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The Life of a Client from Birth to Death Presented by: Bill Parrish (oneplusone) 3.

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Presentation on theme: "The Life of a Client from Birth to Death Presented by: Bill Parrish (oneplusone) 3."— Presentation transcript:

1 The Life of a Client from Birth to Death Presented by: Bill Parrish (oneplusone) 3

2 Those Pesky Disclaimers This Information is copyright protected by (oneplusone) 3 and may not be reproduced or otherwise distributed without the written consent of (oneplusone) 3 This presentation is for informational purposes only and should only be implemented by a practitioner after appropriate due diligence has been performed Not all of the concepts and strategies proposed in this presentation may be appropriate for all practices. Careful study must be undertaken by anyone considering the implementation of these concepts and special attention should be given to individual state laws governing the practice of professionals.

3 PURPOSE Whatever type of engagement you have, from the preparation of a tax return to the preparation of financial statements, can be enhanced through proper planning, administration and control.

4 Cpe Question 1 In What Year Did Columbus NOT Sail the Ocean Blue? Answer: 1910 Write this down to use at the end of this Webinar

5 REQUIREMENTS TO ACCEPT A NEW CLIENT ADEQUATE KNOWLEDGE OF THE CLIENT ADEQUATE KNOWLEDGE OF THE CLIENT ADEQUATE KNOWLEDGE OF THE CLIENT’S INDUSTRY ADEQUATE KNOWLEDGE OF THE CLIENT’S INDUSTRY ADEQAUTE KNOWLEDGE OF THE ACCOUNTING PRINCIPLES FOR THE INDUSTRY ADEQAUTE KNOWLEDGE OF THE ACCOUNTING PRINCIPLES FOR THE INDUSTRY

6 KNOWLEDGE OF CLIENT ORGANIZATION ORGANIZATION BUSINESS OPERATIONS BUSINESS OPERATIONS NATURE OF ASSETS, LIAB. AND EQUITY NATURE OF ASSETS, LIAB. AND EQUITY NATURE OF REVENUE AND EXPENSE NATURE OF REVENUE AND EXPENSE REPUTATION OF CLIENT REPUTATION OF CLIENT READ PREVIOUS FINANCIAL STATEMENTS READ PREVIOUS FINANCIAL STATEMENTS EXAMINE COMPLIANCE EXAMINE COMPLIANCE

7 KNOWLEDGE OF INDUSTRY UNIQUE ACCOUNTING PRINCIPLES UNIQUE ACCOUNTING PRINCIPLES UNIQUE TAX PRINCIPLES UNIQUE TAX PRINCIPLES UNIQUE FORM AND CONTENT OF FINANCIAL STATEMENTS FOR THE INDUSTRY UNIQUE FORM AND CONTENT OF FINANCIAL STATEMENTS FOR THE INDUSTRY

8 Cpe Question 2 In What Year did the War of 1812 NOT Occur? Answer: 1492 Write this down for use at the end of this Webinar

9 POTENTIAL LEGAL LIABILITIES USE AN ENGAGEMENT LETTER USE AN ENGAGEMENT LETTER USE APPROPRIATE TRANSMITTAL LETTER USE APPROPRIATE TRANSMITTAL LETTER OBTAIN A REPRESENTATION LETTER OBTAIN A REPRESENTATION LETTER MAINTAIN INTERNAL QUALITY CONTROL MAINTAIN INTERNAL QUALITY CONTROL DOCUMENT COMPLIANCE TO STANDARD DOCUMENT COMPLIANCE TO STANDARD AVOID VERBAL REPRESENTATIONS AVOID VERBAL REPRESENTATIONS

10 EFFECTS OF INDEPENDENCE RESEARCH YOUR INDEPENDENCE RESEARCH YOUR INDEPENDENCE DOCUMENT YOUR RESEARCH DOCUMENT YOUR RESEARCH DISCLOSE ANY LACK OF INDEPENDENCE DISCLOSE ANY LACK OF INDEPENDENCE

11 THE ENGAGEMENT LETTER BILATERAL CONTRACT BILATERAL CONTRACT DATED DATED IDENTIFY EACH PARTY (MAY BE MORE THAN 2) IDENTIFY EACH PARTY (MAY BE MORE THAN 2) IDENTIFY SERVICES TO BE RENDERED IDENTIFY SERVICES TO BE RENDERED IDENTIFY SERVICES NOT TO BE RENDERED IDENTIFY SERVICES NOT TO BE RENDERED ANTICIPATED TRANSMITTAL LETTER ANTICIPATED TRANSMITTAL LETTER FEES FEES

12 TRANSMITTAL LETTER DATED DATED IDENTIFY CLIENT IDENTIFY CLIENT IDENTIFY STATEMENTS IDENTIFY STATEMENTS IDENTIFY PERIOD IDENTIFY PERIOD IDENTIFY STANDARD IDENTIFY STANDARD IDENTIFY LEVEL OF SERVICE IDENTIFY LEVEL OF SERVICE IDENTIFY PREPARER IDENTIFY PREPARER IDENTIFY LEVEL OF DISCLOSURE IDENTIFY LEVEL OF DISCLOSURE DISCLOSE ANY LACK OF INDEPENDENCE DISCLOSE ANY LACK OF INDEPENDENCE

13 GOING CONCERN WHEN SHOULD THE ACCOUNTANT HAVE CONCERNS ABOUT THE ABILITY OF THE CLIENT TO CONTINUE IN OPERATION? WHEN SHOULD THE ACCOUNTANT HAVE CONCERNS ABOUT THE ABILITY OF THE CLIENT TO CONTINUE IN OPERATION? WHEN IS THE ACCOUNTANT REQUIRED TO STATE THEIR CONCERNS AND HOW? WHEN IS THE ACCOUNTANT REQUIRED TO STATE THEIR CONCERNS AND HOW?

14 REISSUANCE OF REPORTS WHEN IS THE ACCOUNTANT REQUIRED TO REISSUE REPORTS? WHEN IS THE ACCOUNTANT REQUIRED TO REISSUE REPORTS? WHO SHOULD RECEIVE THE CORRECTED REPORTS? WHO SHOULD RECEIVE THE CORRECTED REPORTS? WHAT SHOULD BE DONE WITH THE INCORRECT REPORTS? WHAT SHOULD BE DONE WITH THE INCORRECT REPORTS?

15 WHEN DO WE FIRE A CLIENT? CONTINUOUS ERRORS IN SOURCE DOCUMENTS CONTINUOUS ERRORS IN SOURCE DOCUMENTS CONTINUED LATENESS IN PROVIDING CURRENT DATA CONTINUED LATENESS IN PROVIDING CURRENT DATA LACK OF COMMITMENT TO ACCURACY LACK OF COMMITMENT TO ACCURACY REQUESTS TO MISLEAD USERS REQUESTS TO MISLEAD USERS ATTEMPTS TO MISLEAD OTHERS ATTEMPTS TO MISLEAD OTHERS DEMONSTRATES INTENT TO CONCEAL FACTS DEMONSTRATES INTENT TO CONCEAL FACTS FRAUD FRAUD

16 OUR REPUTATION CAN ONLY BE AS GOOD AS THE REPUTATION OF OUR CLIENTS

17 Cpe Question 3 When Was the Declaration of Independence NOT Signed? Answer: 1812 Write this down for use at the end of this Webinar

18 For Information About ConnectEd: Jodi Goldberg, Director of Member Services National Society of Accountants Ext 1304 About the Presentation Bill Parrish, Founder & CEO (oneplusone) Ext 1013

19 Evaluation Survey & CPE An is being sent to you with a link to the evaluation survey. Please take the survey so you can qualify for CPE


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