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Monday Morning Accounting News Brief: Deloitte on Microtransactions; More EY Split Roadblocks; Have You Become Irritable? | 11.28.22

Going Concern

Several US audit firms told the Financial Times that they had elevated some or all of their crypto-related clients to the status of “high risk”, triggering a more thorough audit that will take longer and lead to higher bills; some clients could ultimately be dropped altogether. Happy Monday! KPMG UK has announced a £5.5

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Friday Footnotes: How Are Firms Actually Using Data Analytics?; KPMG and BDO on the Move | 9.15.23

Going Concern

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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Friday Footnotes: Firms Get a Jump on Hiring; RTO Firms Outsourcing ?; BDO Settles 401(k) Suit | 12.22.23

Going Concern

City accountant looks to outsource paperwork to India [ The Telegraph ] One of the UK’s largest accountants Evelyn Partners is considering outsourcing its services to India as the firm outgrows its new City headquarters. In its ruling, the court said the audit report was so general an investor wouldn’t have relied on it.

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Friday Footnotes: CPA Exam Scares Accounting Majors Away; EY Loses Fees in China | 5.12.23

Going Concern

The Asian country recently urged state-owned enterprises to phase out Big Four contracts and hire locally instead in a bid to rein in foreign accountants amid what it called data security concerns. KPMG, PwC and Deloitte got less than 4% each, according to data from the Chinese Institute of Certified Public Accountants analyzed by Bloomberg.

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Friday Footnotes: Big 4 CEO Hype Songs; Tim Ryan Does Sit-Ups For Breakfast; SEC on SPAC | 6.30.23

Going Concern

This is “translating into a lack of clarity in what gets reported, which then gives investors concerns, which (in turn) puts more pressure” on CFOs and the leadership team, said Myles Corson, global strategy and markets leader, financial accounting advisory services for EY. Audit TrueUSD’s Reserves Were Attested by Former FTX.US

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Guide to accountant responsibilities

ThomsonReuters

Responsibilities around AI in accounting Further illustrating this point are the advancements in innovative technology, such as AI, and its impact on the profession. In fact, more boards and audit committees are, or will be, looking for accountants who understand AI ’ s potential and limitations.

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More Than a Loophole: Delaware Sales Tax and Other Benefits of Incorporation in DE

inDinero Tax Tips

Whether a business has decided to Delaware incorporate, or they’re doing business for events like the SD State vs Delaware game, the state remains very business-friendly. Quick Note: This article is provided for informational purposes only, and is not legal, financial, accounting, or tax advice.