Attestation Update – A&A for CPAs

Technical stuff for CPAs providing attestation services

Archive for the ‘Pondering’ Category

Another overview of blockchain technology; time to start figuring out this stuff.

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Sure does look like this blockchain technology is going to be a big deal. Might be time to start getting our minds wrapped around the concept.

For starters, check out this short overview:

 

 

For a bit more detail:

8/4/17 – Bill Sheridan at Business Learning Institute – Block chain might remake accounting. The opportunities are huge. – Introductory article is one of the better overviews I have read. It introduces the video shown above.

One sentence description of Block chain, quoting from the article:

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Written by Jim Ulvog

August 15, 2017, 7:31 am at 7:31 am

Suggestion for coping with massive change that could replace your job: Take full responsibility for developing new skills for yourself.

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Embrace Change” by Iqbal Osman is licensed under CC BY 2.0

The rate of change we are seeing around us is massive. There are threats of automation or artificial intelligence even eating into what is called the white-collar world.

Here’s a suggestion on how you might cope with this overwhelming change:  Take on full responsibility for keeping your skills and abilities current.

8/1/17 – Stephanie Kasriel at Medium – Skill, re-skill, and re-skill again. How to keep up with the future of work. – The rate of change is accelerating and the skills needed to do work in the new economy are changing as well.

Article provides a brief summary of our education system. I will expand that with what I have learned elsewhere. Then I’ll mention a plan to dealing with this turmoil.

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Written by Jim Ulvog

August 7, 2017, 8:45 am at 8:45 am

Posted in Pondering

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Things really can go terribly wrong. Do your backups work? How’s your disaster planning?

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Image courtesy of Adobe Stock

Disasters can happen. Consider:

  • How will you recover if you lose your wallet?
  • How will your business recover if ransom ware encrypts your server?
  • What is your planning to survive a tornado if your business is in Oklahoma, a hurricane if you work on the east coast of Florida, or a flood if you live in low territory next to river that overflows once a decade?

Rumbi Bwerinofa-Petrozzello ponders these questions in her 7/2/17 post If Lost…Then What?

She tells of finding a wallet on the ground, walking into the adjacent restaurant looking for the owner by glancing between the patrons and the photo on the driver’s license in the wallet. No luck.

When she got home she was able to do a bit more research. She located the woman and returned the wallet.

Life hack tip: make sure you have a business card with a current phone number and email in your wallet so that if a kind-hearted person finds your lost wallet the nice person can reach you quickly.

From there she transitions to disaster recovery.  A few questions for you to ponder:

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Written by Jim Ulvog

July 12, 2017, 9:45 am at 9:45 am

Posted in Other stuff, Pondering

Happy Birthday America!

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Silhouette of charging Union soldier. “Happy Birthday America” by Steve Corey is licensed under CC BY-ND 2.0

Two hundred forty-one years ago today marked the start of this wonderful, fantastic, heaven-blessed, messy, delightful, powerful, flawed, and glorious experiment called the United States of America which has delivered unimaginable levels of freedom to hundreds of millions of people here in the US of A and contributed massively to the freedom of hundreds and hundreds of millions more around the world.

Happy birthday America!

If you want a really short description of this day, consider a photo of a sign on a store’s door I saw while browsing the ‘net:

Closed on July 4

in observance of

Brexit 1776

If you are looking for a brief description of the string of events which led to signing the Declaration of Independence and the follow-on events leading to full independence, Read the rest of this entry »

Written by Jim Ulvog

July 4, 2017, 9:06 am at 9:06 am

Posted in Pondering

Land of the free because of the brave

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Image courtesy of Adobe Stock.

Those of us living in the United States are blessed with religious freedom, political freedom, and economic freedom because those who went before us fought for freedom.

Many of those fighting offered up their life for freedom and the offer was accepted.

I am humbled and grateful to God that some of my ancestors are included in the long list of those who fought. I am especially humbled that a great, great grand-uncle is in the list of those who died in the defense of freedom.

Because of their sacrifice, I get to enjoy this kind of freedom:

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Written by Jim Ulvog

May 29, 2017, 8:15 am at 8:15 am

Posted in Pondering

Minor updates while we wait for more news on the PCAOB leak to KPMG

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Image courtesy of Adobe Stock.

There is little new information on the leak from PCAOB to KPMG since the first reports.

I’m expecting to hear a lot more, most likely after PCAOB and SEC finish their investigation. If I read this situation correctly, and if public reports are correct, there will be sanctions from SEC against some of the KPMG staff. At that point, the SEC public documents will tell us a lot more.

While we wait, here are two articles that give some general background.

4/17/17 – Francine McKenna at re:The Auditors – KPMG takes its turn with a Big 4-sized scandal – If you’ve been looking for an article with a long time horizon to survey the assorted scandals in the Big 4 world, this post will give you the deep background you want.

Leak from PCAOB to KPMG

Post describes the current information that is public on the leak of inspection engagements from someone at PCAOB to someone at KPMG. Article illustrates there still is not a lot visible in the public realm to answer all the questions that come to mind.

Ms. McKenna quotes my comment earlier on the PCAOB-KPMG leak feeling to me like a red flag of something deeper. She agrees with me.

Each firm has their own round of fiascos

All the firms have had their turn of embarrassing publicity, often with fines or undisclosed settlements.

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Written by Jim Ulvog

April 18, 2017, 9:05 am at 9:05 am

Posted in Audits, Pondering

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Update on PCAOB leak to KPMG: 6 departed staff at KPMG were fired.

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Image courtesy of Adobe Stock.

A minor update on the leak from a now-former PCAOB staffer to a now-former KPMG staffer giving advance notice of audits selected for inspection. Also, many questions come to my mind after thinking about this situation.

Previously mentioned this fiasco yesterday.

CFO.com provides some clarifying info from KPMG’s executive director of media relations and corporate communications:  KPMG Replaces Audit Chair in Wake of PCAOB leaks.

The KPMG representative says that KPMG discovered the issue and notified the SEC and PCAOB.

Most significant piece of new information is that the six people who left the firm were fired.

They did not resign.

Why is this significant, at least to me? In the initial reports, I saw verbs used indicating all of the following possibilities for the partner’s departure. They may have:

  • resigned (which means sorta’ kinda’ voluntary terminations), or
  • were fired (which means the firm unilaterally terminated them), or
  • departed (which doesn’t addressed which party made the termination decision; in other words could have been a summary firing, or truly voluntary, or under the proverbial threat of you-can-either-resign-or-I’ll-personally-throw-you-out-the-window).

At first read, I did not analyze which of the above options actually was in play. I put together all the reports I read and assumed (you know what that means) these were all forced resignations, as in “I think it’s time for you to resign.

Other comments by the PR person confusing me are statements that the fireable offenses were possessing the leaked information or knowing others knew about it.

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Written by Jim Ulvog

April 13, 2017, 8:29 am at 8:29 am

Posted in Audits, Pondering

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