CPA Practice

MARCH 4, 2024

Auditors, like so many others today, are seizing the opportunity to transform how they work by adopting artificial intelligence. These findings make it critical for those of us in the audit profession to help the next generation understand the vision and opportunities that await those who choose this career path as auditors embrace AI.

auditor 69

auditor audit general ledger Technology 69

CPA Practice

APRIL 7, 2023

In 2021, there was a 17 percent drop in employed accountants and auditors from a 2019 peak, according to a Bloomberg Tax analysis. With an onslaught of economic disruptions and complexities on their plate, a CPA shortage proves especially burdensome for middle market companies.

accounting firms 139

accounting firms CPA Technology Account 139

Going Concern

SEPTEMBER 20, 2023

note: This post brought to you by the Big Government Auditing lobby. Just kidding, it’s a guest post from Parker Skaats, CPA, an experienced government worker who’s here to pitch the joys of government work to the unwashed overworked masses. Enter the world of government auditing. Okay, let’s be real for a second.

Government 124

Government audit CPA auditor 124

CPA Practice

APRIL 3, 2023

In 2021, there was a 17 percent drop in employed accountants and auditors from a 2019 peak, according to a Bloomberg Tax analysis. With an onslaught of economic disruptions and complexities on their plate, a CPA shortage proves especially burdensome for middle market companies.

accounting firms 135

accounting firms CPA Technology Account 135

CPA Practice

MAY 2, 2023

There is a brand-new section that debuted today in PCAOB inspection reports of audit firms, and it is devoted to auditor independence. “We These enhancements will provide relevant information that investors have asked for and support improvements in overall audit quality.”

audit 111

audit auditor financial statements 111

CPA Practice

AUGUST 15, 2023

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. 11 for breaking various auditing rules. Snodgrass, Mancera S.C.,

audit 98

audit auditor accounting firms cpas 98

CPA Practice

JANUARY 23, 2023

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.

audit 124

audit auditor forensic accounting Technology 124

Going Concern

JULY 31, 2023

Currently KPMG, Deloitte and EY provide both consulting and audit to both the public and private sector. Originally they were just audit firms,” he said. Then the audit firms decided to create this problem by going off and doing their own consulting and the whole thing’s got out of hand.”

auditor 98

auditor Account accountant accounted 98

Withum

JANUARY 24, 2023

Although an independent financial statement audit may not gain the day-to-day attention of management the same way as growing revenue or projecting cash flows; for many, there will come a time when an audit becomes a vital part of the company’s lifecycle. When will audit fieldwork commence ?

audit 69

audit auditor general ledger cpa firm 69

CPA Practice

FEBRUARY 17, 2023

Thomson Reuters has announced the release of Checkpoint Engage Single Audit, the only web-based application that automates the entire single audit process. accounting firms perform approximately 40,000 single audits for clients who receive federal grants. To learn more, visit Checkpoint Engage Single Audit.

auditor 52

auditor audit accounting firms financial statements 52

CPA Practice

JUNE 7, 2023

The PCAOB on Tuesday introduced a proposal amending current PCAOB auditing standards related to the auditor’s responsibility to detect noncompliance with laws and regulations, including fraud, in the audit of a public company. Those very same investors are who we are here to protect.

auditor 52

auditor audit financial statements 52

CPA Practice

JUNE 27, 2023

A rules proposal issued by the Public Company Accounting Oversight Board (PCAOB) on June 26 addresses aspects of designing and performing audit procedures that involve technology-assisted analysis of information contained in electronic format.

auditor 52

auditor Technology audit financial statements 52

Withum

JULY 12, 2023

Whatever the case may be, you may need an audit of your financial statements. If you have been tasked to communicate with the auditors, you are aware of the many emails, phone calls, and documents that flow back and forth from the beginning to the end of the audit. Why these three documents?

audit 52

audit auditor Real Estate financial statements 52

Going Concern

JUNE 29, 2022

With the EY cheating scandal making headlines even outside of our precious little accountosphere we decided to take a look at the full SEC order to answer the question — how and why were EY auditors cheating on CPE exams? The long and short of it is, EY auditors trying to shortcut CPE took advantage of a software exploit.

auditor 116

auditor audit CPA accounting principles 116

Going Concern

JANUARY 8, 2024

Hey remember the Bloomberg story last March about how staff shortages at audit firms were causing municipal credit ratings to tank ? Refresher: Municipalities across the US are at risk of having their credit ratings downgraded or withdrawn by S&P Global Ratings because staffing shortages have delayed financial disclosure documents.

Wyoming 126

Wyoming audit Government Montana 126

CPA Practice

NOVEMBER 15, 2023

Overall, average audit fees increased by 4.6 Forty-seven percent of member company respondents also indicated an increase in effort to support the external audit while 51 percent reported no change year over year. percent from 2021 to 2022. Additional reasons cited were changes to ICFR followed by divestitures.

audit 52

audit auditor financial statements Education 52

Going Concern

APRIL 7, 2023

Big Four Auditors and Consultants Need Liability—And a Divorce [ Bloomberg Tax ] Part of the problem is the revolving door of personnel between the major accounting firms and the banks they purport to audit. Last month, audit firm BDO issued a so-called qualified opinion for Revolut’s 2021 accounts.

auditor 105

auditor chartered accountant audit accounting and finance 105

Going Concern

MARCH 24, 2023

Reminder: you have until April 17 to weigh in on a proposal to extend the CPA exam window Practice Is it time for firms to transform their business model? Auditors have done so too. Auditors Are Demanding Concessions in Split [ Wall Street Journal ] Ernst & Young’s renegade U.S.

auditor 105

auditor audit Entertainment Real Estate 105

Going Concern

JANUARY 9, 2023

A PCAOB inspections leader offers his insight to auditors at a conference: “The role of the financial statement auditor and the auditing profession continues to be a noble endeavor that has never been more needed and vital to our economic stability and the well-being of our capital markets,” said George Botic, CPA.

CPA 105

CPA auditor Tax Account 105

Going Concern

OCTOBER 27, 2022

.” The administrators, whose job it is to find some funds to repay NMC creditors, say EY auditors did not detect that NMC’s accounts were fraudulently misstated to the tune of a couple billion dollars. “Whose statements are these? EY charged NMC $14 million for audit work performed over a period of about seven years.

audit 105

audit auditor Legal Transportation 105

CPA Practice

MAY 10, 2023

The head of the Public Company Accounting Oversight Board (PCAOB) said today that its inspectors found significant deficiencies in the audits of U.S.-listed auditors to inspect the records of U.S.-listed In a statement, PCAOB Chair Erica Williams said: Both reports show unacceptable rates of Part I.A listed Chinese companies.

audit 111

audit auditor financial statements public accounting 111

Going Concern

JUNE 28, 2022

The SEC has fined EY a record $100 million after an investigation revealed auditors at EY were cheating on ethics exams (open book ethics exams we presume) and CPE; worse than cheating alone, they actively tried to cover it up and hide the cheating from the SEC. Grewal, Director of the SEC’s Enforcement Division. “And

auditor 98

auditor audit CPA accounting principles 98

Going Concern

MAY 13, 2024

’s top accountant is confronting a competitive job market by rethinking the company’s traditional reliance on large CPA firms as a training ground for new hires, taking her recruiting pitch on-campus instead. In 2018, she was recognized as a Fellow by CPA Ontario. PCAOB Chair Erica Y.

Oregon 96

Oregon Account accountant accounted 96

ThomsonReuters

JANUARY 12, 2023

The primary role of an accountant is to handle a variety of tasks including tax preparation, financial planning and audits. . One of these expanded service areas is audit. . But what exactly does offering auditing services entail? What’s the difference between accounting vs auditing? Financial statements (i.e.,

audit 59

audit auditor Account accountant 59

Going Concern

MAY 16, 2024

Struggling to find remote accountants, CAS experts, auditors, or tax professionals for your firm or internal team? Accountingfly can help! With our Always-On Recruiting service, access a pool of skilled remote accountants without any upfront costs. Sign up now to see the complete candidate list and connect with potential hires.

Real Estate 59

Real Estate Account accountant accounted 59

CPA Practice

APRIL 29, 2024

Calling all public company executives, board members, auditors, financial analysts, and investors: The Public Company Accounting Oversight Board’s Investor Advisory Group (IAG) needs a favor. KAMs are selected from matters communicated with those charged with governance.

auditor 64

auditor audit financial statements Government 64

CPA Practice

JANUARY 17, 2024

CPAClub has launched new solutions designed to transform the landscape of accounting, advisory, audit and assurance services for private and public companies. Innovative Solutions for Modern Challenges Corporate accounting and internal audit departments are navigating an increasingly complex and high-pressure business environment.

CPA 40

CPA cpa firm audit auditor 40

CPA Practice

AUGUST 17, 2023

More than half of the audits of brokers and dealers inspected by the Public Company Accounting Oversight Board (PCAOB) last year had mistakes, as audit firms took a big step backwards from improvements they made in 2021. The PCAOB has released annual progress reports on the audits of broker-dealers since 2012. The results?

audit 52

audit auditor financial statements Account 52

Going Concern

SEPTEMBER 22, 2023

Both Mendlowitz and his father, also a CPA, attended the CUNY school. Summing up Sid: The ultimate CPA and friend to all [ Journal of Accountancy podcast ] Plenty of CPAs can say they learned something from Sid Kess, who died last week at age 97. It’s free and provides CPE; advance registration is required.

audit 109

audit accounting and finance Virginia auditor 109

Withum

FEBRUARY 23, 2022

The AICPA Statement on Auditing Standards (SAS) No. The Standard was originally effective for audits of employee benefit plan (EBP) financial statements subject to the ERISA for periods ending on or after December 15, 2020, but was delayed one year to December 15, 2021 due to the COVID-19 pandemic.

audit 84

audit auditor financial statements public accounting 84

CPA Practice

APRIL 10, 2024

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.

audit 52

audit auditor public accounting accounting firms 52

Anders CPA

JANUARY 9, 2024

The Federal Reserve Y-6 does require an audit if the holding company’s consolidated assets exceed $500 million in assets. Below we dive into the FDICIA requirements for financial institutions that surpass the $500 Million and $1 Billion asset thresholds. Establishing an audit committee with mostly independent outside directors.

auditor 64

auditor audit financial statements CPA 64

ThomsonReuters

MARCH 16, 2023

There are two forces within an audit team: senior staff and junior staff. For audit team leaders, both are extremely important and bring to the table unique sets of experiences and skillsets that are needed for a modern audit. T he modern auditor must bridge the gap between business insights and innovative technology.

Technology 59

Technology audit auditor Maine 59

Going Concern

AUGUST 12, 2022

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. over BT fraud audit failures [ The Guardian ] PwC has been fined almost £1.8m

auditor 98

auditor Account accountant accounted 98

CPA Practice

APRIL 30, 2024

When you incorporate predictive analytics, generative AI and other advanced technologies into everyday workflows at your CPA firm, you are taking on much more than a technology upgrade. Meanwhile, generative AI is fast becoming a go-to tool for teams responsible for creating financial reports, tax documentation and more. By Steve Saah.

Technology 52

Technology CPA cpa firm accounting and finance 52

Going Concern

NOVEMBER 11, 2022

‘There’s definitely an accountant shortage out there’: MBAs have become the go-to degree and companies are struggling to hire enough CPAs [ Fortune ]. It’s just a tough subject area, and you need a fifth year of college education to qualify to sit for the CPA exam. Audit Fees Rise Only 2.5%, But Audits Require Greater Effort [ CFO ].

audit 98

audit auditor Louisiana cpas 98

Going Concern

SEPTEMBER 29, 2023

CPA Exam Friendly reminder, deadlines to apply for BEC before the new exam in 2024 are quickly approaching. CPA Exam Candidates: You Better Hurry Up and Apply For BEC Before It’s Gone Forever Also, WTF? CPA Exam Candidates: You Better Hurry Up and Apply For BEC Before It’s Gone Forever Also, WTF? Did Exam Costs go up?

auditor 111

auditor audit New York CPA 111