A Framework for Auditor Independence - Journal of Accountancy
EXECUTIVE SUMMARY THE INDEPENDENCE STANDARDS BOARD issued an exposure draft for a conceptual framework for auditor independence containing the concepts and basic principles that will guide the board in its future standard setting. THE NEED FOR A FRAMEWORK AROSE FROM the jumble of confusing independence rules and regulations that applied
Journal of Accountancy - Accounting, tax, auditing news
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What AI can do for auditors - Journal of Accountancy
Feb 1, 2024 · Artificial intelligence (AI) is a technology that auditors are exploring, but they may not yet be reaping all the benefits it can offer. In an audit, AI can be used in a variety of ways, including performing journal entry testing by identifying unusual transactions among a large pool of unstructured data and analyzing those transactions for patterns and anomalies.
A new top 10 firm? Two top 15 firms band together - Journal of …
Nov 7, 2024 · Two of the nation's top 15 accounting firms have joined forces with the completion of CBIZ's acquisition of Marcum LLP. According to a news release, CBIZ has acquired the nonattest business of Marcum, and CBIZ CPAs has acquired Marcum's attest business.CBIZ CPAs (formerly Mayer Hoffman McCann) is a national independent CPA firm with a long …
The ERC: Practitioners’ responsibilities to amend income tax …
Feb 20, 2024 · Practitioners must weigh applicable professional standards and exercise due diligence in assessing whether a taxpayer claiming an employee retention credit must amend one or more income tax returns to reduce deductions of wages for which the credit was claimed.
Medicare’s tricky rules on HSAs after age 65
Jul 1, 2021 · Before the tax-savings wonder that is the health savings account (HSA) was introduced in 2003, it was a generally accepted best practice for any worker who wasn't already collecting Social Security at the age of 65 to go ahead and sign up for Medicare Part A (hospital insurance), regardless of other coverage.
Replacing SAS 70 - Journal of Accountancy
Guidance for CPAs who audit the financial statements of entities that outsource work to service organizations and those who report on controls at service organizations is being revamped and relocated. Since 1992, Statement on Auditing Standards (SAS) no. 70, Service Organizations, has been the source of the requirements and guidance
January 2025 - Journal of Accountancy
News and in-depth features about tax, accounting, auditing, and other business topics. Published by the American Institute of CPAs
Engagement quality reviews: What auditors should know
Dec 9, 2024 · Firms with A&A practices should pay particular attention to the new standard on engagement quality reviews (EQRs) as they implement the new suite of quality management (QM) standards that are effective Dec. 15, 2025.
Asset-Based Financing Basics - Journal of Accountancy
Once considered financing of last resort, asset-based lending and factoring have become popular choices for companies that do not have the credit rating or track record to qualify for more traditional types of financing. In general terms, asset-based lending is any kind of borrowing secured by an asset of the