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1+ hour, 15+ min ago (306+ words) The study, which will be appearing in the Review of Accounting Studies, found that audit teams with more women " especially audit seniors (who serve as team supervisors, product managers and client service providers in addition to workpaper preparers) " consistently reported fewer financial misstatements and charged lower audit fees. The study found that settings within and outside the workplace influence the relation between team gender composition and audit quality. The impact of women appears to be strongest in supportive communities but wanes when there are fewer female partners. "Our study provides important insights to the role of gender composition on teams and the positive influence of women that is amplified in supportive environments " and noticeably weaker in workplaces with fewer female partners or poor work-life balance," said Khavis in a statement. The findings indicate that increasing female representation in the audit…...

1+ hour, 47+ min ago (550+ words) Bennett Thrasher CEO Jeff Call is making plans for his Top 75 Firm next year as it ramps up the use of artificial intelligence and helps clients adjust to changes from the One Big Beautiful Bill Act. "From my perspective, I think we're going to continue to see continued change," Call told Accounting Today. "Obviously, there's a lot of moving parts of what's going on in the industry. There's consolidation and a pretty substantial use of technology, AI, automation, as well as continued use of offshore resources, another element that we see is a pretty regular occurrence for the Top 100 Firms." His Atlanta-based firm is working hard to adjust to all those elements and make sure to integrate them into its strategy, which includes staying independent from private equity funding." "We do believe we are in our best position as an…...

5+ hour, 14+ min ago (244+ words) According to the order, the Board found that the firm failed to timely file required Form APs, violating PCAOB Rule 3211, Auditor Reporting of Certain Audit Participants, for nine different 2023 and 2024 public company audits. Firms registered with the PCAOB are required to file a Form AP for each audit they issue. This helps investors, audit committees and other stakeholders know who led specific audits for the firm and whether any other firms were involved in the audit. The PCAOB censures Beckles & Co., imposes a $35,000 civil money penalty and requires the firm to comply with policies and procedures to ensure compliance with PCAOB requirements. The Public Company Accounting Oversight Board sanctioned accounting firm Beckles & Co. for repeatedly failing to disclose who worked on nine public company audits. There is plenty of room for more audit committee disclosure, according to the Center for…...

5+ hour, 32+ min ago (298+ words) The Center for Audit Quality and Ideagen Audit Analytics released its annual Audit Committee Transparency Barometer Report, which analyzes audit committee disclosures of S&P 1500 companies. According to the report, 90% of S&P 500 companies disclosed their board of directors' skills matrix, and 65% of those boards disclosed they have a cybersecurity expert, both figures reflecting five-point increases from the prior year. Other areas of high disclosure rates among the S&P 500 include how non-audit services may impact independence (85%), and length of auditor tenure (75%). However, other areas of disclosure showed stagnation and declines, including for S&P 500 companies. The disclosure of the annual evaluation of the external auditor decreased one point from 39% to 38%, considerations in appointing or reappointing the external auditor remained unchanged at 50%, and factors contributing to the selection of the audit partner decreased one point" from 17% to 16%. Audit committees have…...

6+ hour, 47+ min ago (797+ words) Only one in 50 accountants ultimately becomes a partner. If you ask most accountants what it takes to make partner, they'll say it takes intense dedication to the job, outstanding technical skills, great leadership skills, outstanding communication skills, client development skills and maybe having a friend or mentor in senior management. However, our research and skills assessment tests show there are five personality traits that significantly make or break your chances of becoming a partner. Some are inherent, some can be learned, some can be corrected. The list may surprise you. Overly conscientious persona: Taylor got promoted into a management role at a midsized accounting firm six months ago. Her diligent commitment to getting clients' accounts done on time and exceeding the firm's expectations of quality and attention to detail played a big part in Taylor getting that promotion. But, she…...

10+ hour, 8+ min ago (134+ words) Connecticut Society of CPAs to bestow annual Women's Awards; Forvis Mazars appoints leader of the energy and natural resources practice; and more news from across the profession." The Public Company Accounting Oversight Board imposed a $35,000 penalty on Beckles & Co. for failing to disclose who worked on nine public company audits. There is plenty of room for more audit committee disclosure, according to the Center for Audit Quality and Ideagen Audit Analytics The Public Company Accounting Oversight Board sanctioned U.S.-based TPS Thayer for failure to reasonably supervise an unregistered firm in China. Plus, Karbon launches smart tax organizers and binders with Stanford Tax; and other accounting tech news and updates. By any other name; a different kind of clearing house; dodgy digital; and other highlights of recent tax cases....

13+ hour, 5+ min ago (253+ words) The Board found violations related to five audits of two public companies with their principal place of business in China. According to the order, TPS Thayer failed to appropriately plan the" audits and failed to reasonably supervise the Chinese-based firm that played a substantial role in those audits. TPS Thayer also failed to properly disclose the unregistered firm's participation on the PCAOB's Form AP and in communications to the audit committees of the public companies. The PCAOB censures the firm, imposes a $100,000 civil money penalty on" the firm and requires the firm to undertake certain contingent remedial actions. The Public Company Accounting Oversight Board sanctioned U.S.-based TPS Thayer for failure to reasonably supervise an unregistered accounting firm in China in connection to five audits. Plus, Karbon launches smart tax organizers and binders with Stanford Tax; and other accounting tech news…...

13+ hour, 52+ min ago (779+ words) A group backed by financier Michael Sacks has started funding ads against Chicago's plan to bring back a tax on large corporate payrolls, drawing the ire of Mayor Brandon Johnson. Johnson, who is struggling to pass a budget before the Dec. 31 deadline, has proposed charging companies with at least 100 employees a tax of $21 per worker per month. The tax, once dubbed a "job killer," would raise $100 million for community-safety programs. "Frankly I think it's beneath these so-called business leaders to lie to the public about the community safety surcharge," Johnson said at a press conference this week, naming Sacks specifically. "My challenge to them is to just explain their reasoning and debate the pros and cons of this proposal." Johnson said the proposed tax would affect only the top 3% of large corporations in Chicago. Sacks declined to comment. Common Ground…...

14+ hour, 9+ min ago (150+ words) Thomson Reuters announces host of new partnerships; Karbon launches smart tax organizers and binders with Stanford Tax; and other accounting tech news and updates. By any other name; a different kind of clearing house; dodgy digital; and other highlights of recent tax cases. Carr, Riggs & Ingram added DK Partners; LGA merged in Ziner & Murphy; Adams Brown acquired Stafford & Westervelt; and Stephano Slack merged in Boyer & Boyer and Kimmel, Lorah & Associates. Franklin Alliance, a venture capital-backed company that helps small and midsized firms scale, acquired Cincinnati-based Howard, Nunn & Bloom. Randy Crabtree and Jon Segal also joined its advisory board. Public Company Accounting Oversight Board member Christina Ho plans to resign by the end of January as a shakeup is expected at the board. The Financial Accounting Standards Board issued an accounting standards update with guidance on accounting for government grants to…...

22+ hour, 46+ min ago (587+ words) New York: David Motovich has been sentenced in federal court in Brooklyn to 15 years in prison for operating an illegal money transmitting business, failure to file currency transaction reports, bank fraud, conspiracy to commit bank fraud, money laundering, aggravated ID theft and conspiracy to defraud the U.S. Motovich was also to forfeit some $38 million, including his interests in a Manhattan penthouse apartment featuring a private indoor swimming pool, commercial real estate buildings in Brooklyn, and luxury jewelry and handbags. Co-defendants Marina Kuyan, Kemal Sarkinovic and Joshua Markovics previously pleaded guilty and await sentencing. Pensacola, Florida: Tax preparer Khristine N. Harper has pleaded guilty to 20 counts of aiding and assisting the preparation of false returns and one count of ID theft. Between 2018 and 2024, Harper routinely prepared and filed fraudulent income tax returns for her clients by listing false amounts for various deductions, credits,…...