Official report on New Mexico Finance Authority’s faked audit report – Part 2

2 Comments / Audits, Fraud /

The Office of State Auditor (OSA) has issued several official reports on the fabricated June 30, 2011 financial statements from the New Mexico Finance Authority. You can find two of the reports here and here.

This is the second in a series of posts on the reports.  Previous post is here.

Report conclusion

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Official report on New Mexico Finance Authority’s faked audit report – Part 2Read More »

Official report on New Mexico Finance Authority’s faked audit report – Part 2 Read More »

Discussions of banking issues on my other blog

Leave a Comment / Other stuff /

My posts on bad behavior by big banks has been split between here and my other blog, Nonprofit Update.

I’ll post future discussions here, Attestation Update.

For reference, my posts on money laundering at the other blog are here:

Discussions of banking issues on my other blog Read More »

One bank gets hit hard for helping U.S. citizens evade taxes. As in capital punishment hard.

Leave a Comment / Other stuff, Pondering /

Wegelin & Co is a Swiss bank that still does the fabled secret bank account thingie. Correction, make that past tense.

They used to do that.

They will be closing their doors after admitting to a felony in U.S. courts for helping Americans hide untaxed money.

I’m scratching my head about that ‘too big to fail’ cncept.  More on that after some background.

The guilty plea

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One bank gets hit hard for helping U.S. citizens evade taxes. As in capital punishment hard.Read More »

One bank gets hit hard for helping U.S. citizens evade taxes. As in capital punishment hard. Read More »

No more unlimited FDIC insurance on transaction accounts after 12-31-12

Leave a Comment / Accounting /

(Cross-post from my other blog, Nonprofit Update.)

I had thought about writing a short post about the end of unlimited insurance on non-interest bearing checking accounts.  Since I’ve now seen two articles talking about going back to the $250,000 limit, it’s better to point you to other bloggers.

Check out:

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No more unlimited FDIC insurance on transaction accounts after 12-31-12Read More »

No more unlimited FDIC insurance on transaction accounts after 12-31-12 Read More »

Check out my newest blog, Freedom Is Moral

Leave a Comment / Other stuff /

(Cross-post from my other blog, Nonprofit Update.)

On January 1st I launched a new blog, Freedom Is Moral.

What’s the focus?

The focus on that blog will be the concept that when you consider all the options, freedom is the moral choice.

Whether you want to discuss economics, political systems, or religious worship, the moral option is the one that involves freedom.

Why a new blog?

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Check out my newest blog, Freedom Is MoralRead More »

Check out my newest blog, Freedom Is Moral Read More »

My guest post at re: The Auditors is at the top of the list for her favorites of 2012

2 Comments / Accounting, Audits, Fraud /

Wow! My guest post on the Olympus fraud, How Do You Hide A Multibillion Dollar Loss? Accounting For The Olympus Fraud, (link below) is at the top of Francine McKenna’s list of favorite posts for 2012.

Her comment: …

My guest post at re: The Auditors is at the top of the list for her favorites of 2012Read More »

My guest post at re: The Auditors is at the top of the list for her favorites of 2012 Read More »

Manage the risks of your technology

Leave a Comment / Social media /

The tools available today are incredibly amazing and powerful.  You can do astounding things.

I can publish several blogs at minimal out-of-pocket cost which are available world-wide. Very cool.

There are dangers, but that’s okay. We need to know the risks and then manage them.

I have two posts at my other blog, Nonprofit Update, that discuss some dangers and how to minimize them.

They are:

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Manage the risks of your technologyRead More »

Manage the risks of your technology Read More »

What date should you use for a CPA’s report?

Leave a Comment / Audits, Compilations & reviews /

For a fast summary of the rules for a compilation, review, audit, and agreed upon procedures, check out a superb post by Charles Hall, at his blog CPA-Scribo:  Dating CPA Reports

For each level of service, the post summarizes the rule and provides a citation to the professional literature.

The post also has a discussion of coordinating the representation letter with the final review and dating the report.

Check it out.

What date should you use for a CPA’s report? Read More »

Where are they now? 3 of 4 defendants in Upland bribery case are in prison

Leave a Comment / Fraud /

Four men have been convicted and sentenced in the Upland bribery case.  The mayor had a scheme to shake down two owners of a local business in return for helping them get back their business license.

Where are they now?

Three are in federal prison and the fourth has not reported in.

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Where are they now? 3 of 4 defendants in Upland bribery case are in prisonRead More »

Where are they now? 3 of 4 defendants in Upland bribery case are in prison Read More »

New audit opinion for 2012 – example for NPO client of one-partner or multi-partner firm

2 Comments / Audits /

One of the biggest changes in the clarified audit standards is a new audit report.  It will apply for audit reports issued in 2013 for our 12-31-12 clients. 

This will be a biggie for 2013 work.

I previously provided a sample audit report for a commercial client of a one partner firm.  Here is a sample report for nonprofit organizations I plan to use in my practice.

The new opinion is discussed in AU-C Section 700, Forming an Opinion and Reporting on Financial Statements.

You can find all the new clarified standards on this page at the AICPA website.  You can click directly to section 700 here.

Here is the new report for an NPO, set up with options for a one partner or multi-partner firm.  Don’t forget the title, Independent Auditor’s Report. That is part of the report.

Independent Auditor’s Report

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New audit opinion for 2012 – example for NPO client of one-partner or multi-partner firmRead More »

New audit opinion for 2012 – example for NPO client of one-partner or multi-partner firm Read More »

New audit opinion for 2012 – example for commercial client of one-partner firm

2 Comments / Audits /

A brand new audit report is one of the biggest changes in the clarified audit standards.  It will apply for audit reports issued in 2013 for our audits of 12-31-12 financial statements.

This is a biggie.

The new opinion is discussed in AU-C Section 700, Forming an Opinion and Reporting on Financial Statements.

You can find all the new clarified standards on this page at the AICPA website. You can click directly to section 700 here.

Here is the new report, adjusting pronouns to a one partner firm. Don’t forget the title, Independent Auditor’s Report:

Independent Auditor’s Report

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New audit opinion for 2012 – example for commercial client of one-partner firmRead More »

New audit opinion for 2012 – example for commercial client of one-partner firm Read More »

Official report on New Mexico Finance Authority’s faked audit report – Part 1

1 Comment / Audits, Fraud /

The New Mexico Office of State Auditor (OSA) has issued several official reports on the fabricated June 30, 2011 financial statements from the New Mexico Finance Authority.

This will be the first in a series of posts on the report.

You can find a 47 page report dated December 3, 2012 here.  You can find a more detailed 174 page report dated December 12, 2012 here.

The longer report has a very helpful 10 page executive summary. If you are a CPA interested in learning about fraud, systemic failures of internal control, the importance of tone at the top, and all the other things that we CPAs look at, you will learn a lot by reading the executive summary.

Good news from the investigation

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Official report on New Mexico Finance Authority’s faked audit report – Part 1Read More »

Official report on New Mexico Finance Authority’s faked audit report – Part 1 Read More »