With Donald J. Trump set to return to the presidency in January 2025, the regulatory landscape for audit firms may be significantly reshaped. Trump’s administration is expected to follow through on its deregulatory agenda, impacting the SEC, PCAOB, and the broader audit industry. Here are five key points for CPA firms to consider as this new chapter unfolds.

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The AICPA’s Statement on Auditing Standards (SAS) No. 146 brings a significant shift in quality management practices for individual audit engagements. Like SQMS No. 1, which establishes quality management at the firm level, SAS 146 applies these standards directly to each engagement, strengthening the integrity and reliability of audits. With an effective date for periods beginning on or after December 15, 2025, it’s essential for CPA firms to understand how this standard will shape audit quality. Here are five key points about SAS 146, highlighting its critical role and the steps firms should consider.

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The American Institute of Certified Public Accountants (AICPA) is set to embark on a new journey with the announcement of Mark Koziel as its incoming president. Currently serving as the CEO of Allinial Global, Koziel’s leadership promises to address pressing issues within the accounting profession. Here are five key points to consider regarding Koziel’s vision and the direction he aims to take the AICPA.

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The AICPA’s new System of Quality Management Standards (SQMS) No. 2 is set to transform engagement quality reviews (EQRs) within CPA firms. With a compliance deadline for audits or reviews with periods beginning on or after December 15, 2025, it is crucial for firms to understand the implications of these changes. Here are five key points about SQMS No. 2, highlighting its significance and the challenges ahead.

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The AICPA’s new System of Quality Management Standards (SQMS) No. 1 is poised to significantly reshape the landscape for CPA firms with an audit and assurance practice.

With a compliance deadline of December 15, 2025, and ongoing evaluation requirements, it’s vital for firms to grasp what these changes entail.

Here are five key points about SQMS No. 1, emphasizing its significance and the challenges ahead.

Want to learn even more? Explore our accompanying blog for a deeper dive into each of the five points: https://cpaclub.cpa/2024/10/sqms-no-1-explained-what-cpa-firms-need-to-know/

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The PCAOB’s new Quality Control (QC) standard, QC 1000, is set to reshape the landscape for all PCAOB-registered firms.

With an effective date of December 15, 2025, and initial evaluation and reporting requirements to follow, it’s critical for firms to understand what this entails.

Here are five key points about QC 1000, exploring its significance and the changes it brings.

Want to learn even more? Explore our accompanying blog for a deeper dive into each of the five points: https://lnkd.in/g8V6SugT

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Ready to uncover the truth behind Donald Trump, Trump Media & Technology Group, and their auditors, BF Borgers? In my latest episode of Qualified Opinions, I dive into the troubling truth about the firm's tone at the top and a track record filled with too many SEC clients, not enough partners, and excessive workloads. Sound familiar? Think Withum and Marcum LLP, but maybe even worse. CPA firms like these continue to laugh all the way to the bank with penalties that don't add up. Are investors and users of financial statements simply unaware of the truth, or do they just not care? What's your take on BF Borgers and why TMTG chose them as their independent registered public accounting firm?

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🕒💼 Curious about the connection between Daylight Savings Time and timesheets in public accounting? 🎥 Dive into the latest episode of Qualified Opinions as I explore why it's actually time to stop changing time and stop charging time.

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✈️🔍 Would you board a plane if you knew your pilot hadn't slept? I sure wouldn't. Remember Capt. Sully Sullenberger and the Miracle on the Hudson? Imagine if he wasn't fit for duty that day! We can learn a lot from the airline industry. Every day, tired auditors, working 100-hour weeks, compromise the safety of their clients and stakeholders. 🎥 Watch the latest episode of Qualified Opinions as I cover the excessive workloads of auditors and the troubling impact on audit quality.

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The PCAOB is rightfully trying to crack down on what most would characterize as "false advertising" about a CPA firms' registration status and its oversight by the PCAOB. Take a look at why this is an issue in our audit profession. Buyers beware as what you see may not be what you get!

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PCAOB imposes $2 million in fines, PCAOB sanctions Withum for pervasive quality control violations involving SPAC audits

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