Mandatory retirement policies at U.S. auditing firms are pushing out experienced partners who are bringing in substantial revenue and audit quality as good as that of younger partners. A new research study, based on age data for 3,148 U.S. public company audit partners, examines the impact of mandatory retirement ages
Top 100 firm Grant Thornton has released a proprietary app for automated controls testing, targeted at auditors. Cta.x is designed to help audit firms quickly develop and deploy automated internal controls tests to help them comply with regulations including Sarbanes-Oxley. The app is also built to help companies glean insights
The Institute of Internal Auditors’ new president and CEO, Anthony Pugliese, has signed a memorandum of understanding with the Vietnamese Ministry of Finance to advance the internal audit profession in Vietnam. Under the deal, internal auditors in Vietnam will have the ability to get access to the IIA’s global standards,
Accountants expressed much higher confidence in the economy during the first quarter of this year compared to last year, especially in North America, according to a new survey. The survey, by the Association of Chartered Certified Accountants and the Institute of Management Accountants, polled more than 1,000 senior accountants and
Rep. Lloyd Smucker, R-Pennsylvania, has introduced legislation to delay the deadline for the first quarter’s estimated tax payment deadline until May 17 in line with a request from accounting and tax professional groups. Smucker has already gained support from many fellow lawmkaers, and recently led a letter, cosigned by 59
PricewaterhouseCoopers is encouraging its employees to use their vacation days by actually paying them additional money to do it, while also giving them salary increases and bonuses across the board. The firm announced base salary increases for employees Friday, along with an expanded bonus pool. The firm is also giving
The New York State Society of CPAs announced that applications are being accepted for the annual Moynihan Scholarship Fund’s Career Opportunities in the Accounting Profession program. The COAP program, in collaboration with the NYSSCPA, is aimed at underrepresented New York high school students who are seeking careers in accounting and
The IRS and the Treasury released guidance Thursday on a temporary exception to the 50 percent limit that businesses can deduct for food or beverages from restaurants during the pandemic. In Notice 2021-25, the Internal Revenue Service and the Treasury Department offered details on a provision of the COVID-19 relief
With the lengthened filing season in full swing, National Conference of CPA Practitioners tax chair Stephen Mankowski recently met virtually with government officials on a number of tax season-related topics, including early season filing statistics, the appeals process, improvements to the taxpayer experience, Nationwide Tax Forums, and the filing date
The Public Company Accounting Oversight Board is planning to make some changes in how it conducts inspections of audit firms this year during the pandemic and where it will focus. The PCAOB released a report Tuesday on the staff outlook for 2021 inspections. Many of the changes come in response