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EY Gets Caught Up in Independence Violations Because Audit Partner Rotation Is For Chumps

Going Concern

EY subsequently assigned a different partner to perform the role of lead audit partner with respect to the audits and concluded that no changes to the previously issued financial statements for the applicable years are necessary.

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Lovesac to Pay SEC $1.5 Million to Settle Claims of Hidden Expenses

CPA Practice

In mid-August 2023, Lovesac submitted a filing to the SEC that disclosed that its previously filed financial statements for the 2023 fiscal year and first quarter of 2024 were no longer reliable, according to the lawsuit. The company then restated those statements. Meanwhile, Lovesac continues to expand its reach.

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Friday Footnotes: PwC Scandal Somehow Gets More Scandalous; Deloitte Denied in Court; Withum Embiggens in Florida | 11.8.24

Going Concern

Municipal Messes Delayed audit finds ‘material weaknesses’ in Elton’s finances and procedures [ KPLC (Louisiana)] The town agreed to address such deficiencies including timely adopting an operating budget, hiring someone qualified to prepare financial statements, and submitting required paperwork to the Legislative Auditor’s Office by the due date.

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Monday Morning Accounting News Brief: Firms Fight Back on Public Metrics; A Rejection or a Blessing? | 1.6.25

Going Concern

Average number of years worked at a public accounting firm (whether or not PCAOB-registered) by senior professionals across the firm and on the engagement. Restatements of financial statements and management reports on internal control over financial reporting (ICFR) that were audited by the firm over the past three years.

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Be an Odd Duck: Work on, Not in Your Public Accounting Practice

Speaker: Tom Bowman, CPA of Bowman & Company

Owners of Public Accounting firms are always telling their clients to work on their business and not in their business, yet many times do not take their own advice. It is possible to run an Accounting Firm and never do tax returns or financial statements! May 11, 2021 at 11:00 am PDT, 2:00 pm EDT, 7:00 pm GMT.

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Big 4 Firms Fight Against Metrics That Would Reveal the Workloads Behind the Curtain

Going Concern

Average number of years worked at a public accounting firm (whether or not PCAOB-registered) by senior professionals across the firm and on the engagement. Restatements of financial statements and management reports on internal control over financial reporting (ICFR) that were audited by the firm over the past three years.

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Friday Footnotes: PwC Completes Its Punishment; Hybrid Work Should Stay in 2025; Deloitte Clutters Up the Dark Web | 1.3.25

Going Concern

Practice Management Vision, Mission and Values: The Missing Links in Most Firms Strategic Planning [ INSIDE Public Accounting ] Small firms arent doing it. But in recent months, local governments have been waiting longer and paying more for required financial statements. Now certified public accountant Christopher L.