Attestation Update – A&A for CPAs

Technical stuff for CPAs providing attestation services

5 million views of a rap video on economics? Yeah. 5 million. On economics.

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Over 5.1M views of the first video in the series and just a few more views to cross the 3M point for the second. Check them out for entertaining, creative ways of explaining the views of Hayek and Keynes. Great contrast between the two.

 

 

Previously mentioned these videos here: Read the rest of this entry »

Written by Jim Ulvog

April 16, 2015, 7:27 am at 7:27 am

Posted in Economics

More good stuff on banking fiascos – 4-14

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Plan on how the banks will get out of the suits from soldiers. Also France tells HSBC to post a billion euro bond. Like they’re gonna’ grab a passport and book a flight to Argentina.

4/6 – Alison Frankel at Reuters – How Western banks hope to shake ex-U.S. soldiers’ Iran terror suitPreviously mentioned lawsuit by a number of US soldiers who were wounded by IEDs in Iraq. They allege the banks were providing the banking services used in turn to fund the terrorists who in turn wounded them.

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Written by Jim Ulvog

April 14, 2015, 7:22 am at 7:22 am

Posted in Other stuff

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One fresh idea for fresh thinking on your audits: A blank sheet of paper

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Checklists are great tools to help get audits done. They can be superb reminders of something you forgot or hadn’t thought about. They can also be a constraint on actual thinking, leading us into cookie-cutter audits.

My friend Charles Hall, writing at CPA-Scribo, suggests How to Overcome Cookie-Cutter Audits.

The idea is to start with a blank sheet of paper and ask some questions about the audit. Ponder what has changed in the economy, the accounting & audit rules, what problems might be encountered, and what work from the prior audit isn’t needed anymore.

This might get you out of the mental rut of doing things the same as every other audit and avoid the inefficiencies of hanging out with SALY all the time.

Here are his ideas for questions to ponder: Read the rest of this entry »

Written by Jim Ulvog

April 10, 2015, 8:33 am at 8:33 am

Posted in Audits

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Deutsche Bank in final negotiations for their Libor manipulation. If they settle at $1.5B, it would bring cumulative Libor fines to $7.6B.

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Leaks to Dealbook suggest Deutsche Bank could have a settlement in May with DoJ, NY DFS, CFTC and Financial Conduct Authority in London. Amount of settlement is looking to be over $1.5B and involve a guilty plea to a criminal charge by a British sub of the bank.

Report is Deutsche Bank Nears Plea Deal Over Libor Manipulation.

Several comments in the article refer to ‘discounts’ given to the first-to-settle, which was UBS. Also comments that the last to settle pays a premium.

I’ve started tracking the Libor and Forex settlements in a spreadsheet.  There are too many banks dealing with too many regulators on too many issues to keep everything straight in my little brain.  Good infographic on settlements from WSJ here.

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Written by Jim Ulvog

April 10, 2015, 7:00 am at 7:00 am

Posted in Other stuff

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ASU 15-03 – Debt issue costs will be moving to the other side of the balance sheet

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Debt issue costs will soon need to be classified as a reduction in long-term debt instead of a deferred charge on the asset side of the balance sheet.

This change will be required by FASB’s ASU 2015-03, Interest—Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs.

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Written by Jim Ulvog

April 9, 2015, 12:39 pm at 12:39 pm

Posted in Accounting

Bank fiascos – slow progress on changing cultures to prevent the next fiasco

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Change in massive organizations is slow. Here are a few articles on the speed of compliance to prevent future fiascos.

4/1 – Wall Street Journal – HSBC Monitor Says Bank’s Compliance Progress Too Slow and 4/1 – Deal Book at NY Times HSBC Is Deemed Slow to Carry Out Changes – Quarterly report from the monitor on the 2012 DPA says he thinks the bank is not making enough progress on improving the anti-money laundering program. HSBC is now in year three of a five-year DPA.

On the other hand, progress takes time…

4/2 – This is Money at Daily Mail – Senior HSBC executive privately admits another major regulatory breach is ‘cast-iron certainty’, according to reports – This report got lots of coverage. I think it was reported elsewhere earlier than this article.

A senior compliance officer reportedly said that there is a high probability of another major regulatory violation at some point in the future. Several commenters and one headline I saw spun this as meaning the bank intends to break the law again.

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Written by Jim Ulvog

April 7, 2015, 8:33 am at 8:33 am

Posted in Other stuff

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In other April 1st news…

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You can find my two posts for April 1 at my other blog, Outrun Change:

Pending outbreak of hostility between the Federation and Empire. New intel on prospects for Star Trek and Star Wars battle.

Democracy and innovation will trump totalitarianism and lack of freedom. Of course, it helps to have cloaked starships that fire photon torpedoes at warp speed hitting their targets hundreds of thousands of kilometers away go up against death stars that manually target lasers using visual observation.

News reports you may have missed on history books you may have read

Some books keep getting filed in the fiction section instead of the history section where they belong. Here are some news reports on a few of those books. Historian J.R.R. Tolkien gets good coverage.

Remember, it is April 1st.

Written by Jim Ulvog

April 1, 2015, 14:26 pm at 2:26 pm

Posted in Other stuff

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