Surety Bond Quarterly - Fall 2014 - 25

potential for fraud in the company.
Best-of-class CPAs know what fraud
looks like and can pose the right questions
to the right people to shake out
the potential risk that someone is
stealing from the contractor or engaging
in illegal acts with customers or
vendors. Consider asking the CPA
how he or she approaches this aspect
of responsibility. We need to be clear
that an audit is not an assurance that
fraud does not exist, but it is probably
the only time in the year that anyone
looks at the possibility that assets are
going out the back door.
Note that no inquiry regarding fraud
occurs under a review engagement;
this is something to consider when
you are deciding whether the contractor
should have an audit or review. It
is hard to complete a job from jail and
impossible to pay bills when someone
has taken your cash flow.
DEPTH OF ORGANIZATION
let's face it. We gravitate toward the
people we like. Part of your underwriting
of the CPA relationship is looking
at what resources are behind the
CPA that has the relationship. larger
organizations will have technical
resources to draw upon. For multioffice
accounts, a larger firm may be
better prepared to serve a national
client. But many small firms travel
well and have trained staff members
who are comfortable working on the
road. So the depth of the firm comes
down to strength beyond the person
actually doing the audit or tax return.
Some firms get depth by association
with other experts.
REPUTATION AMONG
INDUSTRY PLAYERS
Best-of-class construction CPAs and
their firms are held in high esteem by
the industry. Quality, integrity, timeliness,
commitment: these are words
that build on one another to create a
person, a relationship, an organization
that will do the right thing when
the time comes.
you rely heavily on the financial information
provided by your contractor clients.
That reliability is enhanced when
the financial statements are audited
694645_Trisura.indd 1NatioNal assoCiatioN of surety BoNd ProduCers | WWW.NASBP.orG 2520/06/14 2:34 PM
by the right firm. The right firm is the
firm that, when the underwriter sees
the opinion, he or she thinks, "I know
about this firm, they do good work,
their clients are quality customers, their
reports are timely and there are no surprises."
Don't take the chance with a
B-class CPA; demand best of class. ●
John Armour, a CPA and CCIFP,
is managing director of the A/E/C
Services Group at CBIZ MHM,
LLC (www.cbiz.com) and frequent
presenter on tax and accounting
construction issues around the
country. He is based in Denver,
Colo., and can be reached at
jarmour@cbiz.com or 720-200-7081.
Emilio Alvarez is a CPA and founder
of E.F. Alvarez & Company, a Miami,
Fla., CPA firm (www.efacpa.com)
dedicated exclusively to construction
contractors. He can be reached
at
ealvarez@efacpa.com
305-444-6503.
or
http://www.efacpa.com http://www.cbiz.com http://www.trisura.com http://WWW.NASBP.orG

Surety Bond Quarterly - Fall 2014

Table of Contents for the Digital Edition of Surety Bond Quarterly - Fall 2014

2014-2015 NASBP Executive Committee
NASBP Upcoming Meetings and Workshops
From the CEO: Successful construction relationships require the right relationship
Practical Insights: What you need to know - bond and lien notice pitfalls
SuretyLearn.org: An invaluable resource
Advocacy update
Nov. 12-3 Conference addresses the twists and turns of best value selection - and other timely topics
Surety Bond Guarantee Program changes for the better
Front Line Underwriting: Choosing a quality construction CPA
Getting in the weeds: Requirements of marijuana surety bonds
Encrypting email
It’s Finally Here: The new revenue recognition standard
CPAs standing in the GAAP
Resource Directory
Index to Advertisers
Surety Bond Quarterly - Fall 2014 - cover1
Surety Bond Quarterly - Fall 2014 - cover2
Surety Bond Quarterly - Fall 2014 - 3
Surety Bond Quarterly - Fall 2014 - 4
Surety Bond Quarterly - Fall 2014 - 5
Surety Bond Quarterly - Fall 2014 - 6
Surety Bond Quarterly - Fall 2014 - NASBP Upcoming Meetings and Workshops
Surety Bond Quarterly - Fall 2014 - From the CEO: Successful construction relationships require the right relationship
Surety Bond Quarterly - Fall 2014 - 9
Surety Bond Quarterly - Fall 2014 - Practical Insights: What you need to know - bond and lien notice pitfalls
Surety Bond Quarterly - Fall 2014 - 11
Surety Bond Quarterly - Fall 2014 - SuretyLearn.org: An invaluable resource
Surety Bond Quarterly - Fall 2014 - 13
Surety Bond Quarterly - Fall 2014 - Advocacy update
Surety Bond Quarterly - Fall 2014 - 15
Surety Bond Quarterly - Fall 2014 - Nov. 12-3 Conference addresses the twists and turns of best value selection - and other timely topics
Surety Bond Quarterly - Fall 2014 - 17
Surety Bond Quarterly - Fall 2014 - Surety Bond Guarantee Program changes for the better
Surety Bond Quarterly - Fall 2014 - 19
Surety Bond Quarterly - Fall 2014 - 20
Surety Bond Quarterly - Fall 2014 - 21
Surety Bond Quarterly - Fall 2014 - Front Line Underwriting: Choosing a quality construction CPA
Surety Bond Quarterly - Fall 2014 - 23
Surety Bond Quarterly - Fall 2014 - 24
Surety Bond Quarterly - Fall 2014 - 25
Surety Bond Quarterly - Fall 2014 - Getting in the weeds: Requirements of marijuana surety bonds
Surety Bond Quarterly - Fall 2014 - 27
Surety Bond Quarterly - Fall 2014 - Encrypting email
Surety Bond Quarterly - Fall 2014 - 29
Surety Bond Quarterly - Fall 2014 - 30
Surety Bond Quarterly - Fall 2014 - 31
Surety Bond Quarterly - Fall 2014 - It’s Finally Here: The new revenue recognition standard
Surety Bond Quarterly - Fall 2014 - 33
Surety Bond Quarterly - Fall 2014 - CPAs standing in the GAAP
Surety Bond Quarterly - Fall 2014 - 35
Surety Bond Quarterly - Fall 2014 - 36
Surety Bond Quarterly - Fall 2014 - 37
Surety Bond Quarterly - Fall 2014 - 38
Surety Bond Quarterly - Fall 2014 - Resource Directory
Surety Bond Quarterly - Fall 2014 - 40
Surety Bond Quarterly - Fall 2014 - 41
Surety Bond Quarterly - Fall 2014 - 42
Surety Bond Quarterly - Fall 2014 - 43
Surety Bond Quarterly - Fall 2014 - 44
Surety Bond Quarterly - Fall 2014 - 45
Surety Bond Quarterly - Fall 2014 - 46
Surety Bond Quarterly - Fall 2014 - 47
Surety Bond Quarterly - Fall 2014 - 48
Surety Bond Quarterly - Fall 2014 - 49
Surety Bond Quarterly - Fall 2014 - 50
Surety Bond Quarterly - Fall 2014 - 51
Surety Bond Quarterly - Fall 2014 - 52
Surety Bond Quarterly - Fall 2014 - 53
Surety Bond Quarterly - Fall 2014 - 54
Surety Bond Quarterly - Fall 2014 - 55
Surety Bond Quarterly - Fall 2014 - 56
Surety Bond Quarterly - Fall 2014 - 57
Surety Bond Quarterly - Fall 2014 - Index to Advertisers
Surety Bond Quarterly - Fall 2014 - cover3
Surety Bond Quarterly - Fall 2014 - cover4
https://www.nxtbook.com/naylor/SBPQ/SBPQ0118
https://www.nxtbook.com/naylor/SBPQ/SBPQ0417
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