Dr. Tom Selling offers hypothetical resolutions to how mandatory auditor rotation might play out when a bank is sitting on a lot of bonds that are only worth half of face value.
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A skeptical reason mandatory auditor rotation won’t improve auditsRead More »
A skeptical reason mandatory auditor rotation won’t improve audits Read More »
How can management be response for financial statements and internal control for preparation of the financials when the accountant prepares them? That is what the second paragraph in the compilation and review report say. See thumbnail picture of the reports here. See sample reports here and here.
In a webcast on August 31, 2011, Mr. Michael Glynn, CPA, from the AICPA, gave a fantastic word picture for how management can be responsible for the report and internal control.
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I listened to a webcast from Michael Glynn, CPA, Senior Technical Manager at the AICPA. He touched on a number of post-implementation issues from SSARS 19. His presentation is a variation of the article he wrote for the Cal Society magazine, which I discussed here and here. I will condense and expand on some of his points.
Thumbnail view of compilation report
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Thumbnail description of compilation and review reportsRead More »
Thumbnail description of compilation and review reports Read More »
Facebook has posted a really good guide to online security: Own Your Space – A Guide to Facebook Security
It is focused on Facebook, of course. It also has a lot of good stuff, such as general discussion of how to recognize a scam as a scam. Good ideas on general defensiveness when online.
Would be good for your staff to read it. …
Online security primer from Facebook Read More »
(cross-post from my other blog, Nonprofit Update.)
It has been one year since I launched Nonprofit Update. On August 29, 2010 I started this blog to talk about issues affecting the nonprofit community. On October 14, 2010 I started moving topics of more interest to CPAs to a new blog, Attestation Update.
Many thanks to all who have stopped by to read! This has been fun and I look forward to many more years of blogging.
Here are some stats from the first year for those who are interested in such things.
Number of posts:
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Happy birthday to Nonprofit Update Read More »
(cross-post from my other blog, Nonprofit Update)
Earlier this year I wrote a CPE course on SSARS requirements for CCH . Back in April I mentioned Compilation and Review: Practice Issues (Third Edition) was available. Discussed that course here. Two more SSARS classes I wrote are now online. Another will be available soon. Each of the following classes are two CPE hours.
Compilation and Review: Introduction. Course description from CCH:
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Two more CPE classes on SSARS are available Read More »
Technology is starting to produce new business models for providing legal services, especially for big projects.
Why discuss this in an accounting blog? We CPAs need to be attentive to what is happening around us. We need to be armchair futurists, as I’ve discussed on my other blog.
The Economist has a great article, Alternative Law Firms – Bargain Briefs, describing some new models.
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Technology bringing fee reductions to legal work Read More »
Inside Public Accounting released their annual list of revenue for the 100 largest accounting firms. It can be found here.
When I saw the article, I did what any self-respecting CPA would do – – paste the data into a spreadsheet and start crunching the numbers. Here are a few of my observations: …
Concentration of accounting firm revenue Read More »
The AICPA and NASBA have set up a website that allows CPAs to quickly look up the practice privilege requirements in another state. The site, CPAmobility asks three questions:
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Easy way to research mobility requirements Read More »
Jim Peterson points out several rather severe problems with mandatory firm rotation.
Mandatory Auditor Rotation – The PCAOB Sails Off the Charts into the waters where
the legend written on the old flat-earth maps – that beyond the horizons of ignorance, (says) “there be dragons.”
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Other than being almost impossible to implement, audit firm rotation is a great ideaRead More »
Other than being almost impossible to implement, audit firm rotation is a great idea Read More »
PCAOB issued a concept release to open discussion of mandatory audit firm rotation.
The Journal of Accountancy has some background at PCAOB Opens Discussion on Audit Firm Rotation.
The concept release is here.
P.S. I try not to release more than 1 post per day, but have a bunch of drafts I want to get posted, so here is #2 for the day.
PCAOB opens discussion on mandatory audit firm rotation Read More »
Looked at my settings. Much to my surprise, I found out I had opted-in to have my name and photo included in ads for products. Might be worth checking your settings.
First tidbit – social ads. Technique of using your photo and name on ads shown to people in your network for items that you have recommended or followed.
Second tidbit – you have to opt-out of social ads at LinkedIn.
How?
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You probably should check your LinkedIn privacy settingsRead More »
You probably should check your LinkedIn privacy settings Read More »
Still quite iffy. PCAOB is thinking about maybe asking for reaction to the idea. A long way from implementation, but it is the next step on that path.
John Hufnagle has a few more words on the topic at Audit Firm Rotation – The Train Is Starting Its Engine. Gotta’ love the title of his post!
I think it is a bad idea. …
Highlights of some implementation issues of SSARS 19 discussed by Michael Glynn, CPA, in the August 2011 issue of California CPA magazine. Article is called Life After SSARS No. 19.
Previous post discussed the need to remember the transition date and that new work performed on years ending prior to 12-15-10 needs to be performed and reported under the pre-SSARS 19 rules. Also a reminder about the option to disclose reasons for lack of independence.
Final idea from Mr. Glynn that I wanted to mention:
Focus on goal of a review and the level of work needed
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Post-implementation issues from SSARS 19 – some good reminders – 2Read More »
Post-implementation issues from SSARS 19 – some good reminders – 2 Read More »
Highlights of some implementation issues of SSARS 19 discussed by Michael Glynn, CPA, in the August 2011 issue of California CPA magazine. Article is called Life After SSARS No. 19.
A few ideas Mr. Glynn mentions:
Transition date
If you are doing a review or comp on financial statements for periods before 12-15-10, you need to use the pre-SSARS 19 rules. Mr. Glynn says:
Some CPAs have mistakenly concluded that after Dec. 15, 2010, SSARS No. 19 was the rule of the land, and that they could disregard the pre-SSARS No. 19 literature. Not so fast. …
Post-implementation issues from SSARS 19 – some good reminders – 1Read More »
Post-implementation issues from SSARS 19 – some good reminders – 1 Read More »