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AICPA proposes changes in quality management standards | Accounting Today
The American Institute of CPAs is proposing to revise its quality management standards to take a more risk-based approach targeted at the types of engagements performed by the CPA firm.
The proposed changes come at a time when the Public Company Accounting Oversight Board has also proposed changes in its quality management standards for auditing firms. The PCAOB proposals use as a starting point the quality management standards issued by the International Auditing and Assurance Standards Board last year. While their standards would apply to public companies, the AICPA's could be used by private companies seeking assurance on their financial statements.
SEC enforces a clawback for accounting violations - Lexology
Change management: Break through the status quo | Accounting Today
The beginning of a new year is a time when many of us reflect on our goals and make resolutions to change, like stopping or starting a certain habit. For radical CPAs, starting the new year is a great time for change. Whether you're thinking about adopting a new process, technology or revamping everything at your firm, it all starts with being intentional, and I love that.
Dustin Hostetler, co-founder of Transformity Solutions, is a change expert. Cool, right? I recently spoke with him about how CPAs can find success in their change initiatives.
Quite a lot has been going on:
Online accounting workshop for farms to begin Feb. 15 - CentralMaine.com
ORONO — University of Maine Cooperative Extension and SCORE Maine will offer a four-session online accounting workshop for small farms and agricultural businesses using QuickBooks from 6 to 8:30 p.m. starting Monday, Feb. 15. Other webinars in the series are set for Feb. 17, 22 and 24, according to a news release from the extension office.
QuickBooks for Farms includes basic principles of accounting; tracking sales, invoicing, payments and expenses; and reporting functions. Access to a desktop personal computer or laptop capable of running the software, made available to participants for the duration of the workshop, is required. SCORE Maine volunteer Michael Fortin will lead the workshop.
Government accounting at crossroads: Emerging opportunities during COVID-19
Government accounting and financial reporting are at a crossroads today. Providing information on how much cash is received into treasuries and paid out for goods, services and transfers is not enough. Stakeholders are demanding more accountability and engagement in public finances. Governments are spending large sums of money to tackle the health emergency and to implement massive fiscal stimulus programs in response to the pandemic.
Some of the emerging lessons on government financial reporting during the COVID-19 crisis include the following:
The 2021 Top New Products | Accounting Today
Every major area of technology that has promised to have the greatest impact on the accounting profession — the cloud, artificial intelligence and blockchain — accelerated both in adoption and development last year, mainly driven by the COVID-19 crisis. The good news is that this brings more efficiency and more capabilities to the profession, just when it needed them the most to serve clients struggling with the repercussions of the pandemic.
Employers added 49K jobs in January, including 3.8K in accounting | Accounting Today
The unemployment rate declined in January to 6.3 percent as employers added 49,000 jobs in the midst of the pandemic, including 3,800 in accounting and bookkeeping services.
"Going into January we should start to see greater accounting roles being added simply because we're going into tax season," said Phil Noftsinger, executive vice president at CBIZ, a Top 100 Firm. "This year, so far we don't have any delays to the filing deadline, although that could occur.
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