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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

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?

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you explain better than becker cpa, god bless you

Thank you!! It is really helpful

Does the Yellow Book Audit includes operational audit; Audit of the three E’s(Economy, Efficiency and Effectiveness)

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

Hey - I'm located in canada do you think the book would still be helpful

Thanks!

Thank you, Charles. I love your videos!

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

Great video, Charles! As usual!! 😀

Very helpful, thanks!

Great work Charles!!!

Thanks Charles. This will be so helpful to me and my clients ! God Bless !

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.

Thank you Sir, it was well explained

Thank you so much for this.

Videos are great….Most courses on risk assessment are not understandable yet you make it easy to learn

Thank you! Very informative

Well and easily explained on Inherent risk

This really helps and kudos for the real-life examples! Thank you!

excellent video, thank you for sharing your experience and advice!

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!

Thank you @CPA HALL TALK

Watching in Texas. What do you think is the most effective way to study audit to pass the CPA exam?

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

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.

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!

Do you play guitar? 🎸

Great info Charles!

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.

Thank you for this information

Hello! Thank you so much for uploading videos on audit topics.