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When a Bank Fails, People ‘Lose Faith’ in the Auditors

Going Concern

bank customers — find it difficult to trust auditors when those auditors have been associated with a failed bank. Via KU (Kentucky University) News : The word “audit” has a different meaning depending on whether you’re an individual or a bank. This leads to lower deposit growth at banks with the same auditor.

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What was new in September for state sales and use taxes

TaxConnex

Auditors reported problems with the Louisiana Sales and Use Tax Commission for Remote Sellers. Kentucky has released a “Sales Tax Facts” sheet detailing services that become taxable as of Jan. Overall sales tax collections remain above pre-pandemic baselines in most states, even if the rate has slowed. Blue bayou.

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Friday Footnotes: Tim Ryan Works Too Hard; Fake CPA Gets Violent Over QuickBooks Files; PwC PR | 10.20.23

Going Concern

Tennessee’s largest CPA firm announces expansion into Kentucky [ The Tennessean ] One of the Nashville area’s top-ranked business consulting firms is expanding its services to Kentucky. Many records and documents requested by auditors were not provided by Williams and had been transferred to his personal laptop.

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Friday Footnotes: EY Doesn’t Regret a Return to Office; Consulting Cut Backs; AI Will Not Replace Accountants | 8.11.23

Going Concern

MCM CPAs & Advisors Joins Cherry Bekaert [ PR Newswire ] Cherry Bekaert (the Firm) is pleased to announce the completion of an acquisition transaction with MCM CPAs & Advisors LLP (MCM), a large regional accounting and advisory firm headquartered in Louisville, Kentucky, providing highly specialized services to a broad range of clients.

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Friday Footnotes: Fired Accountant Spills the Dirty Laundry; Scandals of Yore; Gen AI For Good | 1.26.24

Going Concern

How AI is transforming audit [ Thomson Reuters ] In the past, auditors have heavily relied on manual processes to uncover risks in financial statements and business operations. This allows auditors to shift attention to more complex and strategic work, like interpreting results and offering experience-based insights to clients.

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Monday Morning Accounting News Brief: Eff You, Pay Us; Let’s Complain About Auditing Again; RIP to a Real One | 8.14.23

Going Concern

In this environment of increased scrutiny of auditors, audit firms must double down on a culture of integrity and ensure that they have quality control systems in place to enforce compliance. There’s not any sort of regulation around who can be an auditor ,” Rood said. “My My guess is that changes … but that doesn’t exist today.”

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Accountants Behaving Badly: Kickback Schemes, Hiding Money From the IRS, Embezzlement Spree

Going Concern

Plus, Pennsylvania accountant loves tax evasion, North Carolina CPA indicted on securities fraud charge, and Kentucky accountant gets jail time for sex trafficking. Delaware Auditor Dodges Felony Charges, Guilty of Misconduct [ Associated Press ]. Accountant sentenced to prison for role in doctor-bribery scheme [ Press-Telegram ].