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The value of audit certification and what it means for tax firms

ThomsonReuters

Driven by the widening range of stakeholders calling for ESG prioritization, an influx of laws and regulations pertaining to ESG, and a rise in ESG investment products, companies are increasingly setting their sights on ESG-related initiatives, such as audit certification. In fact, an article by global management consulting firm McKinsey and Co.,

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Friday Footnotes: For the Last Time, Salaries Are Too Low; NOCLAR Is Back; Big 4 Beat Up Again | 3.1.24

Going Concern

Meanwhile, the audit side is under increased regulatory pressure because of perceived lapses in audit quality at accounting firms of all sizes. The median pay advertised for entry-level management consulting and financial analyst roles, by contrast, was $70,000 and $75,000, respectively. This might be good.

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Friday Footnotes: How EY Fights Poaching; Lack of Staff Is Closing Doors; Accounting to Biglaw? | 11.25.22

Going Concern

FRC to fine Deloitte £440k over 2018 audit [ Accountancy Today ]. According to the FRC, it found serious failings in the reviewed audit, which demonstrated a “significant departure from the standards expected of a registered auditor”. Audit reform causing work to ‘cascade down’ through the market [ AccountancyAge ].

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Friday Footnotes: Deloitte Partner Scammed By Other Deloitte Partner; Big 4 Legal Grows; A $3.5 Billion Error | 2.17.23

Going Concern

KPMG to cut about 200 staff amid consulting work slowdown [ Australian Financial Review ] This is separate from KPMG US layoffs announced earlier this week. The firm, which increased its staff headcount by more than 2000 last year, will begin a business-wide review to determine the exact number and roles that will be targeted.

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Friday Footnotes: Eff You, Pay Me; KPMG is Reading Your Thoughts; EY Adds Meme Coins to Blockchain Tech | 2.24.23

Going Concern

9 in 10 Accounting and Audit Firms Struggle to Find Talent [ CPA Practice Advisory ] Sensing a pattern here… What is the fastest-growing challenge facing accounting firms and internal audit departments today? More than 90% point to hiring and retaining skilled accountants and auditors.

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Friday Footnotes: KPMG’s Idea of a Fun Summer; IRS Eats Their Homework; Downsized GT Downsizes | 5.13.22

Going Concern

Junior KPMG auditor ‘should not lose his home’ for misleading regulator, says tribunal [ Financial Times ] A former junior KPMG auditor should not receive a fine so large it could force him to sell his matrimonial home, a tribunal has said. ” COVID-19 has negatively impacted how auditors work [ Phys.org ] Duh?

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Friday Footnotes: Working 100 Hours a Week (For Real); 99% of Firms Short on Staff; The EY Power Struggle | 8.4.23

Going Concern

Technology With generative AI, start with the basics, EY tells CFOs [ CFO Dive ] The best thing for CFOs today is just “take a look at their operations,” Michael Kelly, partner and management consulting consultant at Big Four accounting firm Ernst & Young said. Audit Fireside Chat with PCAOB Chair Erica Y.