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

CPA Practice

Webinar : This webinar, led by expert staff in the PCAOB’s Office of the Chief Auditor, provides an overview of QC 1000 requirements and is designed to help auditors prepare for the standard’s implementation. 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.

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

Going Concern

We think this was first spotted by Financial Times so h/t to them. After a review, EY concluded that it was not in compliance with the SEC’s auditor independence rules for the audits of the applicable years. ” Really inspires confidence in those financial statements Shell worked so hard to keep neat and tidy.

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Key Financial Statement Audit Preparation Tips for First-Time Audits

Withum

While the SEC does not mandate that private companies conduct financial audits, many voluntarily opt for an audit to bring credibility and transparency to their financials, whether to meet investor expectations, fulfill loan requirements, secure future funding, satisfy regulatory requirements or prepare for a potential sale.

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Lovesac to Pay SEC $1.5 Million to Settle Claims of Hidden Expenses

CPA Practice

The accounting problems came to light in April 2023, when Lovesac’s finance team found that approximately $2.2 million in invoices for products shipped during the 2023 fiscal year had not been recorded in Lovesac’s books and records until the first quarter of the 2024 fiscal year, according to the complaint.

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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

Municipal Messes Delayed audit finds ‘material weaknesses’ in Elton’s finances and procedures [ KPLC (Louisiana)] The town agreed to address such deficiencies including timely adopting an operating budget, hiring someone qualified to prepare financial statements, and submitting required paperwork to the Legislative Auditor’s Office by the due date.

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Inside GASB's far-reaching agenda

Accounting Today

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. It will probably come out in December.

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How do you audit crypto? It starts with understanding how to report on it.  

ThomsonReuters

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? What should accountants look for in cryptocurrency audit software?

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