CPA Practice

FEBRUARY 7, 2023

Previously, the PCAOB’s standard for evaluating internal auditors has been the Accounting Standard 2605 (AS 2605) entitled, “Consideration of the Internal Audit Function,” wherein the PCAOB specifically acknowledges that “internal auditors maintain objectivity with respect to the activity being audited.”

auditor 40

auditor audit Construction accounting standards 40

Going Concern

JUNE 9, 2022

The opportunity in front of the PCAOB. In December 2019, the PCAOB published a concept release titled “Potential Approach to Revisions to PCAOB Quality Control Standards.” A few possibilities that come to mind are: The c ritical audit matters section of the audit opinion; The audit committee report in the proxy statement; or.

audit 113

audit auditor public accounting cpas 113

Going Concern

SEPTEMBER 15, 2023

Rules and Regs At September 19 Open Meeting, PCAOB to Consider Proposed Changes to Board Rule on Contributory Liability for Firm Violations [ PCAOB ] We’ll be sitting in on this and reporting back so you don’t have to. Hopefully clients observed this sacred holiday. Following is a summary of the key areas of comment.

audit 92

audit Colorado CPA Texas 92

Going Concern

SEPTEMBER 22, 2023

Audit PCAOB offers forum for auditors; SEC releases several updates [ Journal of Accountancy ] Days after issuing a proposal to strengthen individual accountability for firm violations in audits, the PCAOB has announced a livestreamed forum aimed at educating auditors on how to avoid deficiencies. Williams said in a news release.

audit 78

audit accounting and finance Virginia auditor 78

Going Concern

DECEMBER 13, 2023

Shortly after it was published, NASBA pulled the entire merchandise section down (though that could be mere coincidence). I completely forgot this post existed until just now when I was putting this list together. It’s back now. A Going Concern Special Investigative Report: Why Does NASBA’s CPA Merch Suck So Bad?

Minnesota 81

Minnesota CPA Start-ups audit 81

Going Concern

OCTOBER 2, 2023

The Canadian Public Accountability Board (their version of the PCAOB) censured Marcum earlier this year, prohibiting the firm from taking on new “high risk” clients in Canada, including those clients resulting from initial public offerings, reverse takeovers, or other transactions. million CDN (approx.

audit 102

audit public accounting CPA financial statements 102

ThomsonReuters

JANUARY 28, 2021

In light of restrictions currently faced by the PCAOB when it comes to inspecting audit work and practices of PCAOB-registered public accounting firms in China, ask yourself whether you: Provide clear disclosure of these inspection limitations. In December 2020, the SEC issued Final Rulemaking Release No.

audit 72

audit Legal auditor Government 72

Going Concern

JUNE 28, 2022

You’ll recall that KPMG got busted cheating not that long ago however in the case of KPMG cheating it was internal exams (well, they also cheated on PCAOB inspections but that’s a different subject). The $100 million penalty is the largest penalty ever imposed by the SEC on an audit firm.

auditor 87

auditor audit CPA accounting principles 87

Going Concern

JULY 25, 2022

The PCAOB is already concerned that turnover at audit firms of all sizes could be a disaster for audit quality. Boomers make up 47% of AICPA membership (58-76 year olds) and new accounting graduate numbers are trending down after a peak in 2015-16 meaning there will probably come a point where the Boomer vacuum becomes obvious.

audit 110

audit cpa firm cpas CPA 110

Going Concern

MAY 5, 2023

” The changes will appear in reports for PCAOB inspections completed in 2022, starting with eight reports, according to a news release. “We are committed to making our inspection reports as valuable as possible for investors, audit committees, and others …,” PCAOB Chair Erica Williams said in the news release.

audit 95

audit cpas auditor Mississippi 95

Cherry Bekaert

APRIL 27, 2023

This is particularly true for businesses that are still in the startup phase and may not have the resources or expertise to implement comprehensive internal controls that align with current Public Company Accounting Oversight Board (PCAOB) standards.

auditor 40

auditor accounting and finance financial statements Government 40

Going Concern

JANUARY 2, 2023

ICYMI: EY had the worst PCAOB inspection it’s had since 2018. They study and take exam sections between peak periods of work. It said that the temperature range in its UK offices, while lower, would still be more than the minimum 16C guideline from the Health and Safety Executive for those in desk jobs.

Account 84

Account accountant accounted Delaware 84

Going Concern

DECEMBER 21, 2023

The PCAOB calls it “Inspection Enhancements,” what we want to call it isn’t appropriate for a PG-13 website. Inspection Enhancements in 2024 Consistent with Goal 2 in the Board’s Strategic Plan 2022-2026, we will take steps to enhance the PCAOB’s inspection program in 2024.

auditor 99

auditor audit financial statements 99

Going Concern

JANUARY 16, 2024

. “ Data from U of T students threatened by MOVEit ransomware attack ,” The Varsity January 15 2024 Earlier reporting on this ransomware thing from us: EY Regrets Any Inconvenience Cybercriminals Having Your Credit Card Number May Cause You The Canadian PCAOB has banned a Colorado firm from taking Canadian clients.

Account 92

Account accountant accounted audit 92

Going Concern

SEPTEMBER 12, 2023

Moreover, according to the SEC’s order, Giugliano was aware that inspections by the Public Company Accounting Oversight Board (PCAOB) and by Marcum itself revealed numerous deficiencies in Marcum’s quality control system. Moreover, Giugliano was repeatedly notified of capacity constraints throughout the SPAC practice.

audit 104

audit public accounting auditor Management Consulting 104

Going Concern

DECEMBER 31, 2022

A Fortune piece lazily blockquoted in the article went into graphic detail about the unforeseen costs of working from home, the comment section here laughed heartily at the idea and told the pro-RTO crowd to stuff it. Will we continue to get record PCAOB fines?

accountant salary 94

accountant salary audit accounting and finance Tax 94

Going Concern

JANUARY 12, 2024

[ Phys.org ] Large accounting firms, including the Big Four, have been hiring more and more PCAOB employees, especially since 2010, when the Board expanded its remit to include internal control audits. The post Friday Footnotes: The PCAOB-to-Practice Pipeline and Audit Quality; Ball Extension; Tim Ryan’s Replacement | 1.12.24

audit 86

audit auditor Illinois CPA 86

Going Concern

JANUARY 20, 2023

Auditing best practices: What academic fraud research reveals [ Journal of Accountancy ] Auditors are expected to comply with the requirements in AU-C Section 240, Consideration of Fraud in a Financial Statement Audit , in conducting financial statement audits. In 2020, it said the process would be complete by 2026.

auditor 88

auditor Technology audit financial statements 88

Going Concern

NOVEMBER 20, 2023

The PCAOB has been busy , they’re probably really proud of themselves. In its June 8 report, nearly a year after KPMG was hired, the Nunez monitoring team titled an entire section “Deadlines Ignored.” Lawrence, a Winchester native, is a staff accountant in the firm’s Muncie office. At least someone is.

Account 69

Account accountant accounted audit 69

Going Concern

MARCH 18, 2024

Didn’t realize WSJ still had a comment section. This is a direct quote from the article: Comment by u/pizzatoppings88 from discussion in deloitte WSJ article: Consultants Are Paid to Fix Businesses. Why Can’t They Fix Their Own? Lots of comments on that article.

Account 75

Account accountant accounted audit 75

Going Concern

APRIL 16, 2024

The section of Sarbanes-Oxley at issue reads: TITLE XI—CORPORATE FRAUD ACCOUNTABILITY SEC. One section makes it a crime to shred or hide documents “corruptly” with an intent to impair their use in a federal court case or a Congressional investigation. SHORT TITLE. TAMPERING WITH A RECORD OR OTHERWISE IMPEDING AN OFFICIAL PROCEEDING.

Construction 93

Construction Government New York audit 93

Going Concern

NOVEMBER 10, 2023

Collins Receives Prestigious Award for Lifetime Achievement in Tax [ Taxpayer Advocate Service ] The Taxpayer Advocate Service (TAS) is pleased to announce that the California Lawyers Association Taxation Section has selected National Taxpayer Advocate Erin M. Collins to receive its prestigious Joanne M. Garvey Award.

audit 91

audit accounting and finance auditor Mississippi 91

Going Concern

JANUARY 27, 2023

The complaint alleges violations of each subdivision of Securities Act Section 17(a), Exchange Act Section 10(b), and Advisers Act Sections 206(1), 206(2) and 206(4). The money had never been invested. The claimed investment history of Mr. Ridall was a lie. The complaint is pending. How can auditors define material fraud?

auditor 96

auditor accounting firms Account accountant 96

Going Concern

MARCH 15, 2024

State CPA institute says proposed rule change would put audit professionals at risk [ Central Penn Business Journal ] A new proposal by the Public Company Accounting Oversight Board (PCAOB) has the Pennsylvania Institute of Certified Public Accountants up in arms. Talent shortage? Never heard of her.

auditor 98

auditor audit cpas Iowa 98

Going Concern

FEBRUARY 2, 2024

PwC said on Monday that it had identified 129 breaches of independence rules affecting 74 clients and PCAOB inspectors had found a further one themselves while inspecting audit work in 2022. The figures were included in an update to PwC’s audit quality report, published on its website.

audit 97

audit Tax Texas Massachusetts 97