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Auditing in Accounting: What it is and how it works

ThomsonReuters

The primary role of an accountant is to handle a variety of tasks including tax preparation, financial planning and audits. . Accounting provides information on the financial health, profitability and performance of a company, while auditing aims to determine whether or not the financial data provided by accounting is correct.

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Friday Footnotes: ‘KPMG Did Not Know What They Were Doing’; Are You Boring?; PCAOB Warns About Confirmations | 3.25.22

Going Concern

Don’t feel bad, MY job ranked #3 most exciting and I assure you it absolutely is not, I write about accounting after all. “I The new publication includes some observations from PCAOB staff about how firms are leaning on such providers and suggests procedures for auditors to follow as they plan and perform audits.

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Friday Footnotes: Retired EY Partners Hate on the Split; It’s a Raid!; ‘An Alphabet Soup of Technology’ | 11.18.22

Going Concern

Meanwhile, Deloitte affiliates are at number 3 with 141 clients and Grant Thornton Bharat LLP associates have taken the fourth spot with 87 audits, as per the study of auditors of all listed companies. After 1,600 auditors combed through DOD’s $3.5 US Audit Board Urged to Aid ESG Validation With Updated Rules [ Bloomberg Tax ].

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Friday Footnotes: Deloitte’s Naughty Workpapers; Audit Reform Critics; Clients Getting Dropped Like Mics | 3.4.22

Going Concern

Mike McLenehan told 680 CJOB that the COVID-19 pandemic has added to tax season stress for many, as more people are working from home than ever before and trying to navigate the process — which may have included skipping meeting with tax experts due to pandemic safety concerns. Antar (@SamAntar) March 4, 2022.

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Guide to accountant responsibilities

ThomsonReuters

Working with external auditors. Preparing tax returns. Additionally, depending on the type of firm, accountants may be involved in more advisory-centric responsibilities, such as analyzing financial data and providing clients with strategic guidance and recommendations on how to reduce costs and boost profitability.

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AI in Accounting: A Guide Written by Artificial Intelligence

Ryan Lazanis

Here’s chatCPA , a bot trained by CPAs that you can chat with for only $6/month: That being said: Advanced technologies like AI can assist and improve the work of accountants, but they cannot entirely replace them because of their inability to perform essential human skills such as judgment, communication, and critical thinking.

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Your Firm and Your AI Strategy

CPA Practice

It involves collecting and organizing client data, analyzing it to ensure compliance with tax laws, preparing tax returns, and filing them on behalf of clients. Auditors need to thoroughly examine a client’s financial records and operations to ensure accuracy and compliance with laws and regulations.