A few links and comments of interest to auditors. The Andersen name is back, how to classify ‘trapped cash’, government assigning audits, and The F Student (twice). Wow, am I confused. The Andersen name resurfaces, and vinyl record sales are surging. What’s next, disco?
August 2014 – The CPA Journal – Meet the Future of the Profession – Rumbi Bwerinofa-Petrozzello is one of the bloggers I follow. She writes on fraud at Figuring Financial Forensics.
She and three other young professionals were featured in the linked article in the NY state society. The four discussed their perspectives. Well worth a read.
In particular, I enjoyed the following comment from Ms. Bwerinofa:
As part of the final editing of my book, I checked the locations of Mr. London and Mr. Shaw in the federal prison system. You can look up such things at the Bureau of Prisons Inmate Locator.
Mr. Shaw is still at Taft Correctional Institute. Last time I looked, they were both at Taft.
Mr. London has been moved up the coast to Lompoc USP (United States Penitentiary). That is a medium security prison with an attached minimum security facility. The facility is a mile or less from Lompoc, maybe 2 miles from the ocean, and is immediately adjacent to Vandenberg Air Force Base.
Mr. London’s official release date is still July 23, 2015. Mr. Shaw is scheduled for release November 28, 2014, the day after Thanksgiving.
Newly approved SSARS will allow a new service, ‘preparation’. Will also require written & signed engagement letters.
In August, the Accounting and Review Services Committee approved the clarified SSARS. This rewrites the SSARS into the same clarified format we saw with the audit literature.
The biggest change is the introduction of a new service, called preparation, which will allow a CPA to issue financial statements without providing an accountant’s report or performing procedures on the information.
In highly condensed terms, Read the rest of this entry »
You think you have a rough manager or partner that’s hard to please….
Jacob Soll explains in his book, The Reckoning: Financial Accountability and the Rise and Fall of Nations, that in ancient Athens, around 500 years B.C. accounting and auditing was an integral part of the business and political world.
There were complex accounting systems that included public audits to create accountability. There were a number of staff working for the public treasurer to keep an eye on funds. Many people, including freemen and slaves were trained in accounting. However,
Hadn’t thought about that question too much, but when Jacob Soll mentioned it in his book, The Reckoning: Financial Accountability and the Rise and Fall of Nations, it got me thinking.
He gives the following info:
In his Natural History, Pliny states that in 49 BCE , the year Caesar crossed the Rubicon, the Roman treasury contained 17,410 pounds of gold, 22,070 pounds of silver, and in coin, 6,135,400 sesterces.
Soll, Jacob (2014-04-29). The Reckoning: Financial Accountability and the Rise and Fall of Nations (Kindle Locations 276-277). Basic Books. Kindle Edition.
I don’t think in terms of pounds of gold or silver and I don’t know what a sesterce is or what it is worth. But I do know how to search the ‘net.
I share this on my Nonprofit Update blog and cross-post it here at Attestation Update because I enjoyed it and think it might be some fun trivia for accountants and people working in the faith-based community.
By the way, Prof Soll’s book is superb. Just got started reading it and think I will find lots of little tidbits to share. More on that idea in my next post.
How much is that worth?
There are a range of comments in public about the comp package for former KPMG partner Scott London, who is now in federal prison for insider trading. How can we reconcile those amounts?
Before my book on Mr. London goes into print, I wanted to write one more post about the salary numbers I’ve seen. Will roll this into the book. Hope to start the final, final editing, proofing, and link verification very soon.
As mentioned yesterday, StanChart did get a $300M fine for running afoul of their 2012 agreement. Their software to monitor wires for possible violations of money laundering laws didn’t pick up on one or several million wires that should have been flagged.
In addition to the fine, the bank agreed to permanently halt US dollar settlement for about 300 high-risk clients in Hong Kong and UAE.