Going Concern
JUNE 1, 2023
In the WaPo opinion pages yesterday one Duncan Mavin, who got his start in the 90s, says the best way to solve the audit industry’s many conflicts is to kill it altogether. He starts the piece summoning the ghost of Enron, as all writers do when discussing what happens when audit goes wrong. billion in global revenue.
Going Concern
AUGUST 2, 2023
Audit Analytics has released “ A Twenty-Year Review of Audit Fees ,” an in-depth look at audit fee trends from 2002 to 2022 and there are some fun charts inside. Mainly we care about this one: In FY2003, average audit fees were $681,000; in FY2022, this number was $2,243,000. God bless Audit Analytics.
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Going Concern
JULY 14, 2022
Check out this Big 4 auditor recently profiled on eFinancialCareers. I’m an auditor for a Big Four firm. Audit jobs don’t always have a good reputation: they pay less than some other Big Four jobs and offer less chance of making partner. Blink twice if you need work-life balance, buddy.
Menzies
DECEMBER 6, 2023
Importance of an Audit A lot of business owners think audits are much of a muchness, however their quality can vary significantly. The annual audit is occasionally considered as a commodity purchase. Financial reporting council (FRC) The FRC is planning to tighten its ethical standards further to improve audit quality.
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’s defence also rests on its outsourcing of much of the NMC audit to its Middle East business.
ThomsonReuters
JUNE 2, 2022
A recently revised IRS webpage intended for charities and nonprofit employers highlights the tax rules applicable to employer-provided parking and what to expect if the IRS audits this benefit. As background, employers may provide tax-free parking to employees as a qualified transportation fringe benefit under Code § 132(f).
Going Concern
APRIL 15, 2022
Accounting watchdog investigates Deloitte over Go-Ahead audits [ The Guardian ] One of the UK’s biggest accounting firms, Deloitte, is under investigation by regulators for its audits of Go-Ahead, after the bus and rail operator was embroiled in a scandal for wrongly withholding £50m of taxpayers’ money.
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