Audit

The traditionally static field of auditing is on the edge of an industry-changing transformation, thanks to artificial intelligence.

The PCAOB will be able to address situations in which a registered firm has ceased to exist, is nonoperational, or no longer wishes to remain registered.

While artificial intelligence has intrigued humans for centuries, it was not until the past few years that it has undergone explosive growth in every field.

Companies that work with auditors who have more industry experience but charge more than competitors offering "lowball" fees tend to save more money in the end.

In a comment letter, the institute says the board's new requirements could drive smaller auditing firms out of the market.

The Public Company Accounting Oversight Board's 2025 budget totals $399.7 million, and the accounting support fee totals $374.9 million.

The average audit fee increased to $3.01 million in 2023, up from $2.83 million in the previous cycle, according to a new report.

The Institute of Internal Auditors and the Association of Chartered Certified Accountants have renewed their memorandum of understanding for another three years.

Plus, Avalara named leader in three IDC MarketScape reports; LeaseCrunch to hold webinar; and other accounting tech updates.