Audit

The Public Company Accounting Oversight Board imposed a $30,000 civil penalty against K.R. Margetson and its sole partner for quality control violations and revoked his firm's registration for a year.

The Securities and Exchange Commission charged the former national assurance services leader at Marcum LLP with failing to address and remediate a number of deficiencies in the New York-based auditing firm's quality controls.

Despite over two decades of experience, complying with the Sarbanes-Oxley Act of 2002 doesn't seem to be getting any easier for audit and finance leaders.

The Big Four firm plans to stop offering some types of services to SEC-registered audit clients, and to cut the compensation of top leaders if the firm's audits fall short on quality.

The service will need to tread carefully with how it uses artificial intelligence amid growing questions about the reliability of the technology.

A March acquisition continued to yield dividends for the Cleveland-based Top 50 Firm; Deloitte and CohnReznick also saw big gains.

Following a top-to-bottom review of enforcement efforts, the agency is shifting more attention from working-class taxpayers to high-income earners, partnerships, large corporations and promoters of abusive tax shelters.

The SEC's recently finalized rule on private fund advisors will impose new requirements.

The Internal Revenue Service is leveraging artificial intelligence to detect tax evasion as it uses the extra funding from the Inflation Reduction Act to ramp up compliance efforts.

The IRS is starting to get more interested in who prepared a claim for the Employee Retention Credit.

The service's LB&I Division has expertise in training agents on examining high-income taxpayers, but the IRS doesn't appear to be leveraging this expertise.

As an auditing professional, it's vital that you detect any discrepancies in business tax reports and either try to rectify them or report them to the IRS.

A group of financial industry trade associations sued over the rule, which would require more disclosures of fees and expenses, and annual audited financial statements.

The institute's Auditing Standards Board issued an exposure draft for some proposed changes in the attestation standards for quality management and is asking for comments.

These are the first sanctions ever against a firm over independence violations because it's a member of an alliance where another firm did work for the same client.

Accounting firms are less important than the partner leading the team in terms of the impact on the business's effective tax rate and the probability it will face an audit.

While companies are working in overdrive to fill accounting positions, they are finding themselves up against a confluence of factors.

Even without formal standards, professionals are still finding ways to examine and test AI.

The Securities and Exchange Commission adopted new rules and amendments aimed at tightening the regulation of private fund advisors.