Monica Nayar

Heads up...PCAOB approves new quality control standards and also as part of the adoption of new standards among other items, shortens deadline auditors must follow to finalize and "archive audit documentation from 45 days to 14 days #auditors #publiccompanies #accountingandaccoutants #audit

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BDO’s 2024 Audit Quality Report was recently released. I resonate with its content and our firm's values with regards to quality. We believe quality is a journey, not a destination. Our report provides an in-depth look at how we continue to enhance quality in assurance engagements through our people, processes, and technologies. Read the full report to learn more about our approach to quality and why I am proud to be a partner at BDO. https://lnkd.in/g6_2N2yP #BDOAuditQuality

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Chenxi “Tracy” L. and I are co-leading a webinar on July 23rd through the ABA on profit participation and royalty audits with focus on entertainment and other IP attorneys, with the goal of sharing tips and ideas for your next licensing deal! Please see below for more information. #ABA, #Entertainment, #RoyaltyAudit

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The top three challenges confronting CPA firms today are audit staff shortages (51%), redundant processes (43%), and excessive workload (35%). This FREE #CTCPAKnowledgeHub whitepaper highlights recent industry trends to overcome the audit talent shortage. https://ow.ly/QQOT50SzHFs

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Heads up... The AICPA recently updated its non-authoritative practice aid on accounting and auditing of digital assets to provide new and updated guidance on auditing procedures for the existence, rights, and obligations of digital assets, and also on auditing the valuation of those assets. #accountants #cryptoaccounting #digitalassets #crypto #auditing #auditor #accountingandaccountants

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The new AICPA chair made headlines this week for the byline in her introductory interview. New AICPA chair: ‘We need to promote the cool work we do’ (https://lnkd.in/gP8jFdMj) ❌ I believe her comments were very short sighted. ❌ Yes, accountants do a ton of cool work. And yes, it wouldn't hurt to talk about it more. However, this comment stuck out to me - "McCall said. “We need to promote the cool work we do. We need to stop talking about hours, stop using the term ‘busy season,’ and stop talking about how stressed we are.” Let's be clear - stopping the discussion about "busy season" and the number of hours we put in isn't going to help the profession. Tricking staff accountants into "cool work" and then asking them to put in 70-80 hour weeks for the first few years to pay their dues, is most certainly NOT the answer. The accounting profession is hurting because of decades of racing to the bottom on pricing, relying on billable hour metrics, and taking a back seat to the increased complexity of tax law without looking for solutions. Too many firms have relied on an old business model. And staff accountants have suffered as a result and are leaving the profession. A report from the American Institute of Certified Public Accountants (AICPA) found a 33% decline in first-time candidates taking the national certified public accountant (CPA) exam from 2016 to 2021. There is a growing shortage of certified public accountants and the profession is aging, with 75% at retirement age. To be fair, there are upcoming leaders in the industry that are advocating for a better approach to running a better accounting practice. I've been inspired by both Jason Staats, CPA and Ryan Lazanis, CPA to change how we think about our firm at McCarthy Tax Preparation. We extend 100% of client returns and over 60% of our clients work with us for not only tax preparation but tax projection and planning services. We've been able to set employee hours for a target of 50 hours per week from Feb - May. This is a huge improvement from when I started the firm 8 years ago and I was working 70+ hours for weeks to get returns completed by the Apr 15 deadline. We have more work to do. If your firm is chewing through staff. Now is the time to examine your business model. Before it's too late for your business. And the profession.

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Check out this great read from Mike Varney, CPA, CIA and The Institute of Internal Auditors Inc.

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California's Schedule K-1 reporting change demands a deep dive into your entity's history and tax adjustments. Here’s what you need to know. #StateAndLocal #Tax

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Just sat in on an excellent #cpe webinar by Wil Crawford & Neely D. Duncan with Forvis Mazars Group. Highly recommend this course that they routinely deliver via CPAacademy.org. While its title references "non-profits", accounting and internal audit teams at any type of organization will benefit. My favorite quote, of course: "Reconciliations are critical." #bestcpe #internalaudit #accountreconciliations #auditingcpe #shanascpepicks

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2024 Rules, Regulations and Ethics for CPAs in Washington with Thomas Neill Oct 29 | Bellevue | 4 Credits Sit down with Tom Neill as he covers the Public Accountancy Act and related rules and policies of the Washington State Board of Accountancy. Tom will illustrate specific applications of RCWs and WACs to the practice of public accounting in the state of Washington and review major provisions of the AICPA Code of Professional Conduct. NOTE: This course meets the Washington Board of Accountancy’s triennial 4-hour ethics requirement for all CPAs. https://hubs.li/Q02wprz80

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Secure your spot now for this Quarterly Perspectives webinar from Forvis Mazars and discover developments from FASB, AICPA, SEC, and PCAOB, as well as what your organization needs to know. Register today. https://bit.ly/3VMS74d

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In today's column on Forbes, I ask an innocuous question that I had never thought of asking before. We see so much handwringing about "materiality" in financial statements whenever new disclosure rules are discussed or when a disclosure case goes to court. Yet, we never seem to ask firms and auditors to simply tell us what materiality standards they used when they prepared and audited a firm's financial statements. This is where travel and exposure to foreign settings helps. Columbia Business School ran a faculty tour of China in early June that I was lucky to be a part of. One of the businesses we visited during that trip was the Chinese electric vehicle giant, BYD. I used to go over the financial statements of any company we visited as a quick way of familiarizing myself with the stated narrative and the proof points of that business. It turns out that BYD clearly discloses the numerical thresholds they use in determining materiality standards in their financial statements. We often think of Chinese financial reporting and governance systems as relatively opaque relative to the ones we have in the West. While that is true in many respects, they also innovate along dimensions that we don't often think about. Will the Financial Accounting Standards Board , the U.S. Securities and Exchange Commission and the Public Company Accounting Oversight Board (PCAOB) consider asking US managers and auditors to publish their materiality thresholds for individual firms and/or transactions? #columbiauniversity #chazeninstitute #materiality #financialstatements #china #innovation #management Roland Wyn Jones, Pierre Yared @Shang jin wei, Costis Maglaras Robert Eccles, Sandra J. Peters, CPA, CFA, Jack Ciesielski, Pranav Ghai, Colleen Honigsberg, Robert Brown, Erin Dodd

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Click the link to read our latest newsletter and discover the people behind our #BestPlaceToWork initiatives and how we prioritize putting people first!

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In this Public Chatter blog post, partner David Matheson weighs in on the Public Company Accounting Oversight Board (PCAOB)'s proposal that would change how audit committees evaluate and hire independent auditors. https://bit.ly/4dl93pk #CoporateGovernance #CorpGov #PublicCompanies #PublicChatterBlog

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Heads up... The PCAOB issued a report this week that provides feedback from discussions with over 200 audit committee chairs in 2023. These discussions give ACs and the PCAOB an opportunity to share their perspectives on various matters. A good to read to be informed on audit committee topics of interest and focus areas of concern. #accountingandaccountants #financialreporting #cpa #privatecompanies #auditors #publiccompanies

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If you're interested in finding out more about navigating R&D Tax Credit changes, check out this great new blog post from the San Jose-based MTS Professional Tax Service Inc. Just click below.

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