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Refinements to certain guidance increased the workload, putting upward pressure on fees.
By CPA Trendlines Research
Audit fees have been rising steadily, if slowly, since 2018. But the first post-COVID-19 audit fee reports show paradoxical records, according to a new study.
MORE: Three Fundamental Questions to Ask in Audit | Closing the Audit Expectations Gap | How Auditors Can Beat AI | The Big Issues in Audit: Frustration, Inconsistency, and Technology | Early Adopters Gain an Edge in Audit | Talent Retention: Five Tips for an Audit Adjustment | Five Ways to Increase Audit Efficiency
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In 2022, average audit fees increased 11 percent over 2021, reaching an all-time high of $2.24 million per Securities and Exchange registrant.
At the same time, however, fees per million dollars of client revenue have hit a nine-year low, according to a study from Audit Analytics, “20-Year Review of Audit Fee Trends – 2003-2022.”
What’s going on … and why? Well, it’s complicated.
It’s good business, not altruism.
By CPA Trendlines Research
Accounting has long assessed organization sustainability from a financial perspective. It’s always been assumed that if a company can generate revenue, it’s a going concern and will keep “on going.”
But true, long-term sustainability depends on much more than mere money, according to the Association of Chartered Certified Accountants, a global institution with 241,000 members in 178 countries.
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Mull new software for remote staff, CAS and AI.
By CPA Trendlines Research
A new survey reveals widespread plans for growth, with firms looking for more staff, more services to offer, and more territory to serve over the next 18 months
MORE: Research: Accounting Pros Cautiously Optimistic about Generative AI | How Auditors Can Beat AI | How Tax Practitioners Became Cybersecurity Risks | Why the U.S. Must Act Now to Protect Our Online Privacy | Top Tax Vendors Caught Red-Handed Selling Private Taxpayer Data
In a time when qualified professionals are scarce, a staggering 85 percent of firms say they will definitely or probably be hiring more remote staff with flexible work arrangements, according to the poll of 250 firms by the practice management software company Canopy.
TaxSlayer, H&R Block and TaxAct have been passing on sensitive personal and financial data to Meta, Google and other Big Tech companies.
By CPA Trendlines Research
Q: Since when did private tax returns become public information?
A: Since some of the nation’s biggest tax preparers decided to share it.
MORE CYBERSECURITY: Jon Baron: Why the U.S. Must Act Now to Protect Our Online Privacy |Top Tax Vendors Caught Red-Handed Selling Private Taxpayer Data | How Hacker-Proof is Your Firm? | It Takes a Village to Stop Cybercrime | One-Third of Cyber Attacks Involve Small Businesses | Cyber Insurance Costs Rise in Health Care as Attacks Soar | The Why, What and How of Cybersecurity for Accountants | When Cyber-Crime Hits Close to Home | Cybersecurity for Tax Professionals |
MORE TAX: IRS Embracing Stakeholders | Coming Soon: New Ways to Pay the IRS | IRS Sets Milestones for Radically New Service | IRS Promises 12 Customer Service Initiatives | Should Tax Preparers Be Certified Competent? | IRS Has Big Plans for Its $80 Billion | Can’t IRS Tax Pro Accounts Do More? | Taxpayer Assistance Centers Need Upgrade
For all your concerns about protecting client information, it seems that TaxSlayer, H&R Block and TaxAct have been passing on sensitive personal and financial data to Meta, Google and other Big Tech companies.
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