UBS picks EY as main auditor for Credit Suisse combo
Accounting Today
JULY 17, 2023
The audit fee for the combined group is expected to be less than the sum of the standalone audits, but would still be one of the highest in global banking.
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Going Concern
MAY 5, 2022
On top of the overall pipeline issue, we’ve heard grumblings of auditor shortages for years. The PCAOB is watching , too, concerned about the obvious audit quality problem that arises when your already overworked auditors are now doing the work of 10 people instead of a more modest three to four. Photo by Kate Trifo.
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TaxConnex
DECEMBER 23, 2021
The Sales Tax Institute reports that Maine, Illinois, California, Massachusetts, Wisconsin and Washington have been the most aggressive states in sending notices and audit requests. Auditors know that competitors tend to have similar business models and that some industries are more susceptible than others to tax deficiencies.
CPA Practice
FEBRUARY 23, 2023
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. Responses were gathered from more than 4,100 accountants and 2,300 auditors.
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. The office was dark.
Going Concern
AUGUST 2, 2023
In response to these changes, auditors are required to implement new procedures to determine if the companies’ new policies adequately meet the standards. Increases in audit complexity resulted in additional effort from external auditors. Higher-risk audits require more auditor resources (hours, personnel, specialists, etc.)
TaxConnex
FEBRUARY 3, 2022
Bad luck for one, or a customer of yours undergoing their own audit might produce one of your invoices, resulting in the auditor possibly contacting you for an exemption certificate or other documents. An audit of one of your suppliers could turn up one of your exemption certificates for a transaction that the auditor may think is taxable.
Going Concern
APRIL 1, 2022
in accounting [ Accounting Today ] Some of the main job gains occurred in leisure and hospitality, and professional and business services, along with retail trade and manufacturing. The post Friday Footnotes: No Foolin’ Here; 18,000 New Accounting Jobs; Skills Auditors Need NOW to Be Future-Ready | 4.1.22 Ah, memories.
Cherry Bekaert
APRIL 4, 2024
To qualify for these energy tax credits, there are specific requirements that a taxpayer must meet, so it is wise to consult a tax professional before submitting a claim.
Going Concern
APRIL 29, 2022
This burnout is a top factor driving women away from their employers: nearly 40% of women actively looking for a new employer cited it as the main reason. Less work for EY auditors? Colón said in an interview Tuesday the city was “essentially fired by its auditor.” Auditors Fire Messy Municipal | 4.29.22
Going Concern
DECEMBER 10, 2022
The PCAOB should be dropping the first batch of 2021 inspection reports soon, and as an appetizer before the main course, the audit cops issued a report Dec. Auditors didn ’t identify and test controls relevant to the assessed risk of material misstatement. inspection observations).
Going Concern
JANUARY 9, 2023
A PCAOB inspections leader offers his insight to auditors at a conference: “The role of the financial statement auditor and the auditing profession continues to be a noble endeavor that has never been more needed and vital to our economic stability and the well-being of our capital markets,” said George Botic, CPA.
ThomsonReuters
MARCH 16, 2023
The reality is that the face of audit is changing , and today’s auditors are expected to be well-versed in a variety of disciplines. T he modern auditor must bridge the gap between business insights and innovative technology. What are the main types of audits? What are the main types of audit software?
Going Concern
FEBRUARY 9, 2023
Henson, Mercy Hospital, and Northern Light Health, which owns Mercy Hospital and nine other hospitals in Maine, in April 2021, according to the Bangor Daily News. The Bangor Daily News reported: Smith, a graduate of Temple University, was living in Portland temporarily on assignment from his employer KPMG as an auditor when he fell ill.
CPA Practice
MAY 18, 2023
There’s plenty of accounting jobs out there that need to be filled— more than 300,000 accountants and auditors have left the profession in the past few years. One of the biggest questions currently being asked by many throughout the accounting profession is, “How can we make accounting more appealing to students?”
CPA Practice
OCTOBER 4, 2023
The roundtable will take place on Wednesday, December 13, 2023, at the FASB offices located at 801 Main Avenue, in Norwalk, Connecticut. The Board is seeking participation from investors, preparers, auditors, and others across all industries.
Withum
DECEMBER 19, 2023
The main difference between the CAP and I-CAP programs is the union type: the CAP focuses on local unions and intermediate bodies, and the I-CAP focuses on international and national unions. To accomplish this assessment, specialized records review and other investigative techniques are used by OLMS investigators.
Going Concern
FEBRUARY 12, 2024
Leadership communication expert Shane Hatton says most fears about public speaking stem from three main concerns – a lack of confidence, a lack of clarity (or difficulty articulating ideas) and fear of losing credibility. How did one American firm gain 20 net new auditor engagements?
Withum
JULY 12, 2023
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. These distinctions are important because those charged with governance must receive certain communications from the auditor, not just management.
Withum
DECEMBER 12, 2023
In fact, a Center for Audit Quality (CAQ) analysis found that 90% of US companies that trusted their non-financial auditing to a publicly traded auditor used the same firm for their financial auditing. These are the main factors contributing to the growing need for ESG data auditing.
Going Concern
JUNE 13, 2022
Auditors are constrained without their CPA, and studying nights and weekends, can be a difficult, frustrating experience,” said Becky Sproul, Talent and Culture Leader – Audit. But the main issue here is time, or rather the lack thereof. Perhaps it’s to sweeten the pot for future auditors with multiple offers to choose from?
Withum
SEPTEMBER 8, 2022
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. By way of illustration, you can pick any Company’s annual report and follow along with its Auditor’s Report.
ThomsonReuters
SEPTEMBER 25, 2023
Jump to: AI for firms: operational improvements and new services AI for in-house departments: protect the business and enable growth Client communication benefits through AI AI for firms: operational improvements and new services One of the main benefits of AI is the potential to improve productivity and efficiency.
Going Concern
JANUARY 17, 2023
The FT report goes on to rehash a story about second-year auditors at EY Barcelona headquarters who complained to El País about working up to 84 hours a week for €24,000 a year. ” Mainly the ministry wants to know if “there are any overtime hours for which employees have not been paid or received subsequent time off.”
Accounting Insight
MAY 31, 2022
ACCA (the Association of Chartered Certified Accountants) offers a cautious initial welcome to the BEIS announcement about the UK’s corporate reporting and audit regime that aims to bring transparency and accountability for businesses, investors, accountants and auditors.
ThomsonReuters
JANUARY 12, 2023
Essentially, the work completed by an accountant is certified by an auditor. . In accounting, there are three main types of audits: external, internal, and Internal Revenue Service (IRS) audits. . External auditors work outside of the company and independently evaluate financial records.
Accounting Insight
SEPTEMBER 21, 2022
Finding auditors who can handle this is a challenge, which is why so many firms are moving towards outsourcing their auditing to external, technically minded, third-party firm of auditors and accountants. Being able to have high-quality auditors working with clients in a way that can be tailored to the current workload is invaluable.
Going Concern
FEBRUARY 5, 2024
Drew Andrews, managing partner and CEO of Hartford-based accounting and consulting firm Whittlesey, said the main factor driving mergers is the significant number of smaller firms with aging partners who are looking toward retirement, but don’t have the “backup” on staff to fill their shoes. Apparently the client has a new auditor.
ThomsonReuters
JUNE 16, 2023
This is one of the key reasons why AI plays an important role in audit. In audit, AI enables auditors to analyze large data sets and swiftly identify anomalies and patterns. This means auditors can shift away from sampling in favor of reviewing all of a client’s transactions in real time.
CPA Practice
NOVEMBER 1, 2023
And unemployment rates for in-demand roles, like accountants and auditors, are typically well below the national average. In the finance and accounting profession, the same percentage of workers said that compensation was their main reason for launching a job search. Separate research we conducted found that two-thirds (63%) of U.S.
ThomsonReuters
MARCH 20, 2024
The challenges in the retail industry are numerous,” Kleppel says, “but I think they all can be bucketed into three main themes: people, processes, and technology.” Auditors typically request data encompassing several years, Davis notes, but large retailers may be processing millions of transactions per day.
TaxConnex
SEPTEMBER 22, 2020
The main factor to consider is that by providing VoIP service , you are now considered a telecom service provider. At the worst, an auditor could assess you the full tax amount, and you would have to work with your carrier for a refund. Wherever you have customers, you must collect the taxes.
Going Concern
NOVEMBER 11, 2022
The next generation of accountants and auditors is in demand, but Ben Lansford, an accounting professor and director of the Master of Accounting program at the Jones Graduate School of Business at Rice University explained why some are hesitant. Many auditors responding to the FERF study noted an increase in effort by their teams (68%).
CPA Practice
JUNE 28, 2023
For public companies, this can mean a qualified opinion from an auditor which could affect investor confidence. Regarding the lease standards, there are two main ways to stay compliant. The consequence of non-compliance is basically a loss of confidence from the entity’s stakeholders.
Going Concern
FEBRUARY 3, 2023
Ironically, Ergo’s auditor is Mazars, a big rival of Grant Thornton among the second tier of Irish accounting firms. Grant Thornton were auditors until McCann became Ergo’s chairman in 2015. When I went on the board here we had to resign as auditors.” When is he changing back? “Ha Ha ha,” he chuckles. Mazars do a good job.
Going Concern
NOVEMBER 14, 2022
Here’s some news: The EY split vote has been delayed, says FT : The main stumbling block in setting dates for ballots is finalizing the so-called global framework agreement, the legal document covering details of how assets, liabilities and people will be split between the businesses. Good morning and happy Monday!
Snyder
OCTOBER 12, 2022
Department of Labor’s Bureau of Labor Statistics (BLS), bookkeepers and accounting clerks will experience almost a 4% employment decline in the decade 2018-2028, compared to a projected 6,4% increase in accountants and auditors during the same period, which is shown in the table 1. for accountants and auditors, which is almost half fewer.
CPA Practice
DECEMBER 14, 2023
Vickie Croteau, Maine Erick Enriquez, N.J. Vickie Croteau, Maine Angela Cunningham, Texas Sandra Cutting, R.I. Johnny Welborn, Texas Tracy Willard, Maine Christophe Wilson, N.C. Johnny Welborn, Texas Elite 25 Teresa Barton, Utah Jeri Beckham, Texas Frank Calise, Ariz. Amber Canales, Mich. Becky Carney, Tenn. Nathan Cour, Conn.
CPA Practice
FEBRUARY 23, 2024
As the SPAC market grew, Withum and fellow audit firm Marcum served as the main auditors in these engagements. In 2020, there were 248 SPAC initial public offerings in the U.S., up from 59 in 2019. That number shot way up to 613 in 2021, according to Statista. In 2020 and 2021, Withum audited 331 SPAC deals totaling $108.83
Going Concern
JANUARY 4, 2023
The five main trouble spots for KPMG auditors were: Revenue and related accounts: The deficiencies in 2021 (as well as in 2020 and 2019) related to substantive testing of, and testing controls over, revenue. The most common Part I.A
Going Concern
JANUARY 6, 2023
The three main areas of the audit where the most errors were found included: Revenue and related accounts: The deficiencies in 2021 (as well as in 2020 and 2019) primarily related to substantive testing of, and testing controls over, revenue. The most common Part I.A according to the PCAOB.
Going Concern
JUNE 9, 2023
More is being asked of accountants, auditors and financial service providers than ever before. “By catching and communicating noncompliance sooner, auditors can help companies course-correct and better protect investors from risk,” PCAOB Chair Erica Williams said in a news release.
CPA Practice
JANUARY 24, 2024
Saah has been with the company since 1998, where he started as a recruiting manager, following a career as an internal auditor and assistant controller. Help employees visualize their future at your CPA firm You want your best workers to stick with you for the long term, but are you helping them to see why they should stay for their career?
Going Concern
JANUARY 19, 2024
ICYMI | Get Ready for the Future of Auditing [ CPA Journal ] The increasing use of technology is changing how businesses operate, which methodology and technology auditors use, and what career paths they follow. Arizona Auditors Found $1.8 A Wilton Manors Police investigation found they couldn’t. million from an education program.
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