Saturday, November 28, 2009

Google Wave for Business

On friday I received my invite for Google Wave. Considering that I am a big fan of Google and a user of many of their products I accepted their invitation promptly.

So why am I excited about Google Wave?

  1. Collaboration - The ability to bring new people into a Wave and get them up to speed quickly.
  2. Best of email and instant messaging plus much more.
  3. Amazing potential for support
What are my reservations?

The main reservation I have is that the way invitations have been dolled out the number of users is limited. This means that the main reason for using Google Wave, collaboration, is difficult without other users to collaborate with.

Do you want to Wave?

I have some invitations left. So if you would like to collaborate with me. Or possibly be refered by me then drop me an email and I will likely send you an invite.

Tuesday, November 24, 2009

BD Audited Financial Statements

Broker dealers have had a longstanding requirement to submit annual audited financial statements to FINRA, the Financial Industry Regulatory Agency, and the SEC, Securities and Exchange Commission.

Beginning with the year ended December 31, 2008 these audited financial statements must be conducted by a CPA that has been registered with the PCAOB, Public Company Accounting Oversight Board.

The process that a CPA must undergo to be registered is not always simple. The CPA's internal process of quality control is put to scrutiny even in the registration process. The CPA must explain their means of assuring the following:

  • Independence Integrity and Objectivity
  • Engagement Performance
  • Personnel Management
  • Acceptance and Continuance of Client Engagements
  • Monitoring

There are in the range of 3,000 CPA's and CPA Firms that are registered with the PCAOB. This is a small fraction of all CPA's and CPA Firms worldwide.

In theory the audit's conducted should not have changed from prior years and as such the annual fee should be comparable. Many broker dealers have found the fees they are being quoted are not similar to the prior years.

That any firms or CPA's fees are higher when they are subject to more scrutiny and regulation should make sense. Yet some small broker dealers feel to be victims of excessive regulation in a year that they have been affected as much as the rest of us have been by the depressed economy.

As much as possible I have made myself available via email and phone to see if I can perform a Broker Dealer audited financial statement for a reasonable fee. Please understand though that an engagement to conduct an audited financial statement is extensive and requires careful planning and takes time. There is never a fee to discuss the options of preparing the audited financial statements for a client and I welcome the opportunity to talk to you.

Monday, November 23, 2009

Would you consider a job in accounting?

Accounting is not as glamorous as many other professions. In fact it is
probably the least prestigious when compared to medicine and law.

If you would want an online accounting degree this video will be helpful.

Yet there is a benefit that accounting been considered by many to be
recession proof. Though it seems that this downturn is not your
normal recession because even accounting is being affected.

Sometimes an online accounting degree can be the difference that gets you the job. So
consider looking a this video and articles.

Thursday, November 19, 2009

VISA Financial Football Training Camp

VISA has put quite a lot of time and effort into creating an excellent method of teaching financial concepts to Americans with their VISA Financial Football Training Camp. Though as someone who has recently seen clients that are carrying balances of $ 150,00 to $ 300,000 when these same couples earn between $ 250,000 to $ 500,000 respectively, the problem of carrying credit card balances can be very serious. Please visit the link above to see my WARNING.

Thursday, November 12, 2009

The Story That Tells the Power of Audited Financial Statements

By Neil Rischall

Most potential clients that request audited financial statements do so because they feel compelled to have their accounting examined by a CPA. This could be do regulatory oversight such as the SEC or NASD or PCAOB for public companies that are traded on the major stock exchanges or involved with the business perhaps as stock brokers. Some feel compelled because they are required by the government such as non profits or those that deal with Housing and Urban Development. Others must get audited in order to get or comply with a bank loan they are seeking or have.

The most common question that those that are compelled to get their books reviewed is "How much this will cost?". Due to such questions I have devoted pages on my web site to give people comfort and knowledge about how to figure out what audited financial statements will cost. In addition I make myself available for free consultations via the phone or email to give those that are curious an answer to their questions.

Though I am often disappointed that so many people in business fail to understand the power of audited financial statements and what they provide besides compliance with outsiders that require them. That what is being provided is not just a letter stating an opinion without any further value.

When I was wet behind the ears and not even certified as a Certified Public Accountant something happened in the CPA firm that I worked that brought out the point that I am trying to make. The firm I was working for was engaged to do the audit of a brokerage firm that had offices in Manhattan ( in fact quite close to Wall Street and the World Trade Center ). Even though our firm was fairly small we always brought in as many people as possible on the first day of an audit in order to make a good impression. Well it seems that we made a very big impression on one of the employees of the brokerage firm. The reason I know that is that within a short time after our arrival this employee admitted to a major fraud that he had stolen a significant amount of money from the brokerage firm's clients.

Many visitors of my site have been pleased to become more educated about the services that a CPA can provide for them as well as getting their own specific questions answered.

Neil Rischall is the CPA behind the CPABookkeepers site there you can sign up for some email lists about audited financial statements that can save you significant money. As well as finding out about services provided by a CPA Firm.

Article Source:

Audited Financial Statements Procedures

Audited Financial Statement Procedures

Audited Financial Statement Procedures
By Neil Rischall

Audited financial statements, which have been prepared by an independent Certified Public Accountant (CPA), are used to provide financial credibility, accountability and accuracy for a business. There are specific procedures performed by the CPA during the audit process.

An engagement letter, which is a letter of agreement which stipulates the services to be performed by the CPA and the fees associated with such service, is signed by both the CPA and the company having the audited financial statement done. This letter is designed to prevent misunderstanding between both parties and to reduce the risk of law suits.

The accountant will request financial reports from the company to review. These reports include the income statement, balance sheet, and statement of cash flow along with financial documentation to support these reports. The auditor will review the company's internal control system to determine what controls are in place and assess the control risk of the controls failing to detect or correct any material misstatements in the accounting records which could affect the financial statements, review specific financial statement items required by the AICPA Statements on Auditing Standards (SASs), and documentation about financial statement items they deem necessary. The auditor is also required to: confirm accounts receivable, observe the inventory count, inquire with client's lawyers regarding any litigations, claims, or assessments, evaluate accounting estimates made by management confirm business activities and account balances with outside entities, assess the degree of risk that fraud will cause a misstatement in the financial statements, document the fraud risk factors, and detail the client's response to these risk factors.

A client representation letter is provided to the company to sign at the conclusion of the audit. The purpose of this letter is for the client to take responsibility for the written statements explicitly or implicitly given to the auditor by management; such as management's acknowledgment of its responsibility for the fair presentation of the financial statements, compliance with laws and regulations, assertion that they are unaware of any fraudulent activity and have implemented procedures to detect and prevent fraud.

From this information the CPA creates an audited financial statement which will include an opinion, either qualified or unqualified, about the nature of the financial documents. The intention of the audit of financial statements is to gather evidence that will ultimately produce and support an opinion about the audit as well as defend the auditor if a lawsuit resulted from reliance on the audit opinion. The goal of an audited financial statement for a company is to provide the CPA with a reasonable basis for an unqualified opinion that the financial statements are free of material misstatements or false/missing information. With an unqualified opinion, the audit is found to be accurate, complete and fairly presented to meet the requirements of the US GAAP (Generally Accepted Accounting Principles). A qualified opinion indicates that the CPA is not in agreement with aspects of the company's financial statements or accounting procedures and is not confident in the accuracy of the financial statements.

Neil Rischall is the CPA behind the CPABookkeepers site which has a wealth of information about audited financial statements as well as all services provided by a Certified Public Accountant.

Article Source:

Wednesday, November 04, 2009

Small Business Accounting Software Free Download

Take a look if you are interested in a small business accounting software free download and also a funny video about accounting software. It is so rare that accoutning software makes us laugh.