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.
This site uses cookies to improve your experience. By viewing our content, you are accepting the use of cookies. To help us insure we adhere to various privacy regulations, please select your country/region of residence. If you do not select a country we will assume you are from the United States. View our privacy policy and terms of use.
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
MARCH 14, 2024
Cyberattacks are just one of several rapidly changing threats confronting audit committees, according to the Center for Audit Quality and Deloitte.
This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.
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
DECEMBER 11, 2023
Veradigm appointed an interim CEO and CFO as it struggles to course correct in the midst of an ongoing audit and a shareholder complaint alleging it artificially inflated revenues for a two-year period.
Advertisement
Typical results our customers have enjoyed include: Reduction of reconciliation volume by 10 to 40% Increasing the speed of close processes Saving time during audits Staying up to date on close status in real-time Register now and see how all these can be achieved!
CFO Dive
MAY 11, 2023
success in overcoming opposition from Beijing to the inspection of audits of China-based companies listed on U.S. The PCAOB findings follow U.S. stock exchanges.
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
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
MARCH 28, 2023
The audit watchdog aims to update and unify interim standards created 20 years ago, aligning its rules with new independence requirements and advances in technology.
CFO Dive
SEPTEMBER 26, 2023
As regulators worldwide begin to mandate ESG disclosures, only 25% of companies are ready for audits of their reports, KPMG said.
CFO Dive
JANUARY 18, 2024
A barrage of business risks may intensify this year, and audit committees need to help C-suite executives limit potential losses and seize opportunities, EY said.
CFO Dive
APRIL 10, 2023
The new SVB shareholder lawsuit shines a light on KPMG’s February audit that effectively gave the bank a clean bill of health about two weeks before its collapse.
CFO Dive
APRIL 28, 2023
Audit firms face a conflict between sustaining income from client fees and their legal obligation to identify weaknesses in a client’s internal controls, researchers said.
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
JANUARY 13, 2023
Audit committees are taking on more responsibilities as the SEC writes several rules requiring more detailed corporate disclosure.
CFO Dive
JANUARY 22, 2024
Do you know how audits can enhance the investment decision-making process? This short video explains how accurate, reliable and transparent financial reporting keep capital markets operating effectively.
CFO Dive
FEBRUARY 3, 2023
With internal audit committees biting off more than they can often chew, committee members across businesses are feeling the burnout.
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.
CFO Dive
OCTOBER 19, 2022
The fine is the largest civil penalty levied against an individual by the federal audit watchdog since it was established in 2002.
CFO News
MARCH 10, 2024
Top audit firms in India, including KPMG affiliate BSR & Affiliates and BDO affiliate MSKA & Associates, have stopped offering non-audit services to audit clients. This move aligns with the NFRA's strict stance on conflict-of-interest issues.
CFO Dive
OCTOBER 5, 2022
The watchdog for the firms that audit publicly-traded companies has intensified supervision in 2022, with plans to sharpen penalties against rule-breakers.
CFO Dive
AUGUST 16, 2022
SEC Chair Gary Gensler hailed efforts to avert significant errors in audits by multiple firms, including mistakes in the calculation of revenue and measurement of fair value.
CFO Dive
APRIL 20, 2023
The criticism of SPAC audits follows a surge in restatements by the so-called blank-check companies.
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 Dive
NOVEMBER 29, 2022
Chief audit executives struggle to fend off ransomware attacks as the tight labor market leaves them understaffed.
CFO News
JUNE 8, 2023
Joint Audit India: David Herbinet, its global head of audit, says joint audit deals with challenges of high concentration of Big Four firms and of audit quality
CFO News
AUGUST 22, 2023
The National Financial Reporting Authority (NFRA) has imposed fines totalling Rs 30 lakh on an audit firm and its partner for lapses in the audit of Burnpur Cement Ltd. The regulator has slapped a fine of Rs 25 lakh on the audit firm K Pandeya & Co and Rs 5 lakh on Manjeet Kumar Verma, a partner with the audit firm.
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
AUGUST 7, 2023
Amid instances of auditing lapses at companies and the regulator taking action against erring auditors, NFRA Chairperson Ajay Bhushan Prasad Pandey on Monday stressed on the need of audit documentation.
CFO News
NOVEMBER 14, 2023
This collaboration with 55 global counterparts signifies a commitment to enhancing audit practices worldwide and fostering the exchange of best practices.
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.
CFO News
JULY 27, 2023
In India, audit committees of companies are increasingly paying attention to the greater diligence needed. It is high time that they realize the criticality of their role in improving audit quality. However, in many companies, the process followed continues to remain ad-hoc and at times lacks transparency.
Future CFO
NOVEMBER 28, 2023
Good audit equates to less time wasted, as some leaders recount that 'time is money'. Moreover, results from the audit process should be released in a timely manner. Auditing with agility also brings in greater efficiency and better alignment between the audit work and the organisation's value.
CFO News
JUNE 13, 2023
Sudhir Soni says there is also a risk of something slipping through the cracks as in a joint audit responsibility gets divided and allocation of work may get missed.
Future CFO
MARCH 26, 2024
Chief audit executives expect audit coverage of artificial intelligence-related risks will grow as organisations race to adopt the technological advancement , according to a Gartner study. Half of the top six risks with the greatest increase in audit coverage are AI-related."
CFO News
APRIL 8, 2024
Several central GST zonal heads have sent an internal communique to officials, asking them to invite state officials to join their ongoing audits for better coordination, said officials. As per industry estimates, there are about 11,000 such cases of dual investigation by both the central and state authorities or under litigation.
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
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.
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 News
OCTOBER 17, 2023
The audit committees and the independent directors should regularly communicate with auditors throughout the year and should not limit their role to reviewing the audit report only at the end of the audit, Ajay Bhushan Pandey tells ETCFO in an interview.
CFO News
FEBRUARY 16, 2024
The regulator will also gauge the Big Five's compliance with the suggestions made in its December 2023 reports in which it had flagged deficiencies in their work processes, including on non-audit services that they provide to the same companies of which they are the statutory auditors, one of the persons said.
CFO News
APRIL 2, 2024
While the audit fee hike is marginal, the sharply increasing complexity in business operations, heightened regulatory oversight on listed companies, growing complexity in reporting requirements, and escalating talent and organisation costs every year are putting auditors in a tough spot.
Embark With Us
DECEMBER 13, 2022
As a business leader at a growing company, a financial statement audit probably isn't top-of-mind right now. After all, you also have to grow revenue, manage day-to-day operations, and navigate a pretty volatile marketplace.
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 public deserves more information about that.”.
Expert insights. Personalized for you.
We have resent the email to
Are you sure you want to cancel your subscriptions?
Let's personalize your content