Attestation Update – A&A for CPAs

Technical stuff for CPAs providing attestation services

Presentation at CalCPA Accounting and Auditing conference: “California GAAP” – A case study in valuation of donated medicine

leave a comment »

Image courtesy of CalCPA.

On October 24 at 3:55 I will be speaking at the California Society of CPAs Accounting and Auditing Conference where industry speakers and experts will provide comprehensive updates on current issues and emerging trends. The conference runs the 24th and 25th.

My topic is valuation of donated medicine in the not-for-profit community. I have the privilege of working with a 75 minute block of time.

If you are able to attend the session you will gain an understanding of the long-term enforcement effort at the federal and state level regarding valuation of donated meds. My concern is that the governor’s veto of AB 1181 is not the end of the enforcement actions considering what has happened over the last 9 years.

Title of the session is “California GAAP” – A case study in valuation of donated medicine.

Overview of the session from the conference schedule:

Read the rest of this entry »

Written by Jim Ulvog

October 16, 2019, 13:46 pm at 1:46 pm

Posted in Accounting

Third sentencing: PCAOB staffer who leaked inspection lists to KPMG earns 9 months in prison.

leave a comment »

Image courtesy of Adobe Stock.

Jeffrey Wada, the former PCAOB staff person who leaked inspection lists to KPMG, was sentenced to nine months in jail plus three years supervised release.  He was convicted of wire fraud in March 2019.

Read the rest of this entry »

Written by Jim Ulvog

October 11, 2019, 16:01 pm at 4:01 pm

Posted in Audits

Tagged with , ,

Last person in KPMG inspection leak fiasco enters guilty plea

leave a comment »

Image courtesy of Adobe Stock.

The last person to face justice in KPMG’s fiasco of gaining illegal access to PCAOB inspection lists entered a guilty plea a few weeks before his scheduled trial.

David Britt entered a guilty plea on 10/3/19 to one count conspiracy to commit wire fraud. His trial would have otherwise started on 10/21/19.

Sentencing is scheduled for 5/8/20.

Read the rest of this entry »

Written by Jim Ulvog

October 4, 2019, 9:15 am at 9:15 am

Posted in Audits

Tagged with , ,

Average cost of health insurance plan. Reference point for your next analytical review of health insurance costs.

leave a comment »

Image courtesy of Adobe Stock.

Here are some tidbits for your next analytical review of health insurance costs during an audit or review.

From annual survey by Kaiser Family Foundation of employer provided health insurance:

  • $20,576 – average annual cost of family plan in 2019
  • $19,616 – average annual cost of family plan in 2018
  • 71% – average portion of costs paid by employer

Read the rest of this entry »

Written by Jim Ulvog

September 25, 2019, 10:50 am at 10:50 am

Second sentencing in KPMG fiasco of getting list of PCAOB inspection list.

with 4 comments

Image courtesy of Adobe Stock.

The most senior level former partner charged in the KPMG “steal the exam” fiasco was sentenced to one year and one day in prison for his role in the leak of PCAOB inspection targets. David Middendorf received a fraction of the 37-46 months requested by US Attorney office and 46-57 months recommended by the United States Probation Office.

Some articles to provide lots more info:

Wall Street Journal – Jean Eaglesham – 9-11-19 – Ex-KPMG Partner Sentenced to a Year and a Day in ‘Steal the Exam’ Scandal

Crain’s New York Business – Aaron Elstein – 9/11/19 – Former top KPMG partner gets a year and a day in prison – Article points out the sentence of a year plus one day means Mr. Middendorf is eligible for good behavior credit.

Read the rest of this entry »

Written by Jim Ulvog

September 12, 2019, 6:00 am at 6:00 am

Posted in Audits

Tagged with , ,

More details on first sentencing in KPMG/PCAOB fiasco as second sentencing is expected today.

leave a comment »

Image courtesy of Adobe Stock.

The second sentencing in the fiasco of leaking PCAOB’s inspection list to KPMG is set for 10:30 today, 9/11/19.

Background on Mr. Middendorf sentencing

David Middendorf will face federal judge J. Paul Oetken to learn how long he will be in federal housing. Judge Oetken is handling all of the trials in this case.

On 7/26/19 Mr. Middendorf submitted his arguments on sentencing (docket #379). If you have lots of time on your hand, you can also read the 25 attachments.

The US Attorney filing had this comment (#394), which I’ll quote:

Read the rest of this entry »

Written by Jim Ulvog

September 11, 2019, 7:32 am at 7:32 am

Posted in Audits

Tagged with , ,

Proposed delay in effective date for two accounting changes affecting charities.

leave a comment »

Image courtesy of Adobe Stock.

FASB officially issued an exposure draft on August 15, 2019 which proposes a one year delay for implementing three new accounting standards. Two of these proposed delays will affect many charities.

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

Effective date for SEC filers would not be changed.

I won’t discuss any changes for public business entities (PBE). Readers of my blog who fall into that category would be non-profits that are considered to be conduit bond obligors and EBPs that file their financials with the SEC.

You can find the exposure draft here.

The proposed delays for not-for-profit entities and private companies:

Leases

Read the rest of this entry »

Written by Jim Ulvog

August 17, 2019, 9:32 am at 9:32 am

Posted in Accounting