ThomsonReuters

MAY 16, 2024

The Public Company Accounting Oversight Board (PCAOB) has recently adopted a significant new auditing standard, AS 1000, titled “ General Responsibilities of the Auditor in Conducting an Audit.” These improvements aim to ensure the fairness of financial statements and boost stakeholder confidence.

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auditor audit financial statements Government 98

Going Concern

SEPTEMBER 30, 2022

auditing requirements because in numerous audits over numerous years Deloitte China asked clients to select their own samples for testing and to prepare their own audit documentation. auditing requirements in its component audits of U.S. issuers and its audits of foreign companies listed on U.S.

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audit auditor financial statements public accounting 105

Going Concern

DECEMBER 21, 2023

Assuming no one but select audit partners actually read this crap, let’s take a look at how auditors should expect increased vigilance in 2024 so everyone can be better informed and stock up on KY. These include prior inspection results and the emerging risks pertaining to a particular audit firm or industry.

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Airbase

JANUARY 31, 2023

Kelly Hicks and Robin Sharma share advice after Airbase successfully completes its first external audit. Few milestones in a company’s lifecycle demand a more focused response from finance and accounting than the first external audit. The lead-up: Choosing auditors and timing. When is the right time for a company’s first audit?

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audit auditor Spend Management Platform accounting and finance 130

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.

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auditor audit general ledger Technology 69

Going Concern

JUNE 22, 2022

The PCAOB adopted a new audit standard yesterday (AS 1206, Dividing Responsibility for the Audit With Another Accounting Firm ) to ensure that lead auditors are properly supervising the outside auditors they use. PCAOB Adopts New Requirements for Lead Auditor’s Use of Other Auditors [ PCAOB ].

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ThomsonReuters

MAY 2, 2023

In this second post, we’ll dig into ensuring audit quality. Specifically, we’ll look at the need for auditors to maintain professional skepticism and document their work thoroughly to improve audit effectiveness and efficiency. In other words, how did the auditor identify a risk of material misstatement?

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MineralTree

NOVEMBER 2, 2023

Without proper oversight and regular checks, accounts payable can turn into a source of financial complexity and risk. That’s where accounts payable audits come into play. By ensuring that accounts payable processes are accurate, safe, and compliant, you can keep the financial gears of your business running smoothly.

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accounts payable audit AP Automation auditor 81

CPA Practice

JULY 9, 2023

the developer of the award-winning cloud-based audit automation platform, has announced aquired Advantage Audit from John Wiley & Sons, Inc. Advantage Audit is an audit planning aid and audit program series designed to help auditors comply with risk-based professional standards in a straightforward and efficient manner.

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audit auditor Technology financial statements 111

ThomsonReuters

APRIL 30, 2024

In the world of accounting audits, accuracy and completeness are paramount. Auditors rely on data review to ensure the reliability and integrity of financial statements. The significance of accuracy and completeness in audit data review Accuracy and completeness are fundamental principles in auditing.

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auditor audit Technology financial statements 52

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.,

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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.”

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ThomsonReuters

MARCH 20, 2024

When it comes to Single Audits of local governments, nonprofits, school districts, and HUD engagements, auditors must navigate through a complex set of rules that are constantly changing. These challenges compound quickly as the volume of audits increases. However, there is an answer: audit automation.

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Snyder

DECEMBER 28, 2022

Many small business owners often feel like they might be a heartbeat away from the IRS tax audit. In fact, according to the IRS data , only about 1 percent of taxpayers are facing an audit. percent of small businesses are getting tax audited. What is a tax audit? Meeting a tax auditor is as frightening as meeting a ghost.

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audit Tax tax return auditor 98

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?

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audit auditor Real Estate financial statements 52

Going Concern

AUGUST 17, 2023

LLP, its CEO Nigel Bostock, and senior auditor Matthew Stallabrass for the firm’s deficient audit of music streaming company Akazoo Limited. Cue the public exclaiming “where were the auditors!?” issued a clean audit report of Akazoo’s 2018 financial statements. The client, Greece-based Akazoo S.A,

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audit auditor financial statements Account 96

Going Concern

NOVEMBER 14, 2023

The PCAOB today announced settled disciplinary orders sanctioning Greece-based PricewaterhouseCoopers Auditing Company SA (PwC Greece) and its partner Nicos George Komodromos for violations of PCAOB rules and standards in connection with the audit of the 2016 financial statements of Aegean Marine Petroleum Network Inc.

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audit financial statements auditor accounting and finance 107

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 ?

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audit auditor general ledger cpa firm 69

Going Concern

JANUARY 20, 2023

PwC sees off Deloitte to retain HSBC audit worth up to $1bn [ Financial Times ] PwC has retained the most valuable audit contract on the London Stock Exchange after overcoming a challenge from Deloitte to sign off the accounts of HSBC until 2034.

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auditor Technology audit financial statements 97

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?

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audit auditor financial statements Account 52

Going Concern

OCTOBER 11, 2022

Are bank failures bad PR for the firms that audit them? bank customers — find it difficult to trust auditors when those auditors have been associated with a failed bank. Via KU (Kentucky University) News : The word “audit” has a different meaning depending on whether you’re an individual or a bank.

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auditor audit Kentucky Kansas 52

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.

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FraudFiles

SEPTEMBER 20, 2021

Winning a case against an auditing firm when there is a sizeable fraud ( such as the Koss Corp. Simply because there is a fraud, a business failure, or a pyramid scheme collapse, the auditors are not necessarily at fault. How does a fraud go undetected by auditors? Technically speaking, auditors are not engaged to find fraud.

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ThomsonReuters

MAY 30, 2024

In the ever-evolving world of auditing, the AICPA Auditing Standards Board (ASB) has introduced SAS 145 , effective for audits of financial statements for periods ending on or after December 15, 2023. Read the infographic to learn more about SAS 145 at a glance.

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audit auditor financial statements Tax 52

ThomsonReuters

SEPTEMBER 18, 2023

Jump to: Laying the foundation for remote audit work Tools that enable remote audit work Maximizing remote audit capabilities Like many facets of tax and accounting, auditing has undergone a significant transformation in recent years driven by rapid advancements in technology.

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audit auditor Technology financial statements 52

FraudFiles

JANUARY 4, 2021

Even with all the publicity surrounding the issue of financial fraud in the last twenty years, most auditors, investors, and other professionals still do not “get it” when it comes to detecting fraud. Traditional financial statement audits were never designed to detect fraud. Reliance on Internal Controls.

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auditor audit financial statements accounting and finance 52

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.,

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audit auditor Account accountant 59

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. The firm said the alleged fraud “involved the falsification and concealment of accounting records and other documents”.

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audit auditor Legal Transportation 94

FraudFiles

DECEMBER 28, 2020

Often, the blame is cast in the direction of the auditors. The auditors are an easy target. Not only do they usually have professional liability insurance policies to fall back on, the auditors initially seem like the logical culprit. The mistake management makes is in believing that a financial statement audit will find fraud.

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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.

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auditor audit financial statements CPA 64

Going Concern

OCTOBER 12, 2023

The saga of KPMG and collapsed client Carillion has finally come to a close with an announcement today that the Financial Reporting Council is hitting the firm with a £26.5 KPMG Audit Plc was also hit with a fine — £3.5 million — as were the two audit partners in charge of the Carillion work for years 2013-2018.

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audit auditor Hospitality accounting standards 86

ThomsonReuters

JANUARY 12, 2023

Today’s auditors face a challenging tax environment. From data collection to ever-evolving standards, more and more auditors are turning to technology to automate their audit workflow. . From workpapers to analytics, cloud-based audit automation can provide enormous gains in terms of efficiency, productivity and security. .

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Going Concern

FEBRUARY 27, 2024

Wrote Military.com of prior attempts : In 2017, the Marine Corps became the first military service within the Defense Department to undergo a full financial audit, which at the time meant sifting through more than 4,300 sample items and 30,000 documents. Inspector General Storch noted, “The two-year audit cycle of the U.S.

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TaxConnex

JULY 6, 2023

Speaking of the business cost beyond the taxman, non-compliance can compromise your company’s financial statement – and potentially doom future M&As and capital venture arrangements. One way that jurisdictions can discover your company’s nexus is through audit – and not just an audit of you.

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auditor audit Tax Sales 130

Withum

AUGUST 11, 2022

Payroll Audit Basics for Trustees. Payroll compliance audits perform a central role in this regard. This reduces DOL audit risk and liability to the plan and its trustees. This reduces DOL audit risk and liability to the plan and its trustees. They are more likely to have controls in place and “self-audit.”

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Going Concern

OCTOBER 5, 2022

In its ongoing effort to tell audit firms that it means business this time for real, the PCAOB is reminding firms that local affiliates will be held to the same standards as the U.S. The PCAOB has only recently gained the ability to audit audit work in China, inspectors have been there since September 19 reviewing the work of U.S.-listed,

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CPA Practice

AUGUST 18, 2023

arm of accounting firm Crowe LLP, its CEO, and a senior auditor settled charges with the Securities and Exchange Commission on Aug. 14 over various mistakes the firm made during its 2018 audit of music streaming company Akazoo. issued a clean audit report of Akazoo’s 2018 financial statements. Crowe U.K.’s

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