The IRS Is Ready to Strike the Fear of God Into Anyone Who Took ERC
Going Concern
by Going Concern News Desk
14h ago
For posterity’s sake, here’s what the IRS says about its open Employee Retention Credit (ERC) investigations as of January 25: That’s nine open investigations, 123 under review, and anyone who comes forward to say they took ERC money they weren’t entitled to before the Voluntary Disclosure Program closes on March 22 will have to give up the name of the promoter that encouraged them to take the credits. There is also a voluntary withdrawal program for anyone who had an open, unprocessed ERC claim floating around out there. The IRS says more than $167 million from pending applicants was withdra ..read more
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Why Did the PCAOB Redact KPMG’s Audit Failure Rate?
Going Concern
by Adrienne Gonzalez
22h ago
What the fuck is this?? 2022 PCAOB Inspection of KPMG LLP [PDF] WSJ doesn’t know why it was redacted either. NO ONE DOES. We’ve got some more inspection reports to dig into shortly, lots of them. EY, PwC, Deloitte, GT, BDO, RSM, Moss Adams…does anyone want to know all that? We were warned last year that this batch of PCAOB inspection reports would be “completely unacceptable” but no one said they would be completely unknowable. Thankfully they gave us deficiency rates for the other firms. The post Why Did the PCAOB Redact KPMG’s Audit Failure Rate? appeared first on Going Concern ..read more
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‘PCAOB-Registered Firm’ Doesn’t Mean Shit, Says PCAOB
Going Concern
by Going Concern News Desk
2d ago
Pictured: Seal of approval The Public Company Accounting Oversight Board has issued yet another proposal and at least this time it is a refreshing break from the usual extra work they love piling on already overworked auditors. Rule 2400, False or Misleading Statements Concerning PCAOB Registration and Oversight would, according to the PCAOB, “enhance public understanding and investor protection by establishing new restrictions on statements auditors can make concerning a firm’s PCAOB registration status, including the extent of PCAOB oversight of the firm’s work.” So basically: While it is a ..read more
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EY Gave a Hilarious Excuse For Walking Away From This Awful Municipal Audit Client
Going Concern
by Adrienne Gonzalez
2d ago
Across the pond, EY is earning headlines for its abandoning the Wokingham Borough Council, a government locale in the southeast of England with a population of 177,500, after barely completing an audit for 2020/21. Bracknell News: Accountancy firm EY is responsible for carrying out the council’s annual external audits – examinations of its finances. But after long delays, EY announced in February that it will leave two years’ audit reports incomplete. One angry councillor, Mike Smith, accused the firm of ‘downing tools and walking away’ from the job. He added: “Clearly something is catastroph ..read more
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List of the Day: People Who Don’t Work at Deloitte Rank It As a Best Place to Work
Going Concern
by Going Concern News Desk
2d ago
Deloitte has another award to add to its large trophy case: At Deloitte US, we are a workplace for all. Incredibly proud to announce that we have been recognized as the Top Employer by CAREERS & the disABLED magazine! #BestWorkplaces https://t.co/7hOJYOFFIY pic.twitter.com/djl6mJZQTD — Deloitte US (@DeloitteUS) February 18, 2024 It took some real digging to even find this magazine — there’s no direct link to it on Deloitte’s Awards and Recognitions page — but we did it. It seems it hasn’t been updated for 2024 yet so here’s how 2023 shook out: Readers of Careers & the disABLED magazi ..read more
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Study: ChatGPT Won’t Be Replacing Accounting Professors In the Near Future
Going Concern
by Adrienne Gonzalez
3d ago
If you’re a high school student and future accounting major hoping to receive your undergraduate education from a friendly chatbot, we’re sorry to say that won’t be happening any time soon. A study authored by Charles Darwin University Professor of Accounting Indra Abeysekera and published in Journal of Open Innovation: Technology, Market, and Complexity examined how well ChatGPT can explain the solutions to problems and found it’s about as good as a terrible professor. Professor Abeysekera chose accounting to study in particular because the accounting syllabus comprises both narrative-based a ..read more
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EY Gives the Marine Corps the Thing Grant Thornton Couldn’t
Going Concern
by Going Concern News Desk
3d ago
Save your crayon-counting jokes for the comments. As you may have heard, the United States Marine Corps recently received an unmodified opinion from EY. In any other sector this might prompt a hearty “who cares?” but for the Marines it’s a huge deal, the first of its kind for any branch of the military. And for real this time (we’ll get to that in a minute). As you can imagine, the two-year process was no easy feat. Wrote Military.com of prior attempts: In 2017, the Marine Corps became the first military service within the Defense Department to undergo a full financial audit, which at the tim ..read more
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Shout-Out This Person Whose Jumping Ship Made It Into EY’s PCAOB Inspection Report
Going Concern
by Going Concern News Desk
4d ago
As mentioned in today’s Monday Morning Accounting News Brief and first spotted on Canadian Accountant, a shout-out is in order for this person who bailed on EY Canada to go work for the client and scored themselves a mention in the firm’s 2022 PCAOB inspection report: The firm reported one instance of potential non-compliance with PCAOB Rule 3500T regarding firm personnel negotiating prospective employment with an audit client. This instance involved a member of an engagement team engaging in substantive employment discussions with, and accepting an offer of employment from, the audit client ..read more
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Monday Morning Accounting News Brief: Semper Fi-nancial; EY Gets a D in Auditing; Deepfake CFOs Are a Thing | 2.26.24
Going Concern
by Adrienne Gonzalez
4d ago
Hi, welcome to another Monday. *insert sassy observation here* As you ready yourself for the week ahead, take some time to contemplate the fact that there’s better shit to do with your life than work it away. I took off yesterday afternoon and this afternoon to help my son find another car, because his car was totaled a couple of weeks ago. I am so thankful that my schedule now allows me to take an afternoon or two off if I need to. And I’m also feeling a lot of guilt in looking back… — Brenda Cannon, CPA (@bsuecannon) February 23, 2024 The Marines have achieved the seemingly impossible: The ..read more
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Weekend Discussion: Are Partners Basically Better-Dressed Used Car Salesmen?
Going Concern
by Adrienne Gonzalez
5d ago
*and saleswomen This person on r/Big4 seems to have had an epiphany that partners are better at people-ing than they are at the technical aspects of the firm’s business. Quite the revelation! Why does it feel like the people who make it to partner are better at schmoozing than accounting? byu/TheU_isBack inBig4 Take note, overachievers and aspiring partners: Technical skill matters most when you’re in the trenches. You could have Excel acumen that makes Andrew Ngai look like someone’s tech-averse grandma but if you can’t schmooze you’ll never go all the way. This doesn’t explain the partners w ..read more
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