CPA Practice

MARCH 8, 2023

The new corporate AMT applies a 15 percent tax to a company’s  adjusted financial statement income  (AFSI). AFSI is a company’s net income or loss reported on its applicable financial statements (AFS), such as a Form 10-K filed with the SEC, including tax and accounting adjustments.

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CPA Practice

JANUARY 23, 2023

Many experts predict that the years ahead will be fueled by financial fraud investigations and a heightened emphasis on the ability to conduct due diligence and ensure clear financial insights.

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Going Concern

JANUARY 9, 2023

Deloitte announced today that Anna Taylor — former tax and economic policy principal advisor to Senate Majority Leader Chuck Schumer (D-N.Y.) — has joined Deloitte’s Washington National Tax practice as the deputy managing principal of the Tax Policy Group.

CPA 101

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Going Concern

JULY 31, 2023

The proposal comes amid frustration in Washington that audit firms are not living up to their duty to protect investors from wrongdoing by their clients. Non-audit arrangements are neither as rigorous nor as comprehensive as a financial statement audit, and may not provide any reasonable assurance to investors.

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CPA Practice

APRIL 30, 2024

Better decision-making with advanced analytics Sophisticated data models and predictive analytics can help your team members identify financial trends, assess risks and provide more strategic advice to clients. operations, based in the Washington, D.C., The company has more than 300 locations worldwide. metropolitan area.

Technology 52

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MyIRSRelief

JULY 3, 2023

Businesses should be prepared to provide documentation supporting their ERC claims, including payroll records, financial statements, employment tax returns, and any other relevant records. What Documentation is Required During an ERC Audit? Can I Seek Professional Representation During an ERC Audit?

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PYMNTS

APRIL 2, 2020

In a filing with the Securities Exchange Commission (SEC) on Thursday (April 2), the board said the agency should not rely on the company’s recent financial statements, which are believed to be inaccurate. The coffee giant’s shares sank after Liu and several top employees were suspended for misconduct , according to Yahoo Finance.

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PYMNTS

MAY 12, 2020

In a filing with the Securities Exchange Commission (SEC), the board said the agency should not rely on the company’s recent financial statements, which are believed to be inaccurate. A special committee at Luckin hired Chicago-based law firm Kirkland & Ellis as counsel and FTI Consulting of Washington, D.C.

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Going Concern

AUGUST 12, 2022

The accounting giant failed to act with the “requisite professional scepticism” and did not obtain “sufficient appropriate audit evidence” in its work on BT’s 2017 financial statements, which had to be adjusted by £513m because of the Italian scandal, according to the Financial Reporting Council (FRC). PwC fined nearly £1.8m

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Going Concern

AUGUST 19, 2022

Documentation issues nix Secret Service award to Deloitte [ Washington Technology ] GAO has told the Secret Service it did not adequately document its best-value tradeoff analysis in the award of a $24 million chief financial officer support contract to Deloitte. ” Oh, Reddit.

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CPA Practice

DECEMBER 11, 2023

Agrees on Landmark Artificial Intelligence Rules ,” and The Washington Post’s “ E.U. Source: [link] Enhanced Financial Reporting and Auditing : AI will improve financial reporting and auditing processes. reaches deal on landmark AI bill, racing ahead of U.S.

Technology 124

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PYMNTS

DECEMBER 12, 2019

10) during the American Institute of CPA’s (AICPA) annual conference, held in Washington D.C. Now, the SEC is urging businesses to disclose their supply chain financing arrangements in their Management’s Discussion and Analysis section of financial statements, reports said. The result could lead to masked debts, McCord warned.

Finance 58

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Going Concern

MAY 26, 2023

Long Read How a Pandemic-Era Program Became a Magnet for Fraud [ New York Times ] Amid the onset of the pandemic in 2020, as large swaths of the economy went into lockdown, Washington set up various programs to help keep businesses and their workers afloat.

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Going Concern

NOVEMBER 14, 2022

A recent agreement between Washington and China allowing U.S. The NSA talks about what its accountants do on International Accounting Day : Todd and the Financial Reporting team relay important financial information to NSA’s overseers and others. “We

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Going Concern

SEPTEMBER 29, 2023

SPAC Audit Kings: How Soaring IPO Market Ensnared Marcum, Withum [ Bloomberg Tax ] The fortunes of two mid-sized accounting firms rose and fell with the SPAC craze, sending auditors into overdrive as they vetted the financial statements of a surge of blank-check companies hunting for Wall Street’s next big deal.

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Going Concern

FEBRUARY 19, 2024

Fun President’s Day fact: although the third Monday in February is meant to recognize the birthdays of both first president George Washington and original hipster Abraham Lincoln, only Washington’s birthday — February 22 — is officially recognized in federal law ( 5 U.S. Everyone’s out buying mattresses.

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Going Concern

JULY 24, 2023

We got incorrect financial statements, missed payroll and created confusion for our customers. Over half of CEOs surveyed are evaluating or experimenting with Generative AI while another 37% are at limited production use or pervasive adoption. It would have been easy to pass the blame, make excuses or dump the problem on someone else.

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Going Concern

MARCH 15, 2024

KPMG layoffs by u/corpslave_1998 in Big4 Deloitte fights for another shot at $789M SHARKCAGE cyber contract [ Washington Technology ] Deloitte wants back into the competition for a $789 million Navy contract that was captured by Accenture. in that time.

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PYMNTS

OCTOBER 11, 2018

a faith-based online publisher in Washington, D.C., The indictment states that top executives from both companies created fraudulent financial statements approved by a fake auditor to secure around $10 million in loans from three financial institutions, which they claimed were to be used to buy high-end computer servers.

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Shay CPA

DECEMBER 7, 2022

Washington. Before you sign off for the last time, download or export the following: Financial statements. Beyond the unwelcome mail, you could also be subject to penalties. . Some of the particularly notorious states in this area include: California. New Jersey. New York (and New York City, in particular). Build a records log.

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Going Concern

JULY 15, 2022

SEC’s Gensler Casts Doubt on Prospects for China Audit Deal [ Wall Street Journal ] Securities and Exchange Commission Chairman Gary Gensler expressed doubt Wednesday that negotiators in Washington and Beijing will reach an agreement over audits that is necessary to prevent Chinese companies from being delisted by U.S. stock exchanges.

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Going Concern

FEBRUARY 24, 2023

Spotlight on PwC’s Washington National Tax Co-Leader Rohit Kumar [ Bloomberg Tax ] Kumar advises clients on all aspects of domestic policy, including tax policy, so they can develop legislative strategies from both a technical and political perspective.

Technology 105

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Going Concern

OCTOBER 6, 2023

TSA backtracks on $93M award to Deloitte after protests [ Washington Technology ] The Transportation Security Administration is backing away from a $93 million award to Deloitte after receiving complaints about how the agency evaluated proposals. Under ERISA, an employee benefit plan includes pensions, 401(k) and A 403(b) plans.

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Withum

DECEMBER 6, 2022

With final estimated tax payments for the 2022 taxable year approaching, coupled with the need to issue audited financial statements, businesses will be forced to develop an approach to address R&E capitalization. What This Means for Your Company.

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Going Concern

DECEMBER 23, 2022

Instead of a wonky rundown of new standards, the head Financial Accounting Standards Board stressed the board’s commitment to the end users of its rules—the investors who read corporate financial statements. The post Friday Footnotes: EY Cancels Christmas; A Very Sucky PwC Report; Should We Tax Robots?

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Going Concern

MAY 13, 2022

office is ‘buzzing’ [ Washington Business Journal ] This article is behind a serious paywall but the sentence we can read without a subscription got a laugh out of me: “We’re not requiring them to be in offices X number of days a week, but they are choosing to be here,” a PwC executive said Thursday. .

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Going Concern

APRIL 1, 2022

Elaborating on the reason for its auditor’s resignation, the software and platform provider said in a bourse filing: “We could not reach a consensus on the proposed increase of the audit fees covering the financial statements for the 18 months ending June 30, 2022 of the company and some of its subsidiaries.”.

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Going Concern

MARCH 16, 2022

The SEC’s order instituting a settled administrative proceeding finds that an Ernst & Young subsidiary [Washington Council EY] lobbied congressional staff on behalf of two audit clients. Ernst & Young agreed to pay more than $4 million to settle the charges. March 9, 2012). The SEC is Not Pleased With KPMG’s Independence (Jan.

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Going Concern

AUGUST 4, 2023

While the US Securities and Exchange Commission doesn’t technically approve SPAC deals, it requires audited, accurate financial statements to declare such tie-ups effective. The departure puts its merger with Trump Media & Technology Group in peril. Shares of Digital World slumped as much as 10% Wednesday. Sound convoluted?

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Baruch Lev

NOVEMBER 11, 2021

Do you think that there are other products that could take the place of an audit, such as financial statement insurance offered by insurance companies, or having the stock exchanges decide and pay for the audits of companies that they think need them for some reason? So we’re on to another subject, further down the I-95 Corridor.

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PYMNTS

MAY 5, 2018

Morgan Stanley’s Adam Jonas called it “the most unusual call I have experienced in 20 years on the sell-side,” according to The Washington Post. We have a whole industry in the accounting profession whose aim it is to produce financial statements. What happened? The Great “Boneheaded” Question Conflagration.

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Cherry Bekaert

FEBRUARY 2, 2024

history after the 2008 failure of Washington Mutual and was seen as a sign of trouble for the broader technology sector. The technology sector was rocked early in the year with the March 2023 failure of SVB, widely recognized as the lender and deposit institution of choice for both start-up and mature technology companies. However, the U.S.

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PYMNTS

SEPTEMBER 13, 2019

The faulty information was then displayed on Walmart’s financial statements. According to a report in The Washington Post citing the indictment, which was unsealed in the Southern District of New York, Calk approved $16 million in loans to Manafort in exchange for getting a job with the Trump administration.

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