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The Auditor’s Opinion

Withum

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. All auditor’s reports are substantially similar in wording.

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What IRS Auditors Know About Your Business Industry

RogerRossmeisl

In other words, your business can use the same guides to gain insight into what IRS auditors know, and what the IRS is looking for in terms of compliance with tax laws and regulations. The post What IRS Auditors Know About Your Business Industry appeared first on Roger Rossmeisl, CPA.

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Winning Auditor Malpractice Cases

FraudFiles

Simply because there is a fraud, a business failure, or a pyramid scheme collapse, the auditors are not necessarily at fault. The auditors may have carried out their professional responsibilities exactly as they should have, but they still did not uncover the fraud.

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Audit Supervisors at the PCAOB Want Auditors to Better Supervise Their Auditors

Going Concern

The PCAOB adopted a new audit standard yesterday (AS 1206, Dividing Responsibility for the Audit With Another Accounting Firm ) to ensure that lead auditors are properly supervising the outside auditors they use. PCAOB “Other Auditors” project page [ PCAOB ].

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PCAOB warns auditors against cutting corners

Accounting Today

CAQ Audit PCAOB Audit preparation

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PCAOB makes it official for chief auditor

Accounting Today

Audit standards Audit PCAOB

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Carillion Liquidators Roast KPMG: “A Competent Auditor Would Have Detected the Misstatements”

Going Concern

Qualified opinions indicate that auditors have found issues in a company’s financials. ” And if this were the case, say the liquidators, a reasonably competent auditor wouldn’t have allowed Carillion to withhold relevant documents.

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Our Audits Sucked Because the Auditors Are Exhausted, Says Deloitte Australia

Going Concern

In short, things are not looking so hot for upside down auditors. Auditors are tired. You’ll note Australia is struggling with the same auditor shortages as every other market. May God have mercy on auditors’ souls.

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Friday Footnotes: EY Can’t Hire Tech; John Doe Sues the PCAOB; Auditors Can’t Find Torpedoes and Missiles | 1.20.03

Going Concern

Under rules introduced in 2016, large UK-listed companies are required to change auditor at least every 20 years and to run a competitive tender once a decade.

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Deutsche Bank Auditors Found AML Process Weaknesses

PYMNTS

Internal auditors at Deutsche Bank found weaknesses in anti-money laundering processes resulted in checks and high-value electronic payments being processed without undergoing the proper vetting. In 2018 under 100 checks were impacted but the internal auditors aren’t sure how many got through before 2018. Bank Regulation anti money laundering rules Anti-Money Laundering auditor auditors banking checks Deutsche Bank fraud News What's Hot

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PCAOB levies biggest-ever individual fine on auditor

Accounting Today

Audit PCAOB Audit preparation

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Friday Footnotes: Higher Salaries Lead to Higher Fees; EY Auditors Quit; Senator Rags on Greedy Accounting Firms | 1.27.23

Going Concern

watchdog should step up oversight of crypto auditors, say Democratic senators [ Reuters ] U.S. When PCAOB-registered auditors perform sham audits – even for firms that may lay outside of the PCAOB’s jurisdiction – they tarnish the credibility of the PCAOB,” Warren and Wyden wrote.

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Blaming the Auditors for Fraud

FraudFiles

Often, the blame is cast in the direction of the auditors. The auditors are an easy target. Not only do they usually have professional liability insurance policies to fall back on, the auditors initially seem like the logical culprit.

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When a Bank Fails, People ‘Lose Faith’ in the Auditors

Going Concern

bank customers — find it difficult to trust auditors when those auditors have been associated with a failed bank. This leads to lower deposit growth at banks with the same auditor. The authors wondered aloud if an auditor would get blamed when a bank fails.

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AuditClub Launches Auditors-as-a-Service for CPAs

Accounting Web

Auditing AuditClub Launches Auditors-as-a-Service for CPAs

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Study finds selecting auditors randomly leads to financial improvement

Accounting Today

Government accounting ESG Audit standards Audit Audit preparation

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Wirecard Saga Reignites Debate Over Auditors’ Role In Combatting Fraud

PYMNTS

As the fallout from Wirecard ‘s $2 billion accounting scandal continues, some attention has turned to the Germany-based payment company’s auditor, Ernst & Young (EY). The Auditor’s Role.

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AuditClub debuts "auditors-as-a-service" model

Accounting Today

Outsourcing Technology Audit

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Pressure Mounts On Big Four Auditors

PYMNTS

Former ASIC Chairman Greg Medcraft warned that declining audit quality runs the risk of high-profile corporate collapses, pointing to the Enron scandal that went undetected by auditors — described as the “gatekeepers” that “facilitate trust,” Medcraft said. Auditors are not skeptical enough. He suggested that more competition, not tougher regulation, is key to keeping auditors in check and keeping auditing standards elevated.

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Clients benefit when auditors specialize in complex accounts and transactions

Accounting Today

Accounting firm services M&A Audit Audit preparation

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Lawmakers trade accusations over IRS hiring of auditors

Accounting Today

Tax planning Tax audits Biden Administration IRS Tax

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Warning to Auditors: The PCAOB Is Coming For Dat Ass

Going Concern

Add to that the issue of baby boomer retirements and an entire class of auditors who were trained by Zoom at the beginning of the pandemic now reaching the point where they are expected to train associates below them despite they themselves still struggling and…well.

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How Exactly Did EY Auditors Cheat on CPE Exams? Details From the SEC Order

Going Concern

With the EY cheating scandal making headlines even outside of our precious little accountosphere we decided to take a look at the full SEC order to answer the question — how and why were EY auditors cheating on CPE exams? The post How Exactly Did EY Auditors Cheat on CPE Exams?

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Why Auditors Do Not Find Fraud

FraudFiles

Even with all the publicity surrounding the issue of financial fraud in the last twenty years, most auditors, investors, and other professionals still do not “get it” when it comes to detecting fraud. Auditors examine a very small percentage of transactions. Inexperienced Auditors.

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What Does It Mean When a Company Changes Auditors?

FraudFiles

When companies change auditors, it can signal a few different things. The firm that audits a company’s financial statements is very important. Audited statements are used by shareholders, lenders, and other interested parties to make decisions about the company and its future.

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EY Charges Related to Auditor Independence

FraudFiles

What the chief accounting officer (Stiehl) did amounted to “auditor selection process improprieties.” Basically, independence is a core attribute that auditors must have.

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Friday Footnotes: Crippling Staff Shortages in Consulting; Hold Auditors Accountable; AICPA is Mad | 8.12.22

Going Concern

Hold Auditors Accountable for Complicity in Corporate Fraud [ Bloomberg Tax ] Unfortunately, since the fall of Arthur Anderson in the wake of the Enron scandal, the SEC and PCAOB have often failed to go after auditors playing fast and loose with the rules.

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Discover a better work-life balance for auditors with the Cloud Audit Suite

ThomsonReuters

Too many of today’s auditors are stressed and overworked. Therefore, firms need to ensure that auditors can access the tools they need and achieve the greater work-life balance they desire should they wish to retain top talent. . Auditors are no exception.

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Here’s How Much Auditors and Consultants at Deloitte Australia Make

Going Concern

The post Here’s How Much Auditors and Consultants at Deloitte Australia Make appeared first on Going Concern. Deloitte Australia is putting it all out there and revealing exactly how much its people make.

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The 'P' in CPA: Understanding auditors’ responsibility to the public

Accounting Today

Audit CPAs PwC Audit preparation

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PCAOB Chair Williams Reminds Us For the 1,000th Time She Is Sick of Auditors’ Bullsh*t

Going Concern

And this is after the PCAOB has warned auditors repeatedly that they are not playing around and are liberally handing out demerits for naughty behavior. Mom is getting ready to turn this car around if auditors don’t get it together.

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Friday Footnotes: Screw the Office; Auditor Sues EY For Doing Her Job; IRS Levels Up | 9.16.22

Going Concern

EY fired auditor for not approving illegal transactions, says a new lawsuit [ Reuters ] Ernst & Young LLP has been sued by a former partner who says she was forced out of her job for refusing to sign off on client transactions that violated tax and securities laws. Big 4.

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Are Auditors Becoming as Hard to Find as a PS5?

Going Concern

On top of the overall pipeline issue, we’ve heard grumblings of auditor shortages for years. With all that in mind, I thought I’d pull some numbers from the two most recent AICPA Trends reports to compare 2019 to 2021 and see if new hire demand lines up with an auditor shortage.

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Friday Footnotes: EY Gets Extra Empathetic; Broke KPMG Partner Sues; Auditor Pay Cuts? | 5.27.22

Going Concern

Splitting auditing and consulting: EY auditors fear a pay cut [ eFinancialCareers ] Many auditors also aspire to move out of audit and into jobs in the more lucrative consulting arms. The post Friday Footnotes: EY Gets Extra Empathetic; Broke KPMG Partner Sues; Auditor Pay Cuts?

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Working 60-70 Hours a Week is ‘Fine’ Says Underpaid Big 4 Auditor Skilled in the Art of Minimizing

Going Concern

Check out this Big 4 auditor recently profiled on eFinancialCareers. I’m an auditor for a Big Four firm. The post Working 60-70 Hours a Week is ‘Fine’ Says Underpaid Big 4 Auditor Skilled in the Art of Minimizing appeared first on Going Concern.

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Friday Footnotes: Big 4 Nixes Legal Practices; EY Looks the Other Way; Auditors Get Lectured Again | 10.14.22

Going Concern

A longer, meatier report from auditors was introduced over the past decade in both the US and Europe. The Auditor’s Responsibility for Fraud Detection [ SEC ]. The post Friday Footnotes: Big 4 Nixes Legal Practices; EY Looks the Other Way; Auditors Get Lectured Again | 10.14.22

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AuditClub Breaks the Mold with Auditors-as-a-Service for CPAs

Intuitive Accountant

Member firms gain exclusive access to a seasoned team of AICPA and PCAOB auditors through a transformative talent model

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EY Auditors Cheated on Ethics Exams and Tried to Cover It Up, Will Pay a Record Fine for Naughtiness

Going Concern

The SEC has fined EY a record $100 million after an investigation revealed auditors at EY were cheating on ethics exams (open book ethics exams we presume) and CPE; worse than cheating alone, they actively tried to cover it up and hide the cheating from the SEC. Well this is bad.

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The rise of ESG accounting and what it means for auditors

ThomsonReuters

Today, ESG is resulting in significant opportunities for auditors, fueled by the widening range of stakeholders calling for ESG prioritization, an influx of laws and regulations pertaining to ESG, and a rise in ESG investment products. What is the role of the auditor in ESG reporting?

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SEC tells auditors to vet new Chinese clients that trade in U.S.

Accounting Today

International accounting China Audit SEC PCAOB

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PCAOB OKs Changes in the Oversight of Audits Involving Outside Auditors

CPA Practice

The Public Company Accounting Oversight Board (PCAOB) voted unanimously to amend current auditing rules and introduced a new standard on June 21 pertaining to an audit firm’s use of so-called “other auditors” who lend a hand during the course of an audit.

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Some Guy Quit His Job at Baker Tilly and Left the City of Palo Alto, CA Without a City Auditor

Going Concern

The city of Palo Alto, CA is looking for a new city auditor after its last one, Kyle O’Rourke, resigned from his role at Baker Tilly on August 15. Palo Alto launches search for new city auditor [ Palo Alto Weekly ]. Here’s one for you.

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Here’s Your Sign From the Universe to Find a Better Opportunity

Going Concern

Career Center Sponsored Content Technology Auditors Exit opps FloQast Jobs public accounting experienceThe post Here’s Your Sign From the Universe to Find a Better Opportunity appeared first on Going Concern.

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