronto private lender’s collapse. The focus of the probe is on the audits conducted between 2017 and 2023, a period during which Deloitte succeeded Azets as the auditor for the 2023 financial year.

cpa firm

Accounting Today

JUNE 23, 2025

In late 2023, GASB issued Statement 102 , "Certain Risk Disclosures," requiring state and local governments to provide financial statement users with information about specific risks when circumstances make a government vulnerable to a heightened possibility of loss or harm. "The The board has also formed a GAAP Structure Consultative Group.

accounting standards

Going Concern

OCTOBER 21, 2024

In a matter of weeks, we should be hearing that the Pentagon has failed yet another audit. Defense One argues this is a good thing : Far from a mere compliance exercise, the cultural and technological changes required to pass an audit are the same ones necessary to keep U.S. forces dominant.

Account

CPA Practice

OCTOBER 23, 2024

Given the significant changes in the auditing environment since that time, the PCAOB made it a priority to modernize and update those rules. In 2023, only 14 audit firms out of a total of more than 1,600 registered with the PCAOB met the 100-issuer-or-more threshold.

auditor

Going Concern

MARCH 17, 2025

EY issued an internal control warning on a client : UBS’s auditors have expressed an “adverse opinion” on the bank’s internal controls over its financial reporting for 2024 after it failed to resolve issues related to misstatements inherited from Credit Suisse, the Swiss lender said on Monday.

Oklahoma

Accounting Today

JULY 16, 2025

In 2023, it acquired New York-based Janover ; Bemel, Ross & Avedon LLP , a Los Angeles-based business management firm; and two entertainment-oriented firms , Royalty Compliance Organization, a music rights and royalty auditing firm in St. Louis, and Blue Sky Group, a music business management team in Nashville.

Technology

Going Concern

NOVEMBER 4, 2024

This step is an expected development in relation to an investigation the AFP commenced in 2023 into the historical tax matter and individuals who have left our firm,” Burrowes told staff. “We The company reported this in its transparency report for 2023 and 2024. Public trust in the auditing profession is under intense pressure.

Account

Withum

DECEMBER 16, 2024

On November 27, 2023, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2023-07, Segment Reporting Improvements to Reportable Segment Disclosures. Effective for fiscal years beginning after December 15, 2023, it applies to public entities, including broker-dealers.

accounting standards

Going Concern

OCTOBER 14, 2024

Writes Religion Unplugged : Responding to a lawsuit accusing Dallas-based Gateway Church of financial fraud, Gateway Elder Tra Willbanks assured congregants over the weekend that the church has “independently audited financial statements since 2005.” Local news is on it. That financial year runs until the end of June 2025.

Account

Accounting Insight

JANUARY 7, 2025

SaaS solution enables automation of complex lease accounting calculations, ensuring precision and simplification Caseware, a global leader in cloud-enabled audit, financial reporting and data analytics solutions, today announced the acquisition of LeaseJava, a software-as-a-service (SaaS) solution designed and developed by leasing standards experts.

accounting standards

Accounting Today

JUNE 5, 2025

In February 2023, Trifilo sought to obtain a $1.36 From November 2017 to December 2023, Rhew defrauded at least 117 investors of at least $24 million. By Michael Cohn 11h ago Audit Auditors' pessimism about economy surges Audit partners pessimism about the U.S. million during that time.

Tax

Going Concern

OCTOBER 25, 2024

. — Going Concern (@going_concern) October 23, 2024 Local Potsdam village officials to begin search for new auditing firm [ North Country Now (New York)] The country-wide municipal mess continues… The village [of Potsdam, NY] is looking for a new firm to complete its annual fiscal audit.

accounting and finance

Going Concern

OCTOBER 11, 2024

The move is designed to address the uncertainty, confusion and diversity of practice with respect to the subject, said Mike Glynn, associate director of audit and attest standards and staff liaison for the AICPA’s Accounting & Review Services Committee. As a stablecoin, Tether’s tokens are pegged to the U.S. As of Aug.

audit

Going Concern

JUNE 30, 2025

Meanwhile, at PwC UK : PwC is planning to cut about 175 junior auditors in the UK and has told other staff that pay rises will be lower this year, as the Big Four firm grapples with tougher market conditions. I think we can safely assume clients aren’t getting a 30% discount.

Account

Going Concern

NOVEMBER 22, 2024

Audit Large Accounting Firms Will Have to Submit Financial Statements to U.S. audit watchdog also voted 4-1 on a separate rule to require hundreds of firms to publicly disclose a set of eight metrics, ranging from auditor turnover to partner involvement, workload and work experience.

auditor

Going Concern

FEBRUARY 10, 2025

pic.twitter.com/BuMGHJuKx9 — Jessica Smith, EA , not a CPA (@Taxsavvyjessica) February 9, 2025 Something to chew on as both sides argue about fraud and waste: My dad was an auditor with The Indiana Department of Revenue. He mostly audited businesses mostly. Activity in the sector peaked post-pandemic in 2023 with 160 deals.

Indiana

CPA Practice

NOVEMBER 25, 2024

Before entering the public sector, he was employed as an audit manager with the accounting firm of Deloitte & Touche. She is the former Colorado state auditor, having served in that role for 10 years. Prior to becoming a state auditor, Ms.

Wisconsin

Accounting Today

JULY 10, 2025

In 2022 and 2023, he and others operated a ghost prep business in three Augusta locations, including a church and Browns residence. Kim Brown and another individual ghost preparer prepared 22 false returns that caused the Treasury to issue $541,912 in false refunds. Allen Brown, 41, separately pleaded guilty to wire fraud.

Tax

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

Accounting Today

JULY 15, 2025

We had 100% bonus depreciation until 2023 and in 2023 it began to phase out at 20% each year," said Boccaccio. "In In 2023 you couldnt deduct 100%. The bonus depreciation went down to 80% in 2023 and in 2024 it went down to 60%. On the other hand, he noted that the bill restores 100% bonus depreciation. "We 19, 2025."

Tax

Going Concern

NOVEMBER 25, 2024

KPMG has audited Macy’s since 1988. Crash victim John Cooper sued PwC partner Ousmane Caba and the company in March, claiming Caba was so drunk he was “barely conscious” when he left San Francisco in June 2023 after a day and night of drinking at events sponsored by PwC. Caba could not be reached for comment.

Account

Going Concern

JUNE 16, 2025

Founded in 2023, the company already generates over $300 million in annual revenue and includes more than 20 accounting firms under its umbrella. ” People are poo-pooing David in the replies, reminding him that audit firms can’t be majority owned by outside investors. It’s a modern roll-up play, and Crete’s moving fast.

Account

Going Concern

AUGUST 8, 2025

New hires at PwC will be doing the roles that managers are doing within three years, because they will be overseeing AI performing routine, repetitive audit tasks, Jenn Kosar, AI assurance leader at PwC, told Business Insider in an interview. Blaylock will lead a team of 1,000 professionals in San Jose. Talent Attention, firms!

CPA

Going Concern

NOVEMBER 1, 2024

Audit Private Equity’s Ties to Companies’ Auditors Have Never Been Closer. The supplement provides audit firms with additional guidance regarding remediation, including making the most of the remediation period, the potential influence of non-technical factors on persistent quality control criticisms, and more.

audit

Going Concern

MARCH 10, 2025

New York Times tells the story of an industry accountant turned IRS auditor in Stalled Audits and a Skeleton Staff: Inside Trumps War on the I.R.S. Crowell, 64, joined a team that had started an audit of a company earning roughly $3 billion a year. Including Beth and five of the nine people doing this one audit.

audit

Accounting Today

JULY 8, 2025

We can now go back to the old provisions, especially for small businesses with under $31 million in revenue, and amend for 2022, 2023 and 2024. By Michael Cohn 2h ago Audit IAASB revises auditor fraud standard The International Auditing and Assurance Standards Board has revised its standard on the auditors responsibilities relating to fraud.

Technology

Going Concern

APRIL 7, 2025

billion accounting error, lawmakers are looking to move on from the outside independent auditor who would work with the state auditors office in reviewing the states financial records. The forensic audit eventually found that almost $1.6 Because of a $1.8 billion did not exist. They dont just come in. Who could it be?

auditor

Menzies

AUGUST 8, 2025

The FCA’s Consultation Paper, CP24/20, signals the most significant overhaul of the regime to date, driven by some worrying statistics: between 2018 and 2023, insolvent payment firms had an average 65% shortfall in safeguarded funds, and the FCA has opened cases into 15% of all safeguarding firms due to serious concerns.

auditor

Going Concern

MARCH 28, 2025

There has, to this point, been no explanation for why the audit previously completed and filed annually with no apparent problem was not completed on time a year ago, and still has not been finished. These are handpicked accounting, tax, and audit professionals for hire ready to hit the ground running at your firm.

audit

Going Concern

APRIL 28, 2025

In addition, 13 faculty members (including 1 adjunct) suggested that accounting and auditing professionals work more closely with faculty members to update the accounting curriculum. Salt Lake Tribune gets into the weeds on how exactly they stole it and the paper trail they left for auditors if you’re into that sort of thing.

CPA

Going Concern

JANUARY 31, 2025

EYs own experience with AI provides important lessons [ Federal News Network ] Audit DWS names EY as auditor despite funds suing firm over Wirecard scandal [ Financial Times ] Deutsche Banks asset manager DWS has named EY as its new group auditor despite taking the accounting firm to court for its involvement in the Wirecard scandal.

cpa firm

Menzies

MAY 1, 2025

Menzies LLP And before we get into the detail, this discussion paper was originally published in November 2023 and was discussing phase 1 of the regulation focusing on stablecoins. An annual report from an independent external auditor will be required, again similar to the requirements of existing firms applying CASS.

chartered accountant

Going Concern

JULY 18, 2025

Audit Automated auditors: could AI undermine financial reporting? Paradoxically, AI can turn the audit into a black box,” he adds. Then, just 38 per cent of BDO’s audits were ranked as satisfactory. billion in confirmed fraud, with a notable case in 2023 when the Department confirmed spending $51,000 on a trash can.

audit