Accounting Today

JULY 17, 2023

The audit fee for the combined group is expected to be less than the sum of the standalone audits, but would still be one of the highest in global banking.

Maine 52

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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. The buildings you own may be commercial, residential, or both.

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CPA Practice

FEBRUARY 23, 2024

million earlier this week for breaking various Public Company Accounting Oversight Board auditing rules. Grant Thornton’s India arm and an Australian audit firm also received penalties from the PCAOB. 21 for “pervasive” quality control violations found in its audits of special-purpose acquisition companies (SPACs) in 2020 and 2021.

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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.

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Withum

DECEMBER 12, 2023

Now, regulations, investors and other stakeholders want companies to prove their ESG and climate information is accurate and reliable through audits and assurance. This experience puts them at the top of most companies’ list when considering a firm to perform the third-party audit of their ESG and climate reporting.

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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? And what tools and resources are available for accountants who want to specialize in audit?

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Going Concern

JUNE 13, 2022

Auditors are constrained without their CPA, and studying nights and weekends, can be a difficult, frustrating experience,” said Becky Sproul, Talent and Culture Leader – Audit. But the main issue here is time, or rather the lack thereof. Why only Audit? We can safely assume FAR and…whatever. See, I was half right.

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Going Concern

APRIL 12, 2024

ICYMI: These are the most-read articles on Going Concern this week: Tax Preparer Finds Out in the Worst Way Possible That ERC Wasn’t a Free Money Glitch Survey Says: Which Group of Auditors Are Most Satisfied With Their Salaries? the auditor of Tesla Korea, about the company’s financial statements for last year.

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Going Concern

JANUARY 6, 2023

Fat Joe’s favorite audit firm once again had a spectacularly horrible PCAOB inspection report. In the 2021 inspection of BDO USA, LLP, the PCAOB assessed the firm’s compliance with laws, rules, and professional standards applicable to the audits of public companies. For each issuer audit selected, we reviewed a portion of the audit.

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Accounting Insight

MAY 31, 2022

ACCA (the Association of Chartered Certified Accountants) offers a cautious initial welcome to the BEIS announcement about the UK’s corporate reporting and audit regime that aims to bring transparency and accountability for businesses, investors, accountants and auditors.

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Cherry Bekaert

APRIL 4, 2024

To qualify for these energy tax credits, there are specific requirements that a taxpayer must meet, so it is wise to consult a tax professional before submitting a claim.

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Going Concern

MAY 5, 2022

Alternate title: If You Are an Accounting Student, Expect to End Up In Audit When You Graduate. On top of the overall pipeline issue, we’ve heard grumblings of auditor shortages for years. New accounting graduate hires are increasingly being assigned to audit — a shift of 11.5 What can we extrapolate from this?

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Going Concern

NOVEMBER 11, 2022

The next generation of accountants and auditors is in demand, but Ben Lansford, an accounting professor and director of the Master of Accounting program at the Jones Graduate School of Business at Rice University explained why some are hesitant. Audit Fees Rise Only 2.5%, But Audits Require Greater Effort [ CFO ].

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Going Concern

MAY 6, 2022

Audit rooms come in all shapes and sizes—usually small, often windowless, sometimes with chairs you can actually sit on, and almost always as far away from the finance/accounting department as possible. After eight years in public accounting, I have loads of unforgettable audit room experiences. Here are just a few. The b oardroom.

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Going Concern

JANUARY 31, 2023

Bloomberg reported today that KPMG UK CEO Jon Holt told them the firm plans to raise audit fees, news that comes on the same day we find out KPMG UK revenue increased 12% to £2.72 Much of that did not come from audit however, deal advisory is up 24% and consulting 22%. billion ($3.3 billion) for their fiscal year ending in September.

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Going Concern

APRIL 1, 2022

in accounting [ Accounting Today ] Some of the main job gains occurred in leisure and hospitality, and professional and business services, along with retail trade and manufacturing. regulators’ consultations on audit supervision and cooperation are overall going well, the commission said. Ah, memories. Chinese and U.S.

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Going Concern

APRIL 29, 2022

This burnout is a top factor driving women away from their employers: nearly 40% of women actively looking for a new employer cited it as the main reason. Less work for EY auditors? Suit Over NMC Audit Negligence [ Bloomberg ] Administrators for NMC Health sued Ernst & Young in the U.K. Ernst & Young Hit With U.K.

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ThomsonReuters

JANUARY 12, 2023

When it comes to cryptocurrency, there are many unknowns around accounting, audit and assurance. This means that crypto audits will certainly be on the rise. . So, what can accountants do to prepare for crypto audits? . AICPA SOC 1 & 2 audited tax software. Audit solutions for accounting firms.

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Going Concern

FEBRUARY 12, 2024

Leadership communication expert Shane Hatton says most fears about public speaking stem from three main concerns – a lack of confidence, a lack of clarity (or difficulty articulating ideas) and fear of losing credibility. How did one American firm gain 20 net new auditor engagements? Now that mystery has been solved.

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Withum

SEPTEMBER 8, 2022

Audited financial statements are a cornerstone of the financial markets. Tonight I will conduct my second Auditing class session of this semester at Fairleigh Dickinson University, and I will be teaching what the auditor’s opinion means and what auditors do to arrive at their opinion.

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accounting principles auditor audit financial statements 119

Going Concern

AUGUST 21, 2023

Someone who isn’t an auditor complains on Blockworks about using the word audit for things that aren’t audits and then explains in graphic detail the various audit-like things that one can engage in (that aren’t audits). I’ll leave this to my audit colleagues. Anyway, the news.

audit 52

audit Account accountant accounted 52

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.

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CPA Practice

MAY 18, 2023

There’s plenty of accounting jobs out there that need to be filled— more than 300,000 accountants and auditors have left the profession in the past few years. One of the biggest questions currently being asked by many throughout the accounting profession is, “How can we make accounting more appealing to students?”

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ThomsonReuters

NOVEMBER 16, 2020

In looking forward to your 2021 audit planning, the peer review process is often met with many fears or uncertainties. Together, they provide some tips and examples on how to proactively avoid those audit challenge s and combat the biggest fears that develop alongside peer reviews. . Fears as peer review season approaches.

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Going Concern

APRIL 5, 2022

It only took five years, but Scott Marcello finally received some sort of punishment for what happened in KPMG’s audit practice several years ago as partners were working with PCAOB insiders to illegally receive advanced notice of the PCAOB’s inspection plans for KPMG audits.

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Going Concern

JANUARY 4, 2023

The last of the 2021 Big 4 PCAOB inspection reports belongs to KPMG, which has had the highest audit deficiency rate of the four firms for six out of the previous seven years —the lone exception being 2019. We selected for review 54 audits of issuers with fiscal years generally ending in 2020. The most common Part I.A

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Withum

OCTOBER 3, 2023

The IRS is on “high alert” with regard to specious ERC claims and it is aggressively auditing both new claims and claims that were already paid. Also, keep in mind that the IRS can assert penalties on claims it has paid and on claims that it audits or denies before they are paid. In other words, playing the audit lottery is risky.

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ThomsonReuters

JUNE 16, 2023

This is one of the key reasons why AI plays an important role in audit. In audit, AI enables auditors to analyze large data sets and swiftly identify anomalies and patterns. This means auditors can shift away from sampling in favor of reviewing all of a client’s transactions in real time.

Account 110

Account accountant accounted Technology 110

ThomsonReuters

SEPTEMBER 25, 2023

Jump to: AI for firms: operational improvements and new services AI for in-house departments: protect the business and enable growth Client communication benefits through AI AI for firms: operational improvements and new services One of the main benefits of AI is the potential to improve productivity and efficiency.

Tax 104

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ThomsonReuters

MARCH 20, 2024

The challenges in the retail industry are numerous,” Kleppel says, “but I think they all can be bucketed into three main themes: people, processes, and technology.” Auditors typically request data encompassing several years, Davis notes, but large retailers may be processing millions of transactions per day.

Retail 52

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Going Concern

FEBRUARY 5, 2024

Drew Andrews, managing partner and CEO of Hartford-based accounting and consulting firm Whittlesey, said the main factor driving mergers is the significant number of smaller firms with aging partners who are looking toward retirement, but don’t have the “backup” on staff to fill their shoes. Apparently the client has a new auditor.

Account 61

Account accountant accounted auditor 61

Going Concern

FEBRUARY 9, 2023

The family of 25-year-old Peter Smith, an audit associate at KPMG who died of Lyme carditis —which occurs when Lyme disease bacteria enter the tissue of the heart—on July 2, 2017, was awarded $6.5 Five days later, Smith was so ill that he called an ambulance to Maine Medical Center in Portland, the complaint said.

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Going Concern

JUNE 9, 2023

Big 4 Should scandal plagued PwC take the lead and split its advisory unit off from auditing? Herald Sun ] PwC’s global boss Bob Moritz, insisted that keeping both the auditing business and the advisory division – which gives deal and tax advice, and consulting services – gave it a competitive advantage.

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Going Concern

NOVEMBER 14, 2022

Here’s some news: The EY split vote has been delayed, says FT : The main stumbling block in setting dates for ballots is finalizing the so-called global framework agreement, the legal document covering details of how assets, liabilities and people will be split between the businesses. Good morning and happy Monday!

Account 57

Account accountant accounted auditor 57

Going Concern

JANUARY 19, 2024

The financier accused Disney/Fox of self-dealing with FX, Hulu and Disney+, said its revenue began to shrink and that an audit it commissioned showed breaches of contract. The demand for reporting to better understand a company’s performance and related risks is being coupled to technology to accelerate change in the audit profession.

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Going Concern

FEBRUARY 3, 2023

Ironically, Ergo’s auditor is Mazars, a big rival of Grant Thornton among the second tier of Irish accounting firms. Grant Thornton were auditors until McCann became Ergo’s chairman in 2015. When I went on the board here we had to resign as auditors.” When is he changing back? “Ha Ha ha,” he chuckles. Mazars do a good job.

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Going Concern

SEPTEMBER 15, 2023

Audit Comments Raise Concerns About PCAOB’s Proposal To Expand the Scope of Audits and the Role of Auditors [ JD Supra ] In June 2023, the Public Company Accounting Oversight Board (PCAOB) proposed sweeping amendments to its auditing standards. Following is a summary of the key areas of comment.

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