Sometimes we see trends or patterns and think they are pretty dumb. Maybe even reach the level of stupid. When those dumb things are at a societal level, we need to realize that is the way the world is working and engage the world as it is, not as we think it ought to be. (more…)
Month: October 2010
Marvels of air travel
Since starting my own CPA firm, the amount of time I spend out of town has dropped dramatically. Yeah! That lets me see air travel through a new perspective. You road warriors are bored with the wonders of the modern era. (more…)
Current data accumulated by tracking companies is exquisitely detailed
Time to start thinking more seriously about your privacy. One particular online tracking company gathers everything they can about you and accumulates it into a very detailed profile. The cutting edge capacity of one company also aggregates your name and email address. (more…)
Crooks stealing money from your account using your computer
I’m reading more articles describing cybertheives hacking a business computer (could just as easily be a ministry computer), gaining access to bank accounts, then wiring money out of the country. (more…)
SSARS 19 Compilation reports for NPOs
Compilation reports will change starting December 31, 2010. Some sample reports follow.
Update – SSARS 19 had been replaced by SSARS 21. All the reports have been revised. You can check out these posts at my other blog, Attestation Update:
- Flash update on SSARS #21
- Newly approved SSARS will allow a new service, ‘preparation’. Will also require written & signed engagement letters.
- Sample compilation report under SSARS 21
- Sample accountant’s review report for SSARS 21
- Video overview of SSARS 21
- New risk alerts for 2014/2015 are available
Sad example of the need for disbursements controls
See this article for a sad illustration of disbursement fraud. The specific technique was opening credit card accounts in the name of the company and then using the account for personal expenses. (more…)
Simple way to improve internal controls over disbursements
What could you do when there aren’t enough staff to have someone other than the bookkeeper prepare the bank reconciliation? (more…)
10 leading causes of death in 1850 and 2000
Fascinating display at the Reuben Fleet Science Museum in San Diego listing the top 10 causes of death in 1850, 1900, and 2000 caught my interest while on vacation. Focus of their discussion is on the change over time, particularly the change from infectious disease to other causes. Look at this list (more…)
You don’t need permission to change the world
Wish I’d written this: “Where, precisely, do you go in order to get permission to make a dent in the universe?” Seth Godin said that and discusses it further in “Do you need a permit“? To completely restructure his comment for our community — you do not need permission from anyone to change the world for Christ. Go for it!
Pushback on Revenue recognition draft – topic 605
Article from CFO magazine, One Size Gives Fits to All addresses the exposure draft on revenue recognition. As expected, pushback against the exposure draft is building. See my post for a bit of background on the draft. (more…)
Revenue Recognition exposure draft – Topic 605
FASB has an exposure draft out on revenue recognition. This post is a ‘heads up’, not an overall summary. This will be a fairly substantive rule, so if you haven’t heard about it, might be good to take a look. The document has a great summary on the first five pages of the introduction. (more…)
One year delay in reporting cost of group health insurance to employees
The health care law passed last March requires reporting to employees the cost of health care insurance provided by their employer. The effective date has been delayed one year. (more…)
What services do you want from your CPA when they look at your financial statements?
There are three different levels of service that CPAs can provide when we look at your financial statements. We can provide a compilation, a review, or an audit. What are the differences? I have an article here that goes into some detail. It is an extract from one of my books.
The following post explains the differences visually.
Visual description of the difference between audits, reviews, and compilations
Here is a visual picture that illustrates the different comfort levels someone can draw from financial statements that have been audited, reviewed, or compiled by a CPA.
Here is a picture of assurance levels from reports issues by CPAs.
What comfort level is there from an audit, review or compilation report?
This is an explanation of the visual picture I drew in the previous post. I will try to explain the differences between audits, reviews, and compilations with a minimal amount of the technical words we CPAs usually bring to an issue. (more…)