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Friday Footnotes: PwC Slashes Partner Class; Accounting Firm Rescues Dog; Do We Still Need CPAs? | 4.19.24

Going Concern

CPAs Have a Branding Problem for the Younger Generation [ CPA Journal ] By Jason L. Ackerman, CPA, CFP, CGMA Probably the hottest topic in the profession over the past few years has been the pipeline problem: Firms can’t find qualified individuals to handle the increasingly complex world that CPAs deal with on an ongoing basis.

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Friday Footnotes: PwC Isn’t Getting a Redemption; Just Say No to NOCLAR; Oh, Layoffs? | 3.15.24

Going Concern

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. Fifty-one percent oppose the proposal, compared with 43% who are in favor. Education Sen.

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Friday Footnotes: Bob Moritz Disappoints Us; ERC Window Slamming Shut; 2024 Sucks For Firms? | 3.22.24

Going Concern

She made general manager at 29 with a CPA [ eFinancialCareers ] Many young professionals begin to eye managerial posts as they approach their 30s – but Shanny Lee (CPA, Aust.) But until a deferral is confirmed, CPAs must consider which role they will serve for clients required to file when the CTA becomes effective.

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Friday Footnotes: The PCAOB-to-Practice Pipeline and Audit Quality; Ball Extension; Tim Ryan’s Replacement | 1.12.24

Going Concern

Long Reads How Auditor Deloitte Missed A Nigerian Company’s Massive Fraud [ Forbes ] Hindenburg Research, known for sniffing out corporate scams, took aim in June at an obscure Nigeria-based outfit named Tingo Group. These issues were apparently not glaring enough for the company’s auditor, however.” Tingo paid $1.6 in 2021/22.

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Now the Profession Is Losing Experienced Accountants Too

Going Concern

The job security and the ability to have a comfortable life motivated me at first,” said Khokhar, who served as a senior accountant at two construction firms and senior auditor at an accounting firm. The AICPA often cites that the large pool of retiring Baby Boomers will leave a gaping hole in the supply of experienced CPAs.”

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AICPA Launches Quality Management Practice Aid for Accounting and Auditing Practices

CPA Practice

The American Institute of CPAs has released a new practice aid to help accounting professionals create a system of quality management (QM) for their firm’s accounting and auditing practice. Establishing such a system is a requirement of new AICPA QM standards, and the effective date for compliance is December 15, 2025.

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Extending Outsourcing Contracts Can Alleviate Shortage of CPAs

CPA Practice

Projections indicate that demand for accountants and auditors will increase by 13% between 2021 and 2031, with an estimated 136,400 job openings between 2021 and 2023. Annual Replacement Employment for accountants and auditors in the US was 114,730 between 2020-2021, projected to rise to 129,627 by 2025-2026.

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