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How do you audit crypto? It starts with understanding how to report on it.  

ThomsonReuters

This update provides guidance for financial statement reporting, effective for fiscal years beginning after December 15, 2024, requiring crypto assets to be measured at fair value, with changes recognized in net income each reporting period. Testing completeness of crypto transaction records by reconciling on-chain and off-chain data.

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Balancing innovation and oversight: Practical steps for AI integration in tax and accounting firms

ThomsonReuters

One accountant cited in the report said: “I would like to be able to utilize [GenAI] to complete tasks that are boring or mundane, and I also think it has the capability to enhance my ability to offer more analytical tools to my clients, for example cash flow forecasting or financial statement interpretation.”

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The AI-human partnership: How CoCounsel Audit is redefining excellence in modern auditing

ThomsonReuters

It excels at intelligent document analysis, automatically extracting relevant information from contracts, invoices, and financial statements while flagging potential areas of concern.

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Blockchain in accounting: A guide for tax and accounting professionals

ThomsonReuters

Auditing Continuous access to financial data : Smart contracts can serve as audit evidence , providing continuous access to financial data and improving the accuracy and efficiency of both internal and external audit processes.

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How AI transformed the tax and accounting profession in 2023

ThomsonReuters

This enables tax professionals to proactively address potential risks and mitigate them effectively, safeguarding their clients’ financial interests. White Paper Expertise matters in AI-powered tax and accounting solutions Not all AI is created equal – what data is your solution learning from?

Tax
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How Mike Habib, EA Collaborates with CPAs and Lawyers for Tax Representation Referrals

MyIRSRelief

Focus on Core Work: CPAs can concentrate on financial statements, financial assurance, tax preparation and planning, while lawyers can focus on legal strategies, knowing their clients tax issues are in capable hands. By referring clients to Mike, CPAs and lawyers ensure the best possible outcomes.

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Spotlighting Women in Advisory Practice: “Create a culture where everyone is happy,” says Alicia Shaul, CPA firm entrepreneur

ThomsonReuters

Clients were now offered bundled service packages which included quarterly or monthly financial statements and applicable payroll services. Alicia Shaul Shaul created bundled service packages with a quarterly schedule of meetings that highlighted various client touchpoints. Clients loved this approach, Shaul says.