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Audit committee job creep taking its toll

CFO Dive

With internal audit committees biting off more than they can often chew, committee members across businesses are feeling the burnout

Auditing 184
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‘Scope creep’ challenging audit committees: CAQ

CFO Dive

Audit committees are taking on more responsibilities as the SEC writes several rules requiring more detailed corporate disclosure

Auditing 213
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Deficiencies In Audit Quality

Global Finance

Audit companies face an audit by an government oversight agency and are found lacking

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Internal audit leaders flag cyberattacks as top 2023 risk: ManpowerGroup

CFO Dive

Chief audit executives struggle to fend off ransomware attacks as the tight labor market leaves them understaffed

Auditing 228
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Register Now: Sneak Peek Into Close Automation SkyStem Web Demo

Join us as we present a "sneak peek" recorded demo of SkyStem's month-end close solution – ART. In under four weeks, your team can start reaping the benefits of month-end close automation by speeding up the month-end close and better managing your remote teams.

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PCAOB hits audit partner with record $150K penalty

CFO Dive

The fine is the largest civil penalty levied against an individual by the federal audit watchdog since it was established in 2002

Auditing 238
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PCAOB sanctions four audit firms in enforcement ‘sweep’

CFO Dive

The watchdog for the firms that audit publicly-traded companies has intensified supervision in 2022, with plans to sharpen penalties against rule-breakers

Auditing 201
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SEC backs tougher rules for audits involving multiple firms

CFO Dive

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

Auditing 217
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PCAOB gains breakthrough access to Chinese audit firms

CFO Dive

The PCAOB’s push for more transparency in China-based companies will enable CFOs and auditors who heavily rely on Chinese firms to better understand their partners’ operations

Auditing 213
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Cybersecurity increasingly on audit committee agendas

CFO Dive

To the extent CFOs support the committees, they could be called on to help find experts to join, or present to, members who are tasked with preventing a damaging breach

Auditing 232
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Daniel Mensah, Head of Audit, Clear Channel Europe

Generation CFO

“Working in internal audit is like having a front row seat to the nuts and bolts of a business,” says Daniel Mensah, Head of Audit at Clear Channel Europe. “One of our key objectives for internal audit is being a source of talent for the business.”.

Auditing 130
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Talent shortage turns audits into tactical issue

CFO Dive

Delays mean companies can face hurdles raising capital, securing financing or making financials available to buyers interested in an acquisition

Auditing 213
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Nonprofit Audit Checklist (+ Free PDF Download)

The Charity CFO

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.

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Macau Under Spotlight Amid U.S. Inspections of China-Based Audits

CFO News Room

accounting regulators to inspect China-based audits is raising questions about the role of unregistered auditors in the Chinese gambling enclave of Macau, where several U.S.-listed audit rules, any audit firm that performs at least 20% of the audit work based on hours or fees is required to register with the Public Company Accounting Oversight Board, the U.S. audit watchdog. audit inspectors full access to audit working papers of U.S.-listed

Auditing 100
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When Does Your Nonprofit Need an Audit?

The Charity CFO

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. What is a nonprofit financial audit? .

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EY considers global audit spinoff

Future CFO

EY is considering a global audit spinoff amid growing regulatory pressure, according to media reports. According to media reports, EY’s CEO Carmine Di Sibio said in a memo that no decisions have been made regarding to the audit spinoff.

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Audit partners see economic challenges in 2023 as new risks emerge, CAQ survey shows

CFO Dive

The second edition of the biannual survey of audit partners carried out by the CAQ shows corporations are taking action against rising inflation, labor shortages and supply chain disruptions

Auditing 130
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China’s Ailing Developers Delay Results as Audits Drag

CFO News Room

said they couldn’t publish audited annual results by Hong Kong’s March 31 deadline, with some blaming pandemic-related problems as one reason for the delay. Others have recently parted company with the accountancy firms that previously audited their books.

Auditing 130
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U.S. and China Reach Agreement on Chinese Company Audits

CFO News Room

accounting regulators to inspect China-based audits , laying the groundwork for a monthslong process that could prevent numerous Chinese companies from being booted off American stock exchanges. The deal, which was negotiated over many months, comes after a decadelong standoff between regulators in the two countries over the audit working papers of New York-listed Chinese companies. Washington and Beijing reached an agreement for U.S.

Auditing 100
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The Truth About Nonprofit Audits

The Charity CFO

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.

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Lack of Access Could Hinder Audits of Companies With Ties to Russia

CFO News Room

Also, due to government sanctions accounting firms will likely have less access to auditors in Russia than they previously did, audit experts say. The Public Company Accounting Oversight Board, which regulates audits of companies listed on U.S. audit watchdog said. Audit Risks.

Auditing 130
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Assessing Inherent Risk During an Audit

CFO News Room

They do this through routine audits , which are reviews that may involve the financial examinations of corporate financial statements, as well as compliance issues and internal controls involving a company’s financial reporting. Audits are conducted by internal and external auditors.

Auditing 130
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PCAOB finds audit flaws on fraud risk, SPACs

CFO Dive

During the coming inspection period, the PCAOB’s so-called Target Team will focus on “risks related to climate change” that influence companies’ financial statements

Auditing 130
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Financial Statement Audit: Tips & Insights on Tackling Your First-Year Audit

Embark With Us

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. Risk & Controls Financial Accounting Reporting

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Audits — Hidden Until Now — Reveal Millions in Medicare Advantage Overcharges

CFO News Room

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. Summaries of the 90 audits, which examined billings from 2011 through 2013 and are the most recent reviews completed, were obtained exclusively by KHN through a three-year Freedom of Information Act lawsuit, which was settled in late September.

Auditing 100
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Accounting Firm EY Considers Split of Audit, Advisory Businesses

CFO News Room

Big Four accounting firm Ernst & Young is considering a world-wide split of its audit and advisory businesses amid regulatory scrutiny of potential conflicts of interest in the profession, according to people familiar with the matter. billion came from audit work.

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BREAKING: SEC proposes sweeping new PF audit, fees rules

Private Funds CFO

The entire industry is caught up in 'sea change' proposal. Compliance News & Analysis featured SEC

Auditing 130
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IRS Corporate Audits Drop 71 Pct, Individual Audits Fall 65 Pct

PYMNTS

Audits of partnership tax returns dropped by 79 percent, while employment tax return examinations fell 42 percent over the same timeframes. Treasury Inspector General for Tax Administration raised questions over the business auditing performance of the agency.

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Global Auditing Firms Struggle to Leave Russia

CFO News Room

The Big Four will likely use these new firms for the now-complicated task of auditing the Russian operations of multinational s, according to people familiar with the matter. Removing that shared support entirely could make it difficult for the Russian firms to offer their existing audit and other services, people close to the Big Four firms said. Big consulting firms such as. Accenture PLC. ACN -3.57%. and McKinsey & Co. have quit or stopped all client work.

Auditing 100
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Adani Group plans independent audit of group companies

CFO News

The audit will be commissioned after the group's unit, Adani Enterprises Ltd, completes its follow-on public offering, based on which legal options will be decided, the report said, citing two people with direct knowledge of the matter

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PCAOB proposes new audit confirmation standard

Accountancy Today

The Public Company Accounting Oversight Board (PCAOB) has proposed a new standard for auditors use of confirmation which is aimed at modernising the process.

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PCAOB, SEC double down on full access to audits in China

CFO Dive

The Public Company Accounting Oversight Board (PCAOB) doesn’t have the authority to remove foreign companies from U.S. exchanges but a 2020 law gives the Securities and Exchange Commission authority to do that if the PCAOB isn’t getting cooperation

Auditing 141
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EY Says Wirecard Gave False Statements During 2019 Audit

PYMNTS

The company was involved in deliberate deceit and had given false statements on escrow while EY was carrying out the 2019 audit of the company, which EY took to the relevant authorities, Reuters reported.

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Hybrid auditing: How audit leaders can transform processes to tackle challenges

Future CFO

Audit functions that fail to adapt well to hybrid auditing risk a loss of effectiveness and influence at a time when real-time assurance has never been more vital to the wider organisation, said Gartner recently. Data analytics has also enabled better remote and continuous audits. .

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NFRA introduces annual transparency reports for audit firms

CFO News

The ATR requirements are on the lines of the contemporary international best practices implemented by certain prominent independent audit regulators in other jurisdiction