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PCAOB Looks to Amend Rule on Auditors’ Liability for Audit Firm Violations

CPA Practice

A proposal issued by the Public Company Accounting Oversight Board (PCAOB) on Tuesday would hold auditors and others more accountable when they negligently, directly, and substantially cause their firm to violate auditing standards.

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Are There Conflicts of Interest Between the IRS and Accounting Firms?

CPA Practice

The question in the title of this article is one the Treasury Inspector General for Tax Administration (TIGTA) recently tried to answer for some members of Congress who asked the IRS watchdog to evaluate employees moving between large accounting firms and the IRS, often referred to as the “revolving door.”

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PCAOB Has Handed Out a Slew of Punishments to Audit Firms Recently

CPA Practice

The Public Company Accounting Oversight Board (PCAOB) has not been in a jovial mood lately. Shortly after criticizing audit firms for the number of errors they made on public company audits reviewed by PCAOB inspectors last year, the audit watchdog doled out sanctions to 12 accounting firms from July 28 to Aug.

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

Going Concern

consulting partners by more than 50% compared with last year as demand for advisory services continues to slow and the firm reorganizes its business lines. The Big Four accounting firm is considering adding about 85 U.S. The figures include both partners and principals, which are partners who aren’t certified public accountants.

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Tuesday Morning Accounting News Brief: A New Kind of Audit Quality Report; Merger Mania; Skilled Talent, Not Newbies | 5.28.24

Going Concern

The local news in Cincinnati covered this strategic move : One of Greater Cincinnati’s largest accounting firms is being acquired by an Indianapolis company. Blue Ash-based tax, advisory and audit firm Cassady Schiller CPAs & Advisors will become part of Katz, Sapper & Miller in a transaction that will be completed May 31.

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PCAOB Proposal Would Require Audit Firms to Disclose a Variety of Metrics

CPA Practice

The Public Company Accounting Oversight Board (PCAOB) issued a pair of proposals on April 9, one of which would require audit firms to publicly disclose several metrics —including the involvement of partners and managers on an audit, auditor workload, and auditor turnover—on a new form that would be accessible to investors.

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Friday Footnotes: A Billion Dollar AI Audit Startup; Oops, All Independence Violations!; Bipartisan Tax Vote | 2.2.23

Going Concern

PwC said on Monday that it had identified 129 breaches of independence rules affecting 74 clients and PCAOB inspectors had found a further one themselves while inspecting audit work in 2022. The figures were included in an update to PwC’s audit quality report, published on its website. But the challenges she is facing defy simplicity.

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