enthusiast

enthusiast

  • Joined: June 19, 2021
  • Articles: 31

March 2025 Auditor changes

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In March 2025, numerous U.S. public companies announced auditor changes, including shifts among major firms like Deloitte, EY, PwC, and KPMG. Key transitions included Xencor, Inc. appointing KPMG, SIFCO Industries moving to Deloitte, and Serve Robotics engaging PwC. Smaller audit firms such as HTL International, LLC, Boladale Lawal & Co., and Victor Mokuolu, CPA PLLC also saw increased activity among micro-cap and international companies. These changes reflect shifting corporate audit strategies, regulatory adjustments, and ongoing audit firm realignments.

Auditor Changes – February 2025

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In February 2025, several U.S. public companies announced key auditor changes, including transitions from major firms like EY, KPMG, and Marcum LLP to new audit partners such as Deloitte, CBIZ CPAs P.C., and PwC. These shifts reflect evolving corporate strategies, audit committee decisions, and mergers within the accounting industry. Stay informed on the latest auditor transitions impacting financial reporting, regulatory compliance, and corporate governance.

Auditor Changes in January 2025

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In recent months, several companies have changed their auditors due to various reasons, including mergers, policy shifts, and committee decisions. Notable changes include Potbelly Corporation appointing KPMG LLP after dismissing Deloitte and Wayfair Inc. replacing Ernst & Young LLP with PricewaterhouseCoopers LLP. Transparency in auditor relationships is crucial for businesses.

The Big Four: AI Innovations in Auditing

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The integration of Generative AI in auditing enhances financial audits through improved risk assessment and fraud detection. The Big Four firms—Deloitte, PwC, EY, and KPMG—leverage AI-driven tools to increase efficiency and accuracy. However, challenges such as data reliability and regulatory concerns highlight the need for human oversight alongside technological innovation.

PCAOB recent sanctions

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The Public Company Accounting Oversight Board (PCAOB) in September, 2024 imposed sanctions on five audit firms for violations related to audit committee communications and failure to report disciplinary actions, highlighting ongoing concerns about audit transparency and compliance.

Deloitte audit clients

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Deloitte audits 21% of the total companies across all sectors in S&P 500. This significant market presence underscores Deloitte’s reputation and reliability in the auditing industry. Deloitte audits 28% of the companies in the Financials sector, which includes major players like MetLife Inc. and Morgan Stanley.

EY PCAOB Inspection report 2023

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The PCAOB’s 2023 inspection of Ernst & Young LLP (EY) revealed that out of 59 audits inspected, 22 had Part I.A deficiencies. This was a slight improvement from 2022, where 25 out of 54 audits had deficiencies. In 2021, 12 out of 56 audits had Part I.A deficiencies.

Deloitte 2024 revenues

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Deloitte earlier this week reported its global revenues for FY2024. Global revenues rose to $67.2 billion, an increase of 3.6% in dollar terms.