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SEC taps new chief accountant

Accounting Today

Acting chief accountant Ryan Wolfe will be returning to his role as chief accountant in the Division of Enforcement. Hohl has close to 40 years of accounting and auditing experience. In 2023, he founded Corallium Advisors, which helps businesses with auditing, regulatory compliance, risk management, and initial public offerings.

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Broker-dealer audit deficiency rates remain high

Accounting Today

It found at least one deficiency in 17 (59%) of the 29 examination engagements it reviewed, a decrease of two from 2023. The PCAOB reviewed 64 engagements and found at least one deficiency in 27 (42%), consistent with the 2023 results. Courtesy of PCAOB Results were consistent year to year across firms review engagements.

Auditing 147
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Small Business Insights from the Intuit QuickBooks Small Business Index Annual Report 2023

Intuit

The report provides a rigorous and comprehensive analysis of the small business landscape in the US, Canada, and the UK, examining why small business employment has declined in 2023 when overall employment levels have been increasing. Read more about actionable insights for accountants from this year’s report.

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Firms seeing more profits and clients

Accounting Today

Some 85% of firms now offer client advisory services, a big spike from 41% in 2023, indicating a strategic shift toward delivering forward-looking financial guidance that clients increasingly expect. AI adoption is also reshaping the profession, with 80% of firms confident it will positively affect their practice.

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Tax Fraud Blotter: Negative waves

Accounting Today

Yager used clients information to present false returns to the IRS from November 2023 through March of 2024, submitting returns in the name of her clients without their knowledge or approval. In March 2023, Estes made a $1.3 In March 2023, Estes filed another false return claiming he was entitled to a $2.9 and to wire fraud.

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Intuit’s Focus on Financial Literacy in 2023

Intuit

However, according to the 2023 State of Financial Education Report from Next Gen Personal Finance, progress is being made to make financial literacy courses available to more students, across the board: 18 states now require a semester-long personal finance course for graduation, up from only 6 in 2022.

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Accounting apps remain dominant for small biz but less than last year

Accounting Today

A recent survey has found that while small businesses still primarily use accounting software to record and manage transactions, usage dropped from 85% to 68% from April 2023 to July 2024.