Jon Plush’s Post

“I really just want to make sure that we innovate, improve and solve problems and that’s kind of my principle.” Mark Maurer at the The Wall Street Journal published an article featuring Christina Ho, a PCAOB board member, highlighting her dedication to balanced regulation. Ho has been consistent in pushing for smart, sensible regulation that considers the full impact of changing laws on our profession. While we recognize the PCAOB's efforts to enhance audit quality, we echo Ho’s concerns about the heavy burdens these new proposals may place on auditors. Aggressive regulations, increased liabilities and costs could deter new entrants in the space and put undue pressure on accounting firms that could impact audit quality. We applaud Ho’s commitment to advancing regulations in our space that solve for our profession’s challenges while considering the current environment. Find the full article here: on.wsj.com/3La5kOp

The accounting profession is in need of leaders like PCAOB Board Member, Christina Ho, who has been staunchly against overly aggressive regulatory and compliance changes proposed by the PCAOB, having voted against more potential rule changes than anyone in the history of the organization. The Wall Street Journal reporter, Mark Maurer, published an article featuring Christina Ho, whose commitment to balanced regulation resonates with our goals to usher in smart, sensible audit reform, not drastic, reactionary overhauls. At the PICPA, we value the PCAOB's dedication to improving audit quality, but we share Ho’s concerns about the undue burdens these proposals place on auditors. As Ho puts it: “I really just want to make sure that we innovate, improve and solve problems and that’s kind of my principle.” The PICPA looks forward to continuing our advocacy efforts in support of our members and appreciates the thoughtfulness that leaders like Christina bring to conversations around our profession. You can find the full article at: on.wsj.com/3La5kOp

The SEC has approved new standards set by the US Public Company Accounting Oversight Board (PCAOB), introducing stronger auditing practices aimed at addressing critical deficiencies. With nearly 46% of 2023 auditing engagements under scrutiny, the new guidelines enforce tighter oversight, holding firms accountable for managing risks and maintaining audit quality. Ultimately, this move aims to strengthen confidence in public financial disclosures, contributing to a more transparent and accountable market. At Berman Audit & Advisory, P.A, we are prepared to help our clients adapt to these new standards and ensure compliance while continuing to deliver the highest level of financial reporting and audit excellence. https://lnkd.in/eEtKrFUk #SEC #PCAOB #AuditStandards #FinancialReporting #CorporateGovernance #RiskManagement #Transparency #InvestorConfidence #BermanAudit #AccountingUpdates #Compliance

The DOE recently issued a reminder for institutions on the longstanding requirement to disclose all related party transactions in audited financial statements. The announcement highlights the recent AICPA guidance aimed at ensuring institutions meet both GAAP and DOE standards. Financial administrators and audit staff should take immediate steps to familiarize themselves with new compliance expectations and confirm that internal controls meet these standards. Check out our recent blog post to learn more https://lnkd.in/ePEUr9vX #HigherEd #Compliance #Audit #FinancialAid

Is your audit firm compliant with new eligibility criteria? Many accounting firms are having to restructure their business when taking on external debt or PE investment. However, firms that are intending to remain independent will need to ensure they comply by 1 April and is likely to be an issue for smaller firms doing less audit work. https://lnkd.in/e8G-F8Gr

(18/50) 📢 Attention CPAs & Accountants! 📢 Compliance audits are critical, but they serve a larger purpose. By proactively addressing compliance issues, you not only protect your clients from fines and penalties but also help them build a solid foundation for future growth and sustainability. 📈🔍 Shift your focus from just checking boxes to fostering a culture of compliance that secures their business’s future! Learn More: https://bit.ly/3AcJZ4O #CPA #AccountingTips #BusinessGrowth #FinancialInsights #StrategicPlanning #CPAAdvice #FinancialStrategy #ProductivityHacks

Court cases often shape the landscape of financial reporting and auditing practices. In the landmark case US v. Simon, the conflict between strict adherence to accounting standards and the principle of fair presentation came to the forefront. Despite complying with technical standards, auditors were found guilty of fraud for failing to provide necessary disclosures, leading to misleading financial statements. The judgment emphasized that adherence to standards does not negate the duty to ensure a fair presentation. This case underscores the crucial balance between fair presentation and compliance with accounting standards. Auditors play a pivotal role in ensuring that financial statements not only meet technical requirements but also accurately represent the financial health of entities. Ethical considerations are paramount, highlighting the need to go beyond mere technical compliance to uphold ethical and legal standards in financial reporting. US v. Simon serves as a poignant reminder of auditors' broader responsibilities towards transparency and integrity in financial markets. The case reiterates that auditors must reflect the true economic reality of the companies they audit, emphasizing the significance of fair presentation and trust in financial reporting. #Auditing #FinancialReporting #Ethics #Compliance

Below is a link to an article regarding the PCAOB reconsidering auditors’ role in noncompliance reporting. The PCAOB has reopened the public comment period regarding its proposal to amend auditing standards related to the auditor’s responsibility for considering a company’s noncompliance with laws and regulations until March 18. Some comments believe the proposal as written would expand the scope into areas outside of the auditor’s expertise and into areas that management need not address in preparing the financial statements. https://lnkd.in/gVtdMzUy

We know that audits can be a nightmare! 😨😅 Over the past year and a half, the Public Company Accounting Oversight Board (PCAOB) has toughened its stance on audit firms, imposing record fines and highlighting a surge in deficiencies - and the latest inspection report indicates no sign of easing up. 🔍 To address these challenges, the PCAOB outlined best practices for auditors to adopt. 👇 https://hubs.ly/Q02PnBv_0 We've also put together our own piece with our top tips including best practices for: ☑️ Pre-audit prep ☑️ Regulatory compliance ☑️ Control-based vs. Sample-based testing ☑️ Liability and equity analysis ☑️ And more! Get the full scope in our guide ⬇️ https://hubs.ly/Q02PnHDd0 #Audit #Compliance #Regulations #BusinessInsights #PCAOB #BrokerDealers

Being mindful of legal and regulatory requirements in accounting isn't just smart—it’s crucial. Understanding these is so important for keeping your financial reports accurate and transparent. This helps build trust with stakeholders, whether you're running a small business or managing a large corporation. While the world of accounting laws can feel a bit overwhelming, knowing the essentials protects you from potential penalties and gives you peace of mind. Staying up-to-date ensures you're on the right path, free from unexpected troubles. Moreover, sticking to these standards fosters a culture of ethical practice. It shows your dedication to doing things right, boosting morale, and enhancing your business’s reputation. A transparent, compliant approach builds lasting trust and cherished relationships with everyone involved. #financialclarity #corporatecompliance #financialreporting #accountingstandards #accountingprinciples #businessethics