David Smalstig

Auditors have a critical job, verifying the financial reporting that underpins our capital markets. So who audits the auditors? The PCAOB does, and we tell #investors and others what we observe. I urge anyone who cares about U.S. capital markets to check out PCAOB inspection reports, read the inspection-related insights generated by our hardworking staff, and sign up to receive updates on our inspection efforts. #PCAOBprotects

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In this article, attorney David K. Moynihan discusses a proposed amendment to update guidance on accounting for internal-use software by the Financial Accounting Standards Board (FASB.) https://lnkd.in/eXMAXFEe

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Intangible assets, like patents, trademarks, copyrights and goodwill, are increasingly vital to today’s business landscape. In this week’s Rudler Review, experts Austin Alwell Senior Client Accounting Specialist, and Heather Davis, CPA, EA, dive into the complexities of tax considerations surrounding these valuable assets. 

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My July Audit Committee Update discusses SEC’s RR Donnelley case, PCAOB’s 2023 conversations with audit committee chairs, two restatement studies, CAQ’s annual analysis of ESG disclosure and assurance, a study finding you should be suspicious of companies that say they are honest, and four more topics. Check out the Update at bit.ly/4f3QLJU or read the items as blog posts on www.auditupdate.com. If you are short on time, a one-paragraph summary of each post is at bit.ly/4d1tmXz.  #auditcommittee #PCAOB #SEC

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Washington, DC, Nov. 26, 2024 Today, the PCAOB posted additional resources related to the implementation of QC 1000, A Firm’s System of Quality Control.   QC 1000 Staff Guidance – All firms registered with the PCAOB, including those that do not audit issuers or SEC-registered brokers and dealers, are affected by QC 1000, but not all requirements of QC 1000 apply to every firm. This publication provides an overview of the requirements of QC 1000 and staff guidance for firms about how to comply with the standard.

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Adam Hale, CPA discusses the need for CAS firms to transition from partner-driven to brand-driven growth. In a mature CAS setup, the emphasis is on leverage—pushing work to the right levels and creating a brand clients seek out rather than relying on individual reputations. How do you balance individual expertise with a strong brand presence? Share your insights below! 👍 Like and share if you’re building a brand-focused firm. #BusinessStructure #BrandBuilding #CAS 

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In this article from Forvis Mazars, discover key takeaways from Colorado HB 24-1134 and the updates to the state’s combined reporting standard: https://bit.ly/3YQn49q

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KPMG US Jennifer Acuna, who played a pivotal role in drafting elements of the 2017 TCJA, highlights the big-ticket items from the law that sunset in 2025. The expiration of these provisions, like the passthrough deduction and the standard deduction, will impact both individuals and corporations. Are you prepared for this "Tax Cliff" of 2025? Learn more on the latest episode of "Catching Up on Capitol Hill": https://lnkd.in/eV_sQCPn

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James Alterbaum will be speaking at the Auditing Standards Conference Webcast on a panel titled "Accounting Firm Combinations and the Basic of Limiting Liability." Jim’s session will provide an overview of the process surrounding firm mergers and acquisitions in public accounting, the basics of limiting liability when doing so, and perspectives from the service-provider point of view. Click here for more details. https://lnkd.in/eGvVQJcg #auditing #auditingstandardsconference #mergers

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Scott Linch and Billy Parker, national industry leaders at Forvis Mazars, were recently published in an article from ACG’s Middle Market Executive. Read the piece to learn key takeaways and trends to watch from this spring’s CFO Roundtable: https://bit.ly/3xFlk84

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Mike Novogradac, CPA, and Novogradac partner Tony Grappone, CPA, examine the complexities of year-end financial statement audits for renewable energy companies. They outline critical steps to ensure a seamless audit process, including the review of prior-year audits, identification of common errors to avoid and management of non-recurring items. Additionally, they provide guidance on proportional amortization accounting for new investors and emphasize important financial reporting deadlines for developers. This discussion is particularly beneficial for renewable energy accountants preparing for the forthcoming year. https://novogradac.com/qx0

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Culture is crucial at audit firms, since it lays the foundation for the work auditors perform in our capital markets. Audit firm leaders can and should leverage the insights in our staff report to double down on their efforts to create cultures that reward integrity, accountability, and strong performance of audit work.

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Miller, Miller & Canby’s Peter Randolph joined a “Hot Topics for Closely Held Businesses” panel when ABA Tax Section held its 2024 May Meeting in Washington, DC last week. Randolph discussed developments in tax legislation, regulatory guidance, changes in IRS policy, and FTC rules regarding non-competes. Learn more: https://lnkd.in/ecXN6EBk American Bar Association #taxlegislation #noncompetes #businessandtax #taxattorney #taxlaws #businesslaw #DMV #24TaxMay #taxlaw

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In an article published by PLC Magazine, Chris B. looks at the upcoming changes to the Competition and Market Authority’s jurisdiction over transactions under the DMCC Act and what these amendments mean for deal strategy. #dealstrategy #competition  #DMCCAct

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