PYMNTS

JUNE 5, 2020

CaseWare International ‘s new technology will attempt to let accountants and auditors work better with customers, particularly as the world emerges from the coronavirus pandemic. Hampton said that means the speed at which firms will be adapting to the new reality of things will “rapidly increase.”

audit 52

audit auditor Account accountant 52

Going Concern

DECEMBER 1, 2023

Footnotes is a collection of stories from around the accounting profession curated by actual humans and published every Friday at 5pm Eastern. Comments are closed on Friday Footnotes and the Monday Morning Accounting News Brief by default. How Is Deloitte Making Accounting Accessible To Diverse Young Talent? Only 10.8%

cpas 104

cpas audit auditor CPA 104

PYMNTS

MAY 28, 2019

financial watchdogs have stepped up their oversight of the accounting and auditing industry amid a string of corporate accounting scandals, collapses and questions over the dominance of the Big Four auditing firms. KPMG , PwC , Deloitte and EY head the U.K.

auditor 40

auditor audit Construction corporate accounting 40

PYMNTS

OCTOBER 29, 2020

A number of large accounting groups have turned down requests to audit Greensill Capital as the SoftBank -backed firm mulls a stock market listing, the Financial Times (FT) reported. Officials at SoftBank pushed Greensill to have a bigger and more renown group as its auditor, FT reported, citing unnamed sources.

audit 52

audit accounting firms auditor Account 52

PYMNTS

NOVEMBER 2, 2020

Palette Software has connected its accounts payable (AP) automation cloud technology with Aptean ERP , according to a Monday (Nov. Palette lets these companies take in bill data from vendors quickly, process invoices with an automated flow for approvals and offers a trail that auditors can look at. 2) announcement.

AP Automation 56

AP Automation Technology Approval Workflows AP Processes 56

PYMNTS

DECEMBER 27, 2019

’s so-called Big Four accounting giants — PwC, Deloitte, KPMG and EY — have reportedly set aside more than $212 million in preparation for potential fines ahead as auditing scrutiny grows. Reports in the Financial Times said the U.K. Now, auditing giants are bracing for even more fines. Insolvency Service.

auditor 52

auditor Account accountant accounted 52

PYMNTS

OCTOBER 1, 2019

have led the Financial Reporting Council (FRC) to enact more stringent accounting standards, The Guardian reported on Monday (Sept. auditors than are currently mandated under international standards. More high-profile corporate collapses in the U.K.

accounting standards 51

accounting standards auditor Account accountant 51

PYMNTS

SEPTEMBER 14, 2020

Deloitte will be the first of the “Big Four” auditors to break up its business after selecting a new auditing board to undertake the task, according to a report from The Telegraph. The change wasn’t everything the harshest critics had asked for, namely that the accounting groups be completely removed from the corporate level.

auditor 145

auditor audit Government Account 145

PYMNTS

NOVEMBER 26, 2018

It’s common sense that a corporation would want its C-Suite to have some knowledge of accounting practices, and one could assume that a lack of understanding of corporate accounting may heighten the risk for misstatements on financial reports. ” Below, PYMNTS breaks down some of the key data points from the research.

auditor 51

auditor managerial accounting Account accountant 51

PYMNTS

JULY 11, 2019

s so-called Big Four accountancy firms — KPMG, PwC, EY and Deloitte — have reportedly failed to reach audit quality standards set by the Financial Reporting Council , Reuters reported this week. The FRC said accountants are failing to take a tougher stance with their clients and question information given to them. All of the U.K.’s

audit 49

audit Account accountant accounted 49

PYMNTS

MARCH 29, 2019

The co-chief executive officer of Asiana Airlines is exiting the company following an accounting debacle that led two auditors to reject the company’s annual reports. ” Those struggles led Asiana to revise its financials and disclose a larger annual loss for 2018 in order to receive approval from auditors.

Account 46

Account accountant accounted auditor 46

PYMNTS

APRIL 29, 2019

million after filing false financial statements and lying to auditors. In addition, some of the company’s quality-management executives allegedly lied to independent auditors in early 2017. As a result, the auditor was unable to sign off on Celadon’s previous financial statements. “We In addition, Celadon also agreed to a $7.5

auditor 43

auditor Account accountant accounted 43

PYMNTS

JUNE 20, 2018

’s accounting watchdog, the Financial Reporting Council (FRC), has now levied more fines in two days than it has in the entirety of 2017, according to Bloomberg reports on Tuesday (June 19). Parliament committee found, adding that the FRC identified issues with Carillion accounts in 2015, but failed to act on them.

institute of chartered accountants 49

institute of chartered accountants Account accountant accounted 49

PYMNTS

JULY 23, 2019

The Indian government is reportedly seeking an antitrust investigation into potential anticompetitive behavior among the nation’s Big Four accountancy and auditing firms, reports in Reuters said Monday (July 22). The CCI should look into the dominance of these four global auditors and whether they are thwarting competition.”.

Account 43

Account accountant accounted auditor 43

PYMNTS

MARCH 13, 2019

government is readying to create a new accounting and auditing watchdog after months of scrutiny that the current regulatory landscape has failed to prevent accounting scandals and protect customers. The Competition and Markets Authority also conducted its own review of the sector. “The U.K.

Account 43

Account accountant accounted auditor 43

PYMNTS

JULY 2, 2020

Auditors should be required “to find fraud rather than stumble over it,” Donald Brydon , appointed last year to overhaul audit standards in the United Kingdom, told the Financial Times. Many are now debating the role of auditors in fraud mitigation. billion Wirecard AG fraud fiasco.

audit 56

audit auditor Account accountant 56

PYMNTS

DECEMBER 19, 2018

’s Big Four accountancy firms — KPMG , PwC , EY and Deloitte — have escaped a forced breakup from the Competition and Markets Authority (CMA), The Guardia n reported on Tuesday (Dec. The CMA said the proposal would spur competition in the market, and allow smaller auditing and accounting companies to obtain greater market share.

accounting firms 46

accounting firms cma Account accountant 46

PYMNTS

JANUARY 30, 2020

New lease accounting standards are in effect for publicly traded companies in the U.S. after the Financial Accounting Standards Board (FASB) and International Accounting Standards Board (IASB) introduced changes to the way businesses account for their outstanding leases. ” Lease Misunderstandings. .

Account 40

Account accountant accounted accounting standards 40

PYMNTS

APRIL 3, 2019

may be changing course in its efforts to break up the Big Four accountancy firms after the Competition and Markets Authority (CMA) decided against such action late last year. Reports in Bloomberg on Monday (April 1) said a U.K. audits for large businesses. ” The committee’s conclusion drew expected criticism.

cma 43

cma Account accountant accounted 43

PYMNTS

MARCH 13, 2018

The IFIAR found accounting lapses in about 40 percent of the 918 audits of public companies inspected in 2017. The inspections targeted businesses with complex accounting needs or those with risky situations, like merger and acquisition activity. Among those failures: Carillion , the now-defunct U.K. In the U.K.

audit 44

audit auditor Account accountant 44

PYMNTS

DECEMBER 7, 2018

Separate reports on Thursday in AccountingToday said the nation’s top auditors, including KPMG and PwC, have been urged to improve their corporate accounting processes, with the U.K.’s .” The case’s collapse also comes amid rising scrutiny of a perceived lack of transparency into public U.K.

Account 43

Account accountant accounted auditor 43

PYMNTS

MARCH 19, 2018

regulators are encouraging an inquiry into whether the market’s Big Four accountancy firms — KPMG, Deloitte, PwC and EY — should be broken up and forced to spin off their auditing arms, reports said. Several accounting scandals have recently made headlines in the U.K., But there is no more competition. Last year, PwC was fined $6.5

Account 49

Account accountant accounted audit 49

PYMNTS

OCTOBER 12, 2018

café chain Patisserie Valerie has been arrested after the company revealed “significant, and potentially fraudulent, accounting irregularities,” according to BBC reports on Friday (Oct. ” Reports said PwC has been hired to examine Patisserie Valerie’s accounts audited by Grant Thornton.

Finance 49

Finance Account accountant accounted 49

PYMNTS

AUGUST 12, 2020

Palette Software unveiled accounts payable (AP) automation technology that is designed for firms in the construction and engineering industries and run on the cloud, according to an announcement. Finance administrators and project managers both benefit from automation of the accounts payable process.

AP Automation 69

AP Automation Construction Technology accounts payable 69

PYMNTS

AUGUST 1, 2019

s Big Four corporate accountancy and auditing firms — Deloitte, PwC, KPMG and EY — saw nearly three times as many fines last year as they did in 2017, according to the Financial Times. million, respectively, once accounting for settlement discounts). million, respectively, once accounting for settlement discounts).

Account 43

Account accountant accounted audit 43

PYMNTS

AUGUST 5, 2016

There is seemingly no end to the discussion of how automated accounting can improve a business’ performance. The market is on the cusp of a groundswell of adoption of these technologies, says Therese Tucker, CEO of accounting solutions firm BlackLine , after a long lull among mid-market firms.

Technology 42

Technology Account accountant accounted 42

PYMNTS

JANUARY 2, 2020

The largest accounting firms – EY, Deloitte, KPMG and PwC – are investing billions of dollars in artificial intelligence (AI) and data technology products to change the industry in new ways, according to a report by Bloomberg Tax. That means accountants will be expected to become business advisers, not just number checkers.

Technology 71

Technology auditor accounting and finance accounting standards 71

PYMNTS

JULY 6, 2020

This week’s look at the latest cases of B2B fraud finds a surge of business email compromise (BEC) attacks, as well as emerging trends in fraud related to government coronavirus relief efforts. 34 percent of furloughed employees were asked to commit furlough fraud , according to a survey from U.K. .

accounts payable 59

accounts payable Missouri Real Estate payroll 59

PYMNTS

APRIL 18, 2018

A slew of accounting scandals in the U.K. has led the government to launch an inquiry into the powers of the Financial Reporting Council (FRC), the government watchdog aimed at overseeing auditing and accounting practices in the country. Reports in Reuters this week said the U.K.

Account 40

Account accountant accounted audit 40

PYMNTS

JANUARY 13, 2020

Trade finance remains an essential tool for cross-border B2B trade, and with an estimated $1.5 Furthermore, with analysts and regulators around the world placing greater scrutiny on certain trade finance solutions, B2B traders can face even greater uncertainty over how to finance transactions (responsibly).

Finance 56

Finance accounting and finance Non-Profits B2B 56

PYMNTS

AUGUST 8, 2018

Criticism has mounted against the FRC in the wake of the collapse of government contracting giant Carillion — policymakers question how the government was unable to prevent its auditor, KPMG, from identifying Carillion’s accounting failures. The IoD says the same should be done to the FRC.

Government 40

Government auditor audit Account 40

PYMNTS

JULY 6, 2020

The Big Four accounting firms will have to put their United Kingdom auditing and consulting practices in separate business units by 2024, but may keep them within the same parent companies, under regulations announced today by the Financial Reporting Council. The measures by the U.K.’s

audit 66

audit cma auditor accounting firms 66

PYMNTS

NOVEMBER 13, 2018

Parliament will commence an inquiry into the nation’s corporate auditing market, which is currently dominated by the Big Four accounting firms Deloitte, PwC, EY and KPMG, adding new pressure on an industry already being probed by other policymakers. Reports in Reuters on Sunday (November 11) said the U.K.

audit 49

audit cma auditor Construction 49

PYMNTS

APRIL 15, 2019

For its part, KPMG was the auditor of Kobenhavns Andelskasse, a small Danish lender shut down last year due to concerns it was used to launder money. In fact, last month new standards were added that included the ability to ban accounting firms from doing business in the country if they don’t do their jobs properly.

auditor 70

auditor audit accounting firms Account 70

PYMNTS

MARCH 15, 2020

Those firms can now sidestep the process of having an auditor check their internal controls, something implemented in 2002 with the Enron scandal and others. “A The new changes will reduce compliance costs for public companies for five years that have less than $100 million in revenues and less than $700 million in outstanding shares.

audit 63

audit Indiana auditor Account 63

PYMNTS

AUGUST 21, 2018

. “Ethical standards are critical in supporting the confidence that third-party users can reasonably have in financial statements in circumstances where, of necessity, they only have incomplete information to judge whether the auditor is, in fact, objective,” said FRC Interim Executive Council Claudia Mortimore in a statement.

auditor 40

auditor audit financial statements accounting and finance 40

PYMNTS

FEBRUARY 6, 2020

That makes this B2B relationship unique to buyer-supplier relationships in other industries, noted Pierce, introducing similarly unique financial arrangements between partners. “You’ll start to see things like alternative fee arrangements rather than hourly billing for legal work, which is the traditional model,” he said.

Legal 52

Legal accounts payable accounting and finance Finance 52