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Broker-dealer audit deficiency rates remain high

Accounting Today

EDT 1 Min Read Facebook Twitter LinkedIn Email The Public Company Accounting Oversight Board reported that deficiency rates remain high across examination, review and audit engagements for auditors of broker-dealers. It found at least one deficiency in 17 (59%) of the 29 examination engagements it reviewed, a decrease of two from 2023.

Auditing 147
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Vulnerability is the new strength for firm leaders

Accounting Today

And with so many of his colleagues benefiting from being able to take on new roles, Crabtree began building a new role for himself, as a champion of mental health in the accounting profession. All rights reserved. billion, threatening taxpayer service and enforcement.

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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. Wolfe has served as acting chief accountant since January 2025. All rights reserved.

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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 All rights reserved.

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Tax Fraud Blotter: Sick excuses

Accounting Today

He operated an online marketing business for software installation, earning several million dollars from 2013 through 2015. After signing his guilty plea in October 2023, he embarked on a campaign to avoid responsibility for his conduct. Bui anticipated that the transactions would be audited. All rights reserved.

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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. All rights reserved. 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: Prep perps

Accounting Today

In February 2023, Trifilo sought to obtain a $1.36 From November 2017 to December 2023, Rhew defrauded at least 117 investors of at least $24 million. All rights reserved. For a decade, he did not file federal income tax returns nor pay taxes owed despite earning more than $7.7 million during that time.

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