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Friday Footnotes: Ex-CPA Leaves Clients in the Lurch Before Tax Day; EY Layoffs; More ERC Concerns | 4.12.24

Going Concern

ICYMI: These are the most-read articles on Going Concern this week: Tax Preparer Finds Out in the Worst Way Possible That ERC Wasn’t a Free Money Glitch Survey Says: Which Group of Auditors Are Most Satisfied With Their Salaries? While the average mean salary for accountants in the U.S.

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Friday Footnotes: No Foolin’ Here; 18,000 New Accounting Jobs; Skills Auditors Need NOW to Be Future-Ready | 4.1.22

Going Concern

ARB’s auditor Messrs BDO voluntarily resigns after failure to reach agreement on proposed increase of audit fees [ The Edge ] Expect to see a lot of this going forward: ARB Bhd on Friday (April 1) announced its auditor Messrs BDO PLT (BDO) has voluntarily resigned. Over the past year, average hourly earnings have increased 5.6%.

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Your Firm and Your AI Future

CPA Practice

Source: [link] Enhanced Financial Reporting and Auditing : AI will improve financial reporting and auditing processes. Additionally, AI will automate audit procedures, improving efficiency and reducing the risk of human error. AI can also reduce errors and improve efficiency, leading to cost savings for accounting firms.

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Monday Morning Accounting News Brief: PwC CEO Resigns Over Tax Scandal; RTO Propaganda; Unproductive Productivity | 5.8.23

Going Concern

Financial Times : The head of PwC in Australia has resigned as chief executive three days after admitting that he had received emails regarding confidential government information on changes to tax avoidance laws to win new business. This ESPN article about tonight’s draft mentions only “accounting firm.”

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ChatGPT Isn’t Terminator for Accountants…Yet

Going Concern

Was ChatGPT sent to us from the future to rescue the industry from the pipeline crisis by filling open accounting jobs with cyborgs and sentient machines? Accounting is ridiculously rules-based: assets = liabilities plus equities; debits = credits; cash in > cash out, etc. Your senior is probably not a synth.

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Friday Footnotes: KPMG Is Twice as Bad as Other Firms; Upskill or Die; Hella M&A | 10.21.22

Going Concern

KPMG flunks US overseas audit inspections twice as often as rivals [ Financial Times ] US regulators were twice as likely to find flaws in audits conducted by the overseas affiliates of KPMG than those of any other Big Four accounting firm, an analysis of inspection data shows. Accounting Firm Mergers.

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Wall Street Journal Addresses the Accountant Shortage, Suggests a Recession Could Fix It

Going Concern

And here they were, the bank breathing down their neck, job prospects nil, throwing away 15 years of work experience because their chosen career was no longer an option. They say accounting is recession-proof, I had an inside view during the worst recession of our lifetime and must agree. If you wreck it, they will come. 30, down 15.9%

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