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.

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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.

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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.

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CPA Practice

JUNE 7, 2023

The PCAOB on Tuesday introduced a proposal amending current PCAOB auditing standards related to the auditor’s responsibility to detect noncompliance with laws and regulations, including fraud, in the audit of a public company. Those very same investors are who we are here to protect. And that’s what we are doing today with this proposal.

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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 ].

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CPA Practice

AUGUST 29, 2023

The Institute of Internal Auditors (The IIA) – the internal audit profession’s leader in standards, certifications, education, research, and technical guidance worldwide – will host its annual Financial Services Exchange from September 11-12 in Washington, D.C., along with a virtual attendee option.

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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.

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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.

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Cherry Bekaert

MARCH 15, 2023

Author: Fred Nitting, Managing Director, Risk & Accounting Advisory Services Identifying the right internal auditor is a crucial business decision and professional CPA firms vary widely in terms of capabilities, resource availability, qualifications and much more. Ensure that you understand the answers they provide.

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Accounting Today

AUGUST 29, 2023

These are the first sanctions ever against a firm over independence violations because it's a member of an alliance where another firm did work for the same client.

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Going Concern

JULY 31, 2023

The PCAOB’s new rules would widen auditors’ responsibility to scrutinise whether a company is complying with laws and regulations, and to communicate more of their concerns to a company’s board of directors. The post Monday Morning Accounting News Brief: ‘Auditors Are Not Lawyers’; Big 4 Break Up?

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Going Concern

AUGUST 15, 2023

66,000 AUD is about $42,700 in US dollars so this year’s incoming auditors are getting base pay of about $43k USD and seniors $56.3k. This figure takes into account average pay increases and promotions, and is separate to base pay for most EY auditing staff not increasing in 2023. Here’s a handy chart AFR put together.

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auditor audit Start-ups account 52

Going Concern

MAY 19, 2023

Each received the same set of questions, aimed at measuring what share of crypto’s upper echelon employs a third-party auditor and has an independent board. Around half of the businesses surveyed currently engage an independent auditor to assess their finances, the findings showed. Chinese companies switch auditors to avoid U.S.

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Going Concern

APRIL 7, 2023

Auditors who think robust regulation of their sector is disproportionate deserve “the world’s smallest violin”, the head of the UK accounting watchdog has said. Thompson said that if auditors did not want to face such pressure, they should do a better job, these people added.

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FraudFiles

SEPTEMBER 20, 2021

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. How does a fraud go undetected by auditors?

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Going Concern

MARCH 31, 2023

auditors who believe their part of the firm could end up weakened by a deal. accountants and auditors last year climbed at their quickest pace in recent years, but industry observers say increasing pay alone may not be enough to remedy a national shortage of accountants. John King and Frank Mahoney, senior U.S.

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Going Concern

MARCH 24, 2023

Auditors have done so too. Adler, ditched by its auditor KPMG last year after the Big Four firm issued a disclaimer opinion for the 2021 results, has so far been unsuccessful in its search for a replacement. Auditors Are Demanding Concessions in Split [ Wall Street Journal ] Ernst & Young’s renegade U.S.

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ThomsonReuters

JANUARY 3, 2023

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. What challenges do auditors face today?

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LSLCPAs

FEBRUARY 13, 2023

Don’t wait until the last minute to get these five documents if you’re changing 401(k) auditors. The post Five Documents You Need If You’re Changing 401(k) Auditors appeared first on LSL CPAs. Accountants really do like to make people’s lives easier.

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Going Concern

FEBRUARY 2, 2023

If you include the last time Cohen & Company auditors screwed up an audit, which was in 2017, that’s two mistakes in the last 43 audits inspected, for a deficiency rate of 4.6%. The post Turns Out Cohen & Company Auditors Are Human After All appeared first on Going Concern.

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Going Concern

OCTOBER 11, 2022

bank customers — find it difficult to trust auditors when those auditors have been associated with a failed bank. His new article, “The Role of Audit Firms in Spreading Depositor Contagion,” argues that depositors perceive bank failure as an audit failure, which reduces their assessment of auditor credibility.

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Going Concern

APRIL 7, 2023

Big Four Auditors and Consultants Need Liability—And a Divorce [ Bloomberg Tax ] Part of the problem is the revolving door of personnel between the major accounting firms and the banks they purport to audit. and overseas” seeking further explanation about the auditor’s opinion. appeared first on Going Concern.

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TaxConnex

NOVEMBER 29, 2022

Unfortunately, there’s no playbook for determining the company profile that will attract a state’s auditors, but there are measures you can take to assess your exposure: Understand physical and economic nexus. ?Physical Also be careful who the auditor has access to and what areas of your business they have access to. First moves.

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Going Concern

JANUARY 20, 2023

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. PwC took over from KPMG in 2015 and was eligible to serve until 2034 subject to a competitive tender at the 10-year mark. In 2001, the Pentagon said it would address the issue by 2005.

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ThomsonReuters

DECEMBER 6, 2022

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? The future of ESG accounting.

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Going Concern

JANUARY 27, 2023

Big 4 EY auditors escape potential Wirecard sanctions after leaving profession [ Financial Times ] Germany’s audit watchdog closed investigations against four current and former EY auditors involved in inspecting collapsed payments firm Wirecard after they handed back their professional licences and left the profession earlier this month.

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FraudFiles

DECEMBER 28, 2020

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. Auditors make no assurances about whether or not fraud exists in a company. Accusations.

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FraudFiles

JANUARY 4, 2021

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. The audit is simply a process by which auditors check the company’s math and application of accounting rules.

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TaxConnex

SEPTEMBER 20, 2022

Always treat the auditor with respect and dignity. It’s also a good idea to assign one person from your company to manage the relationship with the auditor. Be careful about leaving the auditor alone in an environment where they have access to records or other employees. Not thinking you can work with an auditor.

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TaxConnex

APRIL 28, 2022

In years past, auditors could show up at your door asking to look at your records. Many audits are conducted remotely, and an auditor never visits your office. Auditors can tap different data sources to select audits more accurately based on the level of risk, and to use new tools to automate the repetitive tasks of an audit.

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Cherry Bekaert

AUGUST 18, 2023

Contact Us The post The Auditor of Public Accounts Oversight of Virginia Local Governments: Key Takeaways Impacting Your 2023 Audit and Financial Reporting appeared first on Cherry Bekaert. Discover our State & Local Government Services.

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CPA Practice

FEBRUARY 7, 2023

In the letter, Anthony Pugliese, CIA, CPA, CGMA, CITP, President and CEO of The IIA writes that “ although the recommended policy change minimally impacts the provision of internal audit services, it represents a significant departure from the regulatory status quo regarding the relationship between internal (auditors) and external auditors.”

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Going Concern

JUNE 29, 2022

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 long and short of it is, EY auditors trying to shortcut CPE took advantage of a software exploit.

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Going Concern

JULY 14, 2022

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. Blink twice if you need work-life balance, buddy.

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Going Concern

AUGUST 3, 2022

The post Here’s How Much Auditors and Consultants at Deloitte Australia Make appeared first on Going Concern. The gap differed by division, with a 2.2% gap in assurance and advisory and a 15.9% gap in consulting. Deloitte reveals minimum pay rates (managers start at $125,000) [ Australian Financial Review ].

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Going Concern

AUGUST 12, 2022

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. Here’s how recruiters and career experts recommend that you proceed.

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FraudFiles

JUNE 6, 2022

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. Learn more in this video.

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