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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.

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Vulnerability is the new strength for firm leaders

Accounting Today

He featured it prominently on his podcast and began presenting sessions on mental health and burnout across the country, including one in early 2023 at a firm in California, at the end of which the firms managing partner came up on stage and opened up about his own familys struggles with depression. "I

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Three charged in plot to boost firm value before SPAC deal

Accounting Today

filed for bankruptcy in December 2023, less than a year after it combined with SPAC KludeIn Acquisition Corp. The Pasadena, California-based company was one of nearly two dozen firms that went bankrupt in 2023 after going public by merging with a SPAC. The indictment alleges that the scheme operated between May 2021 and September 2023.

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SEC taps new chief accountant

Accounting Today

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. Acting chief accountant Ryan Wolfe will be returning to his role as chief accountant in the Division of Enforcement.

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Tax Fraud Blotter: Negative waves

Accounting Today

Nixa, Missouri: Tax preparer Tina Louise Yager has pleaded guilty to making false and fictitious claims against the U.S. 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. and to wire fraud.

Tax
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Tax Fraud Blotter: Sick excuses

Accounting Today

Bangor, Maine: Paul Archer, a Florida resident formerly of Hampden and Orrington, Maine, has pleaded guilty to attempting to evade federal taxes and engaging in fraudulent transfers and concealment in a bankruptcy proceeding. After signing his guilty plea in October 2023, he embarked on a campaign to avoid responsibility for his conduct.

Tax
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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.