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CPA Hall Talk
United States
เข้าร่วมเมื่อ 8 มี.ค. 2020
Hi, I’m Charles Hall, creator of CPA Hall Talk.
I provide information and training to Certified Public Accountants, mainly about audits, compilations, reviews, and accounting standards. My mission is to make CPAs more efficient and effective.
Professional standards continue to evolve at a rapid pace. And yes, they are complex. In this TH-cam channel, I provide summaries of those standards. And I make them easy to understand, saving you time and headaches.
But what about older standards? I address those as well. I find that CPAs have patterns of weakness regarding their understanding of professional standards. I'm here to help you mend those gaps.
Why listen to me? I am a CPA and a Certified Fraud Examiner with 35 years of experience. And I have taught CPE classes for 25 years. I served twenty years as a quality control director/partner for two different CPA firms.
Subscribe to my channel now.
You'll find additional free information at CPAHallTalk.com.
I provide information and training to Certified Public Accountants, mainly about audits, compilations, reviews, and accounting standards. My mission is to make CPAs more efficient and effective.
Professional standards continue to evolve at a rapid pace. And yes, they are complex. In this TH-cam channel, I provide summaries of those standards. And I make them easy to understand, saving you time and headaches.
But what about older standards? I address those as well. I find that CPAs have patterns of weakness regarding their understanding of professional standards. I'm here to help you mend those gaps.
Why listen to me? I am a CPA and a Certified Fraud Examiner with 35 years of experience. And I have taught CPE classes for 25 years. I served twenty years as a quality control director/partner for two different CPA firms.
Subscribe to my channel now.
You'll find additional free information at CPAHallTalk.com.
Reconcile Balance Sheet Accounts Before Close
In this video, I explain the most important accounting procedure: reconciling balance sheet accounts before closing your books. I'll talk about reconciling cash, receivables, plant, property, and equipment, inventory, accounts payable, payroll withholding accounts, debt, and equity.
0:00 Introduction
0:52 Mystery accounts
2:08 Accounts receivable and payables
3:45 Reconciling bank accounts
4:52 Investment and debt accounts
6:07 Plant, property, and equipment
7:05 Inventory
7:46 Withholding accounts
9:04 Equity accounts
10:39 Revenue and expense account review
#cpahalltalk
0:00 Introduction
0:52 Mystery accounts
2:08 Accounts receivable and payables
3:45 Reconciling bank accounts
4:52 Investment and debt accounts
6:07 Plant, property, and equipment
7:05 Inventory
7:46 Withholding accounts
9:04 Equity accounts
10:39 Revenue and expense account review
#cpahalltalk
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ChatGPT Search: Accounting Example
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ChatGPT just introduced ChatGPT search. It's basically a marriage between what you've previously seen in ChatGPT and the results you get from Google. In other words, it provides links back to articles or sources, but it does so from within ChatGPT. 0:00 Introduction 0:25 example for accountants 0:53 links to articles 1:12 sources - summary of articles #cpahalltalk
The BEST Solutions to Take Your Audit Firm to the Next Level
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In this video, I give you five cures to audit firm weaknesses. But first I provide four weaknesses and seven indicators that things are awry. Knowing the tell-tale signs of audit firm decline will enable you to properly diagnosis your problems and cure them. 0:00 Introduction 1:50 four audit firm weaknesses 4:47 seven indicators of problems 7:43 five cures for CPA firm issues #cpahalltalk
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In this video, I explain why you may want to consider your litigation exposure in a CPA firm. Public accounting firms do get sued. So, let's look at how you can lessen your potential litigation exposure. 0:00 Introduction 1:00 New client example 2:15 Lesser risk clients 2:55 CPA firm insurance 3:20 Review your book of business 4:35 Types of engagements 5:07 Owners review firm engagements 5:43 R...
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In this video, I explain how you can use the tax basis of accounting in financial statements. I also demonstrate this basis of accounting by showing you sample tax basis financial statements. The tax basis of accounting is a quicker way to create financial statements. 00:00 Introduction 00:30 Overview of video 00:45 Tax basis of accounting 01:25 Why use tax basis? 02:22 Sample tax basis stateme...
Understanding the Modified Cash Basis of Accounting
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In this video, I explain the modified cash basis of accounting. Moreover, I provide sample transactions that can be modified (recorded on the balance sheet rather than on the income statement) and those can should not be. 00:00 Introduction 00:43 Plant, property, and equipment 02:19 Notes receivable 02:44 Investments 03:34 Loans payable 04:24 Accounts payable and accounts receivable 05:23 No pr...
Understand Cash Basis of Accounting in Less than Five Minutes
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What is cash basis of accounting? In this video, I tell you how to understand this basis of accounting in less than five minutes. I also explain accrual accounting and how it differs from cash basis accounting. 00:00 Introduction 00:25 Expense example - cash basis 01:08 Revenue example - cash basis 02:05 Modified cash and GAAP 02:34 Expense example - accrual accounting 03:05 Revenue example - a...
Unearned Revenues And Deferred Inflows of Resources: A Guide
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In this video, I explain the difference in unearned revenues and deferred inflows of resources in governmental funds. I provide examples from the balance sheet of a governmental special revenue fund and the related governmental activities in the statement of net position. 00:00 Introduction 00:37 Unearned revenues 01:17 Deferred inflows 02:08 Availability criterion 02:34 Confusion about classif...
Cash Flow Statement Creation Tips
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In this video, I provide cash flow statement creation tips. Cash flow statements can be confusing because you are moving from full accrual statements in the balance sheet and the income statement to cash only transactions. I provide helpful tips to get you through this process, especially if your company uses the indirect method. 00:00 Introduction 00:28 Cash flow statement tells a story 01:20 ...
How to Make Your CPA Training Work
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Have you ever attended a CPE class and felt like you learned nothing. Or maybe you've taken CPE for years, but feel like it's never been worth your time. In this video, Melisa Galasso tells you how to make your training work. Don't waste time and money. See how you can become a top-flight CPA. For information about Galasso Learning Solutions, click here: galassolearningsolutions.com/ 00:00 Intr...
Governmental Audit Standards Explained
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The video explains the various governmental audit standards that are in play for most governments. I talk about generally accepted auditing standards, Government Auditing Standards, and Uniform Guidance. I also show you the language in the audit opinions and reports that point to these various audit standards. 00:00 Introduction 01:08 Audit opinion (U.S. audit standards) 01:50 Audit opinion (Go...
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In this video, I explain the successes and failures of agreed-upon procedures. I want you to know how to structure your AUP engagements, which is the key to success. You'll often have an improper AUP report if you don't correctly define your procedures. CPAs should not provide opinions or conclusions in AUP reports. 0:00 Introduction 1:20 AUP definition 2:43 AUP objectives 3:05 AUP structure 4:...
Four Ways for CPAs to Issue Financial Statements
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Is Your Audit Client Ghosting You?
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THANKS!
It is called NFP/ not for profit. That's in all textbooks since 2010.
Thank you for this incredibly useful overview. If a nopro does not have any items with donor restrictions, does one still need to show the columns and rows with all zeroes or eliminate them from financials?
Good presentation!
Amen!
Informative video, thank you Sir
Glad it was helpful!
Hi Charles. First of all congratulations for the video. It was clear, informative and concise. I have a question around the compilation report for a compilation of a SME, which includes a paragraph that starts with "I draw attention to the note x of the financial statements from that discloses the basis of accounting." How would this paragraph be framed if the client elects to omit the notes? A page with selected disclosures?
See my Preparation and Compilation book on Amazon: amzn.to/3BJeikd
You can purchase my book on Amazon. amzn.to/3U7yNNA
You can purchase my book on Amazon. amzn.to/3U7yNNA
Hello sir are you looking for a professional youtube thumbnail designer or video seo expert?
you explain better than becker cpa, god bless you
Thanks. I appreciate your kind words. :)
Thank you!! It is really helpful
Glad it was helpful!
Does the Yellow Book Audit includes operational audit; Audit of the three E’s(Economy, Efficiency and Effectiveness)
Yes, the Yellow Book includes performance auditing. See th-cam.com/video/Ml88igMh4XM/w-d-xo.htmlsi=1Pm2BvUqd-Ac6wNP
Helpful!
What an expert in the Audit! So grateful for that!
Hi, thanks for your explanation. What I don't understand is that @3:45 why Blues painting expense of $40,000 would show up in 2022? $40,000 was expensed in 2021. Even if payment is made in 2022, it does not impact expense account as the journal entry will be like this. (Dr Accrued expense $40,000 / Cr Cash $40,000) Could you help me understand this?
Thank you for sharing. Your videos have been an excellent resource.
Incredibly insightful. Thank you!
Under 842, ROU Amortization is supposed to be straight lined - Not sure if I am misinterpreting your slide…? 6:25
The ROU asset is amortized as explained at 6:25 for operating leases. Straight-line is only used for finance leases.
Hey - I'm located in canada do you think the book would still be helpful
No, I would not use it in Canada. It’s just for firms following U.S. guidance. Sorry.
@@CPAHallTalk thanks appreciate the response
Thanks!
Thank you, Charles. I love your videos!
You are very welcome, Susanne.
Thank you sir ❤
Hi Charles. Do you have an example set of financials for this video that you could also talk about, as if these leases were all the company had on the books? I would like to see where they are in the Chart of Accounts, best case scenario, and I am sure order matters on the Balance Sheet. Yes, I do ask for the moon! Kindest, Kim
Kim, I’m sorry, but I don’t. I made up these numbers without reference to a particular entity. The chart of accounts for finance and operating leases would include: (1) ROU asset, (2) ROU short term liability, (2) ROU long term liability, (3) interest expense, (4) ROU amortization, and (5) lease expense, (6) ROU accumulated amortization.
@@CPAHallTalk Thank you, Charles, for the lightning-fast detail!!!
Great video, Charles! As usual!! 😀
Thanks, Sam!
Very helpful, thanks!
Great work Charles!!!
Thanks much. Looking forward to having this in people's hands.
Thanks Charles. This will be so helpful to me and my clients ! God Bless !
Thanks much. I appreciate your support!
I wish I found your content earlier in my career, Sir. A similar thing happened to me: I was a staff 1 at a top 50 firm and the manager voluntold me to do inventory observation and just told me to read the audit program (I suspect the manager had no idea how to perform an inventory observation). I got pretty good at it because they kept assigning me to other inventory observations. This is not a good staff retention strategy.
Sorry to hear you had a similar experience. Sadly, it’s common. Thanks for sharing your story.
Thank you Sir, it was well explained
You are welcome.
Thank you so much for this.
You are so welcome!
Videos are great….Most courses on risk assessment are not understandable yet you make it easy to learn
Glad you like them!
Thank you! Very informative
You're welcome!
Well and easily explained on Inherent risk
Glad you found it helpful.
This really helps and kudos for the real-life examples! Thank you!
You're very welcome!
excellent video, thank you for sharing your experience and advice!
Glad you enjoyed it!
Thank you for sharing your wisdom and experience in this video. I always thought that other people can make it to partner much easier than me and that can be depressing some times. Knowing that a great talent like you had to go through the hardship to get to where you are now gives me the hope that I am getting close to where I want to be and it is matter of time as long as I stick to my passion and don't give up. I love public accounting and enjoy the learning and feeling great when we finish the engagements and make happy clients. I enjoy watching your videos and reading your posts and even purchased the books you wrote. The way you explain accounting and auditing makes much more sense to me. Looking forward to more of your postings. God bless!
Glad to do so, Jackie. Thanks.
Thank you @CPA HALL TALK
Hope you are doing well, Bibi.
Watching in Texas. What do you think is the most effective way to study audit to pass the CPA exam?
Study and then try to recall by writing down what you are learning without looking at your study guide. Or discuss what you are learning with someone else, preferably someone studying for the exam.
@@CPAHallTalk Thank you so much. I have been studying auditing, including MCQs since 1pm, with very few breaks--9:35 pm Houston's time. A lot of information to retain.
Thanks 👍
When the accrual is automatically reversed..does it leave a credit balance (neg) in FY22 expense account and that’s why it cancels out?
Excellent thanks
You are welcome
as somoene who has been out of audit for a year - and is going back into it - Your videos are very useful in re-jogging all the memories and allowing me to prepare better for my next set of interviews.
Great to hear!
Hi Charles, I am a younger CPA in public audit that would eventually like to branch out with my own firm. Do you find small Audit firms to be profitable given the high amount of regulation and peer review required as opposed to a bookkeeping/Virtual CFO type, or even tax firm? Would like to know your thoughts on which is the better route to create a profitable business out of based on how you found success. Thanks!
Small firms (like those with three or four people) generally are not as profitable as larger firms (say over 25 people). But either way, I think you can make a good living. Best wishes.
Do you play guitar? 🎸
Yes, but not very well. :)
Great info Charles!
Thanks.
Man I love your videos. First thing you are a southerner which, being one, it just makes me feel connected. I realize that is ridiculous but it is true. Second you give so much intimate knowledge. Farhat is great for basics, and CPA (as are you) but the insight into information most people won't tell you can always be found in these talks. Honestly I wish there was more. Thanks man. Joining Big 4 in a few months and pretty freaking nervous.
Thanks. I hope your new job goes well.
Thank you for this information
My pleasure