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Monday Morning Accounting News Brief: ‘Auditors Are Not Lawyers’; Big 4 Break Up? | 7.31.23

Going Concern

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. The post Monday Morning Accounting News Brief: ‘Auditors Are Not Lawyers’; Big 4 Break Up?

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PCAOB Has Handed Out a Slew of Punishments to Audit Firms Recently

CPA Practice

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.

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Jay Shepulski to Lead Private Equity Practice at Withum

Withum

He led Withum’s SPAC practice which became the auditor of record on over 350 IPOs and raised over $120 billion in proceeds.

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Top Remote Accountants of the Week | May 16, 2024

Going Concern

Struggling to find remote accountants, CAS experts, auditors, or tax professionals for your firm or internal team? With our Always-On Recruiting service, access a pool of skilled remote accountants without any upfront costs. Accountingfly can help! Sign up now to see the complete candidate list and connect with potential hires.

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Some Top Midtier Audit Firms Felt the Wrath of the PCAOB This Week

CPA Practice

As the SPAC market grew, Withum and fellow audit firm Marcum served as the main auditors in these engagements. billion in value, Bloomberg Tax reported last September. 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.

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Friday Footnotes: EY Buffs PE Practice; A Thirst for Integrity; “Everyone Feels KPMG Is 4th” | 6.10.22

Going Concern

This latest statement follows a pair of statements issued in October 2021 and December 2021, both of which similarly highlighted auditor independence. This latest statement follows a pair of statements issued in October 2021 and December 2021, both of which similarly highlighted auditor independence.

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U.S. Sales Tax Rate Changes Hit 10-Year High

CPA Practice

These factors mean that more state and local jurisdictions will need to increase sales tax rates, implement new fees and extend sales taxes to new areas like digital goods and services. Expansion of sales tax on services seems less likely: As a general matter, most states do not broadly tax services – professional and personal.

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