Going Concern

APRIL 30, 2024

It’s been almost six years since the Canadian government legalized recreational cannabis and ever since, a microcosm of financial reporting and auditing has been growing (no pun) beside it. Note that many companies switched auditors so not all fees listed went to the current auditor.) billion Canadian dollar ($3.7

auditor 104

auditor audit Legal Tax 104

Going Concern

FEBRUARY 17, 2023

.” Big Four: EY, Deloitte, KPMG, and PwC step on law firms’ toes increasing legal revenue to £1.25bn [ City A.M. ] The Big Four accounting firms – EY, Deloitte, KPMG, and PwC – are capturing an ever-larger share of the global market for legal services.

Legal 98

Legal audit auditor South Carolina 98

Going Concern

MAY 27, 2022

Bankrupt former KPMG partner sues law firm over job loss [ Financial Times ] A former KPMG partner who went bankrupt after investing in French ski chalets is suing law firm Herbert Smith Freehills for allegedly causing him to lose his job by tipping off the accounting group about his debt problems when he asked for legal advice.

auditor 97

auditor audit accounting standards Technology 97

TaxConnex

FEBRUARY 27, 2024

million accountants and auditors in the U.S. There’s another consideration for going in-house: The legal liability is all yours if you miss a compliance matter. Are they experienced with auditors? The accounting education pipeline is drier than ever even as accounting degrees require many additional course hours. in 2022, up 1.3%

Sales 219

Sales Tax Account accountant 219

TaxConnex

SEPTEMBER 20, 2022

Always treat the auditor with respect and dignity. It’s also a good idea to assign one person from your company to manage the relationship with the auditor. Be careful about leaving the auditor alone in an environment where they have access to records or other employees. Not thinking you can work with an auditor.

audit 191

audit Sales Tax auditor 191

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.

audit 114

audit auditor accounting and finance Technology 114

ThomsonReuters

SEPTEMBER 22, 2023

recruitment and/or hiring tool, then carefully review the contract to understand what, if any, indemnities or other protections you’re getting from a vendor to understand your legal risks should a legal challenge to your use of A.I. The post Legal Expert: Employers Should Conduct Regular Auditing of A.I.

Legal 52

Legal audit payroll Technology 52

PYMNTS

FEBRUARY 6, 2020

While opportunities for supply chain finance and dynamic discounting can be found across verticals, demand for these capabilities is particularly high in the corporate legal services industry. “It’s a very symbiotic relationship between the in-house legal department and outside counsel,” he told PYMNTS in a recent interview.

Legal 52

Legal accounts payable accounting and finance Finance 52

TaxConnex

APRIL 25, 2024

There’s another consideration for going in-house: The legal liability is all yours if you miss a compliance matter. Are they experienced with auditors? What resources will your people need to handle this responsibility? What will be their reaction to the new workload – and your potential cost of employees quitting down the road?

Sales 200

Sales Tax accounting and finance auditor 200

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?

audit 115

audit auditor financial statements Education 115

Going Concern

MAY 20, 2024

PwC is facing legal action claiming the accountancy firm is liable for the alleged rape of a graduate employee following after-work drinks. Auditors are required to include a going-concern warning if they believe there is a risk that the company may go bankrupt, rather than making a prediction that it will. TL;DR It’s about time!

audit 101

audit auditor Account accountant 101

MyIRSRelief

JANUARY 7, 2024

The auditor will request various documents, such as payroll records, bank statements, contracts, and other business records. Time-Consuming Process: Audits can be time-consuming, requiring you to gather extensive documentation and communicate with the auditor. Will the EDD auditor come to my business location?

audit 130

audit payroll tax Tax auditor 130

Going Concern

NOVEMBER 24, 2023

Bonuses will also be cut, with staff in KPMG’s 2,900-strong tax and legal arm receiving 55 per cent of the full amount that could have been paid, an insider said. Internal audit is not a mandated profession within Australia so the law does not require people who practice as internal auditors to be members of an association.”

auditor 111

auditor audit tax return cpas 111

Going Concern

AUGUST 22, 2022

PwC is being sued by a 28-year-old auditor who claims he suffered a serious head injury after attending a work event that involved an “excessive” drinking game of pub golf. Let’s talk legalities, drug tests, and relief. Firms might try to get you back in the office after Labor Day. PwC is lowering its hiring standards.

auditor 57

auditor Account accountant accounted 57

CPA Practice

AUGUST 15, 2023

Snodgrass —failed to obtain audit committee pre-approval in connection with providing audit and/or non-audit services to issuer audit clients, in violation of PCAOB Rule 3520, Auditor Independence , and for two of the three firms (BPM and Plante Moran) PCAOB Rule 3524, Audit Committee Pre-Approval of Certain Tax Services.

audit 98

audit auditor accounting firms cpas 98

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.

CPA 101

CPA auditor Tax audit 101

ThomsonReuters

MARCH 19, 2024

To justify contesting a sales tax audit over documentation issues, Bobby says a company must first believe it has the invoice(s) or exemption certificate(s) to prove to auditors that their assessment is invalid. But suppose you bought 1,000 compressors in 2024, and you know auditors will raise the same tax issue in the future.

audit 52

audit Sales Tax auditor 52

SMBAccountant

OCTOBER 21, 2020

Bad Debt – both actual and estimated losses from uncollectible accounts receivable including collection costs and legal costs are not allowed. DCAA provides an excellent online reference tool, the Selected Area of Cost Guidebook, for contractors and auditors alike to review costs for allowability.

Government 246

Government general ledger Account accountant 246

Going Concern

MARCH 15, 2024

The NYT report’s focus was that private auditors from large firms failed and consistently missed child labor law violations. Auditors moved quickly and left before children arrived for overnight shifts, or they were not sent where minors worked.

auditor 112

auditor audit cpas Iowa 112

Going Concern

OCTOBER 27, 2022

.” The administrators, whose job it is to find some funds to repay NMC creditors, say EY auditors did not detect that NMC’s accounts were fraudulently misstated to the tune of a couple billion dollars. Dr. Shetty is NMC’s founder and he has his own, separate but related legal problems. The administrators say that $1.5

audit 96

audit auditor Legal Transportation 96

Cherry Bekaert

MAY 26, 2023

IT auditors must ensure that organizations have appropriate controls in place to mitigate these risks. IT auditors must ensure that organizations have effective cybersecurity controls in place to prevent and detect cyberattacks. Governing bodies such as the U.S.

Technology 92

Technology audit auditor Legal 92

Anders CPA

FEBRUARY 6, 2024

Engaging a local firm to handle the audit traditionally results in the auditor’s presence in your office, which can cause disruptions to daily operations. Engaging with a fully remote 401(k) auditor may help you find an auditor quickly to comply with regulations , helping you avoid costly fines and other late fees.

audit 64

audit auditor Education Legal 64

CPA Practice

APRIL 10, 2024

In a recent Robert Half survey, 65% of companies said they plan to hire entry-level professionals, generally defined as individuals with 0-2 years of experience, in early 2024.

auditor 98

auditor accounting and finance Legal Finance 98

Going Concern

MARCH 8, 2024

Deloitte Legal Chief Sees Opportunity in GCs’ Need to Modernize [ Bloomberg Law ] GC = general counsel The new global head of Deloitte’s legal services arm said he’s focused on delivering more integrated consulting to general counsel while acknowledging the Big Four’s entry into legal services has gone slower than many anticipated.

audit 82

audit auditor New York Legal 82

Menzies

DECEMBER 6, 2023

In addition to maintaining their ‘independence’ so to give a fair view of any audited accounts, the auditor should make sure they are questioning the information they are given and apply some ‘professional scepticism’ to the audit process whilst also seeking corroborating evidence at the appropriate time.

audit 52

audit auditor accounting and finance chartered accountant 52

CPA Practice

APRIL 9, 2024

Bureau of Labor Statistics estimates employment of accountants and auditors to grow by about 4% each year through 2032, with an annual number of job openings expected to be about 126,500. The number of graduates in the U.S. Compounding the problem is the increased demand for accountants.

cpa firm 122

cpa firm CPA Technology Legal 122

Going Concern

MAY 13, 2024

We moved the requirements addressing the engagement partner’s responsibility for due professional care into a separate paragraph to highlight the important role engagement partners play and to help draw a distinction between the responsibilities applicable to all auditors and those that are incremental for engagement partners.

Oregon 83

Oregon Account accountant accounted 83

Going Concern

FEBRUARY 23, 2024

Q: What advice would you give your student working on their first project as qualified auditor? Circuit Court of Appeals as the court weighs a shareholder petition, opens new tab to revive a class action claim against BDO for allegedly making false statements in the auditor’s 2013 certification of AmTrust’s financials.

CPA 102

CPA Illinois auditor Iowa 102

TaxConnex

MARCH 21, 2024

Auditors slapped Amazon with some $12.5 The New York Tax Appeals Tribunal has affirmed an Administrative Law Judge’s ruling that there was no legal basis for a taxpayer to claim a credit for sales tax refunded at the end of a lease because the statute required that tax be paid at the beginning of the lease term.

South Carolina 194

South Carolina Sales Tax Alabama 194

Going Concern

JULY 17, 2023

KPMG Nederland director Marc Hogeboom is also stepping down as boss of the accounting arm, but remains an auditor and partner at KPMG. Faribault County in Minnesota is short-staffed : With county auditor/treasurer Jessica Blair’s last day on the job, Aug. Overall, the average job using the skill pays $146,244.

Account 84

Account accountant accounted auditor 84

CPA Practice

APRIL 11, 2024

In addition to the pilot program’s dubious legality, there are many fiscal and prudential reasons not to trust the IRS with this new responsibility. The IRS wants to eliminate Americans’ reliance on private-sector tax-preparation services. Neither does a Direct File system seem likely to provide a valuable service to taxpayers.

South Dakota 98

South Dakota audit tax preparation Legal 98

Going Concern

MAY 28, 2024

Nearby, a Canadian firm is elbowing its way into the United States : Melo, a Leamington, Ontario, Canada-based accounting, tax, legal, and financial advisory firm, has acquired Edwards, Ellis & Associates, which has offices in Troy and Ann Arbor (Michigan). The deal will be Katz, Sapper & Miller’s entry into the Ohio market.

audit 67

audit Hospitality Account accountant 67

Airbase

DECEMBER 6, 2023

It’s possible to arrange approval milestones in a sequential order if needed, but they can also have accounting, FP&A, and legal review at the same time. A cleaner audit trail: Airbase’s ability to automatically create an audit trail for every transaction is essential for Doximity — and their auditors appreciate it. “Our

NetSuite 130

NetSuite NetSuite Integration accounting and finance AP Automation 130

CPA Practice

APRIL 25, 2024

So you know, in terms of Brian, I know you’ve introduced yourself for years as a recovering auditor. And I can tell you that we’ve worked for years trying to hire additional internal auditors, we had the budget, we couldn’t find the people. And, you know, along the line, then, if it’s an audit related piece, they’re in it.

Technology 111

Technology audit Account accountant 111

Going Concern

MARCH 22, 2023

Shetty, who is in his own legal trouble, is himself suing Bank of Baroda, EY and Credit Europe Bank of the Netherlands in a New York court for $8 billion in damages. billion claim against Big Four auditor EY for alleged negligence. for audit negligence with regards to its work with the company between 2012 and 2018.

audit 93

audit auditor Legal Healthcare 93

Going Concern

APRIL 14, 2023

Investors are left to navigate a field of potential landmines in the enormous roster of clients that the Big Four boasts, where auditor independence is understandably in question. Auditors are tasked with reassuring investors that the companies they invest in are financially healthy, and warning them if they’re not.

Tax 103

Tax auditor audit accounting firms 103

Going Concern

JUNE 23, 2023

Audit “When you are a hammer, the world is a nail” – SEC and PCAOB Senior Staff Signal Increased SEC and PCAOB Gatekeeper Enforcement [ Lexology ] SEC Enforcement and PCAOB Enforcement both are pursuing more significant sanctions against auditors, particularly with respect to civil money penalties. 31 is still not finished.

cpa firm 103

cpa firm CPA auditor North Carolina 103