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The Growing Risk of Fraud in This Year’s Upcoming Audits

ThomsonReuters

It will come as no surprise after the year we’ve had: the growing risk of fraud in the 2020 year-end audit is real. A number of audit clients have been struggling to survive the COVID-19 pandemic. The period in which revenue is recorded, for instance, is something auditors will have to pay special attention.

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Friday Footnotes: RTO Isn’t Going So Great; KPMG Wins Something; What Auditors? | 5.19.23

Going Concern

Special Report: KPMG Canada beats Big Four accounting rivals in net new client gains [ Canadian Accountant ] For the second year in a row, KPMG Canada has surpassed its Big Four rivals in net new audit client gains, helping to offset the loss of a controversial company as an audit client. Chinese companies switch auditors to avoid U.S.

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Friday Footnotes: EY and KPMG This Week’s Big 4 Lawsuits; Eliminate Accounting Majors?; Auditors Fire Messy Municipal | 4.29.22

Going Concern

4 Ways CPAs Can Explain the Tax Benefits of Direct Indexing to Clients [ Parametric ] Let’s unpack what CPAs should know about direct indexing from a tax perspective—and explore some unique and effective methods for explaining it to your clients. Less work for EY auditors? Ernst & Young Hit With U.K.

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Friday Footnotes: An Outsourcing Shortage Now Too?; Finally, Some Disruption; PwC Haters Celebrate Government Inquiry | 3.17.23

Going Concern

“A proposal like this could allow for the reinstatement of credit for more than 15,000 CPA candidates and re-open the door for those candidates to complete their journeys to becoming licensed CPAs. The best financial planners or wealth managers will set themselves apart with outstanding soft skills.”

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Friday Footnotes: Firms on India Hiring Spree; PCAOB Heads Overseas; PwC Lets You See Your Family This Summer | 5.6.22

Going Concern

The authors posit that one significant factor driving the gender gap in the accounting profession originates with the Uniform CPA Examination. Accordingly, a discrepancy in CPA exam success would indicate a gender gap that arises early in one’s career. billion claim against Big Four auditor EY for alleged negligence.

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Friday Footnotes: Why Private Equity Loves the Profession; A Very Naughty KPMG Employee; WTF PwC Guy | 4.5.24

Going Concern

Finance ] Aitzarelys Negrón, certified public accountant (CPA) and founder of Strategies and T.E.A., At that firm, I was an external auditor for almost five years, and in the final year, I was working in our Financial Accounting Advisory Services group.” The 2021-22 audit was due to the state on Oct. Watch this space.

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Friday Footnotes: EY Cancels Christmas; A Very Sucky PwC Report; Should We Tax Robots? | 12.23.22

Going Concern

Hiring, travel for internal events, training and staff Christmas parties have been targeted as part of efforts to curb expenses at the audit and consulting firm ahead of the break-up known as “Project Everest”, people familiar with the matter told the Financial Times. The process, known as confirmation, is part of nearly every audit.

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