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The value of audit certification and what it means for tax firms

ThomsonReuters

Driven 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, companies are increasingly setting their sights on ESG-related initiatives, such as audit certification. In fact, an article by global management consulting firm McKinsey and Co.,

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Friday Footnotes: KPMG’s Idea of a Fun Summer; IRS Eats Their Homework; Downsized GT Downsizes | 5.13.22

Going Concern

Junior KPMG auditor ‘should not lose his home’ for misleading regulator, says tribunal [ Financial Times ] A former junior KPMG auditor should not receive a fine so large it could force him to sell his matrimonial home, a tribunal has said. ” COVID-19 has negatively impacted how auditors work [ Phys.org ] Duh?

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Friday Footnotes: For the Last Time, Salaries Are Too Low; NOCLAR Is Back; Big 4 Beat Up Again | 3.1.24

Going Concern

The median pay advertised for entry-level management consulting and financial analyst roles, by contrast, was $70,000 and $75,000, respectively. If adopted, the proposal would strengthen auditor requirements to identify, evaluate, and communicate possible or actual noncompliance with laws and regulations.

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Friday Footnotes: Deloitte Partner Scammed By Other Deloitte Partner; Big 4 Legal Grows; A $3.5 Billion Error | 2.17.23

Going Concern

KPMG to cut about 200 staff amid consulting work slowdown [ Australian Financial Review ] This is separate from KPMG US layoffs announced earlier this week. Agency for International Development (USAID) are pressing for the deployment of auditors to Ukraine to monitor the distribution of aid, according to The Wall Street Journal.

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Friday Footnotes: Eff You, Pay Me; KPMG is Reading Your Thoughts; EY Adds Meme Coins to Blockchain Tech | 2.24.23

Going Concern

More than 90% point to hiring and retaining skilled accountants and auditors. That’s the finding of two newly released reports by leading software provider Caseware International, which surveyed more than 6,000 accountants and auditors globally. actions involved 19 auditors and audit firms in seven countries outside the U.S.”

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Friday Footnotes: Working 100 Hours a Week (For Real); 99% of Firms Short on Staff; The EY Power Struggle | 8.4.23

Going Concern

Technology With generative AI, start with the basics, EY tells CFOs [ CFO Dive ] The best thing for CFOs today is just “take a look at their operations,” Michael Kelly, partner and management consulting consultant at Big Four accounting firm Ernst & Young said. Shares of Digital World slumped as much as 10% Wednesday.

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Friday Footnotes: How EY Fights Poaching; Lack of Staff Is Closing Doors; Accounting to Biglaw? | 11.25.22

Going Concern

The Financial Reporting Council’s Audit Quality team has issued a notice of a proposed sanction on Deloitte, proposing a regulatory penalty of £440k after it was determined that the Big Four firm failed to comply with the auditing framework in its audit of a listed company’s 2018 financial statements. Ron Guzior, BST & Co.

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