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The use of traditional data analytics continues to gain traction in the world of auditing to identify the patterns and trends indicative of fraud; however, these tactics may simply not be enough anymore. Looking beyond traditional analytics to the analysis of unstructured data may help paint a clearer picture and uncover a wealth of evidence […]
The U.S. Bureau of Labor Statistics reported Friday that employers added a better than expect 313,000 jobs in February, although the unemployment rate remained unchanged for the fifth month in a row at 4.1 percent. Employment in professional and business services increased by 50,000 in February and has risen by 495,000 over the year, the […]
Some companies have opted to early adopt the new hedge accounting standard, particularly banks, even though they’re still dealing with other new accounting standards. The Financial Accounting Standards Board issued its hedging standard last August, making it effective for public companies in 2019 and private companies in 2020, but also allowing for early adoption. The […]
Procrastinating clients may have money waiting: Some $1.1 billion in unclaimed federal income tax refunds await an estimated 1.4 million taxpayers who didn’t file a 2014 federal income tax return. To collect, the IRS said, these taxpayers must file their 2014 federal return no later than this year’s deadline. Texas, California, Florida and New York […]
When auditing firms, under pressure to lower their fees, push non-audit services, their clients’ financial statements tend to contain more errors, according to new research from the University of Notre Dame. The study found increased rates of client financial misstatement among audit firms that increase their focus on providing non-audit services in the face of […]
I clearly remember that day when I received the envelope in the mail. After taking a deep breath, I opened it—I passed. I finally had those three letters after my name: “CPA.” This was back in the fall of 1999, five years after graduation. A success after five failed attempts. The credential seemed important, so […]
Bogus W-2s; dependents, complete with numbers; underreporting supplemental money; and other highlights of recent tax cases. Carney’s Point, N.J.: Marilyn Crespo, 50, has pleaded guilty to one count of filing a false corporate tax return for tax year 2009, admitting that she signed false returns for shell companies resulting in $286,742 in fraudulent refunds. According […]
The Internal Revenue Service’s Office of Professional Responsibility said it is changing its procedures for how it handles investigations of tax practitioners who may have violated Circular 230 rules, giving them information about the exact nature of the allegations, even if the investigation has been closed. The change was prompted by an unidentified practitioner who […]
Woodard Events LLC, the organizer of the Scaling New Heights conference on accounting technology, has filed for Chapter 11 bankruptcy protection, but the head of the company, Joe Woodard, says the filing is about debt management, and that the company will hold its signature conference this year, and continue its other activities. “Even though the […]
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