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.

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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A Bunch of Auditors at RSM F*cked Up

Going Concern

Today in Auditors Not Doing Their Jobs, the SEC has charged RSM, three senior-level employees who work there, and a couple partners with improper professional conduct for failing to properly audit Revolution Lighting Technologies Inc.’s

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 ].

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.

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.

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

Accounting Today

Outsourcing Technology Audit

How to choose a not for profit auditor

Accounting for Good

The post How to choose a not for profit auditor first appeared on ACCOUNTING FOR GOOD

Lawmakers trade accusations over IRS hiring of auditors

Accounting Today

Tax planning Tax audits Biden Administration IRS Tax

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.

Clients benefit when auditors specialize in complex accounts and transactions

Accounting Today

Accounting firm services M&A Audit Audit preparation

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

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.

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.

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.

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?

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.

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

Accounting Today

Audit CPAs PwC Audit preparation

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.

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.

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.

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.

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.

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?

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.

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.

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

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

Accounting Today

International accounting China Audit SEC PCAOB

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.

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.

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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Monday Morning Accounting News Brief: PwC Auditor Hurt; Deloitte Tops a List; EY Writes the Treasury | 8.22.22

Going Concern

PwC is being sued by a 28-year-old auditor who claims he suffered a serious head injury after attending a work event that involved an “excessive” drinking game of pub golf. The post Monday Morning Accounting News Brief: PwC Auditor Hurt; Deloitte Tops a List; EY Writes the Treasury | 8.22.22

Wirecard Auditor Flagged KPMG Report, Saying It Needed ‘Context’

PYMNTS

In April, one day before the delayed report was published, EY auditors told Wirecard of their concerns with how the third-party business was presented.

USA Tech Shares Plummet As Auditor Resigns

PYMNTS

USA Technologies’ shares lost roughly 45 percent of their value on Thursday in intraday trading after an SEC filing by the firm revealed that RSM US LLP, the firm’s auditor, resigned over concerns tied to financial reporting by the company. In the meantime, USA Technologies said in the same filing that it will seek to have a new independent auditor in place as soon as “practicable.”.

Aussie Auditors’ Role In Reverse Factoring Disclosure Questioned

PYMNTS

Several high-profile corporate collapses and initiatives from corporate accounting standard-setters have raised questions about businesses’ use of supply chain finance and whether the trade finance tool prevents investors and auditors from gaining a transparent view into company finances.

Auditors Ready To Drop Riskiest Corporate Clients

PYMNTS

As pressure continues to mount on the so-called Big Four corporate auditors in both Australia and the U.K., Grant Thornton is expected to divest Sports Direct as a client next month amid rising concerns over the company’s accounting practices, with the auditor separately announcing plans to take a “line by line” review of its clients. the Financial Times reports that the conglomerates are gearing up to offload some of its riskiest corporate clients.

Friday Footnotes: No Foolin’ Here; 18,000 New Accounting Jobs; Skills Auditors Need NOW to Be Future-Ready | 4.1.22

Going Concern

ARB’s auditor Messrs BDO voluntarily resigns after failure to reach agreement on proposed increase of audit fees [ The Edge ] Expect to see a lot of this going forward: ARB Bhd on Friday (April 1) announced its auditor Messrs BDO PLT (BDO) has voluntarily resigned.

Friday Footnotes: EY and KPMG This Week’s Big 4 Lawsuits; Eliminate Accounting Majors?; Auditors Fire Messy Municipal | 4.29.22

Going Concern

Less work for EY auditors? Scarred by its role as auditor to fraudulent payments group Wirecard, the Big Four firm has searched its soul (more thoroughly than it searched Wirecard’s books) and this week announced “the most comprehensive process of change in its more than 100-year history”.

Auditors Say EU Failed To Stop Misuse Of Funds

PYMNTS

Auditors of the European Union said Thursday (Jan. According to the report, auditors said that the EU has only been able to get back about 15 percent of the misused funds. The auditors found that misused EU funds totaled 391 million euros or $451 million in 2017, in line with the past four years, but the EU’s anti-fraud investigative office OLAF was only able to indict EU member states in 45 percent of cases.

UK Financial Watchdog Ramps Up Auditor Oversight

PYMNTS

Reports said the FRC also intends to heighten its scrutiny of auditor governance and leadership, risk mitigation processes, control and overall behavior. financial watchdogs have stepped up their oversight of the accounting and auditing industry amid a string of corporate accounting scandals, collapses and questions over the dominance of the Big Four auditing firms. The U.K.

Australia’s Big Banks Defend Spending Millions On Outside Auditors

PYMNTS

According to a report in The Sydney Morning Herald , National Australia Bank’s outgoing chairman Ken Henry and other executives held discussions last week with its independent auditor, Ernst & Young , about the shortcomings in the bank’s risk management. EY has been the bank’s independent auditor for 13 years. But Australia’s banks have defended the decision to shell out millions of dollars to independent auditors for additional consulting work.

Wirecard Delays Annual Report After Auditors Can’t Confirm $2.1B In Cash Exists

PYMNTS

Wirecard has postponed publication of its 2019 annual report after disclosing that its auditor can’t confirm the existence $2.1 billion in trust accounts — or about a quarter of the value on the company’s books.

The SEC Only Gives Out Wrist-Slaps to the Big 4 When They Break Independence Rules On Providing Non-Audit Services to Audit Clients

Going Concern

The regulator already has auditor independence rules etched in stone that prohibit audit firms from providing non-audit services to an audit client, including its affiliates, such as: Bookkeeping. But as we all know, auditor independence rules are a farce.

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