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.

auditor 130

auditor audit tax return Construction 130

RogerRossmeisl

JULY 27, 2021

Tax auditors are adept at rooting out inconsistencies, omissions and errors in taxpayers’ records, as illustrated by one recent U.S. In some cases, taxpayers have incomplete documentation or try to create records months (or years) later. In doing so, they fail to meet the strict substantiation requirements set forth under tax law.

auditor 246

auditor CPA Tax cpa firm 246

RogerRossmeisl

JUNE 26, 2022

Originally issued in 2004, the purpose of the Audit Techniques Guide (ATG) was to offer guidance to IRS auditors auditing cost segregation studies. The post IRS Releases Updated Cost Segregation Audit Techniques Guide appeared first on Roger Rossmeisl, CPA. It does however provide an inside look at how the IRS views this subject.

audit 246

audit auditor CPA Tax 246

CPA Practice

NOVEMBER 11, 2024

Over a period of several years, JTC Fair Song CPA Firm, a public accounting firm located in Shenzhen, the People’s Republic of China, repeatedly failed to make required filings in accordance with PCAOB rules, the audit regulator said. 8 for repeated violations of U.S.

audit 111

audit cpa firm auditor public accounting 111

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 Consider using a specialist such as a CPA or sales-tax expert. Have your data organized and prepared for the auditor.

audit 262

audit auditor general ledger Non-Profits 262

Going Concern

JANUARY 9, 2025

AARP The Council of Institutional Investors Hmm there’s a pattern here I just can’t put my finger on it… Conway’s position is that the large audit firm staffing model is a mismatch for the complexity auditors are expected to master. This is not the staffing model we would adopt if we were starting from scratch.

audit 125

audit auditor Education accounting firms 125

Going Concern

JANUARY 3, 2025

The series is called Journeys of Accountancy and features accountants who, for example, work for a CPA firm specializing in the legalized cannabis industry in California, an accounting software company that serves the funeral industry, and a company that provides compliance services to the gaming industry.

auditor 98

auditor audit Rhode Island cpa firm 98

CPA Practice

NOVEMBER 19, 2024

A new analysis of audit committee disclosures of companies in the S&P 1500 reveals a plateau in disclosure rates across several areas important to investors, including considerations in appointing or reappointing the external auditor, length of auditor tenure, and how the audit committee evaluates audit fees in relation to audit quality.

audit 111

audit auditor Government 111

Going Concern

NOVEMBER 1, 2023

CPA Ontario announced yesterday Deloitte will be paying $1.59 million USD) in fines and costs for breaches of the CPA Ontario Code of Professional Conduct (Rule 501 and 502). CPA Ontario announced yesterday Deloitte will be paying $1.59 This is not the kind of behavior we expect from our friends in the north! million ($1.15

auditor 138

auditor audit CPA Account 138

RogerRossmeisl

JULY 17, 2022

Fraud risk assessments generally are conducted by internal auditors, either on a standalone basis or as part of a comprehensive enterprise risk management program. The post Risk Assessments are a Critical Anti-Fraud Tool appeared first on Roger Rossmeisl, CPA. When and why?

auditor 246

auditor CPA 246

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.

auditor 116

auditor audit Government Transportation 116

CPA Practice

MAY 12, 2025

The PCAOB has posted a brand-new set of staff presentation videos designed to help audit firms and auditors implement four areas of their quality control system under QC 1000,A Firms System of Quality Control.

auditor 52

auditor audit accounted Account 52

Withum

JANUARY 30, 2025

The accelerated and large accelerated filers are required to comply with SOX 404(b) requirement, which mandates external auditors opinion on ICFR. Engage a qualified CPA firm and align on prioritization of financial statement areas for GAAP compliance. All publicly traded companies in the U.S.

audit 100

audit financial statements auditor accounting principles 100

CPA Practice

DECEMBER 3, 2024

The two firms operate as separate legal entities in an alternative practice structure: UHY LLP is a licensed independent CPA firm that performs attest services, while UHY Advisors provides tax and business consulting services through subsidiary entities.

Non-Profits 111

Non-Profits tax consultant cpa firm auditor 111

Going Concern

FEBRUARY 6, 2025

The AICPA Code of Professional Conduct has had robust protections in place regarding outside investment in CPA firms for more than 25 years. Only licensed CPA firms can provide attest services, with clearly defined firewalls required for investors taking a piece or outright control of an entity that provides only non-attest services.

audit 91

audit auditor cpa firm CPA 91

CPA Practice

NOVEMBER 13, 2024

Wolters Kluwer, a provider of information, software, and services for professionals, has collaborated with The Institute of Internal Auditors’ Internal Audit Foundation on a research report: Harnessing Generative AI for Internal Audit Activities.

audit 111

audit auditor Government 111

CPA Practice

APRIL 7, 2023

In 2021, there was a 17 percent drop in employed accountants and auditors from a 2019 peak, according to a Bloomberg Tax analysis. With an onslaught of economic disruptions and complexities on their plate, a CPA shortage proves especially burdensome for middle market companies.

accounting firms 139

accounting firms CPA Technology accounted 139

CPA Practice

DECEMBER 9, 2024

Staff report The latest edition of the Public Company Accounting Oversight Board (PCAOB) Audit Focus series provides staff insights for auditors on audit committee communications. The new series of PCAOB staff guidance is intended to provide easy-to-digest information to auditors, especially those who audit smaller public companies.

auditor 52

auditor audit Account accounted 52

Withum

MAY 5, 2025

Make sure you inquire regarding what types of internal process documentation would need to be documented for auditor review. First, the company should communicate with the auditors their process for maintaining and recognizing revenue (for more on revenue recognition, refer to the Technical Memos section below ASC 606 Revenue Recognition).

financial statements 71

financial statements audit auditor general ledger 71

RogerRossmeisl

JUNE 19, 2023

Tax auditors are adept at rooting out inconsistencies, omissions and errors in taxpayers’ records, as illustrated by one recent U.S. The post Keep These DOs and DON’Ts in Mind When Deducting Business Meal and Vehicle Expenses appeared first on Roger Rossmeisl, CPA. Tax Court case.

auditor 221

auditor CPA Tax business tax 221

CPA Practice

APRIL 3, 2023

In 2021, there was a 17 percent drop in employed accountants and auditors from a 2019 peak, according to a Bloomberg Tax analysis. With an onslaught of economic disruptions and complexities on their plate, a CPA shortage proves especially burdensome for middle market companies.

accounting firms 135

accounting firms CPA Technology accounted 135

CPA Practice

JANUARY 17, 2023

In the last few years there has been a shortage of critical skills with regards to the accounting profession and especially in the output of North American and European professionals with CPA, EA and CMA qualifications. This is where skilled CPA, CMA AND EA professionals shine. Each state’s Board of Accountancy issues the CPA license.

cma 126

cma CPA accounting and finance public accounting 126

Going Concern

JANUARY 1, 2025

AICPA creating more barriers to entry; not for the people, poor CPA exam procedures Pay gaps at intermediate experience levels. As well as hurting CPA culture in process. Add on a CPA cert that takes a year to study for and obtain. Skills gaps caused by pandemic, technology (AI included) and hybrid work environment.

accounted 105

accounted Account accountant cpas 105

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.

auditor 109

auditor audit financial statements Legal 109

Going Concern

OCTOBER 18, 2024

SEC’s Dropped Auditing Charges Shows Damage of Jarkesy Decision [ Bloomberg Law ] The Securities and Exchange Commission’s recent decision to drop misconduct charges against a handful of auditors proves the SEC v. They’ve already sifted out the riff-raff, these are the good ones.

audit 104

audit auditor New York accounting and finance 104

CPA Practice

NOVEMBER 10, 2023

State CPA Societies in Action is a series of articles spotlighting the varied educational, advocacy, networking and professional activities of the state CPA societies across the U.S.] However, there has been a slight pickup of pre-CPAs, which has been encouraging.

Ohio 115

Ohio cpas CPA Non-Profits 115

CPA Practice

OCTOBER 2, 2023

However, it doesn’t mean CPA firms are finding it any easier to staff available positions — or hold on to the valued employees they already have in place. This finding is not surprising in a profession where unemployment rates for many in-demand roles, including accountants and auditors, typically trend well below the national average.

accounting and finance 128

accounting and finance cpa firm CPA Finance 128

Going Concern

FEBRUARY 17, 2023

It was only a couple days ago that the Journal of Accountancy published an interview with NASBA CEO and President Ken Bishop in which Bishop sternly warns states against even thinking about lowering the CPA licensure requirement to 120 units, something something mobility blah blah. The MNCPA initiative does not lower the bar to become a CPA.

Minnesota 119

Minnesota CPA Education cpas 119

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.

auditor 115

auditor audit accounting firms public accounting 115

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.

auditor 98

auditor audit Education CPA 98

CPA Practice

NOVEMBER 19, 2024

By Jeff Gramlich, CPA, CITP In today’s audit landscape, we’re witnessing the early stages of an AI revolution. The evolving role of auditors Future auditors aren’t being replaced—they’re being empowered. New areas of expertise: Today’s auditors are developing expertise in: AI systems governance: Who audits the AI?

auditor 52

auditor audit Technology CPA 52

AdviceForTaxpreparers

SEPTEMBER 8, 2020

by Bill Meador, CPA, JD. Having been a CPA since 1992, I have been through more tax seasons that I want to remember. Issue 3: I am an accounting major, auditor, or I don’t have enough experience in tax to promote the book. Bill Meador, CPA, JD. Latest posts by Bill Meador, CPA, JD ( see all ). That’s fine.

tax preparation 246

tax preparation Tax cpa firm tax return 246

Going Concern

NOVEMBER 8, 2024

They don’t even have time to sit for their CPA exam because they’re working so many hours.” However, the town claims it is not able to act on one of the recommendations by auditors. “It made recruiting a lot easier,” Rojas says. We’re still getting a lot of recruits who are remote and coming from the big firms who are just burnt out.

Florida 98

Florida Mississippi audit auditor 98

CPA Practice

NOVEMBER 1, 2023

CPA firm leaders outlining staffing plans for the coming year can’t help but worry if they will hit their hiring goals. And unemployment rates for in-demand roles, like accountants and auditors, are typically well below the national average.

cpa firm 115

cpa firm CPA accounting and finance auditor 115

CPA Practice

JANUARY 24, 2024

If employee retention isn’t already a priority focus for your CPA firm, you may want to make it one — and soon. The latest Salary Guide From Robert Half reports that the CPA is a credential in high demand. So, there’s no time to waste in stepping up your retention efforts to hold on to valued staff at your CPA firm.

cpa firm 116

cpa firm CPA accounting and finance Finance 116

Going Concern

OCTOBER 20, 2023

Local CPA weighs in on accountant shortage [ WMDT ] The Salisbury, MD news spoke to a UHY partner about the issue. CPA at UHY Group Mark Welsh tells 47ABC that recruiting slowing down has meant firms are turning to AI, Bots, and international workers to help fill demand, raising prices as much as ten percent for end-users. Welsh said.

CPA 111

CPA quickbooks Real Estate auditor 111

TaxConnex

DECEMBER 21, 2021

And it’s especially hard to find professionals who know taxes: Finding qualified staff is an enduring, front-burner concern that continues to challenge even CPA firms this year. You can outsource to a variety of software companies, CPA firms and other specialty firms, but again you must ask questions: What’s the vendor’s focus?

Sales 245

Sales Tax cpa firm CPA 245