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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 News Room
AUGUST 27, 2022
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.
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CFO Dive
JANUARY 26, 2022
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
CFO News Room
MARCH 23, 2022
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.
CFO Dive
FEBRUARY 1, 2022
Delays mean companies can face hurdles raising capital, securing financing or making financials available to buyers interested in an acquisition
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.
CFO News Room
APRIL 25, 2022
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.
CFO News Room
APRIL 15, 2022
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.
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.
CFO Dive
SEPTEMBER 2, 2022
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
CFO News Room
MAY 27, 2022
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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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. What is a nonprofit financial audit? .
CFO News Room
APRIL 25, 2022
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.
CFO News Room
JUNE 8, 2022
Deloitte is exploring a plan to split its global audit and consulting practices, following an effort by fellow Big Four accounting firm Ernst & Young to potentially spin off its consulting arm , according to people familiar with the matter. The moves would mark the biggest shake-up in the accounting industry in decades, handing windfalls to tens of thousands of the firms’ partners and creating two new consulting giants and two stripped-down auditing firms.
Private Funds CFO
FEBRUARY 9, 2022
The entire industry is caught up in 'sea change' proposal. Compliance News & Analysis featured SEC
CFO Dive
AUGUST 2, 2022
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
PYMNTS
JUNE 29, 2020
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.
Future CFO
MARCH 21, 2022
The top challenge for internal audit leaders this year is how they can attract talent with nontraditional skills, said Gartner recently. 57% of chief audit executives said that attracting talent with nontraditional skills was an important or extremely important issue for them in 2022.
Future CFO
SEPTEMBER 1, 2021
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. .
PYMNTS
JUNE 26, 2020
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.
PYMNTS
JULY 26, 2020
In the latest development, Bundesbank President Jens Weidmann said in an interview published by newspapers that are part of the Funke media organization that auditing should be enhanced, according to a translation to English from German by Reuters.
PYMNTS
APRIL 24, 2019
Wirecard has denied claims levied by the Financial Times that its subsidiaries were not audited, according to a report by Reuters. The FT , using a whistleblower as a source, said that Wirecard’s accounts in Card Systems Middle East in Dubai were not audited in 2016 and 2017. All subsidiaries of Wirecard, including Card Systems Middle East, are subject to regular audit procedures, including but not limited to quarterly and annual audits,” the company said in response to the claims.
Future CFO
SEPTEMBER 11, 2019
This report provides an overview of some of the various technologies that currently affect or are likely to affect the audit profession in the near future and what this means for auditors as people. Download The post Audit and Technology appeared first on FutureCFO.
PYMNTS
APRIL 29, 2020
Businesses that borrow money through the federal Paycheck Protection Program (PPP) can expect to be audited before the loans are forgiven, Treasury Secretary Steven Mnuchin told The Wall Street Journal. But Tuesday night, Mnuchin told the paper all loans will be audited.
PYMNTS
MARCH 13, 2020
German payments company Wirecard said that an auditing firm it hired found no evidence of account manipulation, according to a report by Reuters. . Security & Fraud Account Manipulation Audit Firm india Klarna KPMG News payments probe Singapore What's Hot Wirecard
CFO Share
AUGUST 22, 2022
Should we expect more audits and fines? This austerity, compounded with complex Covid tax relief measures, means the IRS is 6+ months behind in processing tax returns, audits, and even opening the mail. Enforcement activity, including audits, has focused almost exclusively on high-income individuals and corporations, not small businesses. How do I avoid an IRS audit? Audits, fines, and other IRS disputes are a major distraction from routine business.
PYMNTS
JANUARY 26, 2021
Usually, the auditing workflow involves looking at expense reports filed by employees, with a focus on identifying potentially erroneous or even fraudulent transactions. But the true value in data analytics technology is in the ability to continuously audit transactions as they flow in.
PYMNTS
MAY 4, 2020
Despite an audit that raised questions about operations at Wirecard, a publicly traded financial services provider based in Munich, its CEO has ignored calls to resign. The survey by KPMG, a global auditing firm, criticized the company’s lack of transparency and cooperation.
Future CFO
MARCH 28, 2021
The internal audit function faced both declining budgets and a significantly expanded workload in 2020, according to Gartner survey of 299 internal audit organisations in 2020. The post Internal audit at risk of being overstretched in 2021 appeared first on FutureCFO.
PYMNTS
AUGUST 19, 2019
Firms auditing expenses through manual processes and outdated technologies risk missing the chance to flag erroneous or fraudulent submissions from vendors and employees. Deploying technology — especially artificial intelligence (AI) — can streamline the auditing process and boost cost savings significantly. As AppZe n noted in a recent report titled “The State of AI in Business Spend,” companies that do not use AI audit only 10 percent of their spending.
PYMNTS
APRIL 29, 2020
Any small business getting an emergency coronavirus loan from the Small Business Administration (SBA) greater than $2 million will be subject to an audit, Treasury Secretary Steven Mnuchin said. Conducting audits of so many businesses could prove to be a near-impossible undertaking.
PYMNTS
JULY 11, 2019
s so-called Big Four accountancy firms — KPMG, PwC, EY and Deloitte — have reportedly failed to reach audit quality standards set by the Financial Reporting Council , Reuters reported this week. It marks the second year in a row that the Big Four failed the auditing test, while second-tier auditors Grant Thornton, BDO and Mazars also all failed to hit the FRC’s target that 90 percent of audits require only limited improvements. Only 75 percent of the audits of the U.K.’s
PYMNTS
JULY 6, 2020
The Big Four accounting firms will have to put their United Kingdom auditing and consulting practices in separate business units by 2024, but may keep them within the same parent companies, under regulations announced today by the Financial Reporting Council.
PYMNTS
JULY 2, 2020
The former chair of the London Stock Exchange is calling for a thorough overhaul of audit standards in the wake of the $2.1 Security & Fraud audit standards auditors B2B B2B Payments Ernst & Young EU EY fraud News payments scandal What's Hot In B2B Wirecard
PYMNTS
JUNE 6, 2019
auditing giant to overhaul operations amid growing regulatory scrutiny on the industry. PwC is reportedly planning to ramp up its auditing operations by hiring 500 more auditors across the U.K., The company will also deploy a digital audit team, strengthen training operations and review existing clients. auditing operations via the creation of a new executive committee to manage performance and controls. Head of Audit Hermione Hudson in a statement.
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