CPA FIRM SERVICES
As a retired CPA I no longer perform services where a report is issued. I have found there is need for certain support services to other CPAs and CPA firms. These services many include, but are not limited to:
This is typically a review of the final report which may consist of:
• Reading the report
• Compliance with professional standards
• Proofing and math check
• Wording suggestions where appropriate
• Tie out and consistency throughout the report including dates
• Trace report balances to trial balance and other workpapers
• What’s not in the report that should be
Note: these are typical review steps. The actual steps are different for each firm and as agreed upon with each engagement.
• Typically book-to-tax trial balance and support schedules
• Other workpapers, as needed which are usually engagement unique and outside the more challenging that standard workpapers.
• Original research
• A second set of eyes
• Alternative report wording
• Other as requested
• The most common scenario is that a sole proprietor’s malpractice insurer requires that a CPA other than the sole proprietor perform this review. This can be a staff CPA, but many times it’s more practical for the outside CPA to perform the services due to scheduling issues or lack of expertise of the staff.
• Of interest, the peer reviewers like it. I had it written in my quality control manual which always received positive comments
• To have a CPA with experience to add value to the firm’s entire process
• In this regard, I have performed this service for larger firms as well
Examples of past projects:
Quickbooks chart of accounts set-up. Typically with very unique reporting needs such as departmental reporting, Yellow Book reporting compliance, book vs tax reporting, and more.
Five year recalculation of 401(k) contributions for IRS VCP adjustments. The challenge was three payroll services during the period, name changes of employees (typically due to marriage or divorce) and protection of SSNs. Advanced Excel features used in conjunction with each other and my vast experience with complex projects and IRS compliance resulted in making this project doable within a reasonable time frame and IRS acceptance upon first submission.
Automated Quickbooks export into customized reporting format. From the export to the finalized report (customized and unique financial statement format) with one click. A good example of my Zero Time Reporting concept.
Automated securities clearing using Excel. Downloaded security transactions from the previous day matched to recorded transactions by noon to catch errors. The transactions ranged from about 1,000-3,000 per day, with spikes up to 12,000. The project arose due to unique anomalies in the existing reporting system, losses incurred due to matching errors and government oversight due to the errors. The project allowed the matching to be done by one person in 2-4 hours, down from four people 6-8 hours each resulting in the missed noon deadline.