Attestation Update – A&A for CPAs

Technical stuff for CPAs providing attestation services

Posts Tagged ‘difference between audit review compilation

Price cut on print books

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I’ve dropped the prices for the print copies of my books available at Amazon, Barnes & Noble, and iTunes store.

Here is what you can find on-line:

tragedy-cover

 Tragedy of Fraud – Insider Trading Edition

Story of Scott London’s fall from regional audit partner at KPMG to prison inmate because of his insider trading.

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Newly approved SSARS will allow a new service, ‘preparation’. Will also require written & signed engagement letters.

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Update – See also:

In August, the Accounting and Review Services Committee approved the clarified SSARS. This rewrites the SSARS into the same clarified format we saw with the audit literature.

The biggest change is the introduction of a new service, called preparation, which will allow a CPA to issue financial statements without providing an accountant’s report or performing procedures on the information.

In highly condensed terms, Read the rest of this entry »

Written by Jim Ulvog

August 28, 2014, 7:52 am at 7:52 am

Newest book on differences between audits, reviews, and compilations now available in print and for Nook

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Print copy and Nook e-book are in addition to availability for the Kindle and another half-dozen formats.

audit review compilation cover for wordpress croped

The book is an intentionally short read at about 30 pages. The print copy has 20 pages of text.  Focus is to quickly describe the differences between those levels of services using three illustrations:

  • A football game – How does advancing to the 10-yard line compare to an audit?
  • What would a review look like in a football game?
  • Buying a used car – How does taking the car for a test drive compare to a review?
  • Filling a bucket – How filling it up with water to different levels illustrates the differences between the levels of service.

It also explains the differences in plain language. Well, at least using less accountantese than you would usually get from an accountant.

This is a compilation of posts previously appearing on my blogs, with slight editing.

Where can you find the book?

Print book at Amazon here.

Nook e-book at Barnes and Noble here.

Kindle e-book at Amazon here.

Also available here in other formats:

  • ePub format for your iDevices
  • PDF
  • text
  • Mobi for your Kindle device

Written by Jim Ulvog

February 5, 2014, 7:18 am at 7:18 am

Brief summary of proposed changes to compilation rules

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A short article in the Journal of Accountancy provides a great summary of the likely changes to SSARS for compilations and ‘preparing’ financial statements. Check out A makeover for compilations by Mike Glynn, CPA. It is a fast read at only 700 words.

Update – See also:

Two of many key points:

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Written by Jim Ulvog

January 27, 2014, 8:13 am at 8:13 am

“Audit. Review. Compilation. What’s the difference?” – New book now available.

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Audit. Review. Compilation. What’s the difference? – Illustrations using a football game, buying a used car, and filling a bucket.

audit-cover

What’s the difference between getting an audit, review, or compilation from your CPA firm? This short, 29 page book will help you understand.

Three illustrations help explain the differences:

  • A football game – How does advancing to the 10-yard line compare to an audit? What would a review look like in a football game?
  • Buying a used car – How does taking the car for a test drive compare to a review?
  • Filling a bucket – How filling it up with water to three different levels illustrates the differences between three levels of service.

This is a compilation of articles at my blog, Nonprofit Update.

The book is now available at Amazon.

Now available here in other formats:

  • ePub format for your iDevices
  • PDF or text
  • Mobi for your Kindle device

Soon to be available at Barnes and Noble.

Written by Jim Ulvog

January 17, 2014, 13:21 pm at 1:21 pm

New level of service from CPAs – “Preparing” financial statements

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In October 2013, one of the accounting rule setters issued a proposal which creates a new level of service for CPAs. This will be called preparation of financial statements.

Such service will not be subject to the same rules that govern compilations, reviews, or audits.

When the client organization and CPA agree to this approach, the accountant can issue a set of financial statements without any cover report from the accountant. 

The accountant will not be obtaining any assurance on the financial statements and users should not infer any assurance.

I think this will be a big deal.

Technical description

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Written by Jim Ulvog

December 30, 2013, 9:51 am at 9:51 am

Explanation of differences between audits, reviews, and compilations

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On my other blog, Nonprofit Update, I have an explanation of the differences between the 3 levels of services we provide as CPAs.

There won’t be anything new in the post for CPAs. It might give some good information to your clients though.

If it is helpful to explain to your clients the different levels of service, you could refer them to that page, or you could link to the page. I don’t give permission to copy the post. You can refer your clients or potential clients to it, if doing so improves your client’s understanding.

The post in long in terms of the norms for the blogging world and short in term of giving a full explanation of the level of services. I hope it will be helpful for our clients.

Check out: Level of Services Provided by a CPA – The Differences Between Compilations, Reviews, and Audits

Written by Jim Ulvog

January 29, 2013, 9:54 am at 9:54 am