Attestation Update – A&A for CPAs

Technical stuff for CPAs providing attestation services

Getting caught up on the cost of big bank fiascos – part 1

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Close up of stage coach. Strong box would be stored behind driver’s feet. Photo at Wells Fargo’s San Diego museum by James Ulvog.

For well over a year and a half lots of life has been happening to me. Have had to set priorities on what I can and cannot do, which means I’ve not been focusing on the ongoing fiascos and foolishness and waste as the big banks get caught with a never ending list of laws they have violated in stupendously spectacular ways.

Yet another in a string of money laundering settlements hit the news yesterday which drew my attention. So, I’ll try to do a little catch-up on the billions of stockholder dollars the big money banks have been continually throwing on the bonfire over the last two years.

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Written by Jim Ulvog

December 11, 2019, 9:49 am at 9:49 am

Posted in Other stuff

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“New Requirement to Complete Your Firm’s Peer Review Information Annually” – PR Prompts, part 1

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Image courtesy of Adobe Stock.

In November 2019, the AICPA published the first of a new semi-annual newsletter, PR Prompts!, designed to help CPAs keep current on peer review news.

The AICPA gave me permission to reprint portions of the newsletter on my blog. My thanks to the AICPA for producing this information and for giving me reprint permission.

This is the first of six posts to help you stay up to date.

The following comment is quoted verbatim. For ease of reading it will not be set inside quotation marks:

 

New Requirement to Complete Your Firm’s Peer Review Information Annually

The AICPA Peer Review Program (Program) is committed to support and enhance audit quality of firms on an ongoing basis, not just during the formal process of peer review. As such, starting in mid-2020 the AICPA Peer Review Board (PRB) will require annual submission of peer review information from all firms enrolled in the Program.

The PRB expects that annual submission of peer review information will benefit firms in the following ways:

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Written by Jim Ulvog

December 9, 2019, 6:00 am at 6:00 am

Posted in Audits, Peer Review

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Remember to renew your PTIN by December 31.

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Image courtesy of Adobe Stock.

Recall you must renew your PTIN for next year in order to file tax returns as a paid preparer. Deadline for renewal is December 31.

Again this year there is no charge to renew.

You can start the process here.

It took me just a couple of minutes.

Written by Jim Ulvog

December 6, 2019, 8:19 am at 8:19 am

Posted in Other stuff

New SAS and SSAE modify definition of materiality

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Image courtesy of Adobe Stock.

The Auditing Standards Board has issued SAS 138 and SSAE 20 which change the definition of materiality. Under current audit standards, the materiality definition matches what is currently in use by IASB and IAASB. The revision will get the definition to match what is currently used by the American legal system, PCAOB, SEC, and FASB.

The new definition:

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Written by Jim Ulvog

December 5, 2019, 12:52 pm at 12:52 pm

Posted in Audits

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Status of the six felons in the leaked inspection lists fiasco

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Image courtesy of Adobe Stock.

Of the six players in the fiasco of KPMG getting leaked inspection lists from PCAOB, one is in prison, two have been sentenced and await their reporting date, while three are scheduled for sentencing.

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Written by Jim Ulvog

November 20, 2019, 7:24 am at 7:24 am

Posted in Audits

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A Halloween costume that would make any CPA pass out from fright – an auditor performing one pension plan audit

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Photo courtesy of DollarPhotoClub.com

Photo courtesy of DollarPhotoClub.com

Amid the cute little kids in their funny costumes, this pleasant Halloween night there was a grown man in a suit at the door asking for candy. White shirt, red tie, gray pinstripe.

Not so scary, thought I.

“What are you dressed up as?”

“An auditor,” came the reply.

That’s not frightening, since I’ve been an auditor for a long time. But it did explain the old-style standard issue uniform.

So, putting on my peer reviewer hat, I asked, “what audit work do you do?”

“Oh, only one pension plan….

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Written by Jim Ulvog

October 31, 2019, 7:36 am at 7:36 am

Posted in Other stuff

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

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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:

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Written by Jim Ulvog

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

Posted in Accounting