Auditors prioritizing tech for fieldwork phase
Accounting Today
JUNE 6, 2024
A recent survey from Thomson Reuters said auditors find new technology that assists during the execution/fieldwork phase of an engagement to be most useful.
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Accounting Today
JUNE 6, 2024
A recent survey from Thomson Reuters said auditors find new technology that assists during the execution/fieldwork phase of an engagement to be most useful.
Accounting Today
MAY 7, 2024
The Public Company Accounting Oversight Board sanctioned three auditors from Florida accounting firm Liggett & Webb for violations involving audit evidence, professional skepticism, and other matters.
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Accounting Today
APRIL 19, 2024
Seventeen percent of comment forms in 2021 and 2022 contained auditor evaluation deficiencies, according to the PCAOB.
RogerRossmeisl
NOVEMBER 9, 2023
Issues unique to certain taxpayers IRS auditors need to examine. The post How IRS Auditors Learn About Your Business Industry appeared first on Roger Rossmeisl, CPA. Other guides address issues that frequently arise in audits, such as executive compensation, passive activity losses and capitalization of tangible property.
Accounting Today
MAY 13, 2024
The Public Company Accounting Oversight Board approved two new standards on a firm's system of quality control and the general responsibilities of the auditor in conducting an audit, albeit with pushback on the QC standard from one board member.
Withum
MAY 9, 2024
However, my role is not just to teach the material but to excite them about accounting as a profession and auditing in particular and share my pride in the vital role auditors play in our ecosystem. In its simplest form, auditors provide an opinion on an organization’s financial statements. And people think we are just numbers people!
RogerRossmeisl
SEPTEMBER 6, 2021
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. Unique issues IRS.
Accounting Today
JUNE 13, 2024
The Public Company Accounting Oversight Board's amendments will make it easier to hold auditors accountable for violations, among other things.
CPA Practice
JULY 23, 2024
audit regulator recently spoke to auditors who work at the U.S. the Big Four, RSM US, BDO USA, Grant Thornton), as well as several auditors from non-affiliated firms in the U.S. In their view, human involvement remains essential for auditors and preparers and is needed to review the output from GenAI.
Accounting Today
DECEMBER 7, 2023
The Securities and Exchange Commission's chief accountant cautioned auditors and public companies about the statement of cash flows after spotting problems that could lead to a financial restatement.
Going Concern
JUNE 1, 2023
Bringing things back to this decade, he then talks about what’s going on at PwC Australia even though auditors weren’t the ones using confidential government data to bill clients for tax avoidance plans. For starters, auditors are paid by the companies they’re auditing. If they find a problem, they risk losing a client.
CPA Practice
JUNE 13, 2024
The Public Company Accounting Oversight Board (PCAOB) on June 12 updated a nearly 20-year-old rule on auditor conduct, making it easier for the audit regulator to hold associated persons of an accounting firm accountable when their negligence “directly and substantially” causes the firm to violate auditing standards.
CPA Practice
SEPTEMBER 19, 2023
A proposal issued by the Public Company Accounting Oversight Board (PCAOB) on Tuesday would hold auditors and others more accountable when they negligently, directly, and substantially cause their firm to violate auditing standards.
CPA Practice
MARCH 4, 2024
Auditors, like so many others today, are seizing the opportunity to transform how they work by adopting artificial intelligence. These findings make it critical for those of us in the audit profession to help the next generation understand the vision and opportunities that await those who choose this career path as auditors embrace AI.
Going Concern
APRIL 11, 2024
Keeping with a yearly tradition more reliable than the arrival of Santa in the early hours of December 24, Ideagen Audit Analytics has released their annual market share analysis of auditor engagements for public companies. The post For the Eighth Year in a Row, EY Is the Busiest Public Company Auditor appeared first on Going Concern.
Accounting Today
SEPTEMBER 19, 2023
The Public Company Accounting Oversight Board issued a proposal to amend its rule for an individual auditor's or audit firm's contributory liability for knowingly or recklessly contributing to violations.
Accounting Today
MAY 16, 2024
A KPMG survey found 72% of companies are using AI in their financial reporting process to some extent, and executives expect auditors will start examining controls around the technology.
LSLCPAs
JULY 17, 2024
The post Through the Auditor Lens: Mastering AR Reconciliations for Year-End Close appeared first on LSL CPAs. In case you missed it – this article will overview best.
CPA Practice
MAY 14, 2024
The Public Company Accounting Oversight Board (PCAOB) approved a sweeping new standard on the general responsibilities of an auditor on May 13, including a provision that significantly cuts the maximum time period for the auditor to assemble a complete and final set of audit documentation from 45 days to 14 days.
FraudFiles
APRIL 30, 2024
Even with all of the publicity surrounding the issue of financial fraud in the last couple of decades, most auditors, investors and other professionals still do not “get it” when it comes to detecting fraud. The audit is simply a process by which auditors check [.]
Accounting Today
NOVEMBER 14, 2023
from 2021 to 2022, and more auditors are using data analytics in their audits, according to a new report. Average audit fees increased by 4.6%
Accounting Today
FEBRUARY 6, 2024
The International Auditing and Assurance Standards Board is proposing to toughen its rules for requiring auditors to look for signs of fraud in a client's financial statements.
Going Concern
MARCH 15, 2023
While the general investing public is asking “where were the auditors?” To any members of the general investing public reading this: “due professional care” means the independent auditor planned and performed the work required of them according to audit standards. Back to the auditors.
Going Concern
NOVEMBER 1, 2023
The press release says: A number of Deloitte auditors in Ontario changed the date and time settings on their computer clocks to manually override controls in Deloitte’s audit software and backdate audit working paper signoffs between November 2016 and May 2018. CPA Ontario announced yesterday Deloitte will be paying $1.59 million ($1.15
Going Concern
JUNE 13, 2023
Financial Reporting Council chair and stereotypically European named Jan du Plessis has told the Financial Times that audit firms — who regularly complain about the UK audit regulator being up their asses — should pay their junior auditors more. And we have all heard the complaints from junior auditors.
TaxConnex
JULY 23, 2024
While exemption certificates have always been a hot topic with state auditors, having the appropriate validated certificates has become more important. An audit of one of your suppliers could turn up one of your exemption certificates for something the auditor may think is taxable - resulting in a flag for an audit of your company.
CPA Practice
AUGUST 22, 2023
The Institute of Internal Auditors (IIA) – the internal audit profession’s leader in standards, certifications, education, research, and technical guidance worldwide – has approved Malta and Somalia as new affiliates to its global federation, further extending The IIA’s extensive international reach.
Going Concern
NOVEMBER 29, 2022
Qualified opinions indicate that auditors have found issues in a company’s financials. Carillion says the value of two contracts alone in the year ended in 2016 was misstated by nearly £352 million and that had KPMG acted as a reasonably competent auditor, it would have detected the misstatements.
Going Concern
NOVEMBER 1, 2022
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. via Australian Financial Review. Ready for this? last year for year-end inventory counts.
Going Concern
JUNE 22, 2022
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 Adopts New Requirements for Lead Auditor’s Use of Other Auditors [ PCAOB ].
Accounting Today
MARCH 7, 2024
Just as tired pilots and crew members pose risks to flight safety, auditors fatigued from excessive workloads compromise the quality and reliability of audits.
Going Concern
OCTOBER 25, 2023
Expect more of these fines to come, the PCAOB made use of other auditors one of its many nitpicking pet issues last year. See: Planning and Supervision of Audits Involving Other Auditors and Dividing Responsibility for the Audit with Another Accounting Firm , PCAOB Release No.
Going Concern
DECEMBER 20, 2023
.” See below: Mandatory auditor rotation is in effect in Europe but handled differently by the 30 countries subject to it, see this helpful PDF. The post PwC Is the Winner of the 2022 Auditor Rankings, European Edition appeared first on Going Concern. You can snag the report from them here. pissing contests reports
Accounting Today
SEPTEMBER 28, 2023
Cybersecurity and human capital rank as the top risks among internal auditors around the world, according to a new survey.
Going Concern
JULY 19, 2023
Hong Kong is suffering from “a serious talent shortage” according to an article today in South China Morning Post and The Hong Kong Association of Registered Public Interest Entity Auditors (PIEAA) says accounting firms should start looking overseas.
TaxConnex
JULY 18, 2024
Proper documentation allows auditors to interpret and verify your financial transactions accurately. This can lead to auditors assuming transactions are taxable, or making historical projections or arbitrary assessments of taxable sales. This separation helps in clearly identifying and tracking sales tax amounts.
CPA Practice
OCTOBER 10, 2023
As the scale of emerging technology risks facing companies continue to multiply, IT auditors play a key role in identifying these threats and helping their organizations to navigate them. A new survey conducted by Protiviti and The Institute of Internal Auditors (IIA) reveals which risks are keeping IT auditors up at night.
Going Concern
APRIL 8, 2024
The Association of Chartered Certified Accountants (ACCA) recently published some results from a survey of more than 6,500 finance professionals , the bulk of them auditors, from 150 countries and while the entire thing is packed with fascinating (if predictable) results, two areas in particular are crying out to be highlighted.
Accounting Today
NOVEMBER 16, 2023
A recent survey has found internal auditors are optimistic about the economy and about the availability of talent going into 2024 despite ongoing risks in both areas.
ThomsonReuters
APRIL 30, 2024
Auditors rely on data review to ensure the reliability and integrity of financial statements. Auditors must ensure that financial statements are free from material misstatements and that all relevant information is included. It helps auditors identify errors, irregularities, and potential fraud.
CPA Practice
JUNE 27, 2023
The proposal includes changes to update aspects of AS 1105, Audit Evidence , and AS 2301, The Auditor’s Responses to the Risks of Material Misstatement. Auditors use technology-assisted analysis in many audit areas, including those involving significant risks of material misstatement to financial statements due to error or fraud.
Accounting Insight
AUGUST 3, 2023
ACCA (the Association of Chartered Certified Accountants), the Chamber of Auditors for Uzbekistan (COA) and the National Association of Accountants and Auditors of Uzbekistan (NAAAU) have signed a deal to work together. The three bodies will also look at working on capacity building projects. You can register for a free ticket here.
CPA Practice
MARCH 8, 2024
The Institute of Internal Auditors is currently reviewing the U.S. For internal auditors, the final rule involves new areas of review and assurance to the board regarding compliance with the new rule. Securities and Exchange Commission (SEC)’s newly-issued Climate Change Disclosure Rule.
CPA Practice
MARCH 7, 2024
The Institute of Internal Auditors is currently reviewing the U.S. For internal auditors, the final rule involves new areas of review and assurance to the board regarding compliance with the new rule. Securities and Exchange Commission (SEC)’s newly-issued Climate Change Disclosure Rule.
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