The following is a list of the top ten actions to minimize the risk of being sued.

This list was compiled by the author as a result of various discussions with top malpractice insurance companies.

 Accounting and Auditing in Volatile Times

  • Tighten Up Engagement Letters
  • Watch Out for Bad Clients
  • Take Precautions for Fraud and Defalcation
  • Protect the Privity Defense Against Third Parties
  • Supervise and Manage Personnel
  • Have a Workpaper Retention Policy
  • Improve Billing Procedures
  • Never Sue to Collect Unpaid Fees
  • Tighten Up Workpapers

 

High Level - Summary 

(i) Classification and Measurement - When an entity credit risk increases, then DO Not book any "GAINS" in the PnL
(ii) Impairment - move from INCURRED Loss model to Forward looking "Expected Credit Loss" model. MOre disclosure on information impacting the Financial asset.
(iii) Hedge Accounting

VAGST THRESHOLD IN SAMOA

All business with sales over $130,000.00 per annum requires registration for VAGST at Ministry for Revenue.

IMPORTANT NOTICE TO ALL OUR CLIENTS AND STAKEHOLDERS.

SAMOA TAX REFORMSEFFECTIVE JANUARY 2018!

Matters of Priorities

  1. Massive increase by 60% on annual business license per annum
  1. Apart from the increase in Business licenses, Sole traders will entertain the newly effective tax rates which saw the threshold increase from $12,000 to $15,000 per annum. Below example illustrates tax savings with new rates compared to prior years.

INCREASE OF MINIMUM CONTRIBUTIONS
We respectfully advise that pursuant to earlier notification in January and June 2015, the National Provident Fund Amendment Act (No. 2) 2015 has now been passed by Parliament which increases the minimum contribution from 5% to 6% of Gross Salaries & Wages commencing 1st July 2015. There will be another increase next year on 1st July 2016 from 6% to 7%.

William Mauia Brown (General Manager - Su'a ma Pauga) presenting league Uniform for Salelavalu Raiders Rugby League Team Management ..
Auano Faafafa and Patolo Mariner
Sharlene M. Su'a
A new addition on the personnel of Su'a ma Pauga with Sharlene McFarland Su'a joining the firm in late December 2014.

It's funny how some of our clients have specifically ask us that their bankers have asked them to make sure they make a profit this year or else their interest rates on their mortgages will be increased. What in the world is this?