Audit

The IRS has the expertise to enforce President Joe Biden’s proposal to tax the unrealized gains of mega-millionaires and billionaires, Senator Elizabeth Warren contended in the face of criticism over the workability of a proposal she strongly supports.

The International Auditing and Assurance Standards Board released a revised standard Thursday to focus on the special considerations that apply to audits of group financial statements.

The board levied a $100,000 fine against Scott Marcello, in its largest monetary penalty ever in a settled case against an individual.

The revised draft rules deleted the requirement that on-site inspections should be mainly conducted by Chinese regulatory agencies or rely on their inspection results.

The audit is going to undergo massive changes over the next decade — and so will those who conduct them.

Board staff called attention to some important considerations for auditors as they plan and perform audits that may be affected by the ongoing war in Ukraine.

Chinese authorities are preparing to give U.S. regulators full access to auditing reports of the majority of the 200-plus companies listed in New York as soon as the middle of this year.

For now, it’s technology, but soon it will be more about demand from markets — and society as a whole.

Experts in auditing imagine the ways this core service of the profession will be radically different in a decade.

Gary Gensler signaled that only total compliance with U.S. audit inspections will allow the companies to keep trading on American markets.

The service has been auditing the poorest wage earners more than higher-earning taxpayers, according to an updated report.

The board approved charters for the membership and activities to revive its old Investor Advisory Group and set up a new Standards and Emerging Issues Advisory Group.

One of the most interesting, yet overlooked aspects of digital transformation is the way in which it changes the shape of data available to auditing professionals.

The commission’s proposed rule would involve accountants and auditors more heavily in their clients’ efforts to provide assurance on sustainability reporting.

Over three-quarters of the audits conducted by the Internal Revenue Service under its centralized partnership audit regime resulted in no change in taxes, according to a new report.

Overall new client additions – and departures – are up from 2020.

A report from the PCAOB finds that audit committees are neither bearish nor bullish on technology, reporting great enthusiasm for it, while remaining wary of risks.

The board said Thursday that it is still meeting with Chinese authorities to discuss the ability to inspect auditing firms in that country.

UHY Advisors chairman and CEO Steve McCarty has presided over the firm growing its revenue in the past two years by approximately 25%, from $181 million to $225 million, as the firm also pursues merger deals.

The Public Company Accounting Oversight Board issued a Spotlight publication Monday containing some observations and reminders for auditing firms about relying on outside service providers for electronic audit confirmations.