Attestation Update – A&A for CPAs

Technical stuff for CPAs providing attestation services

Want some free CPE course material? Not for credit, but for learning? Included is some material I wrote.

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Cover of course courtesy of CCH.

Cover of course courtesy of Wolters Kluwer/CCH.

CCH (Wolters Kluwer) makes the material for some of its courses available for no charge.

If you want CPE credit there is a fee for grading the exam and awarding credit. However, if your goal is learning the materials are available gratis.

(Cross-post from my other blog, Nonprofit Update.)

As I write this post, the following materials available:

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Written by Jim Ulvog

February 11, 2016, 7:50 am at 7:50 am

Posted in Audits

Tagged with ,

Journey through peer review – 2016 update

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Image courtesy of DollarPhotoClub.com

Image courtesy of DollarPhotoClub.com

 

I’ve previously discussed at length my journey through the peer review process in 2012. I did not update the narrative for my journey through the peer review process in 2015. Here are a few tidbits on the timing this time around: Read the rest of this entry »

Written by Jim Ulvog

February 4, 2016, 16:04 pm at 4:04 pm

Posted in Peer Review

Tagged with

Ulvog CPA passes Peer Review inspection

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Image courtesy of DollarPhotoClub.com

Image courtesy of DollarPhotoClub.com

I am pleased to report my firm passed peer review in 2015.

Peer review is a process CPAs go through to inspect their audit and review work. Experienced CPAs from another firm look at your quality control procedures and read through workpapers for a selection of engagements.

(Cross-posted from my other blog, Nonprofit Update.)

In the current system there are three grades from a peer review inspection:

  • Pass
  • Pass with deficiency
  • Fail

I am pleased to report my firm received a pass report, the highest level currently available. I have gone through peer reviews in 2015, 2012, 2009, 2006, and 2003. Each time I received the highest grade possible.

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Written by Jim Ulvog

February 4, 2016, 15:55 pm at 3:55 pm

Posted in Audits, Peer Review

Tagged with ,

More trouble for prosecutors actually getting a conviction against bankers

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Image courtesy of DollarPhotoClub.com

Image courtesy of DollarPhotoClub.com

Prosecutors in England failed in their efforts to convict six brokers of fixing Libor rates.

1/27 – Wall Street Journal – Six Ex-Brokers Acquitted of LIBOR Rigging in London – One key person was convicted at trial a while back and is now in prison. The six brokers just acquitted are the people he was supposedly conspiring with. Only the 6 weren’t conspiring with anyone about anything, according to the jury.

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Written by Jim Ulvog

January 29, 2016, 8:44 am at 8:44 am

Posted in Accounting, Other stuff

Tagged with ,

Overhead ratios in charities getting more attention. Wounded Warrior Project is again focus of discussion.

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Working on overhead. Yeah, that's a poor joke. Photo courtesy of DollarPhotoClub.com

Working on overhead.  Photo courtesy of DollarPhotoClub.com. Yeah, I know that is a poor joke.

A running debate in the donor and nonprofit community is whether the ‘overhead ratio’ is a good tool to measure the effectiveness of a charity. There seems to be more discussion of the issue lately. Wounded Warrior Project is the focal point for recent discussion. A few articles of interest along with some background:

(Cross-posted from my other blog, Nonprofit Update, because this issue is likely of interest to many readers of this blog.)

1/27 – New York Times – Wounded Warrior Project Spends Lavishly on Itself, Insiders Say – Tell me your thoughts on the ongoing conversations in the nonprofit community about overhead ratios and I will tell you whether you will think this article is a balanced critique or a hit piece.

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Written by Jim Ulvog

January 28, 2016, 7:56 am at 7:56 am

Posted in Accounting, Audits

Check out the 1/17/16 USPS shipping rate increases

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Image courtesy of DollarPhotoClub.com

Image courtesy of DollarPhotoClub.com

Yesterday I sent a package to a client via USPS’ priority mail. As always, I went to the USPS website to double-check the price.

Just about fell out of my chair.

9% increase.

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Written by Jim Ulvog

January 28, 2016, 7:46 am at 7:46 am

Posted in Other stuff

Dividing line between bookkeeping and preparation services

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Is this bookkeeping or preparation of financial statements? Image courtesy of DollarPhotoClub.com

Is this bookkeeping or preparation of financial statements? Image courtesy of DollarPhotoClub.com

SSARS #21 explicitly defines bookkeeping as being outside the scope of the SSARS literature. The question becomes what is bookkeeping and what is a preparation engagement.

The AICPA has an article that can help highlight the dividing line: Bookkeeping or preparation service? That is the question.

Article suggests three ways to look at a service to help a CPA figure out whether Section 70 of SSARS #21 applies. If you are wondering, please check out the full article.

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Written by Jim Ulvog

January 18, 2016, 7:19 am at 7:19 am

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