Attestation Update – A&A for CPAs

Technical stuff for CPAs providing attestation services

Law to prevent tax evasion, FATCA, likened to a nuclear weapon

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A new law went into effect July 1, 2014 in the United States that requires all foreign banks to report to the US information on their customers that are US citizens.

This will create a huge amount of paperwork.

It is quite unpopular. Many perceive it as yet one more example of extraterritoriality, the US forcing everyone outside the US to comply with US law or else.

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Written by Jim Ulvog

July 25, 2014, 7:28 am at 7:28 am

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Tech tools for auditors, courtesy of Charles Hall

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I’ve had my head down for the last two months writing about inside trader Scott London, his golfing buddy, their checking in to the same federal penitentiary, along with mega-bank PNB Paribas paying a nine billion dollar fine for deliberately laundering $190 billion dollars for bad people, and pondering whether they got off easy or were unjustly hammered.

In the meantime, Charles Hall at CPA-Scribo has written an amazing string of accounting, auditing, and tech articles.

Time for me to catch up on pointing you to his articles.

I’ll start with some tech tools that CPAs can use:

Convenient apps for phones – 2/23/14 – An Auditor’s Cell Phone Read the rest of this entry »

Written by Jim Ulvog

July 24, 2014, 6:47 am at 6:47 am

Posted in Audits

Comments from Scott London interview – 7th and final part

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Preparation for prison and life after release.

This is the last post describing Scott London’s interview during a four-hour CPE session on June 26. The first post explained the goal of this series is to organize a number of comments in the session. The course was presented by The Pros and The Cons.

This post will cover preparation for prison, life afterwards, and another earned consequence.

Preparation for prison

When asked, Mr. London said he is spending a lot of time with family and friends before he reports to prison.

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Written by Jim Ulvog

July 23, 2014, 7:12 am at 7:12 am

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Comments from Scott London interview – part 6

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This is the sixth in a series of posts describing comments in an interview of Scott London during a four-hour CPE session on June 26. The first post explained the goal of this series is to organize a number of comments in the session. The course was presented by The Pros and The Cons.

This post will cover a few stray comments in the interview.

Expectation of total amount of insider trading gains

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Written by Jim Ulvog

July 21, 2014, 7:23 am at 7:23 am

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Scott London is in prison on 7/19/14. Expected release date 7/23/15.

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Looks like he surrendered into custody yesterday.

The Bureau of Prisons has an Inmate Locator Service which provides location and incarceration data for all federal prisoners since 1982. Lookup is by name or register number.

As of Saturday morning, 7/19, the locator shows Scott London (register 64641-112) is incarcerated at Taft Correctional Institute, near Bakersfield, California.

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Written by Jim Ulvog

July 19, 2014, 6:57 am at 6:57 am

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Scott London expected to report to prison on Friday; Bryan Shaw is already in custody.

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At sentencing, Judge Wu ordered Scott London to report to prison by noon on July 18. That is today.

When I checked the Federal Bureau of Prisons Inmate Locator Service on Thursday evening, it showed Mr. London’s status as not in custody with no release date. That’s what I expected.

Then I checked on Mr. Shaw. The court sentenced Mr. Shaw to 5 months with recommendation of confinement at either Taft or Lompoc with orders to report by August 1, 2014.

He is already in custody.

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Written by Jim Ulvog

July 18, 2014, 6:54 am at 6:54 am

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What is the point of accounting? Providing economic history or predicting the future?

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That is the underlying question raised by Prof. Charles M. C. Lee in a speech he gave which is summarized in an article at the Stanford graduate school of business website: Charles Lee: Why Fair-Value Accounting Isn’t Fair.

Let me help you stretch your brain. After writing this article, mine hurts. (Okay, okay, I hear you saying it doesn’t take much to strain Jim’s brain.)

The professor’s full speech is here. I read the first third of the paper, up to the point he starts talking about stock valuation theory. Good stuff.

One sentence summary from the article: Read the rest of this entry »

Written by Jim Ulvog

July 17, 2014, 8:27 am at 8:27 am

Posted in Accounting, Pondering

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