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The new breed of audit

TaxConnex

In years past, auditors could show up at your door asking to look at your records. Usually, you learn about an audit through a notice or letter from the state or jurisdiction in question with instructions on how the audit will proceed. Many audits are conducted remotely, and an auditor never visits your office.

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Friday Footnotes: Bob Moritz Disappoints Us; ERC Window Slamming Shut; 2024 Sucks For Firms? | 3.22.24

Going Concern

PwC chairman refuses to share tax leaks scandal investigation with Australian parliament [ The Guardian ] PwC’s global chairman, Bob Moritz, has refused to comply with a request from the Australian parliament to share a copy of an investigation used to contain the tax leaks scandal to Australia. This S**t Is Still Going On?

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150 Hour Rule: Let’s Keep Arguing About What Color the Drapes Should Be While the House is Burning Down

Going Concern

Amanda Iacone at Bloomberg Tax has written the accounting niche’s 1,735th article about the accountant shortage and this time, as is often the case, the focus is 150 hours. To summarize most of the article: barrier to entry, US workforce hemorrhaged 334,000 accountants and auditors in two years, pipeline pipeline pipeline, blah blah.

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Monday Morning Accounting News Brief: Unintended Audit Consequences; The IRS Needs Experienced Accountants; PwC AI | 9.18.23

Going Concern

The hiring will be for higher-graded revenue agents, which are specialized technical positions that generally focus on audits. This next wave of hiring will help the IRS add key talent like tax accountants to help reverse a decade-long decline of audits for the wealthy as well as complex partnerships and corporations.

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Accountants Behaving Badly: Police Department Accountant Couldn’t Be Bothered, PPP Loan Fraud, and a Creepy Tax Preparer

Going Concern

TPB slaps 5-year ban on accountant involved in $26m fraud [ Accountants Daily ] The Tax Practitioners Board has slapped a five-year ban on a Sydney accountant charged with stealing $26 million through his firm to fund a lavish lifestyle and gambling addiction. We were not willing to let Mr Carter continue practising.”

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Monday Morning Accounting News Brief: Deloitte CEO Says He Doesn’t Deserve His Pay; The Accountant Shuffle | 7.17.23

Going Concern

” Partner pay figures were provided to the Senate as part of an inquiry related to the firm’s sharing of confidential government tax information. These high priests of capitalism have been carrying on the dual role of auditing and consulting for years and have largely been left to their own devices to manage the conflicts.

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Friday Footnotes: Tim Ryan Works Too Hard; Fake CPA Gets Violent Over QuickBooks Files; PwC PR | 10.20.23

Going Concern

The strategic acquisition also encompasses Mueller dotKonnect, a business process outsourcing firm specializing in finance, accounting, tax and payroll functions. LBMC is already Tennessee’s largest CPA firm, and was recently named a 2023 best tax and accounting firm by Forbes.

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