CPA Practice

SEPTEMBER 22, 2023

Taylor, Kiplinger Consumer News Service (TNS) IRS audits raise anxiety for many taxpayers. But beyond the EITC, there have been concerns over the years whether the IRS focuses enough on higher earners and has the resources to effectively audit complex partnerships and large corporations. Now, in a Sept. Now, in a Sept.

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TaxConnex

DECEMBER 23, 2021

If you and your company haven’t been hit with a sales tax audit yet, congrats. In TaxConnex’s recent market survey more than one in four (26.7%) top finance professionals in a variety of industries report seeing an increase in state sales tax audits in the past two years. Sales Tax Audit Triggers.

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MyIRSRelief

OCTOBER 28, 2022

The most frustrating method is the audit and if you receive an exam notice in the mail, you better take it seriously. This should include your right for CA FTB Audit representation. Our tax representation firm can help you get the best possible outcome from your audit. Joe Stephenshaw (Director of the Department of Finance).

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Withum

AUGUST 21, 2023

One of the groundbreaking innovations poised to revolutionize finance is tokenization. As tokenization gains momentum, the role of accounting and audits becomes increasingly vital in ensuring transparency, accountability, and trust in these emerging technologies.

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Airbase

JANUARY 31, 2023

Kelly Hicks and Robin Sharma share advice after Airbase successfully completes its first external audit. Few milestones in a company’s lifecycle demand a more focused response from finance and accounting than the first external audit. When is the right time for a company’s first audit?

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MyIRSRelief

MAY 19, 2023

Whether you are a small business owner, self-employed, or an individual taxpayer, you may face tax issues such as tax audits, back taxes, and 941 payroll tax problems. Regardless of the reason, a tax audit can be a stressful and time-consuming process, requiring you to gather and provide extensive documentation to support your tax returns.

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MineralTree

NOVEMBER 2, 2023

That’s where accounts payable audits come into play. What Is an Accounts Payable Audit? An accounts payable audit is the process of validating invoices to ensure they are accurate and that the right controls are in place to guarantee an organization’s financial records are in order. Audits uncover and rectify these inaccuracies.

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Accounting Today

JANUARY 19, 2024

If CFOs, controllers and other finance leaders implement a handful of straightforward best practices before, during and after an audit, they can maximize efficiency and insight for everyone involved.

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CPA Practice

FEBRUARY 23, 2023

What is the fastest-growing challenge facing accounting firms and internal audit departments today? According to the surveys, to tackle this challenge and boost client collaboration, accounting and auditing organizations are ramping up the adoption of advanced technologies such as cloud services, data analytics and business intelligence.

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Accounting Insight

SEPTEMBER 21, 2022

An effective audit demands a skill set that is diverse and a dedication of significant time and resources. Traditionally, this would be undertaken internally within the firm, but it is now very common for businesses to outsource this to external firms with specific audit skills for higher quality results. What Makes Remote Audit Work?

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MyIRSRelief

MAY 22, 2023

Chicago, Illinois is home to numerous businesses and individuals who may face tax-related challenges such as tax audits, back taxes, and payroll tax problems. In this article, we will explore the benefits of professional tax help for Chicago taxpayers facing tax audits, back taxes, and 941 payroll tax problems.

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Going Concern

NOVEMBER 14, 2023

The PCAOB today announced settled disciplinary orders sanctioning Greece-based PricewaterhouseCoopers Auditing Company SA (PwC Greece) and its partner Nicos George Komodromos for violations of PCAOB rules and standards in connection with the audit of the 2016 financial statements of Aegean Marine Petroleum Network Inc.

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ThomsonReuters

NOVEMBER 8, 2022

Who needs to know : Small, midsize and large finance and accounting professionals that prepare or audit financial statements in compliance with US GAAP. Checkpoint Edge has comprehensive guidance, analysis, tools, charts, and news to help you navigate the shifting accounting, audit, and corporate finance landscape.

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Going Concern

FEBRUARY 28, 2024

Across the pond, EY is earning headlines for its abandoning the Wokingham Borough Council, a government locale in the southeast of England with a population of 177,500, after barely completing an audit for 2020/21. But after long delays, EY announced in February that it will leave two years’ audit reports incomplete.

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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.

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Going Concern

FEBRUARY 24, 2023

Some time last year PCAOB inspectors visited China and while details of their visit were kept somewhat quiet from both sides, we were told that the inspectors gained unprecedented access to Chinese audit work.

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Going Concern

JANUARY 12, 2024

The issues in Tingo’s financials are glaring enough that we’d expect they could have been spotted by any semi-conscious finance undergrad with severe vision loss,” Hindenburg wrote. million in audit fees in 2022.) Audit Do former regulators improve the quality of audits? Tingo paid $1.6

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Going Concern

FEBRUARY 2, 2024

PwC said on Monday that it had identified 129 breaches of independence rules affecting 74 clients and PCAOB inspectors had found a further one themselves while inspecting audit work in 2022. The figures were included in an update to PwC’s audit quality report, published on its website.

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CPA Practice

MAY 16, 2023

Ron Wyden (D-OR), chairman of the Senate Finance Committee. Following the release of the Stanford University study in early February, Wyden and other lawmakers demanded the IRS review and make changes to its auditing processes. Ron Wyden During Werfel’s confirmation hearing before the Senate Finance Committee on Feb.

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Going Concern

DECEMBER 15, 2023

As reported by Canadian Accountant, PwC Canada has already paid Canadian and US audit regulators more than one million dollars in fines, after disclosing widespread sharing of answers by its accountants on internal training tests. Market studies would help drive improvements in the audit market, the FRC said.

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Going Concern

SEPTEMBER 22, 2023

Miller was appointed vice president for finance in April 2020 and also serves as the university treasurer. Under his leadership, the Division of Finance has enhanced university business practices and transformed several financial and business information systems to improve customer service for faculty, staff, and students.

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CPA Practice

MAY 17, 2023

Ron Wyden (D-OR), chairman of the Senate Finance Committee. Following the release of the Stanford University study in early February, Wyden and other lawmakers demanded the IRS review and make changes to its auditing processes. Ron Wyden During Werfel’s confirmation hearing before the Senate Finance Committee on Feb.

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CPA Practice

SEPTEMBER 19, 2023

Taylor, Kiplinger Consumer News Service (TNS) IRS audits raise anxiety for many taxpayers. But beyond the EITC, there have been concerns over the years whether the IRS focuses enough on higher earners and has the resources to effectively audit complex partnerships and large corporations. Now, in a Sept. Now, in a Sept.

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MineralTree

NOVEMBER 30, 2023

Maintaining finance department efficiency is a constant challenge, especially for teams that rely on legacy technology and manual processes. The good news is that technological advancements have made it possible for finance departments to increase productivity and to do more with less. What are the Challenges in Finance?

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Shay CPA

AUGUST 23, 2023

” However, when it comes to financial statement audits, the timing isn’t quite as forgiving as planting trees. One such decision is when to conduct a financial statement audit. Audits are often seen as a necessary evil — a cost to be endured to meet regulatory requirements. The second-best time is now.”

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Going Concern

MAY 12, 2022

Given the two-year in-person hiatus we’ve all just been through , even first-year seniors don’t know how to approach audit room protocols. So h ere are some key rules you should follow in the audit room whenever you do go back : Rule #1: Answer personal calls AFTER you are all the way out of the room. Happy auditing! No pinging.

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CPA Practice

NOVEMBER 15, 2023

Overall, average audit fees increased by 4.6 Forty-seven percent of member company respondents also indicated an increase in effort to support the external audit while 51 percent reported no change year over year. percent from 2021 to 2022. Additional reasons cited were changes to ICFR followed by divestitures.

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Going Concern

NOVEMBER 10, 2023

“Financial reporting leaders, but also investors, regulators, and other stakeholders in the capital markets expect AI to drive audit quality. “Considering both the scope and scale of AI’s impact on financial reporting, enhancing audit quality by using technology to stay ahead of emerging risks is expected.”

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CPA Practice

SEPTEMBER 25, 2023

AICPA & CIMA, which together form the Association of International Certified Professional Accountants, are rolling out Career Launchpad , an artificial intelligence-guided program for students interested in accounting and finance. The global offering provides valuable insights and guidance to kickstart careers within the profession.

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Going Concern

NOVEMBER 27, 2023

The state budgeted $5 million for the audit, which is being conducted by global consulting firm KPMG. According to the audit, crumbling infrastructure, staffing shortages and a prison population that’s expected to grow are converging into critical challenges for the Florida Department of Corrections. Beautifully said. Submit one here.

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Withum

JANUARY 25, 2024

Using a forensic account is essential in developing a strategy to handle and defend the findings of a cash-based audit. This becomes even more critical in instances where additional non-tax related charges may be possible or if the audit may result in criminal charges. Why a Forensic Accountant?

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Cherry Bekaert

MAY 26, 2023

Below are the top IT risk considerations for organizations to assess: Emerging Technologies The adoption of emerging technologies such as artificial intelligence, the Internet of Things, robotic process automation (RPA) and the proliferation of blockchain in everyday business finances is expected to continue to accelerate.

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Going Concern

DECEMBER 4, 2023

However, Simon Stephens, AI lead for audit and assurance at the UK business of Deloitte, another of the Big Four audit firms, pointed out that frauds were relatively rare and tended to differ from each other. billion in back taxes as part of an audit. One of which used to be the Audit Commission. 150 to be exact. .

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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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xendoo

JULY 6, 2023

Generally, the chances of the Internal Revenue Service (IRS) auditing you are low. For most taxpayers, the audit rate is less than 1% to 2%. However, businesses tend to have more complex tax returns, so auditing is a concern. How far back can the IRS audit you? Businesses can take steps to avoid triggering an audit.

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xendoo

JULY 6, 2023

Generally, the chances of the Internal Revenue Service (IRS) auditing you are low. For most taxpayers, the audit rate is less than 1% to 2%. However, businesses tend to have more complex tax returns, so auditing is a concern. How far back can the IRS audit you? Businesses can take steps to avoid triggering an audit.

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Going Concern

APRIL 15, 2024

The audit opinions they issue typically have meaning and value because the firms operate with public trust. In the public company audit arena, this transparency is maintained through PCAOB inspections of auditors. They’re private entities specifically designed to serve the public interest.

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