Deploying AI in accounting poses 12 audit risks: CAQ study
CFO Dive
APRIL 5, 2024
CFOs see the value of generative artificial intelligence but may not fully grasp its audit risks, according to the Center for Audit Quality.
This site uses cookies to improve your experience. By viewing our content, you are accepting the use of cookies. To help us insure we adhere to various privacy regulations, please select your country/region of residence. If you do not select a country we will assume you are from the United States. View our privacy policy and terms of use.
CFO Dive
APRIL 5, 2024
CFOs see the value of generative artificial intelligence but may not fully grasp its audit risks, according to the Center for Audit Quality.
CFO Dive
MARCH 14, 2024
Cyberattacks are just one of several rapidly changing threats confronting audit committees, according to the Center for Audit Quality and Deloitte.
This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.
The New Frontier: A Guide to Monetizing AI Offerings
Confronting the Change Challenge
The Financial Leaders Playbook: How To Deliver Insight, Oversight, And Foresight
CFO Dive
MAY 11, 2023
success in overcoming opposition from Beijing to the inspection of audits of China-based companies listed on U.S. The PCAOB findings follow U.S. stock exchanges.
CFO Dive
MARCH 20, 2023
The shortage of workers with the core accounting skills needed to staff audits is making audit failures more likely, Hofstra University’s Jack Castonguay says.
CFO Dive
DECEMBER 7, 2023
Since early 2021 SEC Chair Gary Gensler has called on the PCAOB to more aggressively oversee the accounting firms that audit publicly listed companies.
CFO Dive
MAY 13, 2024
audit watchdog updated standards created two decades ago and aligned regulation with changes in technology.
CFO Dive
APRIL 29, 2024
Companies hiring for internal audit need to prepare for disruption from new technology such as artificial intelligence and robotic process automation, IIA said.
CFO Dive
DECEMBER 11, 2023
Veradigm appointed an interim CEO and CFO as it struggles to course correct in the midst of an ongoing audit and a shareholder complaint alleging it artificially inflated revenues for a two-year period.
CFO Dive
NOVEMBER 9, 2023
GenAI isn’t likely to replace accountants any time soon — but firms like Deloitte are already integrating it into their accounting and audit practices.
CFO Dive
MARCH 28, 2023
The audit watchdog aims to update and unify interim standards created 20 years ago, aligning its rules with new independence requirements and advances in technology.
CFO Dive
APRIL 10, 2023
The new SVB shareholder lawsuit shines a light on KPMG’s February audit that effectively gave the bank a clean bill of health about two weeks before its collapse.
CFO Dive
SEPTEMBER 26, 2023
As regulators worldwide begin to mandate ESG disclosures, only 25% of companies are ready for audits of their reports, KPMG said.
CFO Dive
APRIL 28, 2023
Audit firms face a conflict between sustaining income from client fees and their legal obligation to identify weaknesses in a client’s internal controls, researchers said.
CFO Dive
JULY 28, 2023
The SEC’s chief accountant called out the practice by which some crypto companies pay for less “precise” reviews of their business that they misrepresent to investors as audits.
CFO Dive
JANUARY 13, 2023
Audit committees are taking on more responsibilities as the SEC writes several rules requiring more detailed corporate disclosure.
CFO Dive
FEBRUARY 3, 2023
With internal audit committees biting off more than they can often chew, committee members across businesses are feeling the burnout.
CFO Dive
AUGUST 16, 2023
The firm violated Public Company Accounting Oversight Board standards in connection with an audit of music streaming business Akazoo, the SEC found.
CFO Dive
OCTOBER 19, 2022
The fine is the largest civil penalty levied against an individual by the federal audit watchdog since it was established in 2002.
CFO Dive
JANUARY 18, 2024
A barrage of business risks may intensify this year, and audit committees need to help C-suite executives limit potential losses and seize opportunities, EY said.
CFO Dive
OCTOBER 5, 2022
The watchdog for the firms that audit publicly-traded companies has intensified supervision in 2022, with plans to sharpen penalties against rule-breakers.
CFO Dive
AUGUST 16, 2022
SEC Chair Gary Gensler hailed efforts to avert significant errors in audits by multiple firms, including mistakes in the calculation of revenue and measurement of fair value.
CFO Dive
APRIL 20, 2023
The criticism of SPAC audits follows a surge in restatements by the so-called blank-check companies.
CFO Dive
JANUARY 22, 2024
Do you know how audits can enhance the investment decision-making process? This short video explains how accurate, reliable and transparent financial reporting keep capital markets operating effectively.
CFO Dive
NOVEMBER 29, 2022
Chief audit executives struggle to fend off ransomware attacks as the tight labor market leaves them understaffed.
CFO News
SEPTEMBER 11, 2024
In light of ongoing debates surrounding group audits, Ashok Haldia, a seasoned finance expert and Chartered Accountant, examines the complexities of SA 600 versus ISA 600 in group audits, exploring contentious issues related to responsibility, access to working papers, and the appointment of component auditors.
CFO News
JUNE 8, 2023
Joint Audit India: David Herbinet, its global head of audit, says joint audit deals with challenges of high concentration of Big Four firms and of audit quality
CFO News
AUGUST 22, 2023
The National Financial Reporting Authority (NFRA) has imposed fines totalling Rs 30 lakh on an audit firm and its partner for lapses in the audit of Burnpur Cement Ltd. The regulator has slapped a fine of Rs 25 lakh on the audit firm K Pandeya & Co and Rs 5 lakh on Manjeet Kumar Verma, a partner with the audit firm.
CFO News
MARCH 10, 2024
Top audit firms in India, including KPMG affiliate BSR & Affiliates and BDO affiliate MSKA & Associates, have stopped offering non-audit services to audit clients. This move aligns with the NFRA's strict stance on conflict-of-interest issues.
Future CFO
AUGUST 5, 2024
A new study from the Chinese University of Hong Kong (CUHK) Business School found that the smart contract audit market is thriving, with new technical audit firms leading this. The research provides valuable insights into the factors driving the growth of this market and the role of audits in mitigating risks for investors.
The Charity CFO
MARCH 31, 2023
The word audit can invoke instant fear and dread. Whether it’s an IRS audit, external audit, or even an internal audit, the process can feel burdensome and worrying. Contrary to popular belief, most audits are not conducted to detect a problem. Should My Nonprofit Obtain an Independent Audit?
CFO News
AUGUST 7, 2023
Amid instances of auditing lapses at companies and the regulator taking action against erring auditors, NFRA Chairperson Ajay Bhushan Prasad Pandey on Monday stressed on the need of audit documentation.
CFO Dive
AUGUST 16, 2024
Inspections of nearly half of the firms’ engagements reviewed by the PCAOB revealed evidence that the auditor failed to obtain enough evidence to support its opinion.
Bramasol
MAY 13, 2024
Discover how SAP solutions lay a solid foundation for audits and next level PCAOB or AICPA compliance reviews. While passing each audit is a critically important milestone, companies also should understand that it is only one aspect of ensuring their financial transparency and integrity. Why Should You Care?
CFO Dive
AUGUST 23, 2024
Internal auditors are joining the CFO as strategic business leaders, according to a Protiviti report.
CFO News
OCTOBER 9, 2024
lakh audit reports, including approximately 34.09 lakh Tax Audit Reports (TARs), were filed for AY 2024-25 by October 7. The finance ministry reported over 34.84 This marks a 4.8% increase from the previous year. Extensive outreach and helpdesk support facilitated taxpayers in timely compliance, with the helpdesk handling 1.23
CFO News
JULY 27, 2023
In India, audit committees of companies are increasingly paying attention to the greater diligence needed. It is high time that they realize the criticality of their role in improving audit quality. However, in many companies, the process followed continues to remain ad-hoc and at times lacks transparency.
CFO News
NOVEMBER 14, 2023
This collaboration with 55 global counterparts signifies a commitment to enhancing audit practices worldwide and fostering the exchange of best practices.
CFO News
SEPTEMBER 17, 2024
The ICAI has launched Audit Quality Maturity Model (AQMM) 2.0, reinforcing standards for firms auditing listed entities, banks, and insurance companies, enhancing audit quality across India’s 96,000 firms.
The Charity CFO
APRIL 29, 2022
Many nonprofit organizations both large and small need to undergo a financial statement audit every year. Preparing for a nonprofit audit can be overwhelming and anxiety-filled, especially if it’s your first audit or you don’t have a strong and experienced financial team. What is a financial statement audit?
CFO News
JUNE 13, 2023
Sudhir Soni says there is also a risk of something slipping through the cracks as in a joint audit responsibility gets divided and allocation of work may get missed.
Future CFO
MAY 26, 2022
EY is considering a global audit spinoff amid growing regulatory pressure, according to media reports. EY and other Big Four accounting firms — PwC, Deloitte, and KPMG — have long been slammed for their lack of independence in their auditing of company accounts from which they also generate income with consulting, tax, and advisory services.
Future CFO
JULY 8, 2024
Editor’s note: Audit is much more than a compliance requirement and is definitely not a declining industry, said Narissa Chen (pictured), Partner, Head of Audit & Assurance, Forvis Mazars in Singapore. She shared with FutureCFO what a career in audit offers and how female professionals can become audit leaders.
CFO News
OCTOBER 1, 2024
On October 1, marking the sixth anniversary of the NFRA, Chairman Ajay Bhushan Pandey spoke exclusively with ETCFO, addressing how India's auditing standards meet global requirements, investor protection, claims of pressure on auditors, debarment orders, and the organisation’s ongoing commitment to audit quality and compliance.
CFO News
OCTOBER 20, 2024
Rangachari Sridharan, the former chief of the NFRA, asserts that legally valid auditing standards can only be issued by MCA, a position that challenges the ICAI's recent unilateral actions. As ICAI introduces new Standards of Quality Management (SQM), questions arise regarding its legitimacy and adherence to established protocols.
Expert insights. Personalized for you.
We have resent the email to
Are you sure you want to cancel your subscriptions?
Let's personalize your content