Audit News from Accounting Today

The Internal Revenue Service's plan under the Biden administration to audit high-income taxpayers appears less likely after staffing and budget cuts.

Wolters Kluwer announced a version of CCH Validate that is now entirely in the cloud.

The Public Company Accounting Oversight Board today sanctioned Goldman & Company, CPA's, Raymond Chabot Grant Thornton, and PWR CPAs.

Plus, Abacus announces $6.6 million seed funding for agentic AI assistants; and other news and updates from the accounting tech arena.

The International Ethics Standards Board for Accountants and the International Auditing and Assurance Standards Board set up technical groups for their standards.

Auditors with uncommon first names tended to take a divergent approach to the rules, reducing earnings comparability, according to a new study.

The Public Company Accounting Oversight Board sanctioned CPA firm Michael Coglianese for quality review failures for 17 audit and attestation engagements.

A joint report by the AICPA and Chartered Professional Accountants Canada said the rapid rise of AI opens up opportunities to provide independent assurance.

The International Auditing and Assurance Standards Board has revised its standard on the auditor's responsibilities relating to fraud.

The Public Company Accounting Oversight Board gave reminders for auditors who audit smaller public companies in its latest staff publication.

The American Institute of CPAs' Auditing Standards Board is looking for feedback on a proposed standard updating auditors' responsibilities related to fraud.

The Office of Management and Budget is calling for a major overhaul in how federal agencies conduct financial audits.

Helping clients through tax controversy cases with the IRS means knowing which battles are winnable.

AI-driven firms fail to mention that if their AI-generated tax advice results in an audit, their customers, not the firms themselves, are held legally liable.

The audit overseer fined Deloitte Netherlands, PwC Netherlands and EY Netherlands a total of $8.5 million after finding widespread exam misconduct on internal training tests.

The Public Company Accounting Oversight Board sanctioned the firm Michael T. Studer CPA and Michael Studer for repeat violations related to a 2019 audit.

The industry is awaiting SEC approval for dozens of applications, even as Vanguard's shareholder case highlights some of the tax complexity of the looming shift.

The provision would have eliminated the Public Company Accounting Oversight Board and transferred its responsibilities to the Securities and Exchange Commission.

The Public Company Accounting Oversight Board reported that deficiency rates remain high across examination, review and audit engagements.