Attestation Update – A&A for CPAs

Technical stuff for CPAs providing attestation services

Unintended consequences of anti-money laundering enforcement

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Image courtesy of DollarPhotoClub.com.

Image courtesy of DollarPhotoClub.com.

One of the general rules of life seems to be that when one person does something really bad, the larger group pays the penalty.

You remember the drill – one person in the school classroom misbehaves on the playground and the whole class looses recess.

Or one of your coworkers breaks etiquette of the office and there is a new restrictive rule that inconveniences everyone. One person pushes the boundary on expense reimbursement and everyone gets new reporting requirements.

Well, same thing is emerging with the tremendous effort against money laundering.

Check out Account Closed: How Bank ‘De-Risking’ Hurts Legitimate Customers / In their hunt for money launderers, regulators are forcing banks to shut down branches and reject business At the Wall Street Journal on August 13.

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Written by Jim Ulvog

August 25, 2015, 7:08 am at 7:08 am

Another indicator that we CPAs need to step up our game

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I previously mentioned to my Fellow CPAs, we need to step up our audit game. Unfortunately, I found another indicator of the same idea at the Journal of Accountancy – PCAOB urges broker-dealer auditors to re-examine approaches.

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Written by Jim Ulvog

August 19, 2015, 7:22 am at 7:22 am

Posted in Audits

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AICPA Webcast on SSARS 21 implementation

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An upcoming webcast will address SSARS No. 21 Implementation Strategies.

The two-hour class will be offered by the AICPA multiple times this fall. Check your schedule for

  • September 15
  • October 20

As mentioned in the AICPA’s promo piece linked above, here are just a few of the topics that will be discussed: Read the rest of this entry »

Written by Jim Ulvog

August 17, 2015, 8:08 am at 8:08 am

Posted in Compilations & reviews

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Scott London is officially out of custody

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tragedy-cover

On July 23, 2015, Scott London was officially released from federal custody after serving his prison term for insider trading.

Does it seem like a long time since you read of him being sentenced? Well, that’s what 14 month in prison looks like. How much of your life have you enjoyed since he went away?

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Written by Jim Ulvog

August 10, 2015, 7:12 am at 7:12 am

Posted in Other stuff

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Time to start paying attention to the Toshiba accounting scandal

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Picture courtesy of DollarPhotoClub.com

Picture courtesy of DollarPhotoClub.com

Yeah, yeah, I’m late to the party.  Since this has been in the news for a few months, I am a bit tardy talking about the issue. On the other hand, yet another round of billion-dollar book-cooking in Japan doesn’t have a lot of impact on accounting firms that only work in the US.

So what’s going on?

Apparently Toshiba has around a dozen different schemes to inflate profits. Make that two dozen. Make that two dozen and counting. Amounts involved are reported to be half a billion dollars, one billion, or three billion. Take your pick.

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Written by Jim Ulvog

August 3, 2015, 8:08 am at 8:08 am

Posted in Fraud

Tagged with ,

Frequently asked questions about SSARS 21

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For a limited time, the AICPA’s Center for Plain English Accounting is making three of their reports available for free. You can find them here.

Of particular note is SSARS No. 21: Frequently Asked Questions and Answers. There are 22 Q&A that can help you get oriented on a new way to do reviews, comps, and preparation engagements. Also provides good implementation ideas.

Might want to check it out quickly and archive a copy since there is no comment on how long these items will be made available on a complimentary basis.

Looks like the CPEA has some good resources. Seems like a good idea to have their voice inside the AICPA world. However, at an annual membership cost of $795 for a firm with five or less professionals, I won’t be joining anytime soon.

Written by Jim Ulvog

July 30, 2015, 6:53 am at 6:53 am

Posted in Compilations & reviews

Tagged with

Frequently asked questions about the overhaul of Nonprofit accounting

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FASB has released three in a series of FAQs about the exposure draft that will drastically change accounting for all nonprofit organizations.

  • The first Q&A provides background and general discussion. One of the main goals of the exposure draft is to improve reporting and disclosures about liquidity. The FAQ links to the exposure draft and a May 2015 webcast discussion.
  • The second Q&A goes into some detail on specific issues.
  • The third Q&A explains some alternatives available within the exposure draft.

Watch for more FAQs in the future.

Written by Jim Ulvog

July 28, 2015, 8:37 am at 8:37 am

Posted in Accounting

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