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EY Gets Caught Up in Independence Violations Because Audit Partner Rotation Is For Chumps

Going Concern

Gigantic UK-based energy company Shell announced yesterday it will be updating its 2023 and 2024 Form 20-Fs “due to EY non-compliance with audit partner rotation rules” after EY UK told them they’d discovered a small audit partner rotation issue for those years.

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Disclosures Regarding Audit Firm Oversight Have Plateaued, CAQ Report Finds

CPA Practice

A new analysis of audit committee disclosures of companies in the S&P 1500 reveals a plateau in disclosure rates across several areas important to investors, including considerations in appointing or reappointing the external auditor, length of auditor tenure, and how the audit committee evaluates audit fees in relation to audit quality.

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PCAOB Gives Chinese Audit Firm the Boot Over Rules Violations

CPA Practice

The Public Company Accounting Oversight Board (PCAOB) revoked the registration of a Chinese audit firm on Nov. auditing rules and for failing to cooperate with an investigation into those violations. 8 for repeated violations of U.S.

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Wolters Kluwer and Internal Audit Foundation Uncover Potential of GenAI in Audit Activities

CPA Practice

Wolters Kluwer, a provider of information, software, and services for professionals, has collaborated with The Institute of Internal Auditors’ Internal Audit Foundation on a research report: Harnessing Generative AI for Internal Audit Activities. The time to seize this unique opportunity is here.

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Big 4 Firms Fight Against Metrics That Would Reveal the Workloads Behind the Curtain

Going Concern

Training Hours for Audit Personnel. Experience of Audit Personnel. Average years of career experience of senior professionals in key industries audited by the firm at the firm level and the audited companys primary industry at the engagement level. Retention of Audit Personnel (firm-level only). across the firm.

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PCAOB Says Audit Firm Culture is Tied to Audit Quality

CPA Practice

Staff report Audit firms have room to improve when it comes to creating cultures of accountability that promote audit quality, according to a new staff Spotlight report from the Public Company Accounting Oversight Board (PCAOB). audit firms. audit firms. The report, released on Dec. The report, released on Dec.

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Accounting Groups Call for More Competitive Pay for Government CPAs

CPA Practice

State and local governments are being squeezed by a shortage of accounting professionals, making it difficult at times to find staff CPAs who can prepare critical financial information or outside firms to conduct audits. Yet salaries and audit fees are often well below those offered in the private sector, the report found.

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