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2021 broke downward trend on restatements

Accounting Today

Financial restatements, which have generally been on a downward trend since 2003, spiked in 2021.

Auditing 247
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Retirees will get 3.2% Social-Security boost next year, smallest gain since 2021

Accounting Today

increase next year, the smallest gain since 2021, reflecting a significant cooling in the rate of inflation. Monthly checks for the more than 71 million people receiving retirement or disability benefits in the U.S. will get a 3.2%

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Critical Accountant Shortage

Insightful Accountant

Accounting profession faces staffing shortages due to fewer graduates and an aging workforce. First-time CPA exam candidates dropped by 33% from 2016 to 2021. 42% of firms turn away work, 24% near burnout.

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PCAOB finds auditor evaluation deficiencies

Accounting Today

Seventeen percent of comment forms in 2021 and 2022 contained auditor evaluation deficiencies, according to the PCAOB.

Auditing 327
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Accounts Payables Insights in 2021: A 4th Quarter Review

Oversight

This time last year we talked about the significant shift in the world of Accounts Payable, as the department moves from a processing department to an essential financial analysis team.

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Average audit fees are rising as auditors turn more to technology

Accounting Today

from 2021 to 2022, and more auditors are using data analytics in their audits, according to a new report. Average audit fees increased by 4.6%

Auditing 312
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Child poverty soars, forcing states to offer tax credits

Accounting Today

Eleven states have created or expanded a fully refundable child tax credit following the expiration at the end of 2021 of the federal measure, which enabled families to get as much as $3,600 per child.

Tax 303