FraudFiles

NOVEMBER 12, 2021

Financial statement fraud impacts any person or organization that has a financial interest in the success or failure of a company. The manipulation of financial statements also affects employees. Sarbanes-Oxley required companies to make changes, and it also changed how independent auditors do their work.

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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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auditor audit accounting firms financial statements 61

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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auditor Technology audit financial statements 52

Going Concern

FEBRUARY 2, 2023

The firm messed up on one of its nine audits inspected, and it pertained to the financial statement audit only. 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%.

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auditor audit financial statements accounting firms 57

Going Concern

APRIL 22, 2024

Those of us who’ve worked or even simply seen behind the curtain of audit know the things he points out to be true — assurance is reasonable not absolute , financial statements are the responsibility of management not auditors, “finding fraud” is not the ultimate goal of audits — but do investors?

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audit auditor financial statements Education 104

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. Other ESG matters may not have any material effect on the financial statements.

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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. Such suggestions are false. In response, commissioner Hester Peirce tweeted (X’d?) and Congressman Jason Smith, R-Mo.,

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auditor Account accountant accounted 87

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. The mistake management makes is in believing that a financial statement audit will find fraud.

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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. Traditional financial statement audits were never designed to detect fraud. Nothing could be further from the truth.

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auditor audit financial statements accounting and finance 52

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. In the letter, Revolut requested changes to Reuters’ article on the financial statements, which the news agency declined to make.

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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

MARCH 24, 2023

EY, KPMG and the fallout of two accounting scandals [ Financial Times Opinion ] It is not just shareholders that have become ever more cautious in the wake of one of Europe’s largest accounting scandals. Auditors have done so too. Auditors Are Demanding Concessions in Split [ Wall Street Journal ] Ernst & Young’s renegade U.S.

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auditor audit Entertainment Real Estate 90

FraudFiles

JUNE 6, 2022

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. When companies change auditors, it can signal a few different things.

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auditor audit financial statements 52

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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CPA Practice

FEBRUARY 23, 2024

Auditors are poised to become crucial facilitators in the accounting and finance function’s adoption of AI and large language models (LLMs). Auditors are the Keystone for AI Integration The successful integration of AI has one essential requirement—a nuanced understanding of the model’s data origins and its interpretations.

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audit auditor accounting and finance Technology 114

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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auditor audit CPA accounting principles 109

CPA Practice

FEBRUARY 17, 2023

As part of the Checkpoint Engage family of products, Checkpoint Engage Single Audit provides auditors a seamless experience for financial statement audits of local governments, nonprofits, school districts, and HUD engagements, along with a host of other Thomson Reuters Cloud Audit Suite industry titles and applications.

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auditor audit accounting firms financial statements 52

Going Concern

OCTOBER 14, 2022

Where climate change isn’t global: auditing [ Financial Times Opinion ]. A longer, meatier report from auditors was introduced over the past decade in both the US and Europe. The post Friday Footnotes: Big 4 Nixes Legal Practices; EY Looks the Other Way; Auditors Get Lectured Again | 10.14.22 appeared first on Going Concern.

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auditor Legal audit South Carolina 81

ThomsonReuters

DECEMBER 8, 2023

How AI is transforming audit Traditionally, auditors have heavily relied on manual processes to uncover risk in financial statements and business operations. This allows auditors to focus on more complex and strategic aspects of their work, such as interpreting results and providing experience-based insights to clients.

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audit auditor financial statements Technology 98

Going Concern

MAY 5, 2022

On top of the overall pipeline issue, we’ve heard grumblings of auditor shortages for years. Bloomberg Tax wrote about the issue earlier this year citing the Great Resignation and a turnover rate double what it usually is as risks to financial statements themselves. The post Are Auditors Becoming as Hard to Find as a PS5?

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auditor audit cpas CPA 52

LSLCPAs

FEBRUARY 27, 2024

There’s no question that annual financial statement audits are sometimes considered a “necessary evil”. However, the feeling is often eased with familiarity of the process, familiarity with your Agency’s operations, and familiarity with your auditors. We (the auditors) like to think of them as even enjoyable!

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audit auditor cpas financial statements 59

Going Concern

APRIL 12, 2024

ICYMI: These are the most-read articles on Going Concern this week: Tax Preparer Finds Out in the Worst Way Possible That ERC Wasn’t a Free Money Glitch Survey Says: Which Group of Auditors Are Most Satisfied With Their Salaries? the auditor of Tesla Korea, about the company’s financial statements for last year.

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CPA Practice

MAY 2, 2023

There is a brand-new section that debuted today in PCAOB inspection reports of audit firms, and it is devoted to auditor independence. “We The auditor independence section will appear in reports for PCAOB inspections completed in 2022, beginning with eight reports that were released on Tuesday.

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audit auditor financial statements 111

Going Concern

JUNE 28, 2022

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.

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auditor audit CPA accounting principles 88

Anders CPA

JANUARY 9, 2024

FDICIA Requirements for over $500 Million in Assets After a bank has crossed $500 million in assets, the following additional FDICIA requirements will become effective: Comparative audited financial statements are due to the appropriate federal bank agency within 120 days after the fiscal year-end for non-public banking institutions.

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auditor audit financial statements CPA 64

Withum

SEPTEMBER 8, 2022

Audited financial statements are a cornerstone of the financial markets. 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.

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accounting principles auditor audit financial statements 119

PYMNTS

JANUARY 2, 2020

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.

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auditor accounting and finance audit Finance 52

PYMNTS

JUNE 18, 2020

Wirecard has postponed publication of its 2019 annual report after disclosing that its auditor can’t confirm the existence $2.1 Wirecard said in its statement that it will announce another date for its 2019 report’s release in the future. billion in trust accounts — or about a quarter of the value on the company’s books.

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auditor audit financial statements Account 52

CPA Practice

JULY 9, 2023

Advantage Audit is an audit planning aid and audit program series designed to help auditors comply with risk-based professional standards in a straightforward and efficient manner. AuditFile is the only complete, cloud-based, all-in-one engagement automation platform for public accounting professionals and internal auditors.

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audit auditor Technology financial statements 111

Airbase

JANUARY 31, 2023

The lead-up: Choosing auditors and timing. The audit probably took about 25% of my time personally — maybe even more once the auditors arrived.” What types of auditors are there, and how do you choose one? How do you decide what auditor to choose? KELLY: “The auditors will ask about processes and controls.

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audit auditor Spend Management Platform accounting and finance 130

SMBAccountant

DECEMBER 21, 2022

Auditors provide opinions on the accuracy and reasonableness of financial statements. Forensic accountants research financial transactions to uncover fraud. There are different types of accountants which specialize in different areas.

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bookkeeping managerial accounting Account accountant 130

TaxConnex

JULY 6, 2023

Speaking of the business cost beyond the taxman, non-compliance can compromise your company’s financial statement – and potentially doom future M&As and capital venture arrangements. An audit of one of your suppliers could also turn up one of your exemption certificates for something the auditor may think is taxable.

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auditor audit Tax Sales 130

Going Concern

APRIL 29, 2022

Less work for EY auditors? What about more accountability [ Financial Times ] “Quality before growth, quality before margin.” Colón said in an interview Tuesday the city was “essentially fired by its auditor.” Auditors Fire Messy Municipal | 4.29.22 But it is actually the new positioning from scandal-racked EY Germany.

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auditor audit Account accountant 52

Going Concern

APRIL 1, 2022

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. That’s one way to go. vice chair for PwC and U.S.

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Going Concern

FEBRUARY 27, 2024

“We had to have documentation for that asset, in addition to the auditors having to view those assets and count those assets,” said Gregory Koval, the assistant deputy commandant for resources, to Military.com in an interview. “So, The auditors used a substantive-based testing approach throughout FY 2022 and FY 2023.

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auditor audit bookkeeping financial statements 65

Withum

DECEMBER 19, 2023

Compliance Versus Financial Statement Audits It is easy to think that an audit is just an audit and they are all alike, but that is not true in this case. A CAP audit focuses on the financial and business aspects of a Union’s operations, but it is also designed to assess compliance with the LMRDA or CSRA.

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Withum

JULY 12, 2023

Whatever the case may be, you may need an audit of your financial statements. If you have been tasked to communicate with the auditors, you are aware of the many emails, phone calls, and documents that flow back and forth from the beginning to the end of the audit. Why these three documents?

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audit auditor Real Estate financial statements 52