GAAP Departure – No VIE Assessment for a Compilation or Review Engagement
If your compilation or review client has a potential variable interest entity (VIE) and the client chooses to not perform an assessment to determine whether the reporting entity has a controlling...
View ArticleVIE – Variable Interest Entity (or Very Insane Experience) Accounting
Don’t know about you but I’m still scratching my head. FIN 46R came out in 2003 and I still find this issue challenging. So let’s take a look at where we’ve been and where we are today. Where We’ve...
View ArticleVariable Interest Entity Standards in Play?
When should you consider whether the variable interest entity (VIE) accounting standards apply to a business? All for-profit reporting entities preparing financial statements using U.S. GAAP are...
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Variable Interest Entity Alternative Accounting for Private Companies
You will recall that in 2012 the Financial Accounting Foundation, the parent of the Financial Accounting Standards Board, created the Private Company Council (PCC) to suggest exceptions or...
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New PCC Accounting Alternatives Affect Compilation, Review and Audit Reports
I recently provided two posts about new Private Company Council (PCC) accounting alternatives: (1) VIE alternative and (2) Goodwill amortization. If your client uses one of these accounting options...
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Are You Using Slack for CPA Project Communications?
Slack replaces email as a way to isolate project communications Do you ever find yourself digging through hundreds of emails to find one message? You know it’s there somewhere, but you can’t put your...
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Bookkeeping or Preparation of Financial Statements: Being Clear About the...
When performing bookkeeping, communicate whether financial statements are a part of the engagement Many accountants have asked, “When am I subject to SSARS 21?” This question often arises when a CPA...
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The What and Why of Auditing: The Auditor’s Responsibility for Fraud
What is an auditor's responsibility for fraud in a financial statement audit? What is an auditor’s responsibility for fraud in a financial statement audit? Today, I’ll answer that question. Let’s take...
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Bookkeeping, Preparations, Compilations, and Review Engagements: Questions...
This Q&A covers common questions about bookkeeping and SSARS 21 engagements Today, we’ll answer various questions regarding bookkeeping, preparations, compilations, and review engagement. Picture...
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Keep on Keeping On!
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The Why and How of Audit Planning: The Audit Strategy and Plan
See how to develop your plan to be effective and efficient In this post, we will explore how to develop your audit plan so that it is effective (in compliance with audit standards) and efficient (so...
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Twenty Mistakes that CPAs Make
Some mistakes cost us dearly Twenty Mistakes that CPAs Make Here are twenty mistakes that CPAs make: We hire people without sufficient knowledge and temperament We accept more work than we can possibly...
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Living is Better than Existing
Made by Canva The post Living is Better than Existing appeared first on CPA-Scribo.
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The Why and How of Auditing Cash: Where are the Dangers?
This article covers risk assessment and audit procedures for cash Today we look at how to audit cash. Can intentional misstatements of cash be covered up with fake bank statements and confirmations?...
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How to Make Your Business More Profitable by Funding Depreciation
Money in the bank for capital purchases From time to time, I have clients ask me “What is funding depreciation?” And more importantly, they ask, “How can this technique make my organization more...
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When are SOC Reports Needed by an External Auditor?
When should an auditor request a SOC report? Service organization control (SOC) reports are often necessary to understand outsourced accounting services. So, when are SOC reports needed? When are SOC...
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Confirmation of Receivables: Is It Required?
Audit standards require certain documentation when receivables are not confirmed When is the confirmation of receivables required? accounts receivable Confirmation of Receivables is Usually Required...
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Tips on Searching Your Evernote Account
Evernote accounts can have thousands of notes, but then how to you find particular information? Are you looking for tips on searching your Evernote account? Today I was working on a fair value note...
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Elements of Unpredictability in Financial Statement Audits
Audit standards require an elements of unpredictability The audit standards require elements of unpredictability. Why? So clients can’t guess what the auditor is going to do. Clients naturally observe...
View ArticleLook for Management Bias with Retrospective Reviews
Retrospective reviews of estimates enable auditors to see if financial statement fraud is occurring A retrospective review of estimates is required by auditing standards. Why? Because management can...
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