Wegelin & Co is a Swiss bank that still does the fabled secret bank account thingie. Correction, make that past tense.
They used to do that.
They will be closing their doors after admitting to a felony in U.S. courts for helping Americans hide untaxed money.
I’m scratching my head about that ‘too big to fail’ cncept. More on that after some background.
The guilty plea
…
(Cross-post from my other blog, Nonprofit Update.)
I had thought about writing a short post about the end of unlimited insurance on non-interest bearing checking accounts. Since I’ve now seen two articles talking about going back to the $250,000 limit, it’s better to point you to other bloggers.
Check out:
…
No more unlimited FDIC insurance on transaction accounts after 12-31-12Read More »
No more unlimited FDIC insurance on transaction accounts after 12-31-12 Read More »
The AICPA has a very short article that highlights three of the many major changes. See How the Clarified Auditing Standards Will Affect You.
The highlights: …
3 major changes from clarified audit standards – high level overviewRead More »
3 major changes from clarified audit standards – high level overview Read More »
(Cross-post from my other blog, Nonprofit Update.)
On January 1st I launched a new blog, Freedom Is Moral.
What’s the focus?
The focus on that blog will be the concept that when you consider all the options, freedom is the moral choice.
Whether you want to discuss economics, political systems, or religious worship, the moral option is the one that involves freedom.
Why a new blog?
…
Check out my newest blog, Freedom Is Moral Read More »
Wow! My guest post on the Olympus fraud, How Do You Hide A Multibillion Dollar Loss? Accounting For The Olympus Fraud, (link below) is at the top of Francine McKenna’s list of favorite posts for 2012.
Her comment: …
My guest post at re: The Auditors is at the top of the list for her favorites of 2012Read More »
My guest post at re: The Auditors is at the top of the list for her favorites of 2012 Read More »
The tools available today are incredibly amazing and powerful. You can do astounding things.
I can publish several blogs at minimal out-of-pocket cost which are available world-wide. Very cool.
There are dangers, but that’s okay. We need to know the risks and then manage them.
I have two posts at my other blog, Nonprofit Update, that discuss some dangers and how to minimize them.
They are:
…
Manage the risks of your technology Read More »
For a fast summary of the rules for a compilation, review, audit, and agreed upon procedures, check out a superb post by Charles Hall, at his blog CPA-Scribo: Dating CPA Reports
For each level of service, the post summarizes the rule and provides a citation to the professional literature.
The post also has a discussion of coordinating the representation letter with the final review and dating the report.
Check it out.
What date should you use for a CPA’s report? Read More »
Four men have been convicted and sentenced in the Upland bribery case. The mayor had a scheme to shake down two owners of a local business in return for helping them get back their business license.
Where are they now?
Three are in federal prison and the fourth has not reported in.
…
Where are they now? 3 of 4 defendants in Upland bribery case are in prisonRead More »
Where are they now? 3 of 4 defendants in Upland bribery case are in prison Read More »
One of the biggest changes in the clarified audit standards is a new audit report. It will apply for audit reports issued in 2013 for our 12-31-12 clients.
This will be a biggie for 2013 work.
I previously provided a sample audit report for a commercial client of a one partner firm. Here is a sample report for nonprofit organizations I plan to use in my practice.
The new opinion is discussed in AU-C Section 700, Forming an Opinion and Reporting on Financial Statements.
You can find all the new clarified standards on this page at the AICPA website. You can click directly to section 700 here.
Here is the new report for an NPO, set up with options for a one partner or multi-partner firm. Don’t forget the title, Independent Auditor’s Report. That is part of the report.
Independent Auditor’s Report
…
New audit opinion for 2012 – example for NPO client of one-partner or multi-partner firmRead More »
New audit opinion for 2012 – example for NPO client of one-partner or multi-partner firm Read More »
A brand new audit report is one of the biggest changes in the clarified audit standards. It will apply for audit reports issued in 2013 for our audits of 12-31-12 financial statements.
This is a biggie.
The new opinion is discussed in AU-C Section 700, Forming an Opinion and Reporting on Financial Statements.
You can find all the new clarified standards on this page at the AICPA website. You can click directly to section 700 here.
Here is the new report, adjusting pronouns to a one partner firm. Don’t forget the title, Independent Auditor’s Report:
Independent Auditor’s Report
…
New audit opinion for 2012 – example for commercial client of one-partner firmRead More »
New audit opinion for 2012 – example for commercial client of one-partner firm Read More »
The New Mexico Office of State Auditor (OSA) has issued several official reports on the fabricated June 30, 2011 financial statements from the New Mexico Finance Authority.
This will be the first in a series of posts on the report.
You can find a 47 page report dated December 3, 2012 here. You can find a more detailed 174 page report dated December 12, 2012 here.
The longer report has a very helpful 10 page executive summary. If you are a CPA interested in learning about fraud, systemic failures of internal control, the importance of tone at the top, and all the other things that we CPAs look at, you will learn a lot by reading the executive summary.
Good news from the investigation
…
Official report on New Mexico Finance Authority’s faked audit report – Part 1Read More »
Official report on New Mexico Finance Authority’s faked audit report – Part 1 Read More »
If you are considering taking that huge step, check out the second edition of On Your Own! How to Start Your Own CPA Firm.
…
Thinking of starting your own CPA firm? Read More »
I just did something embarrassing and you are gawking at me. “Look, over there!” say I to distract you, thus ending the focus on my embarrassment.
That is an extremely short version of Grumpy Old Accountant Dr. Catanach’s post “H-P Throws Its Accountants Under the Bus! But Why?”
…
HP’s big bath and switch Read More »
The former controller of the New Mexico Finance Authority pled guilty to three felony counts on November 29, 2012. There were two forgery charges and one for securities fraud.
He was sentenced to five years probation. The sentence includes the provision for a conditional discharge.
A special report from the Office of State Auditor dated December 12, 2012 stated:
…
Guilty plea over faked audit report at New Mexico Finance AuthorityRead More »
Guilty plea over faked audit report at New Mexico Finance Authority Read More »
The following article is reprinted with permission of the California Board of Accountancy.
What You Want (and need) to Know about Peer review
The most important thing to know about peer review is that ALL LICENSEES are required to submit a Peer Review Reporting Form to the CBA regardless of the type of work performed, status of license, or industry of employment. Undergoing a peer review and reporting peer review information are two different things, so read carefully to determine your responsibilities.
There’s no doubt you’ve been hearing about Peer Review since at least January 1, 2010. That’s the date Peer Review went into effect, and all California–licensed firms that provide accounting and auditing (A&A) services, including sole proprietorships, were required to undergo a peer review once every three years as a condition of license renewal. Peer review is defined as the study of a firm’s A&A practice by an independent CPA using professional standards.
…
Overview of Peer Review from California Board of AccountancyRead More »
Overview of Peer Review from California Board of Accountancy Read More »