Okay, we're back. We're live four o'clock rock. We're off to see the wizard and the way and the wizard is Hawaii The state of clean energy favorite show our Wednesday energy show where it all happens We learned so much, you know We see inside the crystal ball of what's gonna happen and Carolyn Carl is joining us and John Cole is our special guest and Soon enough you will see Sharon Moriwaki Back from her travels and we're having a reunion here today with Sharon and me Okay, so the first thing you do is we're gonna talk about energy efficiency day, Carolyn Yes, the inaugural energy First one so we're here joining millions of Americans in celebrating energy efficiency day today October 5th, so something extra special here is that we wanted to thank the governor for Proclaiming today energy efficiency day for Hawaii. That's great. So we got some video of that Oh, yeah, let's see what it looks like and you can tell us what happened Yeah, this was a fantastic day where we were joined by the commissioners and Governor read the proclamation. This is our entire team here out in blue to support energy efficiency You know it is the smartest cleanest way to get us and cheapest to get us to our clean energy goals here in Hawaii huge amount of energy is Efficiency absolutely and our program Hawaii energy is here to help residents and businesses get there faster You know last year alone We saved almost a hundred and fifty million kwh to the system level It's a lot and it's happening every day and there's little things that we can do So is this a celebration as the energy day efficiency day happening all over the country? It is yeah We've joined a number millions actually a number of different organizations about Efficiency groups utility programs large corporations and just getting the word out to people to help them make Smarter decisions about their energy use to stop being wasteful to know that there's little things you can do whether it be changing Your light bulbs changing, you know the way that you wash your clothes Tips all over if you visit our Hawaii energy calm right now You can follow us on Twitter Instagram and see all the great stuff that we're talking about We actually hit the streets today to downtown at lunch. What did you do you walk you walk the streets? We spread the good word We gave out all sorts of information again Just raising awareness and you and believe how excited people get just at the simple tips that they can take home right away And implement fast quick Solutions to reducing your electricity for video blue shirts, too.  It's not just the state of Hawaii It's not just your organization It's everyone involved in energy is picking up on totally and not only is it a national level But I really feel like here in Hawaii We're leading the way too with everything that we have in a town will probably talk a lot about renewable integration projects Margaret all sorts of stuff that's happening in our universities, but Programs stakeholders all all over the country are recognizing, you know, what we're doing here on on all sides So it's a good thing it has to keep on going exactly You know, we have to have the same conversation, you know next year, but yeah sooner than next year So next week next week, all right, I'll do that So but now knowing that knowing we are now in kind of a new paradigm with energy efficiency day once a year anyway How should people conduct themselves today to help you celebrate to help us all celebrate energy efficiency day? Carolyn well social media is a great way to get the word out again visit Hawaii energy calm at my Hawaii energy Twitter Instagram The hashtag for energy efficiency day is hashtag EE day 2016 So you can see all the cool stuff pictures of lights and groups and big facilities all sorts of cool stuff I was just checking it out earlier But you know as always on every day you can reach out to us So Hawaii energy calm you can give us a call 5 3 7 5 5 7 7 And just we're here to help as a resource for both, you know the residential and the business customer So you can realize the savings quicker guys around a roll. We're trying yeah every day John You have questions or comment. What do you want to say about this? How does it react? Was your heart beat faster like mine? Absolutely, yeah, absolutely. I mean as the inaugural one I think that there's a lot of groups that got on board a bit later But preparation will continue throughout this year to make it even bigger and better more street corners next year More awareness exactly May I you can quote me on this every day is energy efficiency in my world for sure? Thank you so much. That's Carolyn Carl deputy director of the Hawaii conservation and energy a great organization and So much involved in this very important initiative. Thank you. Thank you very much We're gonna take a short break. We'll come back and you are again going to see Sharon Roy Wacky and enjoy her as we do I'm Stan energy man, and I want you to be here every Friday noon Think tech Hawaii calm. What's the show be there? I pity the fool wait Hi, I'm Ethan Allen host of likeable science on think tech Hawaii I hope you'll join me each Friday afternoon as we explore the amazing world of science We bring on interesting guests scientists from all walks of life from all walks of science to talk about the work They do why they do it and more over why it's interesting to you What the science really means to your life? It's impacts on you how it's shaping the world around you and why you should care about it I do hope to join me every Friday at 2 p.m. For likeable science For a very healthy summer watch Viva Hawaii We're giving you the best tips and with our best health coach here So Viva health coach Viva la comida saludable Aloha, I'm kawi Lucas host of Hawaii is my mainland every Friday here on think tech Hawaii I also have a blog of the same game at kawi lucas.com where you can see all of my past shows Join me this Friday and every Friday at 3 p.m. Aloha Aloha, I'm Shantel Seville host of the Savvy Chick show on think tech Hawaii And I'm going on tour. I'm taking you around the world We're going to Canada and then we're going to well We're in America, but then we're going to San Francisco. So keep staying tuned 11 a.m. Every Wednesday on the Savvy Chick show We'll see you next time Looking to energize your Friday afternoon tune in to stand the energy man at 12 noon Aloha Friday here on think tech Hawaii Pumped hydro, that's the word we just had a great show on Hawaii the state of clean energy with George St. John and Ray Starling and we're talking about how how okay with back we're live. We're here. Look at us This is Hawaii the state of clean energy every Wednesday at 4 p.m. We have such fun We learn so much we meet such interesting people like John Cole Sharon you and me And this month this month is really exciting because we're going to hear what is happening at the University Let's preface that you know, there's a lot of stuff happening and you can quote me on this There's a lot of stuff happening at the University. It's so big. It's such a juggernaut of stuff I mean everywhere you look there's something happening and the problem with that is we've got to tie it together So John is there in the middle of it at H and E I wish everybody knows stands for Hawaii natural energy Institute John sees it all happening So John what is happening and how are you tying it together? Like you said Jay, there's an awful lot happening and I'm sure I'm not even aware of everything and I Do not tie it all together. I do see a lot of things that could be and work better eventually My plan for today was just to kind of go through the different programs and colleges and schools that I know about and just highlight a few of the things that are going on and Concentrate a little bit on the College of Engineering and H and E I itself Also because I know more about those but And there's a few other areas as I go through my list that are going to be on shows later this month So good. I'll explain. So this is the month for what's going on at UH right good So like I said, there's a lot going on there The College of Engineering has various programs that I'll discuss a little later today H and E I I mean our mission is renewable energy and efficiency and in helping to make partnerships and You know develop technologies and demonstrations of technologies and to help inform policy in the state And I'll talk a little bit about that later. There's also things going on at the law school for a long time. They've had a very robust environmental law program which is Nationally recognized and more recently they've within that environmental law program They've started an energy law program as well, and I know you probably know And she helped start that and she's away right now on a Fulbright award in Mexico I think helping them with some of their energy and energy policy issues Also at the business school, I mean There's a lot of things going on, but they have a PACE program, which is Pacific Asian Center for Entrepreneurship Where they kind of try to meld different disciplines and put it in a business context and H and E I itself had Funded a couple of fellowships there So what kind of business I mean, how does the business school? So it's the idea is to kind of merge the technology analysis and the business Issues together where they could kind of cross-train between the business legal and techno technological aspects of three energy systems Yeah, so they learn how to create a business in energy sounds like a startup entrepreneur Yeah, I mean that's kind of the idea of the PACE program But I mean we sponsored a few to concentrate that on energy But the program itself is widespread across almost any business idea different and separate from the other Accelerators around town right this is just at PACE right and later. I'm going to mention one an accelerator at UH I might as well do that now. It's called accelerate UH and would you spell that because that's a straight spelling X LR The numeral 8 UH so it's called accelerate UH and they're there to help Any entrepreneur that's kind of linked to UH it can be students it can be faculty it can be alumni Pretty much anybody who has a link to UH and an idea with a business or maybe a patent type thing That they want to go out and pursue They're there to help them through the process to help them Train in the various aspects that they're going to have to go through to you know, either develop a business or help them get a patent and monetize that and They've been active in the energy area, too. I mean we have a couple of H&EI people that have gone through their program One for patents and others for business We actually just had a briefing by them a week or so ago To you know encourage more of us because there are quite a few H&EI faculty who would have patents and stuff with their energy and they would help them You know kind of bring that out in an entrepreneurial way to get it out there more in the business world and the actual Use and monetization Do they just help you if I had a project and I wanted to start a business or I want to sell this Product or do you have to go through their training program in order to get the help? Well, they have an application process and they actually do some initial funding They look at your application that they have like venture capitalists from you know The mainland who are on the team and actually, you know talk to Prospects and the people who are in the program So they help not only guide them with the education and how to get through the process But also with funding I mean they start with one round of funding and if it keeps going They can do another and then you know guide you toward even more funding You have to be affiliated with the university or can I just off the street say hey? I need some help I have this idea I want to say. I'm not positive I think it's has to be affiliated with the university in some way So you have to be part of the program. You have to apply for the program Yeah, they do have like a short application form where you can get your idea in front of them And they'll consider it and maybe ask you to elaborate That's great program Okay, and by the way if you've become aware of any of those groups That have an idea worth discussing here and that's right bring them here Love to have a show with them Sir we do that kind of show by Skype all around the country because they pitched they pitched to us Now when they do you know most of time we say okay pitch to us on the air But if they want to pitch to us here from the university, we'll do that Yeah, well, you said a couple are from H&E I right what kind of projects it is I know Mitch Ewan who does a lot of hydrogen work at UH head it has a patent He's gone through their program. I'm not sure if the patent is pending or it's being worked out I don't know if it's been granted yet, and I know there's other you know Different things and bioplastics and things like that have been going on Yeah What's it a Yamamoto Susan Scott Yamamoto of who runs pace She's been on the show many times She's she's really good to see a great organizer from that activity. Yeah, that sounds good. That's a great connection. Yeah, you're in it Okay, and the next college I was going to bring up is the School of Social Sciences, which Sharon is works for Includes the Public Policy Center which Sharon works for who they do energy and policy research and facilitate the whole energy Policy form policy form comes out of the College of Social Sciences So, I mean they do a lot of work to try to help coordinate Most of the energy stakeholders in the state, you know get issues just in the group for discussion where Frank discussion can be had and you know people can think about how to approach our problems We have several regular meetings a year where people you know kind of give updates as to what they've been doing and We actually talk about the issues that are you know either pending or need resolution For us to move forward in clean energy and I think you know They do a great service and facilitating that discussion and and trying to get some solutions and results with some safety In other words, if I reveal an idea to you, you're not gonna copy me This is all a trust basis Facilitate good discussion civil discussion on the issues And also within the school of social sciences is the University of Hawaii economic research Organization and they've been doing work with energy they do some modeling that Kind of looks at energy and its impacts on the state economy whether it's the pricing of energy and or You know how many people are getting solar PV They've looked at a lot of different issues that you know have wider statewide economic impacts And actually next week's show we're gonna concentrate on that We'll have a guest from you hero here and talk about that McKenna coughed so we'll talk about that a lot more in detail next week. I feel it coming on though John party party Energy party. Oh, I say UH energy All the people at UH who were involved all the people you've been listing all the organizations Departments and groups and what have you they should all have a party and say hi That would be invaluable for them to connect up because out of that will flow new ideas Connections I would agree. That's true. I think that might be a way to connect everybody to get an organizer There is a lot going on and even within h&i I don't know everybody that works there We're kind of in different buildings and you know our own offices or labs So I think good to get our communication and connection making is definitely a good idea Good idea Jay. Yeah, okay. I'm ready I did want to mention one other please part of UH it's involved in a lot of energy research And that's the applied research laboratory at the University. They were established just like eight years ago They're sponsored by the Department of Defense and the Navy and they look at researching and developing and Testing technology, you know that will help further the Navy's goals and a big piece of that is on the energy side And actually two weeks from now. We're gonna have Karl Kampanya. Oh good.  When the who the individuals are and contacts and it could be on the website. It could be on H and It's a good start and John has done a great job and just getting all the people who are doing things because there's a lot And like I said, I don't know everything that's going on So I'm sure there's other areas that I haven't touched on where people are looking at clean energy issues being renewable energy Integration or efficiency type of things and if I can mention for the last show of this month Somebody from hnei Jim mastery will be on talking about energy efficiency Things hnei is doing and on campus We've got some test buildings that were just completed their net zero buildings and there's a lot going on there And he's also gonna bring in how you know the UH campuses has a requirement to be net zero and I think it's 2045 as In a state law a year or two ago. So there's a lot of work being done on that So Jim won't be here to all the campuses or just Manola all the campuses are working toward that Yeah, I think they're working toward but when you think about it you you realize that Every that I can think of every school every agency every department They're all doing something on energy because it's It's what's happening For example We have as a host Martin de Speng he teaches at at the school of architecture Very interested in sustainability You know in dealing with climate change and sea level rise and all those Environmental issues but also energy and energy efficiency. You know design a house these days you have to do that You're an architect so there's connections that that go beyond the people who are actively involved You know in energy people who are doing, you know other things in energy from the university Yeah, and and today I think Economics has always been a factor in why but I think more and more and more it's becoming so I mean Even I'm sure people are happy when they do these things that it helps the environment and slows climate change And but more and more it's becoming just an economic decision Yeah, especially on the energy efficiency side when there's so many things people can do and Devices they can put in that can help them use less energy and you know not have to spend the money on it And then other things like PV and things like that were the cost coming down It just makes economic sense to people and I think that's what grabs people At least initially more than more than a lot of the other things at least regular people aren't involved in energy every day Like we are but we need you hero We need we need McKenna Kaufman and her friends because we have to make that evaluation on everything We do sometimes you're gonna find out that efficiency is great and it saves you money Sometimes you're gonna find out that it's not great and doesn't save you money And you have to make the evaluation you have to in order to determine a strategy You have to ask those questions and an economist is a good person to ask I want to know since John John is like the heart of H&E I She said that in public What is what does? H&E I is charged we call you you folks the research arm for energy for the state because you you are the agency You know established by law to be the energy agency or doing research and renewables and Assessing them. So what what is the big kind of things that that H&E I is doing? Like you said, we were established in the statute and Initially just to you know work with government and organizations to reduce the state's dependence on fossil fuels And we've been doing that for a long time a lot of it is through federal grants and things like that and Eventually we got some state funding which comes through to state barrel tax, but that wasn't until you know 2009 or so and So I mean we've got a lot of areas of interest where we do research on technologies and different ways to integrate things into the grid and A lot of what we're trying to do is use that to help better inform state policy Whether it's at the legislative level the PUC level or or other places We feel like we have the capability to do some independent technical analysis to help better inform the policy making or decisions that are being made And it's independent in the sense that a lot of times all the PUC or Legislature may have to look at is something either from the utility who May or may not have an interest in doing or moving forward on the policy path that the legislature for instance chooses or You know some of the industries and vendors of the technologies who definitely have their own business interests So we hope to be you know an independent Technological resource to help you know that that policy making on whatever level it is. It's really objective data and data driven Analyses and recommendations.  No pressure But it is important it is important because you know, we have a lot of opinions swirling around Some of which are good and some of which are not But then you need to have it stuff so much back driven and research driven and do the testing which is what you folks do Yeah, the analysis just now is definitely in the short strokes on trying to figure out the best way It's easy to make a mistake. It's hard to recover from the mistake We need the best thinking we can get you are in the center of that job. Okay serious. See it was a heart I Don't that the need is there. I mean I wish we could answer everything But I mean we do analyses to try to you know Help inform the best decisions we can whether it's you know what we can do to help get more renewables on the grid What the cost of that is what the benefit is if it's worth spending money on this or that? In a lot of ways this state is in the forefront in this area So I mean as best as we can we like to inform that was you know technical analyses that are independent of You know like you said having any any chin in the game and wanting one up come over another We just want to help do it the best way we can so where can I find your stuff? Where can I look at your reports? What can I learn about your projects? It's all on our website. I believe it's That's hnei.hawaii.edu You can go and learn a lot there Okay, Sharon time for you to close make a summary and close I think that research is really important the analyses are really important The university plays a pivotal role in all of that and we count on them so I'm glad that John hnei is doing that in the forefront and Leading the way and hopefully coordinating and we'll hear more about that in the weeks to come Yeah, great John. Thank you so much. Thank you not only for doing these shows and setting them up But for doing what you do with hnei. I appreciate that. Thank you guys. Thank you


In this presentation we will take a look at audit versus financial accounting. We'll also take a look at managerial assertions as we think about the creation of the financial statement with regards. Support accounting instruction by clicking the link below giving you a free month membership to all of the content on our website broken out by category further broken out by course. Each course then organized in a logical reasonable fashion making it much more easy to find what you need than can be done on a YouTube page. We also include added resources such as Excel practice problems, PDF files and more like QuickBooks backup files when applicable. So once again click the link below for a free month membership to our website and all the content on it to an audit process taking place for them. When we think about financial accounting and audit we usually study these in order. So if we're going to go into accounting we typically start off with financial accounting and then at some point we might move to audit studying audit. One of the reasons we have this process in that way one of the reasons we don't learn audit and then the financial accounting is because the financial accounting is really where we learn to construct something. We start from nothing transactions concepts we learn to then construct the financial statements that in product with it. I would compare this in analogy to constructing something like a building. Now you would think that constructing the building would be more difficult than going back to the building and testing it to see if the building was put together in a structurally sound way which is similar to what is done in an audit. If we audit something then we're taking a look at the end product of financial statements typically with financial accounting types of audits. But if we compare that to a building we'd be taking the building we're saying is the building structurally sound similar type of process with an audit. We'll think of course the construction of the building or the construction of the financial statement more difficult than going back and saying OK is the thing that has been constructed done well done properly. And in many cases it is in a lot of ways the financial statement creation is more difficult in a lot of ways because we're actually building something from nothing. We're taking the financial statement transactions we're putting them together we are constructing the end result those being the financial statements. However as we put this information together it's pretty well detailed how we're supposed to do each particular step. We could think about putting the Lego set together to put our building together and the instructions are pretty straightforward. They're well defined when we start to record the transactions. We say I have a question about how to record this transaction which account should be debited and credited which account should be going up or down. We consult the regulations we look at generally accepted accounting principles we get the answer we record the transaction in accordance with the rules very specific rules. As we follow those rules in a very specific way we construct our financial statements and get to that end result. So it's a long process tedious process takes a lot of work. But as we go through each step in the process there usually are going to be a set of rules that we can go through and follow fairly closely. When we think about the audit side of things now what we're doing is we're taking the end product we could say the building or the financial statements. We're tech we're testing to see if it's going to be sound is the building structurally sound could it hold up say to an earthquake or something like that or like it's supposed to. Are the financial statements structurally sound are they complete do they have everything that should be in it do they have an accurate representation or reflection of the financial condition and performance of the company over a certain time period. Now you would think that would be easier to look into but it's a little bit confusing to think about that if we have the building you can say well the building looks structurally sound it's solid. How do I know it would stand up if you had an earthquake or something it's supposed to stand up if you have a seven point some earthquake how would I test for that I don't know it'd be a little bit difficult to go into that. And in order to test for that we're learning a few different things one we're going to be learning the financial accounting principles much more clearly. Because oftentimes what we do is we memorize what we're doing if I'm going to put something together like a building and you ask me why I put something together. I just say hey look this is what the direction says and I follow the direction and I got to the end product of the building. The directions of course have rule have reasons for them they follow the accrual principle and they have more reasons but oftentimes as we follow the directions we just follow the directions. And we can do that pretty clearly with financial accounting when we get into the audit and we have to test whether or not something has been built in a structurally sound way. We not only have to follow the directions we have to know the meaning of the direction. What are the actual principles being followed such as the accrual principle revenue recognition principle the matching principle or expense recognition principle we have to know those well and then actually construct ways that we can test for soundness. If we're looking at the building how can we test if this thing would fall over without actually having an earthquake to make it fall over. If we're testing the financial statements how can we test that it's accurate complete without actually basically testing the whole thing or taking the whole thing apart or doing so in some type of time frame that's going to be easier to do. So learning audit will help us basically to better understand the concepts of financial accounting in a much more rigorous type of way. We're going to be deconstructing in some ways what's been put together in very strategic type of ways to do so in a way that's going to save the most amount of time. As we do so we have to know what's been built and why it's been built how it's been built how can we then find ways to test the construction of it to see if it has been built in accordance with rules and regulations. And in order to know that we need to know what the gist or why those rules and regulations have been put together. Therefore the audit is going to be applying things over and above just normal principles to build the actual thing we got to look at analytical type of skills we got to think about what are the assertions behind the cruel principle of revenue recognition and expense recognition or matching principle. How can we test for things how can we put something together to test to those principles apply out those tests and then try to determine whether or not those tests are sufficient for us to be able to determine whether or not something has been put together accurately. So for example if we take a look at the management type of assertions will recall that the financial statements are built by the company company run by management management's responsible for putting together the financial statements. The auditor then is responsible for testing the financial statements in some way. So by the company putting together the financial statements they are making assertions their assertions involved. Basically things that the management is saying hey these financial statements represent these assertions within them they have been constructed in accordance with these assertions. We as the auditor then want to take those financial statements look at those assertions and then determine whether or not that is indeed the case or not. As we go through these assertions then we want to have an idea that we're not going to go through them in a lot of detail here. But we want to get them in our head as we go so then when we start to create the audit when we start to test these things we really need to know exactly what assertion we are testing. Common test question that people miss all the time common conceptual problem that people have within audits is that we have the same thing that we have within financial accounting. We know the rule we read the rule book we know we're supposed to do this process here we know we're supposed to do this audit test here. We don't know why though we don't know what the assertion is we don't know what it is exactly that we are testing that's where people often run into problems. So we want to basically list these assertions and then start to visualize in our mind and say what kind of testing could we do to basically test for these types of assertions to see if this has been done in the correct way. Again common types of test questions that people have problems with is matching up the actual assertion to the test that they know they have to create but they don't really understand what the assertion is. So these are management assertions about classes of transactions and events and related disclosures. First assertion occurrence occurrence transactions and events that have been recorded or disclosed have occurred and such transactions and events pertain to the entity. So we have to obviously if we have financial statements and they're representing the fact that a sale happened. We want to know did that really happen or are they trying to inflate the financial statements or for some reason or the other you know is it a fictitious basic sale for one reason or another. We need to we need to know that something actually did happen that's being represented on the financial statement. Completeness all transactions and events that should have been recorded have been recorded and all related disclosures that should have been included in the financial statements have been included. So now we're looking at the other side of things we're saying well these financial statements don't represent you know some type of transaction that possibly should be there. Is that the case? Could it be the case that say a large expenditure that should be on the books somehow isn't there. Depreciation wasn't recorded or something like that or the financial statements complete is everything that should have been recorded been recorded. Authorization all transactions and events have been properly authorized accuracy amounts and other data related to recorded transactions and events have been recorded appropriately and related disclosures have been appropriately measured and described cut off transactions and events have been recorded in the correct accounting period. So some people might not be as familiar with the term cut off. You can think of cut off that what should come to mind in terms of financial accounting are the adjusting entries at the end of the time period. When we're thinking about timing differences is something recorded in the proper time period. Should it be recorded should revenue be included at say if it's a if it's a December year end in the current year or should it be included in the following year. Oftentimes errors within financial accounting as well as fraud could take place by having revenues and expenses recorded in the in the wrong time period either. So we want to check the cutoffs at the beginning of the year and the end of the year to check whether or not they're in the correct time period. Our classification transactions and events have been recorded in the proper accounts and presentation. Transactions and events are appropriately aggregated or disaggregated and clearly described and related disclosures are relevant and understandable in the context of the requirements of the applicable financial reporting framework. Now we're going to take a look at management assertions related to account balances and related disclosures. So we're looking at assertions related to account balances now. So when we're looking at the actual account you can imagine basically going through the balance sheet checking off these accounts. We can compare this to our building type of analogy. If we want to look at the structural soundness of the building what are we going to do we can find things and basically test those things. If we look at the financial statements we could think about well one of the first places we start might be that we take the balance sheet look at something like cash. Check it out. See if we can test that look at something like the accounts receivable check it out. We can take apart the financial statements of course by looking at those actual accounts and possibly testing for those actual accounts. So when we're looking at the account balances then we're looking at things like existence. So is there existence of assets liabilities equity note when you're thinking about these things as well we're usually skeptical about the financial statements being overstated. And so we're usually skeptical about basically if I was thinking about existence you want to think well I might be more skeptical towards cash than liabilities because it's more likely that they might put something like cash or an asset on the books in order to look good as opposed to putting a liability on the books that doesn't exist that would make them look worse. So as you look through these types of assertions keep in your mind as an auditor you're probably looking to be skeptical towards the financial statements looking better rather than worse. Now it's possible that they actually put something together to look worse. When would you want to look worse? There's a lot of times that a company might want to look worse. So there's one time in particular where companies would want to look worse and may take actions fraudulent actions possibly to deceive in order to look worse. And that would of course be related to taxes. So those two things are always going the opposite direction. If someone's trying to look bad or trying to put something together just for tax purposes they're often more likely to look worse because if they look worse then they pay less taxes. You don't go to the tax collector driving up in the couple hundred thousand dollar car or anything like that. Typically people try to look worse but any other time then companies usually try to look better. And if you're talking about publicly traded companies or a company looking for a loan or a company trying to get equity investments typical type of things companies do everything other than taxes then the company will typically be trying to look better than they may look. And so that's usually the perspective that we're looking at because we're usually not representing just the IRS. It's not the main user possibly of the financial statements. The main users of the financials and the reader for the audit might be for investors. For publicly traded companies we're typically looking out for investors. We're typically looking out for in terms of the audit for people that might do business such as people that might give a loan banks and things like that. And therefore again skeptical usually on the financial statements being overstated looking better. And therefore as you look at these assertions and think about testing you probably going to have that kind of skeptical slant towards your perspective on how to put together the procedures rights and obligations. The entity holds or controls the rights to assets and liabilities and are the obligations of the entity. So they have actually have the rights and obligations to the assets and liabilities being reported. Then we have completeness all assets liabilities and equity interests that should have been recorded have been recorded and all related disclosures that should have been included in the financial statements have been included in the financial statements. Then we have accuracy valuation and allocation assets liabilities and equity interests have been included in the financial statement at appropriate amounts and any resulting valuation or allocation adjustments have been appropriately recorded and related disclosures have been appropriately measured and described. Classification assets liabilities and equity have been recorded in the proper accounts and then of course presentation assets liabilities and equity are appropriately aggregated or disaggregated and clearly described and related disclosures are relevant and understandable in the context of the requirements of the applicable financial reporting framework. Typically being something like generally accepted accounting principles gap.


Welcome into the original gangsters podcast. I'm your host Scott Bernstein another quick hitter edition going back up to Canada to give some breaking news in terms of the Montreal Hells Angels are going to be getting a big name back into the fold, or have gotten a big name back in the fold. Marvin Casper one met major shot collar during the 2000s for a faction of the Montreal Hells Angels did about 15 years in prison and recently just got paroled coming back into a environment that's quite charged right now a lot of tensions mounting or in some ways have already broken out into the open. You have some consternation between the Hells Angels and the Italian mafia in Montreal the risotto crime family, a lot of shifting allegiances are, you know we could spend hours days unpacking the political machinations of the Montreal underworld right now, but the Hells Angels. Who are suspects right now in the murder the June 2023 murder of renegade Italian mob. Bigger Francesco check del basso who had months earlier tried to assassinate Leonardo risotto who survived that assassination attempt. There were rumors that the Hells Angels were backing del basso's play and then del basso was murdered in Montreal in June, leaving a meeting with Hells Angels Montreal shot collar Marty robert. So, we don't know exactly what's going on with law enforcement other than that they're looking into all this. They've arrested people with that were involved in the risotto shooting and getting will met back in, you know, back in action. And this is a guy who, you know, is a guide in wall to use that expression, biker boss a guy that lives it to to the core, headed the an infiltration of the construction industry in Montreal in the 90s and 2000s and was working as a liaison to the risotto's. So that should help. And just the Montreal Hells Angels are just over the last couple years they recognize the instability within the Italian mob orbit and how it affects them. And they've been, you know, building an arsenal of power houses. And he just Casper, you know, adds to that they brought Teflon Rob Barletta up from out from London. And previously the boss of the Niagara chapter into Montreal. He had his house burned down. Last month in an arson fire. That's probably involved in all of these. All this conflict that's been going on in Montreal now for a decade and a half, or roughly a decade a decade and a half but Casper will met is back in Montreal paroled after I believe 14 years in prison and it will be interesting to see how he integrates in with Marty those guys. Right now robert is the top shot caller with the Montreal Hells Angels. Nurgut is in, you know, out in the Hamilton area in Ontario he's still the boss of bosses when it comes to Hells Angels in Canada but Marty is kind of like the mom Boucher, if you will, modern day version has a lot of similar leadership attributes and people really like him and he's known as kind of a politician a guy that can get along with a lot of different groups, just like Casper. So we'll see how, how this all plays out but Casper will met back in Montreal after a decade and a half in a Canadian prison, I believe he's about 54 years old, and in all this times going up for parole he always refused to disengage from the Hells Angels so he was asked to and will you not affiliate with them when you come out and he was like I'm always going to affiliate with them I'm a Hells Angel until I die. That's who Casper will met is. So, you know, he comes back into a scene I'm not sure where Marty robert was 15 years. So, I'm sure they know each other, and I'm guessing they're going to work well with each other and then you add and I said, Barletta and a couple other guys that are robert loyalists. So, you know, we'll be reporting on everything that's going on in, you know, Canadian underworld affairs here at the OG pot you're always going to get the best analysis and the fastest breaking news when it comes to that. Marvin Casper will met back on the scene in the Canadian biker underworld for Jimmy who will be back on the long form podcast with me later this week. And for Benny behind the glass I'm Scott branching OG pot.


This 2019 Ram 1500 crew cab, 6 foot 4 inch short box. Classic body style is stock number 12026ZA. We're here at Summit Automotive in Fond du Lac, Wisconsin. You're new and used light duty truck and Ram headquarters. This 2019 Ram 1500 has the 5.7 liter V8 Hemi engine. This truck has been fully safety and inspected by our service shop. Has a fresh oil and filter change. All the fluid tab been checked and topped off. And this truck is 100% ready to go. Bright white clear coat is the color. We shoot all of our videos in 1080p, 60 frames per second. So if you have HD capabilities on your computer, tablet, smartphone, or television, I highly recommend turning them on right now. Because it is your best way to check out the quality condition and options of the truck before seeing it in person. And if you like the video and how we do things here at Summit Auto, in the upper right hand part of the screen is a subscribe button. Click that and click the bell notifications. You'll get updates on the videos we do each and every day here at Summit Auto. Very nice down that side comes with the 17 inch painted alloy rims. And it has a nice set of Yokohama Geolander AT tires. These are LT 265 70R 17s. And I'd say these tires have probably about 80 to 90% of the tread left on them. Maybe even a little bit more. Front fender is in nice shape. Does have the halogen headlights. They're nice and clear. Front bumper is in excellent shape. I didn't see any major dents or dings on there. The hood is in excellent condition as well. Didn't see any dents or dings on that. And the grille is in nice shape. Passengers side front fender. Looks really good. And the passengers side rim no scuffs or scrapes on there. As you go down this side of the truck, take note of how clean the body is, how reflective and mirror like that paint is. We take these HD videos so if you are far away or even if you're close by and you just can't make the trip down but you're still interested in purchasing the truck, you can see the truck, hear the truck, and have confidence in the vehicle that you're looking at before you even get here. So when you do get here, there's absolutely no surprises and you can make a smart and informed buying decision from wherever you're at. And if this video helps you make that buying decision, let your salesmen know that you saw the video and that it helped you out and that Brett sent you. Back rim is in excellent shape as well and the back tires have just as much tried as the front tires. It has the plastic wheel well liners and the frame and underbody is in excellent shape on this truck. Looks very good. Cab corners, lower rockers all look really good as well. Coming around to the back of the vehicle, rear bumper looks good. It does have a full towing package which includes a receiver hitch four pin and seven pin wiring. Tailgates in excellent shape does have the backup camera. Drop-in bed liner, that's a pender liner and that looks really good. Tailgate shuts nice and solidly. And coming around to the driver's side just as clean as that passenger's side. Box looks really good and for full disclosure this back rim is in excellent shape as well. Down the rest of the side of the truck looks really nice. Didn't see any dents or dings on the doors. Has the heated power mirrors. Inside the SLT package gives you the grey cloth interior, power driver's seat. No rips, no tears on that seat. Looks really good. You get lumbar on the driver's side, factory all-weather floor mats, auto headlamps, power windows, power locks and power mirrors. Little hop inside, turn the ignition on so you can check out the miles on the radio and everything that this truck has to offer on the interior. You can see that this one only has 19,055 miles on it. You do get the digital speedometer, compass, outside temperature display and that instrument cluster is extremely clean. Bluetooth and information center controls on the left, steering wheels in nice shape, cruise controls and gear selector on the right. It does have the eight-speed automatic transmission, push button, four-wheel drive. Comes with the UConnect five-inch touchscreen, AMFM and Sirius XM radio capabilities on here and this is also where your backup camera shows up when you have the truck running. Down here are your climate controls, your factory brake controller, stability control, tow-haul mode and it does come in a 115 volt, 150 watt plug-in. Passenger side, floor mat and seat are in excellent condition, no rips or tears on there. Headliner is in nice shape. Comes with map lights. We'll take a quick look at the back seats and then we'll start it up and take a look under the hood. Back seats are just as clean as the front seats, no rips or tears back here. Does have the latch child safety system for any child car seats you may have. Manual sliding rear window, my bad. Seats are in nice shape. They do fold up. There is a load floor, which is a nice feature. If you've got muddy boots or tools, put them on there. You're not going to get your seats all dirty. Or if you've got pets, put both sides down. They've got a nice flat place to lay. Storage underneath and you get in-floor storage on each side with removable bins for easy cleaning. You can put ice and drinks in there.  All weather floor map back here. The child safety locks are in our back on the back doors as well. Bottoms of the doors all look really good too. We'll start it up and take a quick look under the hood. Starts right up. No check engine lights or anything like that. I would personally like to thank you for checking out the video today and hopefully from this HD video. You've been able to verify the quality and condition of this truck inside and out so you can make a smart buying decision on it. Under the hood we have the 5.7 liter V8 Hemi engine. Engine bay is very clean, runs very smooth. Once again this truck has been fully safe and inspected by our service shop. It has a fresh oil and filter change. All the fluids have been checked and topped off. There is your mission sticker. It has pretty new tires on it. And this truck is 100% ready to go. I would highly recommend it from a quality and condition standpoint. And to see more pictures of this truck or one of our other 450 new and used cars, trucks, SUVs, minivans, Wranglers, half tons, three quarter tons, one tons, you name it. We've got to go to that website right there. www.summitauto.com Full pictures and descriptions of every single vehicle from two locations all at summitauto.com. If you'd like to check out more HD videos you can go to www.youtube.com. Remember to like, subscribe, and share on this video and all the videos that you see there. Click the bell notifications, you'll get updates on the videos we do each and every day here at Summit Auto. In fact, in a second, you'll see a link to subscribe to our YouTube channel in the upper left. A link to more Ram 1500 truck videos like this one in the upper right. A link to this vehicle on our website in the lower left and a link to one of our latest YouTube videos in the lower right. Click those, check us out. And we are super excited to help you with this Ultra Clean 2019 Ram 1500 Crew Cab Short Box Classic SLT in bright white clear coat. Thanks again for checking out the video.


And that's why AI to me doesn't threaten me at all. At all. At all. Because the people have to program it. Have you been around the people in the music business? They're clowns. You could tap dance around them in a square circle. They're not threatening anybody. And the people in power, they don't threaten nobody either because they signed the checks to the bozos. So we're good, bro. We don't have to worry about somebody taking, but again, protect yourself so that you can be a part of the revolution, man.