Federal mileage rates for 2020
On 12/31/19 the IRS published the reference amounts for mileage rates for 2020. Their announcement:
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Federal mileage rates for 2020 Read More »
Brief survey of costs from Volkswagen’s diesel fiasco.
Haven’t talked about the massive Volkswagen diesel fraud much on this blog. Just don’t have enough time to cover every business fiasco. Time for a brief recap of the financial cost of the cheating mess.
Here is a fast tour from the guilty plea in 2017 to the latest estimate of total costs in 2019.
3/10/17 – Wall Street Journal – Volkswagen Pleads Guilty to Criminal Charges in Emissions-Cheating Scandal. Good recap of the VW confession:
Key tidbits:
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Brief survey of costs from Volkswagen’s diesel fiasco.Read More »
Brief survey of costs from Volkswagen’s diesel fiasco. Read More »
“Single Audits – 2019 Compliance Supplement” – PR Prompts!, part 3
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.
This is the third 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:
Single Audits – 2019 Compliance Supplement
The 2019 Compliance Supplement (Supplement) used for conducting single audits includes extensive changes from prior years. The most significant change relates to the Office of Management and Budget (OMB) requirement for federal agencies to limit the number of requirements identified as being subject to the compliance audit; it was decreased from a maximum of 12 to 6. …
“Single Audits – 2019 Compliance Supplement” – PR Prompts!, part 3Read More »
“Single Audits – 2019 Compliance Supplement” – PR Prompts!, part 3 Read More »
Getting caught up on the cost of big bank fiascos – part 2
Previous post mentioned I’ve fallen far behind on covering the fines and penalties on the big banks for their massive fiascos.
Here is a list of some messes happening since I was last discussing their messes:
11/19/18 – Reuters – Société Generale to pay $1.4 billion to settle cases in the US – French bank agreed to $1.34B fine for laundering money to Cuba and other countries on the prohibited list. Paid an additional $95M other anti-money laundering violations.
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Getting caught up on the cost of big bank fiascos – part 2Read More »
Getting caught up on the cost of big bank fiascos – part 2 Read More »
“FASB Defers Effective Dates for Three Major Accounting Standards” – PR Prompts, part 2
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.
This is the second 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:
FASB Defers Effective Dates for Three Major Accounting Standards
Effective dates will be delayed for private companies and certain other entities for the Financial Accounting Standards Board’s (FASB’s) standards on accounting for leases, credit losses (CECL) and hedging after a unanimous vote by FASB in October 2019. …
“FASB Defers Effective Dates for Three Major Accounting Standards” – PR Prompts, part 2Read More »
“FASB Defers Effective Dates for Three Major Accounting Standards” – PR Prompts, part 2 Read More »
Getting caught up on the cost of big bank fiascos – part 1
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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Getting caught up on the cost of big bank fiascos – part 1Read More »
Getting caught up on the cost of big bank fiascos – part 1 Read More »
“New Requirement to Complete Your Firm’s Peer Review Information Annually” – PR Prompts, part 1
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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Remember to renew your PTIN by December 31.
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.
Remember to renew your PTIN by December 31. Read More »
New SAS and SSAE modify definition of materiality
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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New SAS and SSAE modify definition of materialityRead More »
New SAS and SSAE modify definition of materiality Read More »
Status of the six felons in the leaked inspection lists fiasco
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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Status of the six felons in the leaked inspection lists fiascoRead More »
Status of the six felons in the leaked inspection lists fiasco Read More »
A Halloween costume that would make any CPA pass out from fright – an auditor performing one pension plan audit
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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Presentation at CalCPA Accounting and Auditing conference: “California GAAP” – A case study in valuation of donated medicine
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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Third sentencing: PCAOB staffer who leaked inspection lists to KPMG earns 9 months in prison.
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.
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Last person in KPMG inspection leak fiasco enters guilty plea
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.
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Last person in KPMG inspection leak fiasco enters guilty pleaRead More »
Last person in KPMG inspection leak fiasco enters guilty plea Read More »
Average cost of health insurance plan. Reference point for your next analytical review of health insurance costs.
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
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