CPA Practice

MARCH 7, 2023

The Uniform Certified Public Accountant Examination (CPA Exam) is regularly updated to reflect enhancements to accounting and auditing standards as well as tax laws and regulations — and to improve the efficiency of the exam. There will be a new infrastructure, new discipline sections, and a greater emphasis on technology throughout.

Technology 137

Technology CPA cpas audit 137

ThomsonReuters

NOVEMBER 2, 2023

This new standard supersedes the existing guidance in AU-C 315A and amends other sections related to risk assessment and assessing control risk. As auditors, it’s important to understand how to effectively apply SAS 145 to ensure compliance and enhance the overall audit process. Enhance audit documentation.

auditor 105

auditor audit Government Account 105

Going Concern

JANUARY 11, 2024

The application or implementation of auditing, quality control, and independence standards related to the audits of the financial statements of domestic and/or foreign public companies or broker-dealers registered with the SEC. Exclude lengthy or excessive quotations from accounting or auditing literature.

audit 57

audit auditor financial statements accounting standards 57

Withum

FEBRUARY 23, 2022

The AICPA Statement on Auditing Standards (SAS) No. The AICPA Statement on Auditing Standards (SAS) No. In 2015, the DOL’s Employee Benefits Security Administration (EBSA) published a study that examined the quality of audit work performed on employee benefit plans by independent qualified public accountants.

audit 84

audit auditor financial statements public accounting 84

Going Concern

JULY 29, 2022

Audit Regulator Hands Down Record Fines for Audit Failures [ Wall Street Journal ] The Financial Reporting Council on Thursday said financial sanctions during the year ended March 31 totaled £46.5 The new standard becomes effective for audits of financial statements for periods ending on or after Dec.

audit 116

audit Account accountant accounted 116

Cherry Bekaert

FEBRUARY 2, 2024

For years, taxpayers have been able to take advantage of cost segregation and the Section 179D Energy Efficient Commercial Building Deduction (Section 179D) studies. Section 179D Changes: Maximum deduction increased from $1.88 This analysis must be done to maximize all available tax deductions. per square foot to $5.36

Construction 52

Construction audit cpas Real Estate 52

CPA Practice

AUGUST 15, 2023

The Institute of Internal Auditors, which promotes internal audit standards, certifications, education, research, and technical guidance worldwide, has commented on the U.S. Following publication of the SEC’s draft rule, proposed in early 2022, The IIA submitted a comment letter requesting greater clarity in certain sections.

audit 98

audit auditor Education CPA 98

Going Concern

SEPTEMBER 1, 2023

First things first: The PCAOB found that Warren Averett violated independence requirements during its 2019 and 2020 audits of an issuer, because the firm audited valuations performed for the issuer by another accounting firm that sponsored an alliance of which Warren Averett was a member. Here’s what happened. Nice to see.

audit 88

audit auditor accounting firms financial statements 88

CPA Practice

JANUARY 30, 2024

auditing standards over a 10-year period. According to the SEC, Hackert served as the engagement partner for at least 240 audits of public companies, including both operating companies and special-purpose acquisition companies (SPACs). These failures violated PCAOB auditing standards, the SEC said.

audit 52

audit accounting standards Sales accounting firms 52

LSLCPAs

JULY 14, 2022

And now, the ERISA (Employee Retirement Income Security Act of 1974) Section 103(a)(3)(C) audit replaces the old 401(k) Plan Limited Scope audit. This is the new audit standard for employee benefit plans subject to ERISA’s provisions. Details follow. What is ERISA 103(a)(3)(C)?

audit 52

audit cpas 52

Going Concern

SEPTEMBER 12, 2023

The SEC previously charged Marcum for these quality control deficiencies and other violations, many of which were in connection with Marcum’s audit work for hundreds of special purpose acquisition companies (SPACs). Over 400 of these SPAC IPOs were audited by Marcum. The more appropriate question would be “how could he not?”

audit 112

audit public accounting auditor Management Consulting 112

Going Concern

MARCH 18, 2024

Under the plan, Deloitte’s main business units will be cut to four — audit and assurance; strategy, risk and transactions; technology and transformation; and tax and legal — from the five the firm has had since 2014. Didn’t realize WSJ still had a comment section. I might send reaction gifs though. Did you hear?

Account 86

Account accountant accounted audit 86

CPA Practice

FEBRUARY 7, 2023

In the letter, Anthony Pugliese, CIA, CPA, CGMA, CITP, President and CEO of The IIA writes that “ although the recommended policy change minimally impacts the provision of internal audit services, it represents a significant departure from the regulatory status quo regarding the relationship between internal (auditors) and external auditors.”

auditor 40

auditor audit Construction accounting standards 40

Going Concern

JANUARY 20, 2023

PwC sees off Deloitte to retain HSBC audit worth up to $1bn [ Financial Times ] PwC has retained the most valuable audit contract on the London Stock Exchange after overcoming a challenge from Deloitte to sign off the accounts of HSBC until 2034. In 2020, it said the process would be complete by 2026.

auditor 96

auditor Technology audit financial statements 96

Going Concern

JANUARY 27, 2023

Big 4 EY auditors escape potential Wirecard sanctions after leaving profession [ Financial Times ] Germany’s audit watchdog closed investigations against four current and former EY auditors involved in inspecting collapsed payments firm Wirecard after they handed back their professional licences and left the profession earlier this month.

auditor 106

auditor accounting firms Account accountant 106

Going Concern

JANUARY 25, 2023

When Thomson Reuters reported late last year that the Financial Accounting Standards Board (FASB) had proposed an eighth round of changes to lease accounting rules 1 , accounting and finance execs around the country channeled their inner Charlie Browns with a collective, “Good grief!”

Account 103

Account accountant accounted Real Estate 103

Withum

JUNE 14, 2023

Companies will have to disclose specific ESG information that regulators and accounting standards require. ESG reporting standards are transitioning from the wild west to ridged government and accounting-imposed standards. International accounting standards will require sustainability disclosure alongside finance statements.

international accounting standards 59

international accounting standards audit accounting standards Agriculture 59

ThomsonReuters

MARCH 25, 2024

Section 174 Capitalization of the Tax Cuts and Jobs Act (TCJA) has created confusion for many corporate tax specialists to work through in the coming months. As a reminder, Section 174 defines both indirect and direct research expenses. Pending legislation is complicating matters even further. However, passage of H.R.

Tax 45

Tax Technology audit corporation tax 45

CPA Practice

APRIL 26, 2024

PCC members provided feedback on whether the tentative amendments to Subtopic 350-40 under this approach would be auditable and operable. Scope Application of Profits Interest Awards: PCC members supported the amendments in Accounting Standards Update No.

accounting standards 64

accounting standards Government financial statements audit 64

Withum

MAY 26, 2022

This on-demand webinar will outline the changes and updates that affect employee benefit plan audits, including management’s assessments that a Section 103(a)(3)(c) audit is appropriate for, how the new audit report will look like, and the required representations from management to the auditor. View Slide Deck.

audit 52

audit auditor 52

Withum

JULY 12, 2023

Whatever the case may be, you may need an audit of your financial statements. 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. The buildings you own may be commercial, residential, or both.

audit 52

audit auditor Real Estate financial statements 52

Going Concern

SEPTEMBER 15, 2023

The rule governs the liability of associated persons who contribute to a registered public accounting firm’s primary violation of the laws, rules, and standards that Congress has charged the Board with enforcing. The administration did not present a budget for Internal Audit during the hearings.

audit 104

audit Colorado CPA Texas 104

CPA Practice

SEPTEMBER 5, 2023

AICPA Updates Digital Assets Practice Aid, Adding Audit Guidance The American Institute of CPAs (AICPA), representing AICPA & CIMA, has updated its practice aid for accounting and auditing of digital assets, with added material on auditing. Remove section 469 from Prop. 1.6418-2(d)(1) and Prop.

audit 59

audit cpas auditor accounting principles 59

ThomsonReuters

APRIL 22, 2021

Key practices include having a formal and well-documented cybersecurity program that is informed by annual risk assessments and third-party audits of security controls. Tips include asking service providers about their security standards and practices—including how their practices have been implemented and validated—and any audit results.

audit 92

audit Government Account accountant 92

Withum

DECEMBER 5, 2023

Accounting Standards Update 2021-07 Determining the Current Price of an Underlying Share for Equity-Classified Share-Based Awards was issued to address concerns raised by stakeholders about the cost and complexity of determining the fair value of equity classified share awards for private companies.

audit 52

audit financial statements auditor accounting standards 52

Cherry Bekaert

MAY 15, 2023

Instead of spending hours, days or weeks responding to vendor diligence questionnaires, or complying with “right to audit” clauses in a service organization’s contracts, SOC reports allow a single provider to conduct procedures once.

auditor 98

auditor public accounting payroll financial statements 98

CPA Practice

OCTOBER 20, 2023

AICPA & CIMA Introduce Career Launchpad, an AI-Guided Tool for Students Pursuing Careers in Accounting and Finance The American Institute of CPAs (AICPA) recently released a new practice aid to help accounting professionals create a system of quality management (QM) for their firm’s accounting and auditing practice.

cpas 52

cpas CPA Education audit 52

CPA Practice

OCTOBER 19, 2023

AICPA & CIMA Introduce Career Launchpad, an AI-Guided Tool for Students Pursuing Careers in Accounting and Finance The American Institute of CPAs (AICPA) recently released a new practice aid to help accounting professionals create a system of quality management (QM) for their firm’s accounting and auditing practice.

cpas 52

cpas CPA Education audit 52

ThomsonReuters

APRIL 24, 2023

At the core of every audit is the identification and assessment of risks of material misstatement, which is critical given the potential impact on a company’s financial position. SAS 145 supersedes the existing guidance in AU-C 315A and amends other sections related to risk assessment and assessing control risk.

auditor 59

auditor audit financial statements Tax 59

Withum

MARCH 22, 2022

Securities and Exchange Commission (SEC) released the long-anticipated proposed rule: The Enhancement and Standardization of Climate-Related Disclosures for Investors. The proposed financial statement metrics would consist of climate-related impacts on existing audited financial statement line items. On March 22, 2022, the U.S.

financial statements 81

financial statements audit Government public accounting 81

ThomsonReuters

DECEMBER 19, 2023

Whether it is evaluating ESG opportunities, flagging potential audit risks, or assessing ESG related disclosures, many accounting firms are now incorporating ESG offerings into their repertoire. Let’s take a holistic look at ESG tax credits and how accountants can take advantage of an opportunity to guide clients on their green tax journey.

Tax 52

Tax Account accountant accounted 52

Going Concern

JUNE 9, 2022

Those employers with a history of mismanaging their human capital , like the largest audit firms, are being hit the hardest. To stem the exodus of audit professionals , a udit firms are paying higher salaries to attract and retain the same level of relatively inexperienced professionals. Of course, this means audit fees are going up.

audit 121

audit auditor public accounting cpas 121

VJM Global

JUNE 5, 2023

CBIC issued Standard Operating procedure ( SOP ) for scrutiny of returns u/s 61 of CGST Act read with Rule 99 of CGST Rules , 2017 for FY 2017-18 and FY 2018-19 through Instruction No. Accordingly, CBIC has issued the following revised Standard Operating Procedure (SOP) for scrutiny of returns for FY 2019-20 onwards through Instruction No.

audit 52

audit Tax Technology 52

Going Concern

JANUARY 12, 2024

million in audit fees in 2022.) How did Deloitte, the auditing heavyweight watching over Tingo’s books, miss a scam that Hindenburg, an outsider, called out as painfully obvious? Audit Do former regulators improve the quality of audits? Audit Do former regulators improve the quality of audits? Tingo paid $1.6

audit 99

audit auditor Illinois CPA 99

Withum

FEBRUARY 28, 2023

This led to the codification of the economic substance doctrine in 2010 by IRC Section 7701(o). Additionally, if a related party transaction fails to have economic substance, the IRS may assert a 20% penalty under IRC Section 6662(b)(6) or a 40% penalty under IRC Section 6662(i).

audit 52

audit income tax Tax tax planning 52

Going Concern

JUNE 28, 2022

This action involves breaches of trust by gatekeepers within the gatekeeper entrusted to audit many of our Nation’s public companies. The $100 million penalty is the largest penalty ever imposed by the SEC on an audit firm. Just how many people were involved? A significant number. Over multiple years. So let’s just guess a lot.

auditor 95

auditor audit CPA accounting principles 95

Going Concern

NOVEMBER 10, 2023

“Financial reporting leaders, but also investors, regulators, and other stakeholders in the capital markets expect AI to drive audit quality. “Considering both the scope and scale of AI’s impact on financial reporting, enhancing audit quality by using technology to stay ahead of emerging risks is expected.”

audit 104

audit accounting and finance auditor Mississippi 104