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The PCAOB Did Not Appreciate Being Left Out of a Foreign Audit Firm’s Use of Foreign Auditors

Going Concern

The paper-pushers at the PCAOB have punished another audit firm for running afoul of their rules , this time it’s Smythe of British Columbia, Canada and no one involved in this story is based in the United States except for said paper-pushers. The firm used the work of PwC Malta on the Scully audits, PKF Audisur on Tower One.

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Evolution of the Sales Tax Audit: Have Audits Changed with Economic Nexus?

TaxConnex

So has the sales tax audit. Examiners can still show up and go over your books in person, and tax agencies will still send audit notices via snail mail. Many events can ignite a sales tax audit. But have sales tax audits changed over the last few years, through the pandemic and the introduction of economic nexus in 2018?

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New Approaches to Audits Gain Ground

CPA Practice

With markets changing and capital becoming more constrained by the day, there is a rapidly heightened awareness of the role that due diligence and audits play. These manual verification procedures are painstaking — and most often relegated to the audit professionals early in their career. By Tod McDonald.

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Monday Morning Accounting News Brief: ‘Auditors Are Not Lawyers’; Big 4 Break Up? | 7.31.23

Going Concern

Currently KPMG, Deloitte and EY provide both consulting and audit to both the public and private sector. Mr Fels, who has provided evidence to the committee looking into the ethical behaviour the major consultancy firms, said conflict-of-interest concerns about the big four were “a problem of their own making”.

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China Tells Its Businesses Don’t Use Big 4 Audit Firms

Going Concern

Some time last year PCAOB inspectors visited China and while details of their visit were kept somewhat quiet from both sides, we were told that the inspectors gained unprecedented access to Chinese audit work.

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Leader at accounting firm discusses trends and best practices regarding unclaimed wages

ThomsonReuters

This ensures that all relevant property types, beyond just payroll, are accurately reported to minimize potential audit concerns. ” In a number of states, like California, Washington, and Wisconsin, the dormancy period is one year.

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Friday Footnotes: Crippling Staff Shortages in Consulting; Hold Auditors Accountable; AICPA is Mad | 8.12.22

Going Concern

Hold Auditors Accountable for Complicity in Corporate Fraud [ Bloomberg Tax ] Unfortunately, since the fall of Arthur Anderson in the wake of the Enron scandal, the SEC and PCAOB have often failed to go after auditors playing fast and loose with the rules. PwC fined nearly £1.8m Aww bless their hearts.

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