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Friday Footnotes: How to Add ChatGPT to Excel; RSM Wins Awards; Auditor Independence Pitfalls | 4.7.23

Going Concern

[ Wall Street Journal ] A tap story from WSJ says accountants and writers are among the jobs that could be most affected by AI tools (*gulp*) Big 4 March people moves: KPMG, Deloitte, PwC make senior hires [ AccountancyAge ] Musical chairs across the pond. and overseas” seeking further explanation about the auditor’s opinion.

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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

HSBC announced on Friday that it had decided to reappoint PwC following a tender process that was required because the Big Four firm will have served for 10 years by the time it signs the 2024 accounts. The HSBC audit is by a distance the most expensive on the London Stock Exchange ahead of those at Barclays and Shell.

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Revised ISA (UK) 315

Menzies

Menzies LLP - A leading chartered accountancy firm. Overview of change for auditors: The changes to the standard require a much more granular based risk identification and assessment process, which means that auditors will have to significantly revise their audit approach in order to meet these comprehensive requirements.

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Friday Footnotes: Burner Phones For Big 4 Firms; Mandatory Unpaid Leave Rumors; CISOs Hate on CPAs | 12.1.23

Going Concern

PwC’s vulnerability exposed as head of its risk and ethics duped by a fake email account [ The Australian ] Meanwhile, in Australia, PwC’s head of risk fell for a fake email. Chartered* accountancy? Chartered Accountancy. million in fines the PCAOB has hit auditors with in calendar year 2023.

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How to enhance the audit experience

Menzies

Menzies LLP - A leading chartered accountancy firm. Even so care is needed in the implementation of any changes to ensure SMEs are not the victims of unintended consequences, this has been given a cautious welcome by some auditors. The key to driving value from the audit process is enhancing the overall experience.

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The KPMG Australia Cheaters Have Been Disciplined, Much Slapping of Wrists All Around

Going Concern

Back in May Australian Financial Review reported that 12 of the 422 KPMGers who took part in systemic exam cheating would be put through the Chartered Accountants ANZ individual disciplinary process. Update on investigation into internal training misconduct at KPMG Australia [ Chartered Accountants Australia and New Zealand ].

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Dutch KPMG Cheaters Might Get a Call From the PCAOB

Going Concern

KPMG Nederland director Marc Hogeboom is also stepping down as boss of the accounting arm, but remains an auditor and partner at KPMG. The moral cowardice in public accounting worldwide just stuns me sometimes. It took ONE person informing senior mgmt to bring this out, same as in the US. SEC order on that here.

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