A Canadian audit firm has been fined $175,000 by the PCAOB for improperly utilizing the services of unregistered auditors in significant roles for issuer audits, violating PCAOB rules and standards. This settlement highlights the critical responsibility auditors have to ensure compliance with regulatory standards, emphasizing that relying on unregistered firms for substantial parts of the audit undermines the integrity of the audit process. This case serves as a stark reminder of the need for auditors to verify the registration status of any external firms involved in the audit process, ensuring all work adheres to PCAOB standards. Read more here - https://lnkd.in/d2wbvgUZ Atul Deshmukh #AuditCompliance #PCAOB #RegulatoryStandards #AuditIntegrity #KNAVUS #BeyondBetter
About us
KNAV has charted a course to be one of the world’s leading accounting and consulting firms over the last two decades. We provide an expansive suite of public accounting services which includes accounting, assurance, taxation, international transfer pricing, global risk consulting, and business advisory services. With over 400+ professionals in 6 countries, our team combines local insights with global expertise to design powerful strategies and help our clients stay ahead of the curve. Our commitment to customer service, integrity, and innovation makes us the best choice for businesses of all sizes. KNAV US entities (KNAV, LLP, KNAV Advisory Inc. & its subsidiaries Inde Global Inc and KNAV TX LLC) practice as an alternative practice structure in accordance with the AICPA Code of Professional Conduct and applicable law, regulations, and professional standards. KNAV, LLP is a licensed CPA firm that provides attest services, and KNAV Advisory Inc. and its subsidiary entities provide tax and business consulting services to clients and provide staff and other administrative resources to KNAV, LLP. KNAV Advisory Inc. and its subsidiary entities are not licensed CPA firms. KNAV, LLP and KNAV Advisory Inc. & its subsidiary entities are member firms of KNAV International Limited, a network of legally independent accounting and consulting firms providing services in six countries, and of Allinial Global, an association of legally independent accounting and consulting firms. Visit our website www.us.knavcpa.com for more information.
- Website
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https://us.knavcpa.com
External link for KNAV US
- Industry
- Accounting
- Company size
- 51-200 employees
- Headquarters
- Atlanta, Georgia
- Type
- Partnership
- Founded
- 1999
- Specialties
- Accounting, Auditing, Assurance, Advisory, Taxation, Valuation, Transaction Advisory, and Transfer Pricing
Locations
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Primary
One Lakeside Commons,
Suite 850, 990 Hammond Drive NE
Atlanta, Georgia 30328, US
Employees at KNAV US
Updates
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Dive into the dynamic world where finance meets sustainability! Explore the fascinating interplay between transfer pricing and ESG (Environment, Social, Governance) initiatives. Discover how businesses navigate these complex intersections to drive positive change and create value for stakeholders here - https://lnkd.in/dPbwRcnK HETAV B. VASANI Gauri P. #TransferPricing #ESG #Sustainability #KNAVUS #BeyondBetter
The Interplay Between Transfer Pricing and ESG
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The PCAOB is on the verge of significantly expanding the scope of Rule 3502, marking a shift from reckless to negligent contributory conduct for associated persons of registered public accounting firms. This proposal aims to strengthen investor protection by ensuring that individuals within firms are held accountable for their actions, eliminating loopholes in accountability and oversight. By broadening the definition of an associated person and embracing a negligence standard, the PCAOB addresses past limitations and aligns with its strategic plan for enhanced investor safety. Read more here - https://lnkd.in/dW6azqm6 Atul Deshmukh #PCAOB #AuditAccountability #Rule3502 #InvestorProtection #KNAVUS #BeyondBetter
US PCAOB Proposes Revision to Rule 3502: Enhanced Accountability for Auditors
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A staggering increase in Engagement Quality Review (EQR) deficiencies is spotlighted in the PCAOB report, revealing that 42% of firms faced issues in 2022, marking a worrying trend in audit quality controls. The report particularly underscores a dramatic rise in deficiencies among U.S. Global Network Firms, attributing the lapse to shortcomings in evaluating significant estimates and maintaining audit documentation integrity. The findings stress the urgent need for audit firms to critically assess and bolster their EQR processes, ensuring that reviewers possess the necessary competence, independence, and rigor in their evaluations to uphold the highest standards of audit quality and safeguard investor interests. Read more here - https://lnkd.in/dvFkBZ_9 Atul Deshmukh #PCAOBFindings #AuditQuality #EQRDeficiencies #KNAVUS #BeyondBetter
Audit Report Precedent: Engagement Quality Review
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As higher interest rates keep deal underwriting difficult, the bid-ask spread continues to be elevated. Owners with strong operating histories encountered buyers looking for distress, and neither side was willing to give in 2023. Read our newsletter to find out more about how the start to the new year has been so far for the US hotel sector here - https://lnkd.in/dxEsj3Ni Vivek Shah Ronak Gajaria #hotelvaluation #ushotelvaluation #uslodging #ushotels #hotelappraisals #hoteltaxsavings #ushoteltaxappeals #knavus #beyondbetter
U.S. Hotel Performance Q1 2024
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The IRS has released a draft of Form 1099-DA for 2025, a new requirement for brokers to report digital asset transactions, including cryptocurrencies, stablecoins, and NFTs. Key details to be reported include transaction types, volumes, parties involved, and dates of transactions. Despite aligning with last year's regulations, the IRS recognizes potential implementation challenges, especially concerning non-deductible losses in changes of control or capital structure. Tax professionals should prepare for these changes and stay informed on developments. What are your thoughts on these new compliance requirements? Read more here - https://lnkd.in/dmc6U_sm #IRS #DigitalAssets #CryptoTax #TaxCompliance #Form1099DA #KNAVUS #BeyondBetter
Flash Alert: IRS Releases Early Draft of Form 1099-DA for Reporting Digital Asset Transactions
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Recent PCAOB actions, levying fines on major audit firms, underscore a critical shift: quality standards need to be woven into the audit process, not just inspected. KNAV emphasizes the necessity of embedding these standards at every step, ensuring audits are not only compliant but exemplary. This approach demands continuous updates, training, and a dedication to best practices, moving beyond penalties to embody excellence and maintain public trust. Read more here - https://lnkd.in/gRniKfHZ Atul Deshmukh #AuditExcellence #ProactiveStandards #PCAOB #Assurance #KNAVUS #BeyondBetter
Quality Standards: Aimed at Implementation, Not Mere Inspection!
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Important update for companies in the clean energy and semiconductor sectors! The U.S. Treasury and IRS have finalized regulations that allow for the transfer of specific tax credits to unrelated taxpayers. This initiative, effective for tax years ending on or after March 11, 2024, enables companies to receive cash payments for credits without affecting their gross income. Make sure your company completes the mandatory IRS pre-filing registration to leverage these benefits. Stay informed and consult with tax advisors to integrate these new opportunities into your tax strategies. Read more here - https://lnkd.in/dMPSyCnW Kavit Sanghvi #IRSregulations #TaxCreditTransfers #CleanEnergy #AdvancedManufacturing #TaxPolicy #CHIPSAct #InflationReductionAct #TaxCompliance #CorporateTax #TaxStrategy #KNAVUS #BeyondBetter
Flash Alert: IRS Finalizes Regulations on Credit Transfer under the Inflation Reduction Act
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The AICPA's revisions to the Code of Professional Conduct are a game-changer for auditor independence, ensuring that fee dependency doesn't compromise the unbiased integrity critical to our profession. These updates, in line with IESBA's international standards, introduce a new principles-based framework to evaluate and address the risks associated with fee dependency, effective from January 2025. Key highlights include clarifications on attest engagement fees as standalone, assessing threats from significant fee proportions from a single client, and refined guidance on fee-related threats and client affiliates. This move not only aligns with global ethics standards but also reinforces the profession's commitment to maintaining trust through independence in audit engagements. Read more here - https://lnkd.in/dfyH-juy Atul Deshmukh #AuditIntegrity #AICPA #AuditorIndependence #EthicalStandards #KNAVUS #BeyondBetter
Auditor Independence: AICPA Revises Standards to Highlight Fee Dependency
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FASB's latest update, ASU 2023-05, revolutionizes accounting for Joint Venture Formations, aiming for clarity and consistency in financial reporting. This strategic amendment provides explicit guidance for the recognition and measurement of assets and liabilities at fair value during the formation of a joint venture, addressing a significant gap in GAAP and eliminating diverse practices. Effective from January 1, 2025, this change is poised to enhance comparability and support informed decision-making by investors. KNAV applauds this move towards uniformity and transparency, emphasizing the importance of accurate financial presentations and the role of auditors in advocating for best practices that align with evolving GAAP standards. Early adoption is encouraged, marking a significant step towards aligning global accounting practices. Read more here - https://lnkd.in/dPatFtN4 Atul Deshmukh #FASBUpdate #JointVentureAccounting #FinancialReporting #KNAVOpinion #KNAVUS #BeyondBetter
FASB Enhances Accounting Standards Related to Joint Venture Formations, Fostering Consistency
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