Attestation Update – A&A for CPAs

Technical stuff for CPAs providing attestation services

New risk alerts for 2014/2015 are available

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I just noticed there are some new risk alerts out from the AICPA that you can use to get ready for your year-end work.

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Written by Jim Ulvog

October 30, 2014, 6:32 am at 6:32 am

Sample accountant’s review report for SSARS 21

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The accountant’s report for a review engagement has been revised by SSARS 21. Here is an example of the standard report and then a modification of the standard report.

Copy and paste at your risk.

Illustrative comparative review report

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Written by Jim Ulvog

October 29, 2014, 8:35 am at 8:35 am

Video overview of SSARS 21

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The AICPA has a great five-minute video providing an intro to SSARS 21.

Check out:

Can’t go into much detail in five minutes, but it is a superb place to get started.


Written by Jim Ulvog

October 28, 2014, 22:15 pm at 10:15 pm

Sample compilation report under SSARS 21

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Here is the new compilation report that will be used when SSARS 21 goes into effect.

I will provide three examples. First, the illustrative standard report. Second, modification of the standard report for a sole practitioner. Third, modification for a non-profit organization.

Copy and paste at your own risk.

Illustrative standard report Read the rest of this entry »

Written by Jim Ulvog

October 28, 2014, 7:10 am at 7:10 am

Frauds are a cancer destroying capitalism

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My previous post described a comment by Sam Antar during his CPE session that the fines arising from of a long list of financial fiascos are essentially a tax on illegal behavior.

He made another comment in that session that I wanted to describe in detail. He said these frauds are a cancer destroying capitalism.

I had opportunity to visit with him a few weeks ago and asked him to expand on this idea. I will summarize what we discussed.

Cancer destroying capitalism

He indicated the foundation of capitalism is reliability of financial information. If you can trust financial information you read then we can do business with each other.

He says the extent of frauds we have seen are leading people to lose faith in financial information. That leads to losing faith in their counterparties. Therefore people have less trust. In financial terms that means the risk premiums for transactions go up. The interest rate built into a transaction increases and the return drops.

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Written by Jim Ulvog

October 27, 2014, 7:50 am at 7:50 am

Posted in Economics, Other stuff

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Flash update on SSARS #21

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The new statement that overhauls the SSARS body of knowledge and opens up a new service called preparation was released on October 23, 2014.

Update - See also:

From the 30,000 foot level, here are just a few changes:

Written by Jim Ulvog

October 25, 2014, 9:41 am at 9:41 am

Huge fines are a tax on illegal behavior

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Several weeks ago I listened to a continuing education class presented by Sam Antar, current felon and formerly CFO of Crazy Eddie.

In the session, he made two comments that caught my ear. First, the fines we read about as a result of various financial scandals are just a tax on illegal behavior. Second, those fiascos are, he said, a cancer destroying capitalism.

After the session, I had opportunity to interview him by phone and follow-up on both of those ideas.

Fines are a tax on illegal behavior

He indicated that essentially no one has been implicated in any of the disasters we’ve read about, which I have discussed extensively on my blog.

He said corporations don’t commit crimes. People commit crimes.

And the people who committed crimes aren’t going to jail.

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Written by Jim Ulvog

October 23, 2014, 5:32 am at 5:32 am

Posted in Fraud, Pondering

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