Attestation Update – A&A for CPAs

Technical stuff for CPAs providing attestation services

Archive for the ‘Uncategorized’ Category

New claims for unemployment rise for week of 10/10/20.

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The number of new claims for unemployment for week ending 10/10/20 increased, which offset net declines of the preceding five weeks. New claims are 898K, a 53K increase over the revised tally for previous week of 845K.

Since 8/29/20 the new claims have been in the mid- to high 800 thousands. Change in the last six weeks, starting with 9/5/20 are +9K, -27K, +7K, -24K, -4K, +53K.

Keep in mind before the government induced shutdown of the economy new claims averaged about 220K per week so we are still running about four times the previous norm.

The number of continuing claims for unemployment is continuing to drop. I’m not sure why this is. Part is due to people going back to work. Part of it is people dropping off the state-level unemployment rolls after the 13 weeks of coverage.

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Written by Jim Ulvog

October 15, 2020, 9:27 am at 9:27 am

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Permanent injunction halts proposed overtime rule

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Image courtesy of Adobe Stock.

The proposed new overtime rules that would have required overtime pay for anyone earning less than $47,476 a year will not go into effect. I do not know if any parties will try to file an appeal, but doesn’t seem to me that is very likely.

The federal judge who issued a temporary injunction last fall has issued a final ruling that the proposed rules violate federal law. The reasoning (if I understand a condensed explanation correctly) is federal law includes a duties test which the proposed rules would essentially make irrelevant.

For more details, check out a Wall Street Journal article on 8/31/17: Texas Judge Quashes Obama-Era Overtime-Pay Rule.

Article says the current administration is working on a new rule, which would likely set a new dollar threshold, but which would be lower than in the previously proposed rules.

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

Written by Jim Ulvog

September 1, 2017, 9:10 am at 9:10 am

Posted in Uncategorized

“Everything we hear is an opinion, not a fact. Everything we see is a perspective, not the truth.”

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Do you see a vase or two faces? Answer depends on your opinion and perspective. Image courtesy of

Do you see a vase or two faces? Answer depends on your perspective. What is your opinion? Image courtesy of

Philosiblog discusses this quote from the Roman Emperor Marcus Aurelius:

Everything we hear is an opinion, not a fact.

Everything we see is a perspective, not the truth.

Philosiblog ponders the quote in the context of personal relationships. (Check out the link above.) Everything a person tells you is filtered by their worldview and their perspective of what they discuss. Likewise, you filter their comments based on your worldview and your perspective of what they said. You filter everything you see through your perspective.

This quote has tremendous implication for us as accountants. More on that in a moment.

(Cross post from my other blog, Outrun Change.)

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Written by Jim Ulvog

December 21, 2015, 7:54 am at 7:54 am

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Digital currencies are radical change on the horizon for banking and credit cards. (Radical change #2)

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There is radical change all around us and more on the way. I know that. My blind spot is figuring out how that will affect my audit firm.

(Cross-posted from my other blog, Outrun Change.)

Here’s one part of radical change I can see on the horizon:

1-24 – Wall Street Journal – Bitcoin and the Digital-Currency Revolution / For all bitcoin’s growing pains, it represents the future of money and global finance.For a brain stretcher on digital currency, check out the article. Focus is on Bitcoin, which is merely the starting point in a revolution of disintermediation.

Just like money funds disintermediated (that means cut out of the picture) bank deposits in the distant ‘80s, bitcoin and other yet-to-be-invented digital currencies will disintermediate a huge portion of the financial system.

Picture the long series of transactions when you buy a cup of coffee at the corner shop with your credit card (this is a long quote cited under fair use, oh, also to promote the book it is extracted from): Read the rest of this entry »

Written by Jim Ulvog

January 28, 2015, 8:49 am at 8:49 am

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Another view of the devastation caused by a fraudster

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Looking closely at a specific fraud case shows the depth of the damage caused by fraud. That also lets us see the horrible impact a fraud has on the fraudster and his or her family.

Take a look at the story of Amy Wilson, who stole $350,000 from her employer. She served four years in prison. She is working to restore her life and has made a lot of progress.

What could you learn from the video?

Listen as she tells of the devastation she caused her dear husband and beloved children.

Listen as she tells of the betrayal she caused her oh so nice employer.

Listen for clues on how you could take steps that might prevent this kind of devastation from shredding your ministry.



If you want to learn more of her story, you could visit her website: Read the rest of this entry »

Written by Jim Ulvog

September 19, 2014, 7:23 am at 7:23 am

Posted in Fraud, Uncategorized

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Original reporting for April 1

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Check out my other blog, Outrun Change, for breaking news today: Sgt. Saunders, star of documentary series “Combat”, still in the labor force, with no immediate plans to retire

Will have another report this afternoon.


Written by Jim Ulvog

April 1, 2014, 9:37 am at 9:37 am

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Sentencing in London CPA insider trading case set for 2-27-14

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Docket for Scott I. London’s case for insider trading shows the sentencing hearing has been moved to 2/27/14.  Sentencing position papers due by 2/13/14.

Case number 2:13-cr-00379-GW (I’m just learning to ride this bicycle, so that may or may not be the right citation). Or maybe it’s 2:13-mj-01058-DUTY.

Written by Jim Ulvog

January 30, 2014, 9:29 am at 9:29 am

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Fraudster turned fraudbuster turned pastor turns fraudster again: Pleads guilty to stealing from his church

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Barry Minkow, pastor of San Diego Community Bible Church (SDCBC) pled guilty to embezzling $3 million from his church. The U.S. Attorney for Southern District of California announced the plea agreement on 1-22-14. You can see the press release here. (This is cross-posted from my other blog, Nonprofit Update.)

Pr. Minkow first went to prison as the mastermind of the ZZZZ Best fraud which collapsed back in 1987. He served under 8 years of a 25 year sentence.

After release he worked at a church in the LA area then became pastor at SDCBC. He started a for-profit company that researched and publicized frauds.

In 2011, he pled guilty to insider trading for reportedly shorting a stock before denouncing the company for alleged irregularities. He drew a five-year sentence for that felony.

That brings us to this week. Read the rest of this entry »

Written by Jim Ulvog

January 24, 2014, 15:25 pm at 3:25 pm

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AICPA releases Financial Reporting Framework for Small and Medium Enterprises, aka FRF-SME, aka “small GAAP”

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The AICPA’s version of small-GAAP is out today.

FRF-SMEs are an option for small businesses that don’t need the complexity of GAAP financial statements.

I think this could be a big deal. Whether it is or not will depend on acceptance by the lending community.

The entire body of knowledge is in a 206 page document. Of that, the glossary is 16 pages.  The core text is 172 pages. That’ it. Only 172 pages make up the full set of rules.

Here is some info:

Written by Jim Ulvog

June 10, 2013, 8:13 am at 8:13 am

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Tragedy of Fraud will be available really soon

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

I’m working on publishing my next book at Amazon. Have the editing and formatting done. Getting it into the Kindle system this evening.

The title is Tragedy of Fraud – The Ripple Effects from Fraud and the Wages Earned.

Hope to have it available Wednesday or Thursday.

Written by Jim Ulvog

February 5, 2013, 23:15 pm at 11:15 pm

Posted in Uncategorized