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Average audit fees are rising as auditors turn more to technology

Accounting Today

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

Auditing 323
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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 254
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Audit fees edged up from 2020 to 2021

Accounting Today

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Auditing 246
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Tax Fraud Blotter: Sick excuses

Accounting Today

After an IRS audit in 2016 assessed a federal tax debt totaling some $1 million, Archer concealed and transferred assets through two LLCs he controlled and began using third-party bank accounts to evade paying the tax debt. Bui anticipated that the transactions would be audited.

Tax 213
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Tax Fraud Blotter: Boundless energy

Accounting Today

For every quarter from 2017 through the second quarter of 2021, the two withheld employment taxes from employees wages but did not pay them over or report them to the IRS. The agent provided Gibson with a W-2 for 2021 and offered no information about valid deductions for business losses, capital losses and bad debt.

Tax 165
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Tax Fraud Blotter: Prep perps

Accounting Today

After the company told him that the bank would not approve the loan without copies of his filed returns, Trifilo provided fabricated documents to make it appear as if he had filed federal returns for 2020 and 2021. In addition, Carter did not file personal tax returns for 2019 through 2021.

Tax 147
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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 334