AuditorSearch – a comprehensive public database of engagement partners and audit firms participating in audits of U.S. public companies launched by the PCAOB in 2017 – plays a pivotal role in promoting…
Category: Accounting
IRS modifies Rev. Proc. 2023-24 on obtaining automatic consent to change methods of accounting
The IRS released Revenue Procedure 2024-09 that modifies sections 7 and 19 of Rev. Proc. 2023-24 to provide procedures under § 446 and § 1.446-1(e) to obtain automatic consent of the Commissioner to…
Who audits the auditors: Private company auditors oversight
The auditing process plays a crucial role in maintaining financial transparency and accountability within businesses. Whether a company is publicly traded or privately held, the role of auditors is significant in ensuring…
Who audits the auditors: The vital role of the PCAOB
In the complex world of financial reporting and corporate governance, maintaining trust and integrity is paramount. Auditors play a critical role in ensuring that financial statements accurately represent a company’s financial position….
The crucial role of automation in modern accounting
In the ever-evolving landscape of business, accounting plays a pivotal role in ensuring financial stability and success. As organizations grapple with increasing complexities in their financial transactions and reporting requirements, the importance…
Who audits the auditors: Ensuring quality and confidence in the audit process
In the realm of financial accountability and good governance, auditors play a critical role in ensuring that organizations, whether public or private, adhere to the highest standards of transparency and accountability. Audits…
Exploring the best way to account for cryptoassets: A matter of evolution
The rise of cryptocurrencies has transformed the financial landscape, introducing a myriad of opportunities and challenges. Cryptoassets have moved beyond the realm of a fringe technology and have captured the attention of…
The urgent need for new accounting professionals
In today’s ever-evolving financial landscape, the role of accounting professionals has never been more critical. From individuals managing their personal finances to multinational corporations handling complex international transactions, accountants play a pivotal…
Why accountants should understand and utilize ChatGPT
Accountants may find it valuable to understand and utilize ChatGPT, or similar AI-powered language models, to transform their data analysis, reporting, and client interactions. Introduction In the rapidly evolving landscape of accounting…
Narrow Focus on Financial Reporting Risks: Concerns and Impact on Investors
Management’s and auditors’ risk assessment processes play a crucial role in financial reporting decisions and the effectiveness of internal controls over financial reporting (ICFR). In a Statement released by SEC Chief Accountant…