Deploying AI in accounting poses 12 audit risks: CAQ study
CFO Dive
APRIL 5, 2024
CFOs see the value of generative artificial intelligence but may not fully grasp its audit risks, according to the Center for Audit Quality.
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CFO Dive
APRIL 5, 2024
CFOs see the value of generative artificial intelligence but may not fully grasp its audit risks, according to the Center for Audit Quality.
CFO Dive
APRIL 29, 2024
Companies hiring for internal audit need to prepare for disruption from new technology such as artificial intelligence and robotic process automation, IIA said.
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CFO Dive
NOVEMBER 9, 2023
GenAI isn’t likely to replace accountants any time soon — but firms like Deloitte are already integrating it into their accounting and audit practices.
CFO Dive
APRIL 26, 2024
Jonathan Lock’s resignation comes after an internal audit determined he had engaged in unethical financial practices.
CFO Dive
MARCH 20, 2023
The shortage of workers with the core accounting skills needed to staff audits is making audit failures more likely, Hofstra University’s Jack Castonguay says.
CFO Dive
JANUARY 22, 2024
Archer Daniels Midland named Ismael Roig interim finance chief as the board's audit committee and outside counsel conduct an investigation into accounting practices.
CFO Dive
DECEMBER 7, 2023
Since early 2021 SEC Chair Gary Gensler has called on the PCAOB to more aggressively oversee the accounting firms that audit publicly listed companies.
CFO Dive
JULY 28, 2023
The SEC’s chief accountant called out the practice by which some crypto companies pay for less “precise” reviews of their business that they misrepresent to investors as audits.
CFO Dive
AUGUST 16, 2023
The firm violated Public Company Accounting Oversight Board standards in connection with an audit of music streaming business Akazoo, the SEC found.
The Charity CFO
MARCH 31, 2023
The word audit can invoke instant fear and dread. Whether it’s an IRS audit, external audit, or even an internal audit, the process can feel burdensome and worrying. Contrary to popular belief, most audits are not conducted to detect a problem. Should My Nonprofit Obtain an Independent Audit?
CFO News
SEPTEMBER 27, 2023
The Telangana High Court has ruled that the National Financial Reporting Authority does not have jurisdiction over audits prior to its constitution in October 2018. Legal and audit experts debate the issue.
The Charity CFO
APRIL 29, 2022
Many nonprofit organizations both large and small need to undergo a financial statement audit every year. Preparing for a nonprofit audit can be overwhelming and anxiety-filled, especially if it’s your first audit or you don’t have a strong and experienced financial team. What is a financial statement audit?
CFO News
JUNE 25, 2023
For the very first episode of the ETCFO Accounting Diaries, we have with us Milind Kothari, chief BDO India who talked about the roadmap for joint audits in India. Taking an affirmative stance, Kothari believes joint audits will iron out quality issues and improve competition in the audit markets. Read here:
Beacon CFO Plus
NOVEMBER 30, 2023
How to Divide Responsibilities and Prioritize Communication The relationship between a fractional or outsourced Chief Financial Officer (CFO) and your company’s public accounting firm should be collaborative, clear, and well-defined. This ensures your company’s financial and accounting needs are met effectively.
CFO Plans
MAY 2, 2024
When it comes to revolutionizing your financial management, finding the right accounting partner is a critical decision. With numerous options available, how can a CFO navigate this complex landscape and find the perfect match? This introspection will guide you towards the ideal accounting partner that aligns with your unique needs.
Future CFO
APRIL 4, 2024
In a recent joint survey by the Association of Chartered Certified Accountants and the Chartered Accountants Australia and New Zealand , it was revealed that both current audit professionals and prospective entrants stress the crucial need to achieve equilibrium between work and one’s personal life.
CFO Thought Leader
APRIL 30, 2024
From his early days in auditing at PwC to his current role as CFO at Prophix, Aaron Levine has had a career that has closely tracked the evolving nature of the financial leadership role. Vintz, a very externally focused CFO, adeptly navigated public company landscapes, from investor relations to quarterly earnings calls.
The Charity CFO
MARCH 16, 2022
Today we’re proud to announce another amazing addition to the industry’s best nonprofit accounting team! Theresa Guest is joining The Charity CFO team in the role of Accounting Manager. Don't hire the wrong accountant for your nonprofit! We couldn’t be happier to welcome Theresa to our team!
The Charity CFO
DECEMBER 30, 2021
Contrary to what many people envision, a nonprofit audit doesn’t usually start with a letter from the IRS. Instead, an independent nonprofit audit is something you choose to build trust in your nonprofit organization. An audit can be a critical step for a growing nonprofit that needs to raise increasing amounts of funds.
The Charity CFO
FEBRUARY 8, 2024
Does the idea of a financial audit on your nonprofit leave you feeling nervous? For many nonprofits, a full financial audit can help ensure the accuracy of their financial recordkeeping. Luckily, not all financial situations require an audit. In some cases, a state may have no requirement for an audit.
CFO Talks
FEBRUARY 10, 2023
Stiles CFO Lili Grobler on what her auditing degree didn’t teach her Lili Grobler is the CFO of Stiles since 2016, a growing business based in George. In a corporate auditing firm, theoretically you only apply legislation and it’s like a ticking exercise, you did this, you didn’t do that. Focus on things you can control.
CFO Leadership
OCTOBER 10, 2023
AI coupled with The Digitization of the Finance Function create powerful levers for today’s CFO. AI in the “Real World” While these powerful tools seem to have a near mastery of natural language communication, they are not necessarily designed to possess many of the skills required by finance and accounting professionals.
Future CFO
MARCH 31, 2024
An interest in sustainability reporting and assurance presents talent opportunities among audit professionals, but may imply a lack of clear purpose in financial statement audits, according to a joint study by the Association of Chartered Certified Accountants and the Chartered Accountants Australia and New Zealand.
The Charity CFO
NOVEMBER 30, 2023
Does the idea of an audit from the IRS leave you with sweaty palms? Most nonprofit leaders aren’t accountants and the thought of getting audited is a sizable fear. Luckily, being prepared can help you avoid accounting mistakes that could come up in a nonprofit audit.
https://trustedcfosolutions.com/feed/
MARCH 22, 2023
Are you tired of the countless hours spent managing your accounts payable (AP)? Do you want to streamline your accounting process to save the time and money spent on manual tasks on Quickbooks? With a growing business, it’s easy to outgrow the accounting systems you’ve relied on since the conception of your company.
Future CFO
FEBRUARY 23, 2023
Auditing and accounting talent shortage continue to make employers toss and turn, according to a global survey of more than 4,100 accountants and 2,300 auditors. When it comes to talent retention, more than 85% of accountants and 90% of auditors said it is either somewhat or extremely difficult.
The Charity CFO
AUGUST 31, 2022
In this episode, Tosha will walk you through the most common misconceptions about nonprofit audits to let you know exactly what you can expect (and NOT expect) from a nonprofit audit before you commit. Audits scare the daylights out of nonprofit founders. Listen to this episode to make sure you’re fully prepared for your audit!
Future CFO
MAY 26, 2022
EY is considering a global audit spinoff amid growing regulatory pressure, according to media reports. EY and other Big Four accounting firms — PwC, Deloitte, and KPMG — have long been slammed for their lack of independence in their auditing of company accounts from which they also generate income with consulting, tax, and advisory services.
CFO Talks
MARCH 20, 2024
From Controller to CFO: What Changes? Moving from being a Controller to a CFO is a big step up. Both the CFO and Controller deal with the company’s finances, but they focus on different things. The CFO, however, looks at the bigger picture. It’s like going from keeping score to calling the plays.
https://trustedcfosolutions.com/feed/
FEBRUARY 9, 2023
Getting audited isn’t something businesses look forward to. Audits cost your business hundreds and thousands of dollars, taking up countless hours researching transactions and data logs, or painstakingly tracking down supporting documentation. Here’s how: Next-Level Efficiency: Streamlining the Audit Feel prepared for your next audit.
CFO Share
NOVEMBER 15, 2023
Embarking on your first financial audit can be nerve-wracking. This article includes small business accounting tips to prepare for an audit while minimizing its expenses and findings. An audit evaluates: Compliance with accounting standards (GAAP or IFRS.) How Long Do Financial Audits Take?
CFO News Room
NOVEMBER 22, 2022
Newly released federal audits reveal widespread overcharges and other errors in payments to Medicare Advantage health plans for seniors, with some plans overbilling the government more than $1,000 per patient a year on average. Originally published at Kaiser Health News.
The Charity CFO
APRIL 1, 2024
Implementing technology into your nonprofit accounting process can help solve a variety of issues—from tracking receipts to properly recording donations. In most cases, technology helps improve the efficiency and accuracy of nonprofit accounting. A good technology solution addresses each of your nonprofit accounting concerns.
CFO News
DECEMBER 17, 2023
Sarika Gosain, Partner at Mazars in India, explores the transformative role of auditors in ESG integration, navigating challenges, and promoting sustainable business practices in India's evolving landscape.
Future CFO
JANUARY 22, 2024
Two audit firm solutions of Wolters Kluwer have been pre-approved by the Infocomm Media Development Authority (IMDA), a statutory board of the Singapore government, said Wolters Kluwer Tax & Accounting (TAA) Asia Pacific (APAC) recently.
CFO News
AUGUST 2, 2023
Sudhir Soni also stressed retaining high-quality talent in audit and responding to rapid technology changes are the top two challenges facing the accounting profession.
The Charity CFO
APRIL 2, 2024
Managing a nonprofit can be complex, especially when it comes to nonprofit accounting. Finding the right accounting partner for your nonprofit is essential to the financial success of your nonprofit organization. That’s why you need a strong accounting partner who specializes in nonprofits.
Future CFO
MARCH 27, 2024
Despite concerted efforts, the accountancy profession is struggling to attract and retain talent , and at the same time is facing declining number of entrants, a joint study by the Association of Chartered Certified Accountants and the Chartered Accountants Australia and New Zealand finds. Career ladder and variety of work.
CFO News
APRIL 28, 2024
According to the report, of all the companies with equity shares listed on the NSE main board, the Big 6 Indian audit firms secured 637 assignments out of 1,961. This accounted for approximately 32.48% of the total, up slightly from 32.14% the previous fiscal year. Auditor details were missing for 47 organisations.
Future CFO
FEBRUARY 27, 2024
For the accountancy profession, transformation has always been a part of the process, let alone the manner of life. For Harding, the accountancy profession, through its history, has continually adapted and seized future opportunities. “A
CFO News
JULY 25, 2023
accounting watchdog flags growing number of audit deficiencies.
The Charity CFO
MARCH 6, 2024
The conversation today has a very simple focus, 5 red flags that your nonprofit accounting needs improvement, even when it may not be recognized. Red Flag #1: Bank Account Reconciliation Whether the business is accrual or cash basis, it does not matter. The accountant must post all transactions that filter through the bank account.
Future CFO
JANUARY 10, 2023
Singapore-listed ECON Healthcare (Asia) recently announced the promotion of Kang Shwu Huey to group CFO and head of overseas development from the CFO role. She has more than 18 years of experience in financial management and audit. Kang started out as an audit cum tax assistant at audit firm K.
CFO News
JANUARY 1, 2024
While NFRA does not have its own guidelines, it goes by the provisions of the Companies Act and the Institute of Chartered Accountants of India's audit standards and guidelines, including the Code of Ethics, which lists out possible threats, including those related to self-interest, self-review, advocacy, familiarity and intermediation.
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