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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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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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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 warns of uptick in auditing flaws

CFO Dive

To avert flaws in reports, CFOs should keep auditors apprised of any big changes or new business risks and invest in internal controls

Auditing 207
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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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EY consulting arm poaches Cargill CFO

CFO Dive

Ernst & Young is moving forward with a “soft separation” of its audit and consulting arms as they appoint Jamie Miller to the CFO seat of what will be a new public entity

CFO 213
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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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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. WSJ | CFO Journal. audit inspectors full access to audit working papers of U.S.-listed

Auditing 100
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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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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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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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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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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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Frances Lawrence, CFO, FISCAL Technologies

Generation CFO

I needed to feel confident that if someone did come in to audit us, those numbers were solid and credible. Frances, who was promoted to CFO in August 2021, particularly enjoys this aspect of her role which she says is much more commercial and strategic than her previous one. “I

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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. WSJ | CFO Journal. The Morning Ledger provides daily news and insights on corporate finance from the CFO Journal team. Audit Risks.

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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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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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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Dynshaw Italia, CFO at Soldo 

Generation CFO

Change must be a part of the DNA of a business if it is to be successful, says Dynshaw Italia, CFO at spend management platform Soldo, who has navigated his fair share of transformation throughout his career. . “In I enjoy the entire CFO function.

CFO 207
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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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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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Deloitte Explores Splitting Auditing, Consulting Arms, Following Ernst & Young

CFO News Room

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.

Auditing 100
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Global Auditing Firms Struggle to Leave Russia

CFO News Room

WSJ | CFO Journal. The Morning Ledger provides daily news and insights on corporate finance from the CFO Journal team. 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.

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, 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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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

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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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The top challenges for internal audit in 2022

Future CFO

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.

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Joint audit is a good idea, will try finishing Byju’s probe at the earliest: ICAI President

CFO News

Joint audit should be made applicable for public interest entities. There should be greater scrutiny for such companies, says Debashis Mitra