Audit & Accounting

The Internal Revenue Service wasted $22.7 million auditing tax returns that resulted in no additional revenue for the federal government, according to an agency watchdog.

CPAs have a unique view into their clients who will exit their businesses in the not-too-distant future.

Wirecard AG filed for insolvency, the culmination of a stunning accounting scandal that led to the arrest of its CEO and left the German payment-processing firm unable to find over $2 billion missing from its balance sheet.

Accounting firm leaders need to hold fast to growth principles in changing times.

The pandemic has created many great opportunities for finance pros to help their clients.

There are close to 84,000 employee benefit plan audits conducted in the United States each year, almost 70 percent of which are limited-scope audits.

The COVID-19 pandemic is likely to lead to long-term consequences for organizations, according to a survey of accountants around the world by the Association of Chartered Certified Accountants.

Britain’s audit industry faces another dent to its reputation as the nation’s accounting watchdog ordered a probe into PricewaterhouseCoopers LLP, Ernst & Young and Oliver Clive & Co.’s work for defunct London Capital & Finance Plc.

The Governmental Accounting Standards Board issued guidance Tuesday to improve the reporting of Section 457 deferred compensation plans for state and local government employees.

The pandemic is introducing changes — potentially significant ones — to the SOX compliance process.