Clik here to view.
Group Audits – Referencing Component Auditors
Does your firm audit consolidated financial statements that contain a subsidiary audited by another firm? How about a governmental audit that contains a component unit audited by another firm? Or...
View ArticleClik here to view.
Group Audits – Identifying Components
Why is it important to identify the components in a group audit, and how can you identify components using the group audit standards? Importance of Identifying Components Courtesy of iStockphoto.com...
View ArticleClik here to view.
Group Audits – Are Governmental Component Units Components?
So you are about to, once again, audit a county government that has a component unit (a county health department) that is audited by another CPA firm. You’ve decided to reference the component auditor...
View ArticleClik here to view.
How to Write Clear Financial Statement Disclosures
Tips on clarifying your narrative communications Creating clear note disclosures is not always easy. Creating (unintentional) confusion? Well, that’s another matter. Picture from AdobeStock.com Let’s...
View ArticleClik here to view.
How to Build an Accountant’s Scanning System
Corralling your paper monster and getting control Are you overwhelmed by stacks of paper? Do you find it difficult to locate information you know you have? Well, here’s a scanning system that will...
View ArticleClik here to view.
Which Special Purpose Reporting Framework Should I Use?
Choosing between cash, modified cash, and tax basis accounting You’ve been contacted by your client to prepare their financial statements and issue a compilation report. At first, you think, “I’ll...
View ArticleClik here to view.
An Auditor’s Cell Phone
How I use my cell phone as an auditor A cell phone is an auditor’s Swiss knife. And with all the options, I am constantly looking for another way to use mine. So I’m sharing my ideas with the hope that...
View ArticleEpisode 8 – An Auditor’s Cell Phone
How I use my cell phone in performing audits Are you an auditor looking for new ways to be more efficient. The answer may be in your pocket or purse. A cell phone is a powerful audit device–and it’s...
View ArticleClik here to view.
How Accountants Can Save Time with Online Meetings
My first online meeting sold me Are you tired of driving hours to see clients? Do you find it awkward to share information from your laptop? Or maybe you drive two hours to meet with a customer...
View ArticleClik here to view.
Why Pricing for Risk is So Important
Why discounting bids harms CPA firms Insurance companies understand something that many CPAs do not. Pricing for risk. Picture is from AdobeStock.com Pricing for Risk Let’s consider the following bid...
View ArticleClik here to view.
Georgia Government Finance Officers’ Conference [Event]
I will be speaking at the Georgia Government Finance Officers’ Conference on October 4, 2016. My presentation is titled “Steal Like a Boss,” a tongue-in-cheek view of how fraudsters think and act....
View ArticleClik here to view.
Assessing Audit Control Risk at High (and Saving Time)
You can assess control risk at high At times, auditors errantly assess control risk at less than high. Why? Because we don’t test controls. So can you assess control risk at high without testing...
View ArticleClik here to view.
Why Should Auditors Perform Audit Walkthroughs?
Post 1 - Why are walkthroughs important and are they required? Do you ever struggle with audit walkthroughs? Maybe you’re not sure what areas to review or how extensive your documentation should be....
View ArticleClik here to view.
SSARS 22 Compilation of Pro Forma Infomation [Announcement]
SSARS 22 Compilation of Pro Forma Infomation The Accounting and Review Services Committee of the AICPA has issued SSARS 22 Compilation of Pro Forma Information. The effective date of the standard is...
View ArticleClik here to view.
Are You Up to Speed on the New Pro Forma Information Standard?
Providing "What if?" information to clients can be helpful The Accounting and Review Services Committee (ARSC) issued SSARS 22 Compilation of Pro Forma Financial Information. You may remember that ARSC...
View ArticleClik here to view.
How to Identify Risk of Material Misstatements with an Audit Walkthrough
Post 2 - Knowing what risk assessment procedures to use While we know that an audit walkthrough is an excellent way to probe accounting systems for risk, many auditors aren’t sure how to use this...
View ArticleClik here to view.
How to Document Audit Walkthroughs
Part 3 - Documenting control weaknesses tells you where to audit How do you document your audit walkthroughs? Is it better to use checklists, flowcharts or summarize narratively? Picture from...
View ArticleHere’s an Overview of the Livescribe Pen
If you interview others, buy a Livescribe pen I use my Livescribe pen to write notes and record audio during interviews of clients–especially during walkthroughs. Here’s a video that provides an...
View ArticleOctober 26, 2016 Reading Roundup
A few publications for your consideration SSARS 23 Expands Application of Preparation, Compilation Standards — Journal of Accountancy — article Fraud Risk Management Guide — COSO — book Report to the...
View ArticleClik here to view.
Should You Perform Audit Walkthroughs Annually?
Post 4 - Corroborating your understanding of controls Audit walkthroughs, sometimes referred to as “cradle to grave” reviews of transaction cycles, are performed for significant transaction cycles and...
View Article
