Audit and Accounting - Recent Threads

Audit in an AI World: AI is raising the stakes for electronic bank confirmations

Neil Vicente — Mon, 07 Sep 2026 12:24:34 GMT

For the past few years, almost every conversation about AI and audit has run in one direction: how can auditors use AI to work faster, cover more transactions, and catch what a human reviewer would miss. That’s AI in Audit — artificial intelligence as a tool inside the audit process.

There’s a second, much less discussed side to that equation: Audit in AI — what happens when auditors operate in an environment increasingly saturated with AI-generated content.

Auditors aren’t just gaining a new tool. They’re operating in an environment where documents, identities, and evidence can be generated, altered, or fabricated more easily than ever before.

The industry has spent considerable time asking how AI will change audits. It now needs to ask an equally important question: what happens to audit when AI changes the very environment that auditors are meant to verify?

To dig deeper, visit the original article on the Thomson Reuters blog.

Accounting organizations urge banking agencies to specify AICPA standards for monthly exam of stable coins

Nageshwaran Gopal — Mon, 31 Aug 2026 20:02:32 GMT

The AICPA and its affiliate, the Center for Audit Quality (CAQ), recommended that the Office of the Comptroller of the Currency (OCC) and the Federal Deposit Insurance Corp. (FDIC) specify that monthly examinations of stablecoin reserve composition reports be conducted in accordance with AICPA standards when implementing provisions of the Guiding and Establishing National Innovation for U.S. Stablecoins Act, known as the GENIUS Act.

The law establishes a regulatory framework for payment stablecoins, a type of cryptocurrency designed to maintain a stable value, typically by being pegged to the U.S. dollar.

Among other provisions, the GENIUS Act requires monthly examinations of reserve-related reports for permitted payment stablecoin issuers, as well as annual financial statement audits for certain non-public issuers with more than $50 billion in outstanding stablecoin issuance.

The law’s provisions take effect on the earlier of January 18, 2027, or 120 days after federal banking agencies issue final regulations.

To dig deeper, visit the original article on the Thomson Reuters blog.

How to build client trust across your accounting advisory team

Nageshwaran Gopal — Mon, 31 Aug 2026 19:55:46 GMT

Relationships are everything in tax and accounting. Here's how to make the most of them.

Highlights

Information is abundant. Confidence is scarce. Clients seek validation, not technical answers. The competitive edge belongs to firms that deliver certainty through their entire team.
Your bottleneck isn't a knowledge problem. You've trained clients to trust one partner. Solution: deliberately give junior staff the wins that build credibility and transfer trust.
Advisory scales when you distribute trust, not knowledge. Clients don't want Jim—they want what Jim represents: certainty and judgment.

To dig deeper, visit the original article on the Thomson Reuters blog.

Is your audit tech stack holding you back?

Neil Vicente — Mon, 24 Aug 2026 11:31:54 GMT

Is your audit tech stack helping or hindering your firm? Discover how fragmentation could be costing you time, accuracy, and client trust—and what to do about it.

In today’s audit environment, the technology you use can make or break your firm. Yet, many audit professionals still rely on a patchwork of disconnected solutions — spreadsheets here, file-sharing systems there, and specialized software that doesn’t communicate with anything else.

While this fragmented approach might feel manageable day to day, it comes at a cost. Data silos, manual data transfers, and a lack of real-time visibility can slow down engagements, increase risk, and frustrate clients.

If your firm is struggling to keep up during busy season or spending too much time chasing data instead of analyzing it, your audit tech stack may be holding you back.

To dig deeper, visit the original article on the Thomson Reuters blog.

How to remove Promises to give audit area

Jay Hite — Thu, 20 Aug 2026 16:37:14 GMT

How do I remove promises to give as a significant audit area in guided assurance/engagement manager? I have gone into the properties for audit areas and I am unable to deselect promises to give. This nonprofit does not have promises to give as it is an Association of General Contractors that does not receive any donations. It only has the ? where I should be able to deselect the option or select it if it was applicable. It says The audit area cannot be removed from the engagement while it has identified risk associated with it. This is a new audit that I set up as a new audit and not with a template. Any advice would be appreciated

Engagement Manager Server Error

Robin Barnett — Tue, 18 Aug 2026 12:34:00 GMT

Working remotely both me and members in my team receiving server error after authentication of Engagement Manager. Tech support opens at 9? Is there a way to get help when the software isn't working properly? It says it's operational but certainly not the case.

AI workflow transformation for accounting firms: What the next five years might look like

Nageshwaran Gopal — Mon, 17 Aug 2026 13:40:58 GMT

As agentic AI matures, firms have a chance to redesign work, strengthen review processes, and accelerate the shift to advisory services

Highlights

AI adoption is accelerating, but many firms are still using it to support one-off tasks rather than revamping their workflow.
Agentic AI can handle complex, multi-step work, helping professionals move beyond research and toward advisory services.
Successful AI transformation depends on strong review processes, trusted data sources, and thoughtful workflow redesign.

To dig deeper, visit the original article on the Thomson Reuters blog.

Stop patching your audit tech stack together

Nageshwaran Gopal — Mon, 17 Aug 2026 13:35:27 GMT

The modern audit ecosystem blueprint lays out a four-layer framework for connecting data, intelligence, workflow, and compliance into one operating model built for firms ready to move past fragmented point solutions.

You'll learn:

How to structure a four-layer audit ecosystem, from a centralized data foundation through an AI-powered intelligence engine, a connected workflow platform, and audit-ready compliance and reporting
Which integration patterns create connection, not just data transfer, including event-driven workflows, unified data models, and continuous validation
A phased roadmap for stabilizing your foundation, layering in intelligence, and scaling toward a fully connected engagement lifecycle
How to measure what matters, using efficiency, quality, data integrity, and agility metrics that reflect true ecosystem performance, not just isolated tool wins

To dig deeper, visit the original article on the Thomson Reuters blog.

RMW Accounting's Durango team accelerates research, expands advisory services, and streamlines delivery

Nageshwaran Gopal — Mon, 17 Aug 2026 13:20:47 GMT

Introduction

RMW Accounting's Durango office set out to modernize three critical motions at once — get defensible tax answers faster, standardize advisory so more staff could contribute, and remove friction from the last mile of delivery. The firm led with CoCounsel Tax to research complex questions in minutes with authoritative citations partners could stand behind. Ready to Advise is being rolled out to turn partner know-how into repeatable advisory work so staff can deliver credible guidance sooner. SafeSend now handles end-to-end assembly, e-sign, estimates, and secure third-party forwarding, reducing chase work and improving client confidence.

The trust pivot that unlocked adoption was simple and specific. "I knew that I was still doing research in the software that I knew and trusted. That it was coming from code, regulations, and case law."

With institutional trust established, output trust came from citations the team could verify, and adoption trust came from SafeSend's guided steps clients complete before viewing returns. The result is a faster, calmer practice that protects professional judgment while creating room to scale advisory.

To dig deeper, visit the original article on the Thomson Reuters blog.

How accounting firm UHY is building a Big Four rival — one acquisition at a time

Nageshwaran Gopal — Mon, 17 Aug 2026 13:19:34 GMT

Accounting firm UHY is on a buying binge — and it’s just getting started.

After landing a major investment from Summit Partners, the middle-market accounting powerhouse is snapping up smaller firms at a rapid clip, betting that bigger really is better in an industry once dominated by mom-and-pop shops.

The strategy: pump fresh capital into cutting-edge artificial intelligence, roll up specialized firms across the country, and build a national brand that can go toe-to-toe with the industry’s giants — all while serving the millions of privately held businesses that keep America’s economy humming.

To dig deeper, visit the original article on the Thomson Reuters blog.

How a small CPA firm scaled advisory and accelerated research with CoCounsel and Ready to Advise

Neil Vicente — Mon, 10 Aug 2026 12:18:30 GMT

Based in Jacksonville, Florida, The Forde Firm, Inc. is a CPA firm providing tax, audit, bookkeeping, and advisory services to businesses and nonprofits. Founded and led by Linda R. Forde, CPA, the firm serves clients across Northeast Florida and beyond, combining technical depth with a service-led approach.

Facing mounting client demand and an industry wide talent squeeze, a 12 person Jacksonville CPA firm needed to scale high value work without sacrificing quality or trust. Leadership adopted a connected approach across Thomson Reuters CoCounsel and Ready to Advise to standardize research and advisory workflows. The trust unlocked when the firm saw they could "lock it down and have it only give legitimate answers," enabling safe adoption of AI across the team. The result is that research and advisory moved faster because staff could contribute sooner with step by step guidance.

To dig deeper, visit the original article on the Thomson Reuters blog.

DOL Proposes New Electronic Delivery Safe Harbor for Group Health Plan ERISA Disclosures

Nageshwaran Gopal — Mon, 03 Aug 2026 18:39:43 GMT

The DOL has issued proposed regulations that would establish a new, additional safe harbor for group health plan administrators to electronically furnish ERISA-required disclosures to participants and beneficiaries. The DOL established a similar “notice-and-access” safe harbor for pension benefit plans in 2020, allowing plan administrators to notify participants and beneficiaries about online disclosures, provide information on how to access them, and inform individuals of their rights to request paper copies or opt out completely. The proposed rule would add a new DOL Reg. § 2520.104b-32 that largely mirrors the 2020 pension safe harbor, while incorporating several modifications tailored to the group health plan context. Here are highlights:

Covered Individuals and Documents.
Notice of Internet Availability (NOIA).
Paper Copies and Opt-Out Rights.
Initial Notification.

To dig deeper, visit the original article on the Thomson Reuters blog.

PCAOB issues first enforcement order since January with Hong Kong audit firm sanctions

Neil Vicente — Mon, 27 Jul 2026 11:45:51 GMT

The Public Company Accounting Oversight Board (PCAOB) revoked the registration of Hong Kong-based Zhen *** Certified Public Accountants and barred its managing partner, Man Kit Horace Ho, from associating with a registered public accounting firm, citing violations of PCAOB rules and auditing standards across six issuer audits.

The PCAOB also censured the firm and Ho, imposed a $60,000 penalty jointly and severally, and required remedial actions before the firm may apply for registration again, according to an order issued July 21, 2026.

The firm did not immediately respond to a request for comment.

To dig deeper, visit the original article on the Thomson Reuters blog.

PCAOB set to consider draft strategic plan as stakeholders push competing priorities

Nageshwaran Gopal — Mon, 20 Jul 2026 14:20:26 GMT

The Public Company Accounting Oversight Board (PCAOB) will hold a public meeting on July 20, 2026, to consider issuing a proposed strategic plan for 2026-2030.

The draft goals and objectives for the next five years will be based on feedback, including 71 comment letters the board has received in response to a March 31 request for comment on seven broad questions regarding the PCAOB’s strategic priorities.

It is unclear what the draft long-term plan will contain. But the PCAOB’s strategic plan will include recommendations by Securities and Exchange Commission (SEC) Chief Accountant Kurt Hohl who has publicly articulated what he wants the board to do to modernize its operations and functions in an evolving environment.

To dig deeper, visit the original article on the Thomson Reuters blog.

Expert warns of gift tax ‘cliff’ for Trump account donors

Nageshwaran Gopal — Mon, 20 Jul 2026 13:01:44 GMT

Trump account gifts and the ‘future interest’ problem

IRC § 530A established Trump accounts as a new type of tax-favored individual retirement account (IRA) to help children start investing early. However, because the rules restrict a child’s access to the funds until they turn 18, contributions raised a technical gift tax concern.

Under IRC § 2503(b), gifts of a “future interest” in property do not qualify for the annual gift tax exclusion, which is $19,000 for 2026. This meant any contribution to a Trump account, regardless of size, could have been considered a future interest gift that required the donor to file Form 709, United States Gift (and Generation-Skipping Transfer) Tax Return.

To dig deeper, visit the original article on the Thomson Reuters blog.

What the World Cup teaches us about accounting fundamentals

Neil Vicente — Mon, 13 Jul 2026 10:54:11 GMT

Like championship teams, successful firms rely on strong fundamentals long before the pressure is on.

Highlights

Consistent financial maintenance throughout the year enables better tax planning, advisory services, and business decisions.
Strong accounting fundamentals create the accuracy and consistency clients rely on year after year.
Effective tax planning starts with reliable financial records, giving firms and clients greater confidence in their decisions.

Every four years, the World Cup captures the attention of the entire globe. Fans remember the goals, the saves, the comebacks, and the heartbreak. But while players and trophies come and go, the rules of the game have stayed more consistent than almost any other major sport.

The field dimensions never change. The lines are carefully measured. While formation and strategies evolve, the objective remains the same. Every match, from the opening game to the final, depends on the same consistent foundation. Without it, there is no game. Accounting serves the same purpose in business.

To dig deeper, visit the original article on the Thomson Reuters blog.

New U.S. accounting proposal could lower values for shares funds can’t sell

Nageshwaran Gopal — Tue, 07 Jul 2026 14:10:22 GMT

When an investment company owns shares it is contractually barred from selling, should those shares still be valued as if they could be sold tomorrow? America’s top accounting rulemaker says no — and it wants to change the rules accordingly.

The Financial Accounting Standards Board proposed new guidance on July 1 that would require investment funds to apply a discount when valuing shares they are contractually barred from selling. The board is accepting public comments on the proposal through July 17, 2026.

To dig deeper, visit the original article on the Thomson Reuters blog.

Unlock smarter audits and drive efficiency with AuditWatch Consulting

Nageshwaran Gopal — Tue, 07 Jul 2026 12:02:48 GMT

You'll walk away knowing:

How you can use AuditWatch Consulting to help identify and eliminate inefficiencies in your audit process to improve productivity and profitability
How AuditWatch blends professional experience and technical expertise to deliver practical, high-quality audit strategies
What personalized consulting looks like — and how it can be tailored to your firm's specific needs for maximum ROI
How top firms have optimized their audit methodologies with guidance from seasoned CPA professionals

To dig deeper, visit the original article on the Thomson Reuters blog.

Building durable legacies: A guide to behavioral wealth management for accountants

Neil Vicente — Mon, 29 Jun 2026 12:20:38 GMT

Traditional financial planning focuses on structures — trusts, estate documents, tax strategies. But behavioral wealth management shifts the focus to people. Markets change. Tax laws shift. Families grow, fragment, and recombine. What endures through those changes is not the technical design. It is how people behave within it.

Moving beyond rigid financial structures

Legacies fail most often not because assets disappear, but because:

Decisions fracture under pressure
Communication shuts down
Responsibility becomes unclear
Identity conflicts override purpose

Durability depends on whether the humans involved can adapt without abandoning discipline.

As an accounting professional, you’re uniquely positioned to identify these behavioral red flags early. When you notice a family avoiding difficult conversations about succession, or when you see siblings who can’t agree on the direction of inherited assets, these are not just interpersonal issues — they’re threats to legacy durability. Your role in providing true advisory services extends beyond the numbers to recognizing and addressing these human dynamics.

To dig deeper, visit the original article on the Thomson Reuters blog.

Advanceflow - Trial Balance Calculation issues

Heber Rojas — Mon, 22 Jun 2026 16:38:44 GMT

Is anyone else experiencing an issue where the Trial Balance is not calculating correctly after entering journal entries?

It appears that the system is ignoring the unadjusted beginning balance and is only reporting the journal entry amount as the report balance (ending balance). This is throwing off all of our financials.

From vision to implementation: How to craft your audit firm’s AI strategy

Nageshwaran Gopal — Mon, 22 Jun 2026 16:05:38 GMT

Transform your audit firm with AI-powered continuous assurance. Our white paper offers a comprehensive roadmap for integrating autonomous AI workflows into your firm's audit processes, enabling real-time risk intelligence and proactive cybersecurity monitoring while staying ahead in today's competitive landscape.

Download our white paper to learn more about:

Defining your audit firm's AI strategy. Understand what a comprehensive AI strategy entails, including AI agents, autonomous workflows, and regulatory compliance frameworks that position your firm to win.
Continuous monitoring and enhanced audit quality. Deploy AI-powered transaction analysis that works autonomously to identify anomalies, cybersecurity threats, and fraud patterns in real-time — shifting from point-in-time testing to ongoing assurance that strengthens client relationships.
Proactive risk and regulatory intelligence. Leverage AI to continuously track PCAOB, SEC, and FASB updates while analyzing vast datasets to uncover emerging risks before they materialize, enabling you to deliver forward-looking insights to clients.
Seamless evolutionary integration. Build upon your existing infrastructure with Thomson Reuters solutions that enhance current systems rather than replacing them, ensuring professional standards compliance while minimizing operational disruption and accelerating ROI.

To dig deeper, visit the original article on the Thomson Reuters blog.

Companies brace for Strait of Hormuz cost shock as accounting questions mount

Nageshwaran Gopal — Mon, 22 Jun 2026 16:03:15 GMT

A possible Strait of Hormuz cost spike is pushing companies to review their contracts as higher oil, freight, tariff, and supply-chain costs raise accounting questions about revenue, receivables, inventory, and cash flow.

When shipping, fuel, and materials costs jump, businesses face a question that sounds simple but can be difficult to answer: who pays?

For companies with flexible contracts, the answer may be the customer. For companies locked into fixed prices, the added cost may cut directly into profit. And for finance teams, the issue does not end when an invoice goes out.

Accountants say companies need to decide whether a surcharge can be booked as revenue, whether customers are likely to pay it, whether inventory is still worth what the company paid for it, and whether once-profitable contracts have turned into money losers.

To dig deeper, visit the original article on the Thomson Reuters blog.

Your questions about how to use AI in audit workflows answered

Nageshwaran Gopal — Mon, 22 Jun 2026 16:02:37 GMT

Straightforward answers for applying AI across the audit lifecycle

Highlights

AI enhances audit efficiency by automating routine confirmation tasks and surfacing deeper insights
Successful adoption depends on strong data governance, controls, and human oversight
Auditors who leverage AI can improve risk detection and deliver more strategic value

To dig deeper, visit the original article on the Thomson Reuters blog.

The 5-phase AI implementation roadmap: Why your audit firm can’t skip the pilot

Nageshwaran Gopal — Mon, 22 Jun 2026 15:38:47 GMT

A practical, step-by-step framework for moving from AI experimentation to scalable audit efficiency

Highlights

Start with a focused pilot to validate AI’s impact on audit workflows.
Build repeatable processes before expanding firmwide adoption
Scale AI with governance, training, and measurable performance gains

To dig deeper, visit the original article on the Thomson Reuters blog.

Scaling your audit practice with AI: 3 real-world CoCounsel Audit case studies

Nageshwaran Gopal — Mon, 22 Jun 2026 15:37:40 GMT

A firsthand look at how audit firms are using CoCounsel to work faster, reduce risk, and deliver deeper insights

Highlights

CoCounsel Audit firms can address talent shortages while handling growing client and engagement complexity.
Tasks like board reviews shrinking from hours to minutes while maintaining compliance standards.
Firms are using AI to elevate audit into higher-value advisory work.

To dig deeper, visit the original article on the Thomson Reuters blog.

Audit and Accounting - Recent Threads

Audit in an AI World: AI is raising the stakes for electronic bank confirmations

Accounting organizations urge banking agencies to specify AICPA standards for monthly exam of stable coins

How to build client trust across your accounting advisory team

Is your audit tech stack holding you back?

How to remove Promises to give audit area

Engagement Manager Server Error

AI workflow transformation for accounting firms: What the next five years might look like

Stop patching your audit tech stack together

RMW Accounting's Durango team accelerates research, expands advisory services, and streamlines delivery

Introduction

​​How accounting firm UHY is building a Big Four rival — one acquisition at a time​

How a small CPA firm scaled advisory and accelerated research with CoCounsel and Ready to Advise

DOL Proposes New Electronic Delivery Safe Harbor for Group Health Plan ERISA Disclosures

PCAOB issues first enforcement order since January with Hong Kong audit firm sanctions

PCAOB set to consider draft strategic plan as stakeholders push competing priorities

Expert warns of gift tax ‘cliff’ for Trump account donors

Trump account gifts and the ‘future interest’ problem

What the World Cup teaches us about accounting fundamentals

New U.S. accounting proposal could lower values for shares funds can’t sell

Unlock smarter audits and drive efficiency with AuditWatch Consulting

Building durable legacies: A guide to behavioral wealth management for accountants

Moving beyond rigid financial structures

Advanceflow - Trial Balance Calculation issues

From vision to implementation: How to craft your audit firm’s AI strategy

Companies brace for Strait of Hormuz cost shock as accounting questions mount

Your questions about how to use AI in audit workflows answered

The 5-phase AI implementation roadmap: Why your audit firm can’t skip the pilot

Scaling your audit practice with AI: 3 real-world CoCounsel Audit case studies

How accounting firm UHY is building a Big Four rival — one acquisition at a time