GoDaddy recently had a ‘hiccup’ in their service and it affected Smartvault‘s service. Since Smartvault is our firm’s online document management service, and our documents are extremely financially sensitive, I wanted to get Eric’s take on what happened with GoDaddy and why security online is so important.
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Wouldn’t it be great to get everything right the first time? Sounds good, but what fun would that be? Most people that come to Thriveal love to learn new things. So I want to pose a different question.
What do you wish you had started a year ago? Five years ago?
I want to praise the AICPA in their recent attempt to innovate within our profession. How do I define ‘innovation’ in terms of what they are doing? Simply, this: they are reviewing how we have always done things as a profession and considering, due to technologies and the common behaviors of our customers, that maybe we should change our professional behavior, and thus our standards. Kudos and I agree!
I’m speaking of the AICPA’s most recent Exposure Draft on changes to some SSARS (Statements on Standards for Accounting and Review Services) where they are considering making the preparation of financial statements an non-attest service. Basically, they are proposing making ‘preparing financial statements’ separate from attest services like Compilations, Reviews and Audits. Currently, every time we prepare financial statements, it is really considered a Compilation service, even though our customers may not intend us to Compile financials, may not want to pay for it, and do not actually need it. As CPAs, our professional hands are tied when our customers need financial reporting. We have to say, “I’m sorry, that quick financial statement you need will cost you. I have to prepare a Compilation even though you don’t want one.”