Urish Popeck is #AuditorProud

by Lauren Shaffer 28. September 2017 10:59
#AuditorProud day is an annual event in which auditors from all over the world share why it is they are proud to be a part of this profession. Urish Popeck & Co. is excited to be a part of this event and we want to share why it is we are passionate to be a part of the auditing profession.   “I chose to become an auditor to take advantage of the vast amount of opportunities the profession has to offer. Auditors are exposed to various types of companies and the industries in which those companies operate, giving us the chance to learn the ‘ins and outs’ of each organization we are engaged with.” – Haley Rishak, Audit Staff   There are a wide array of opportunities involved with a career as an auditor. For starters, not only is it an auditor’s responsibility to provide assurance and accountability, but as an auditor, you have the distinct privilege to affirm the trust and good governance of your clients. By gaining industry knowledge and building relationships with your clients you can communicate about issues important to them and what is best for their business.   “I became an auditor because it’s a great way to discover how companies work in all different kinds of industries.  The wealth of knowledge that you can obtain is limitless as you continue to grow throughout a career in audit.” – Nick Hendrickson, Audit Manager    Business exposure is an exciting aspect of an auditor’s career because it allows you to understand the essential inner workings of different industries. Continuously gaining more insight and detail of a business or industry from your auditing experience will make you more versatile and knowledgeable as an auditor. Because of this, there’s an immense opportunity to grow professionally as well. The Bureau of Labor Statistics projects the job outlook for accountants and auditors to increase 11% by the year 2024, which is faster than the average rate.   “The best part of being in audit is it challenges you every day with new problems to solve and requires me to utilize multiple skills from technical, interpersonal and project management.” – Mark Gibbons, Partner   Urish Popeck is proud of the work our auditors provide and is excited to embrace all opportunities, challenges, and deadlines thrown our way. Our auditors hold the highest professional standards and are responsive to any service request(s) you may have. At Urish Popeck our auditing skills also provide due diligence, transaction advisory, and other assurance and consulting services. Here at Urish Popeck, we are, #AuditorProud.
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Bonus Depreciation Introduced by House Democrats

by Tom Guappone 26. June 2012 10:41
Democrats on the House Ways and Means Committee introduced the Invest in America Now Bill of 2012 on June 20.  The bill includes legislation that would extend 100% bonus depreciation through 2012. The House Democratic bill is targeting businesses that would immediately benefit from the accelerated depreciation on the investments for machinery & equipment, computer software and other property.  Work on the bill is projected to begin the week of June 25. This should be the first of many bills that will be discussed to help the economy rebound through a comprehensive tax reform. For more information, please see the full article by the CCH News Staff. 
Categories: Tax

Thoughts on PCAOB Oversight

by Hiller Hardie 1. February 2012 11:21
  My recent blog discussed the trend of the last several years of declining revisions of financial statements due to accounting errors or manipulations. As a member of the Accounting profession, I follow the activities of the PCAOB with interest (and often skepticism). Of particular relevance is their current slate of projects including mandatory auditor rotation, expanded audit reports and expanded roles for auditors beyond the traditional financial statements. As I focus on this, in view of the aforementioned decline in restatements, I tend to believe that we are going too far.   However, the unfolding story of Olympus and the depth and duration of the fraud perpetrated by their management paints a different picture.  The announcement that the PCAOB’s recent inspections of Big 4 firms have revealed numerous flaws in their audits is also pertinent   I am often tempted to think that the PCAOB should eventually go in to “maintenance” mode. In other words, they should allow the system to run as designed. Their actions should commence when audit failures transpire. Changes and remedies they put in place should be based on the findings from the investigations of such failures. That may ultimately prove to be naïve but at any rate now is not the time.
Categories: Advisory

Issues Nonprofits Must Consider for Corporate Governance and Risk Mitigation

by Ken Urish 11. August 2011 11:31
Audit committees provide a variety of benefits to nonprofits. An audit committee can implement an enhanced internal control structure, deter fraud, improve financial practices, advance financial reporting, and help nonprofits meet their accountability goals. [More]
Categories: Assurance

What’s Next – New Standards for Private Companies

by Laura Lewis 12. July 2011 15:58
Financial Accounting Standards Board (FASB) has identified several factors that indicate major differences in the financial reporting needs of public companies versus private companies or governmental entities. This is an initial assessment that comes from comments over two years from dozens of interested stakeholders gathered by the Board. From these differences, FASB will be able to establish a “differential framework” that will be used in determining if different financial standards will be created to apply to private companies. The framework will be used by the Board to decide when and how to modify specific U.S. GAAP accounting standards for private company use. “This work is an important step forward in the FASB’s effort to develop a set of criteria for evaluating when accounting or disclosure standards should be different for private companies,” said FASB Chairman Leslie F. Seidman. “This process demon­strates our commitment to better serving the needs of without sacrificing the quality and fundamental level of comparabil­ity that are the touchstones of the U.S. accounting system and U.S. capital markets.” The significant differences include: the types of users, access to management, investment strategies, ownership structures, accounting resources and education. What’s next? FASB will continue to solicit input from those using, preparing and auditing financial statements of public companies. In addition, the board will expose a draft of the proposed differential framework for industry feedback.
Categories: Assurance