ASIC is increasing scrutiny of SMSF auditors, with a strong focus on compliance and independence.

We have shared what this means for accounting firms and why audit quality is more important than ever. 👉 https://bit.ly/SASnews48

#SMSFAudit #ASIC #AccountingFirms #SMSFCompliance #AuditQuality

How AI can improve audit quality and efficiency www.journalofaccountancy.com/newsletters/... #AI #Audit #FinTech #auditquality

City audit: Plante Moran issues unmodified opinion, flags two control issues Plante Moran presented Garden City’s FY2025 audit and issued an unmodified opinion. Auditors reported a material weakness involving year-end journal entries and a significant deficiency in payroll segregation of duties; auditors recommended a secondary review process.

Plante Moran has given Garden City’s financial statements a thumbs-up but flagged two critical internal-control issues that could impact future audits.

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#GardenCityWayneCounty #MI #GovernmentAccountability #FinancialTransparency #GardenCityFinance #AuditQuality #CitizenPortal

Bristol comptroller reports stable revenues, clean audit and $43M fund balance Comptroller Diane Waldron told the joint City Council and Board of Finance the city’s revenue collections are broadly comparable to last year after late escrow postings, the general fund unassigned balance stands at about 11.6%, and auditors issued a clean (unmodified) opinion on the most recent audit.

Bristol's finances are holding steady with a clean audit and a $43 million fund balance, but how do revenue collections stack up against last year?

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#BristolCityHartfordCounty #CT #RevenueStability #FiscalTransparency #AuditQuality #BristolCityCouncil #CitizenPortal

Independent auditors issue clean opinion for Adams 12s FY2025 financial statements; single-audit work continues External auditors issued an unmodified (clean) opinion on the districts FY2025 financial statements and reported no material weaknesses; single-audit procedures over $33 million in federal awards remain in process with one program still being finalized.

Adams 12 received a clean audit opinion for its FY2025 financial statements, showcasing strong fiscal health and no material weaknesses!

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#CO #FederalAwards #FiscalTransparency #AuditQuality #CitizenPortal

Independent auditors plan clean opinion on San Diego Community Power fiscal year audit, board told Auditors from Sorin (formerly Pacenti & Brinker) told the board they expect to issue a clean (unmodified) opinion on San Diego Community Power’s FY2024–25 financial statements and reported no material weaknesses in internal control.

San Diego Community Power is on track for a clean financial audit, with no significant deficiencies reported—what does this mean for the future?

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#CA #CitizenPortal #FinancialAccountability #SanDiegoCommunity #AuditQuality

Roswell receives clean audit for six‑month transition period; one process finding tied to fiscal-year change City finance staff and independent auditors reported an unmodified ("clean") opinion on Roswells six-month audit covering the transition to a December 31 fiscal year, noting no material weaknesses and one process finding related to year‑end adjustments; council took no vote on the report.

Roswell's finance team just delivered a spotless audit, ensuring the city's financial health remains strong during a critical year-end transition!

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#RoswellFultonCounty #GA #CitizenPortal #GovernmentAccountability #FiscalTransparency #AuditQuality #RoswellFinance

FRC publishes key findings and good practice report www.frc.org.uk/news-and-eve... #FRC #AuditQuality #auditing

Auditor General Nagera of Fiji emphasized resource management & partnerships, notably w/ the Auditor General’s Office of W. Australia. Auditor General Oyetunji of New South Wales shared insights on enhancing #auditquality thru leadership & governance, referencing partnership w/ SAI Solomon Islands.

The 2nd panel of the PASAI Congress emphasized improving #auditquality via regional collaboration. Discussions covered quality management & new auditing standards. Grant Taylor, Auditor General of New Zealand highlighted the need for a strong audit quality system & leadership to tackle high risks.

Crossing t's: Does Form AP quality signal audit quality? This is a joint data analysis between The Dig and Deep Quarry that looks into the question of whether firms that repeatedly fall down on Form AP signal poor audit quality.

Crossing Ts: Does Form AP quality signal audit quality? deepquarry.substack.com/p/crossing-t... #auditquality #SEC #FormAP #auditing

Big accounting firms fail to track AI impact on audit quality, says regulator Financial Reporting Council finds some auditors also lacked performance indicators for automated tools used

Are big accounting firms ignoring the AI impact on audit quality? The new guide from regulators raises serious concerns! #AuditQuality

www.ft.com/content/ee5be0d2-6d7b-43...

🚨 Are big accounting firms prioritizing AI over audit quality? 🤔 A new report questions if tech is overshadowing results. What’s your take—are we sacrificing quality for innovation? #AuditQuality #AI #BigFour LINK

Big Accounting Firms Fail To Track AI Impact on Audit Quality, Says Regulator The six largest UK accounting firms do not formally monitor how automated tools and AI impact the quality of their audits, the regulator has found, even as the technology becomes embedded across the sector....

Big Accounting Firms Fail To Track AI Impact on Audit Quality, Says Regulator #Technology #Business #Other #AIImpact #AuditQuality #AccountingStandards

Congress scrutinizes PCAOB's role amidst GOP proposals to shift functions to SEC Legislators express concerns over potential impacts of dismantling PCAOB on investor protections.

Congress is debating the future of the Sarbanes-Oxley Act and the crucial role of the PCAOB, raising concerns about the balance between compliance costs and investor protection.

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#US #InvestorProtection #CitizenPortal #USFinancialServices #AuditQuality #CorporateGovernance

Potential SEC-PCAOB Merger Raises Concerns governancebeat.cooley.com/the-coming-s... #PCAOB #AuditQuality #SEC #investorprotections #publicompanies #accounting #auditing

PCAOB Update: PCAOB To Host Second Workshop To Assist Smaller Audit Firms With Implementation of New Quality Control Standard pcaobus.org/news-events/... #PCAOB #CPAs #AuditFirms #AuditQuality

Abolishing the PCAOB? Why This Matters More Than You Think financialnewsweek.com/2025/05/13/a... #PCAOB #AuditQuality #SEC #investorprotections #publicompanies #accounting #auditing

PCAOB Continues Efforts To Help Firms With Implementation of New Quality Control Standard With Release of Additional Staff Videos pcaobus.org/news-events/... #PCAOB #auditquality

The PCAOB has posted a new set of staff presentation videos designed to help firms implement four components of their quality control (QC) system under QC 1000, A Firm’s System of Quality Control. pcaobus.org/news-events/... #PCAOB #auditquality #audits

Haley St. Michael presents Salt Lake City's clean audit amid Workday transition challenges Audit partners identify risks and findings despite successful financial statement results for Salt Lake City.

Salt Lake City's financial audit reveals a clean bill of health, but significant challenges loom amid the transition to the new Workday ERP system.

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#SaltLakeCitySaltLakeCounty #UT #FinancialTransparency #SaltLakeCityFinance #GovernmentAccountability #AuditQuality

Remote and offshore work could hurt audit quality, US regulator warns Breakdown of traditional apprenticeship model has ramifications on accounting firms’ culture, PCAOB’s Erica Williams says

Remote and offshore work could hurt audit quality, US regulator warns - www.ft.com/content/1a0c...
#Accounting #auditquality