Fogbow

Uninformed wrote: ↑Tue Feb 15, 2022 4:07 pm Isn’t that Mazars?

Well, I don't know for sure, but I suspect that is the case. If you have lost Mazars, you are SOL, so to speak.

much ado wrote: ↑Tue Feb 15, 2022 8:42 pm

Uninformed wrote: ↑Tue Feb 15, 2022 4:07 pm Isn’t that Mazars?

Well, I don't know for sure, but I suspect that is the case. If you have lost Mazars, you are SOL, so to speak.

ETA: So sad!

WhiteH2O wrote: ↑Tue Feb 15, 2022 7:33 pm Accounting for non-accountants - Mazars compiled financial statements for Trump, based on numbers provided by Trump. A compilation is not an audit or review, and Mazars issued no opinion on the numbers. A compilation, unlike an audit or review, need not be done by a CPA. Joe Blow down the street, without a lick of certification could do the compilations for Trump. Hope this clarifies.

Hi, WhiteH20! Welcome aboard!

Azastan wrote: ↑Tue Feb 15, 2022 8:39 pm
Mazars were also preparing his personal income tax return, if I am reading correctly.

Who is going to take over THAT worm pit? H & R Block?

I'm sure that either Ivanka or Jared can figure out how to input the numbers into TurboTax.

MN-Skeptic wrote: ↑Tue Feb 15, 2022 8:55 pm

I'm sure that either Ivanka or Jared can figure out how to input the numbers into TurboTax.

"I'd do anything for love (but I won't do that)".

Tiredretiredlawyer wrote: ↑Tue Feb 15, 2022 8:49 pm

WhiteH2O wrote: ↑Tue Feb 15, 2022 7:33 pm Accounting for non-accountants - Mazars compiled financial statements for Trump, based on numbers provided by Trump. A compilation is not an audit or review, and Mazars issued no opinion on the numbers. A compilation, unlike an audit or review, need not be done by a CPA. Joe Blow down the street, without a lick of certification could do the compilations for Trump. Hope this clarifies.

Hi, WhiteH20! Welcome aboard!

Yes, we are suddenly in need of members with CPA knowledge!

Somebody is stress eating McDonald's entire inventory.

noblepa wrote: ↑Tue Feb 15, 2022 8:07 pm

WhiteH2O wrote: ↑Tue Feb 15, 2022 7:33 pm Accounting for non-accountants - Mazars compiled financial statements for Trump, based on numbers provided by Trump. A compilation is not an audit or review, and Mazars issued no opinion on the numbers. A compilation, unlike an audit or review, need not be done by a CPA. Joe Blow down the street, without a lick of certification could do the compilations for Trump. Hope this clarifies.

I wouldn't think that a mere compilation, rather than an audit, would satisfy a lender about to give TFG $300M or so. I would think that they would want the assurance provided by a more rigorous audit. I would also think that they would want assurances that the statements were compiled according to GAAP.

But then, I'm not a CPA.

They are saying "He lied to us when we said that" and "The statements we prepared are false"

Welcome WhiteH2O!

much ado wrote: ↑Tue Feb 15, 2022 9:05 pm

Tiredretiredlawyer wrote: ↑Tue Feb 15, 2022 8:49 pm

WhiteH2O wrote: ↑Tue Feb 15, 2022 7:33 pm Accounting for non-accountants - Mazars compiled financial statements for Trump, based on numbers provided by Trump. A compilation is not an audit or review, and Mazars issued no opinion on the numbers. A compilation, unlike an audit or review, need not be done by a CPA. Joe Blow down the street, without a lick of certification could do the compilations for Trump. Hope this clarifies.

Hi, WhiteH20! Welcome aboard!

Yes, we are suddenly in need of members with CPA knowledge!

I passed the tests in 1990 but never really practiced, and never finished to process to get the initials. I was the controller of a division of a banana company after the army and before the motorcar company.

Apologies, strayed off topic.

p0rtia wrote: ↑Wed Feb 16, 2022 10:13 am https://twitter.com/MuellerSheWrote/sta ... 5Lvm7L2JKQ

Thanks for this p0rtia, it is really interesting and backs up what WhiteH2O was saying. I don't understand how anyone could have _ever_ relied on these compiled reports though, they just took tfg at his word? Dopes.

I won the Betty Crocker award in high school and was class President.

filly wrote: ↑Wed Feb 16, 2022 2:44 pm I won the Betty Crocker award in high school and was class President.

But have you stayed in a Holiday Inn?

raison de arizona wrote: ↑Wed Feb 16, 2022 2:29 pm

p0rtia wrote: ↑Wed Feb 16, 2022 10:13 am https://twitter.com/MuellerSheWrote/sta ... 5Lvm7L2JKQ

Thanks for this p0rtia, it is really interesting and backs up what WhiteH2O was saying. I don't understand how anyone could have _ever_ relied on these compiled reports though, they just took tfg at his word? Dopes.

What pass for normal business practices frequently turn out to be corrupt, don't they? I mean, half the laws in the country are written to promote the kleptocracy at the expense of the rest of us, IMO.

northland10 wrote: ↑Wed Feb 16, 2022 2:46 pm

filly wrote: ↑Wed Feb 16, 2022 2:44 pm I won the Betty Crocker award in high school and was class President.

But have you stayed in a Holiday Inn?

Yes! And I had the solo in my 6th grade graduation program! TBF, the other soloist is now a very famous Tony award-winning actress.

p0rtia wrote: ↑Wed Feb 16, 2022 10:13 am

So, for the 2014 compilation of his personal net worth, Mazars disclosed the hell out of the departures from the SSARS that Trump wanted done. A compilation is not much as far as assurance is concerned. (At least there were footnotes!) For compilations, the accountant can do just about anything the client wants just as long as there are adequate disclosures and leave the questions up to the users of these worthless reports.

If we assume that all ten years' worth of these compilations have the same caveats in their reports, I really do not think that Mazars did anything wrong professionally. But now that the AG is enlisting its cooperation and reviewing their workpapers, a nasty conflict of interest arises for the accountants as they have provided grist for the AG's mill. No doubt the accountants documented the reasons behind the departures in their files.

WhiteH2O wrote: ↑Tue Feb 15, 2022 7:33 pm Accounting for non-accountants - Mazars compiled financial statements for Trump, based on numbers provided by Trump. A compilation is not an audit or review, and Mazars issued no opinion on the numbers. A compilation, unlike an audit or review, need not be done by a CPA. Joe Blow down the street, without a lick of certification could do the compilations for Trump. Hope this clarifies.

I can only speak to California accounting rules. In California only a duly licensed CPA can hold himself out to the public as an accountant. Bookkeepers and others cannot use the term accountant in their title or business name. They can use accounting services. Employees of companies can have a job title of accountant. But I can no longer say HumbleScribe, Accountant, because I let my license go to retired status in October 2021.

I can say, HumbleScribe CPA (retired) however.

Moving onto compilations, only licensed accountants can issue compilations here in California. It has to do with the Statement on Standards of Accounting and Review Services (SSARS) that dictate the dos and don'ts of compilations and reviews. (Audits fall under the Auditing Standards.) Bookkeepers and others have no such industry standards.

Accordingly, I am a little leery about accepting your statement that Joe Blow down the street can prepare a compilation. What Joe Blow can prepare is a white sheet "statement of assets and liabilities and net worth/retained earnings" with an accompanying "statement of income and expenses" that is unsigned by anyone. The paper can be on the letterhead of Trump Enterprises and Escort Services. I am not certain that any financial statements generated by an unlicensed person can even be on the letterhead of Joe Blow, Bookkeeper to the Stars. I've never had to go down that path.

much ado wrote: ↑Tue Feb 15, 2022 8:09 pm

WhiteH2O wrote: ↑Tue Feb 15, 2022 7:33 pm Accounting for non-accountants - Mazars compiled financial statements for Trump, based on numbers provided by Trump. A compilation is not an audit or review, and Mazars issued no opinion on the numbers. A compilation, unlike an audit or review, need not be done by a CPA. Joe Blow down the street, without a lick of certification could do the compilations for Trump. Hope this clarifies.

But if it is just a compilation and the firm has no opinion on the numbers, why would they need to withdraw? It is "just" a compilation based on numbers supplied by their client. They risk nothing in supplying the compilation to interested third parties.

I am missing something here.

I think some of the third parties actually need an audit, not just a compilation. Am I wrong?

ETA: I see noblepa has noticed the same issue.

As I mentioned in an earlier post, I used to work for the Big-Eight accounting firm of Ernst & Whinney. I was an IT guy, not an accountant, but it was explained to me that they often did AUDITS for large, privately held corporations, who insisted on audit financial statements, even though the SEC didn't. Their lenders, and sometimes major stockholders wanted that independent stamp of approval that the statements had been prepared in accordance with GAAP.

BTW, even when auditing a large publicly traded company, the auditors do not prepare the statements. The statements are prepared by company management. The auditors review the process, make spot checks and make a pronouncement that is included in the annual report to stockholders, to the effect that they have reviewed the financial statements provided by management and that they, the auditors, are satisfied that the statements conform to Generally Accepted Accounting Principles, or GAAP.

Dear Humble Scribe,

Thanks for your comments. My apologies for the glittering generalities and over simplification of the regulatory environment in my earlier remarks. In a number of jurisdictions non—attest engagements, such as compilations, may be done by the non-CPA. AICPA has let both CPA and non-CPA firms do compilations under SSARS.

A good thread on how Trump screwed himself -

p0rtia wrote: ↑Wed Feb 16, 2022 10:13 am https:// twitter.com/MuellerSheWrote/status/1493819742854864896

Mueller, She Wrote @MuellerSheWrote
I am rarely speechless. Remember how I kept saying the Mazars documents were more important than trump’s tax returns b/c there was likely a letter limiting their legal liability? I can’t believe I’m about to say this, but DONALD published that document HIMSELF tonight.
6:29 AM · Feb 16, 2022

A former guy knows more about law than his lawyers

And a former guy knows the tricks of Branding Up

Tsk tsk tsk --- others know about how to do Branding Down:

Before After
from https://dailyhive.com/vancouver/trump-v ... gn-removed

YOU CAN WATCH THE HEARING LIVE STREAMING: http://wowza.nycourts.gov/VirtualCourt/ ... t-nysupcv1

THE PW: 7349