Price cut on print books

February 4, 2015, 8:27 am

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.

Read the rest of this entry »


SSARS 21 updates the compilation and review standards previously explained in SSARS 19

November 6, 2014, 8:03 am

The body of SSARS literature has been updated and clarified. The new document, SSARS #21, was released on October 23, 2014.

It will be effective for financial statements after December 15, 2015. That means it will usually be required for 12/31/15 financials. We will all have to move away from SSARS 19 for our work in 2016. (Unless you choose to apply SSARS 19 for clients with years ending before 12/31/15.)

Since starting this blog, all discussion of compilations and reviews have been posted on my other blog, Attestation Update.

You can find all my discussion of the new standard at the other site.

Check out:


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

February 5, 2014, 7:14 am

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

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

January 17, 2014, 1:18 pm

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.


Football as illustration of differences between audits, reviews, and compilations

October 22, 2013, 9:44 pm

Since football season is in full swing, let’s go to the nearest stadium to compare an audit to a review, to a compilation, and to the newest level of service, a preparation report.

Audit

If you were performing an audit, you would be on the field and receive the kickoff at your 20-yard line. A series of passes and runs would slowly move the ball. With effort you would advance to your opponent’s 10-yard line. Good touchdown position.

Advancing the football would be the same as gathering evidence to provide you a reasonable level of assurance so you could issue an audit opinion on the financial statements.

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

January 29, 2013, 9:42 am

There are three different levels of services you could obtain from a certified public accountant.  These are referred to as compilation, review, and audit.

Financial statements are presented on the basis of some set of accounting rules. This is referred to as the financial reporting framework.

The vast majority of the time, this would be a large body of knowledge that is called generally accepted accounting principles, or GAAP. Imperfect in implementation though it may be, the concept is that similar transactions will be recorded by all organizations in the same way. In addition, financial statements of similar organizations will actually look similar.

If there is some unique reason to do so, the financial statements could be presented on another basis of accounting.

Compilation

Read the rest of this entry »


Evaluating a used car as an illustration of the differences between compilation, review, and audit

May 10, 2012, 6:47 am

You could figure out how good a car is by looking at it from across the street. 

Or you could look inside & drive it around the block. 

Or you could take the car to your mechanic for a couple of hours to get it really checked out .

We can use that as an analogy of the differences between a compilation, a review, and an audit.

Read the rest of this entry »


Sample compilation and review reports under SSARS 19 for NPOs

March 25, 2012, 5:34 pm

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:

Here is a list of the sample reports under SSARS available on my blogs. The samples are available on this blog as well as my other blog, Attestation Update. (These links go to the other blog.)


Filling up a bucket – word picture for levels of assurance in audit, review, and compilation

September 10, 2011, 9:16 am

     

(cross-post from my other blog, Attestation Update.)

In a webcast on August 31, 2011, Mr. Michael Glynn, CPA, of the AICPA staff, gave a wonderful word picture of the levels of assurance in a review and audit.  Here’s his idea:  Filling up a bucket with procedures produces different levels of assurance.  I would like to expand Mr. Glynn’s description and provide an illustration.

  • In an audit, the accountant obtains provides reasonable assurance that there are no material errors in the financial statements.
  • In a review, the accountant obtains provides limited assurance that there are no material errors in the financial statements.
  • In a compilation,the accountant does not obtain provide any assurance that there are no material errors in the financial statements.

Notice the similarity and difference?  The overlap between these definitions is how much assurance the accountant obtains for himself or herself provides that there are no material errors in the financial statements.

The differences? Read the rest of this entry »


Two more CPE classes on SSARS are available

August 28, 2011, 8:42 pm

Earlier this year I wrote a CPE course on SSARS requirements for CCH . Back in April I mentioned Compilation and Review: Practice Issues (Third Edition) was available. Discussed that course here.  Two more SSARS classes I wrote are now online.  Another will be available soon.  Each of the following classes are two CPE hours.

Compilation and Review: IntroductionCourse description from CCH:

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Compilation and Review: Practice Issues (Third Edition) CPE course now available online

April 25, 2011, 5:22 pm

I have written a 3-hour online CPE course called Compilation and Review: Practice Issues (Third Edition). It is now available at the CCH Learning Center website.

Here’s what the course covers, from the CCH site:

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4 posts on how to deal with possible fraud and illegal acts under SSARS 19

April 13, 2011, 8:27 am

I have four posts up at Attestation Update discussing how SSARS 19 says the accountant should deal with possible fraud and illegal acts encountered while performing compilations and reviews.

Click on any of the following links that look like a good place to start:

Read the rest of this entry »


Going concern issues under SSARS 19

March 30, 2011, 9:35 am

I have two posts at Attestation Update explaining how to address going concern issues under SSARS 19.  The guidance found in SSARS 19 is rather brief.  Here are the posts:

I won’t cross-post those comments to this blog.  Please click the links above to read the discussion.

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:


Posts on documentation requirements from SSARS #19 combined into a page

February 21, 2011, 7:41 am

I have written a series of eight posts on the documentation rules for reviews and comps from SSARS 19 on my other blog, www.attestationupdate.com.  Those posts have been combined into a single ‘page’.  This means you can read all the posts in chronological order, which also means they are in logical order.  Click here for the page.


CPE class on SSARS, written by Jim Ulvog – arriving soon!

February 4, 2011, 3:50 pm

I have written an on-line CPE course on SSARS called Compilation and Review: Practice Issues.  It is a 3 hour course covering a variety of practice issues for CPAs providing comps and reviews.  It is written at the overview level. 

Arriving soon at the CCH Learning Center.  When it is available on-line, I’ll give more detail and a link to the course.

I wrote the course in a little more casual voice that you might expect to see in a technical class, but not quite as casual as you see on this blog.  If you enjoy the style of writing you see here, you might enjoy the online CPE.

More detail to follow!

Update:  3-hour online CPE course called Compilation and Review: Practice Issues (Third Edition) is now available at the CCH Learning Center website.  Course discussed in more detail at this post.