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1. Compilation reports for valuation engagements?   CPEDirect

Business valuation (BV) reports frequently include information presented in the form of financial statements. The reporting requirements for such financial statements have drawn increased attention as a result of the issuance of Statement on Standards for Accounting and Review Services No. 19 (SSARS 19), Compilation and Review Engagements.

2. IRS, Historic Hotel Face Off Over Facade  

BY Michael H. Brown
The Tax Court held that the Uniform Standards of Professional Appraisal Practice (USPAP) are not the sole measure of an expert witness’s reliability. The witness had been called upon to provide a value of a conservation easement restricting the use of real property, or “servitude.” Based on that testimony, the court upheld the Service’s denial of the full claimed value of the servitude as a deduction for a charitable contribution.

3. Risk Assessment Standards in Action   CPEDirect

BY Paul Kiel, Jennifer Carney, Carla A. Gogin, David A. Johnson
Eight standards rolled out in 2006 by the Auditing Standards Board are sparking a cultural shift for auditors. The standards—Statement on Auditing Standards nos. 104–111—are designed to enhance auditors’ responses to audit risk and materiality and encourage them to focus on areas with the greatest risk of misstatement.

4. Managing Time-Sensitive Engagements  

BY Larry R. Cook
Have you ever accepted a time-sensitive business valuation project then spent many late nights finishing the engagement? These suggestions may help your effectiveness: Assess the risks. Time-sensitive engagements tend to elevate risks. Make sure the project is worth the risks that will be assumed to complete it and that the compensation will adequately reward the efforts.

5. Professional Guidance in Business Valuation: Applying SSVS1   CPEDirect

BY Robert F. Reilly
EXECUTIVE SUMMARY CPAs perform valuation services for numerous purposes, including transactions, financings, taxation planning and compliance, intergenerational wealth transfer, ownership transition, financial accounting, bankruptcy, management information, and planning and litigation support . SSVS1 applies to all members and is effective for engagements to estimate value accepted after Jan.

6. 50 Examples of When to Apply SSVS1  

BY John R Gilbert
SSVS1 applies to any AICPA member who performs “an engagement to estimate value.” According to the statement, any member who performs such an engagement is called a valuation analyst . The statement applies to any engagement to estimate value when the valuation analyst (1) “applies valuation approaches and valuation methods” and (2) “uses professional judgment.” According to the statement, “the use of professional judgment is an essential component of estimating value.” Even with this guidance with regard to SSVS1 implementation, some members may be concerned as to when they should apply the statement.

7. New Fraud Guidance  

BY J. Russell Madray
January 2006 > New Fraud Guidance COMPILATIONS / REVIEWS Communication is the name of the game where fraud is suspected.

8. Ethics Rules Get Tighter   CPEDirect

BY Catherine Allen
EXECUTIVE SUMMARY The PCAOB in April 2006 issued a set of seven rules for auditors of public companies. The rules focus primarily on tax services, but also address contingent fees, audit committee preapproval of tax services and fundamental requirements for ethics and independence. Individuals who contribute directly and substantially to their firm’s violation of the Sarbanes-Oxley Act, PCAOB rules, professional standards or securities laws can be held personally accountable.

9. New Fraud Guidance   CPEDirect

BY J. Russell Madray
EXECUTIVE SUMMARY SSARS NO. 12, Omnibus Statement on Standards for Accounting and Review Services—2005, amended SSARS no. 1, making specific changes regarding the practitioner’s consideration of fraud and illegal acts in compilation and review engagements. ALTHOUGH COMPILATION AND REVIEW performance standards don’t require CPAs to assess the risk of fraud, they still must inform the client of incorrect, incomplete or otherwise unsatisfactory information discovered during an engagement.

10. Get Your BV Niche Out There  

BY Barbara Walters Price
EXECUTIVE SUMMARY CPAs WHO SEEK TO DEVELOP A BV NICHE should first determine the areas in which the firm can demonstrate expertise to referral sources. Prospects want to know that a firm understands their business. CPAs need technical training and specific valuation credentials to become credible providers of BV services.
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