At Mantyla McReynolds we take great pride in taking care of our clients, our professionals, and our communities. Frequently our professionals are involved in multiple service and charitable organizations, and as a firm if an event is important to one of our people it is important to all of us.
Over the last several years it has become an annual tradition for our firm professionals to support and participate in the Buddy Walk as sponsored and organized by the Utah Down Syndrome Foundation (UDSF). The Buddy Walk is a family event that promotes awareness of individuals with Down syndrome within our community, and provides the community an opportunity to interact with these individuals, form friendships, and increase the community’s understanding of the amazing potential each of these individuals have. UDSF is a non-profit organization that is comprised entirely of volunteers, the majority of which are parents of children with Down syndrome.
One of our senior audit managers, Brian Cheney, has a son with Down syndrome, and Brian has been a key organizer of our firm’s annual involvement in this event and with the UDSF. Brian has commented “that you can’t help but feel uplifted and enthusiastic about life after being around some of these special individuals, even for just one day.” One of the Buddy Walk’s many activities includes a 5K run, that firm professionals and friends of the firm have historically placed very well in. As a firm, we look forward to our continued involvement in the Buddy Walk and the continued support of each of our professionals in the various charitable organizations they serve.
Mantyla McReynolds is a PCAOB registered CPA firm and a BDO Seidman Alliance firm with over 20 years experience servicing public companies, from their initial internal control assessment to seasoned filer with the SEC. The firm’s clients range from businesses in the developmental stage to established public companies with market capitalizations exceeding one billion dollars. As a BDO Seidman Alliance firm, they offer experienced and accessible service teams, world-class engagement management and a focus on quality and efficiency.
Thursday, May 19, 2011
Monday, May 9, 2011
IRS Phishing Email Warning
Phishing (as in “fishing for information” and “hooking” victims) is a scam where Internet fraudsters send e-mail messages to trick unsuspecting victims into revealing personal and financial information that can be used to steal the victims’ identity. Current scams include phony e-mails which claim to come from the IRS and which lure the victims into the scam by telling them that they are due a tax refund.
The IRS does not send out unsolicited e-mails or ask for detailed personal and financial information. Additionally, the IRS never asks people for the PIN numbers, passwords or similar secret access information for their credit card, bank or other financial accounts. The IRS does not discuss tax account matters with taxpayers by e-mail.
With that in mind and the fact that 2010 tax returns have for the most part been filed and taxpayers have received their refunds, beware of UNSOLICITED e-mails such as the following. Don't fall for this scam.
With that in mind and the fact that 2010 tax returns have for the most part been filed and taxpayers have received their refunds, beware of UNSOLICITED e-mails such as the following. Don't fall for this scam.
Sample of a phishing e-mail
From: Internal Revenue Service [mailto:admin@irs.gov]
Sent: Wednesday, March 01, 2006 12:45 PM
To: john.doe@jdoe.com
Subject: IRS Notification - Please Read This .
From: Internal Revenue Service [mailto:admin@irs.gov]
Sent: Wednesday, March 01, 2006 12:45 PM
To: john.doe@jdoe.com
Subject: IRS Notification - Please Read This .
After the last annual calculations of your fiscal activity we have determined that you are eligible to receive a tax refund of $63.80. Please submit the tax refund request and allow us 6-9 days in order to process it.
A refund can be delayed for a variety of reasons. For example submitting invalid records or applying after the deadline.
To access the form for your tax refund, please click here
Regards,Internal Revenue Service
© Copyright 2006, Internal Revenue Service U.S.A. All rights reserved..
3/13/
[End - Sample of a phishing e-mail]
Refund Scam
The bogus e-mail, which claims to come from the IRS, tells the recipient that he or she is eligible to receive a tax refund for a given amount. It instructs the recipient to click on a link contained in the e-mail to access and complete a form for the tax refund. The form requires the entry of personal and financial information. The refund scam is the most common one seen by the IRS. Taxpayers do not have to complete a special form to obtain a refund. Taxpayer refunds are based on the tax return they submit to the IRS.
A refund can be delayed for a variety of reasons. For example submitting invalid records or applying after the deadline.
To access the form for your tax refund, please click here
Regards,Internal Revenue Service
© Copyright 2006, Internal Revenue Service U.S.A. All rights reserved..
3/13/
[End - Sample of a phishing e-mail]
Refund Scam
The bogus e-mail, which claims to come from the IRS, tells the recipient that he or she is eligible to receive a tax refund for a given amount. It instructs the recipient to click on a link contained in the e-mail to access and complete a form for the tax refund. The form requires the entry of personal and financial information. The refund scam is the most common one seen by the IRS. Taxpayers do not have to complete a special form to obtain a refund. Taxpayer refunds are based on the tax return they submit to the IRS.
How to Spot a Scam
Many e-mail scams are fairly sophisticated and hard to detect. However, there are signs to watch for, such as an e-mail that:
• Requests detailed or an unusual amount of personal and/or financial information, such as name, SSN, bank or credit card account numbers or security-related information, such as mother’s maiden name, either in the e-mail itself or on another site to which a link in the e-mail sends the recipient.
• Dangles bait to get the recipient to respond to the e-mail, such as mentioning a tax refund or offering to pay the recipient to participate in an IRS survey.
• Threatens a consequence for not responding to the e-mail, such as additional taxes or blocking access to the recipient’s funds.
• Gets the Internal Revenue Service or other federal agency names wrong.
• Uses incorrect grammar or odd phrasing (many of the e-mail scams originate overseas and are written by non-native English speakers).
• Uses a really long address in any link contained in the e-mail message or one that does not start with the actual IRS Web site address (www.irs.gov). To see the actual link address, or url, move the mouse over the link included in the text of the e-mail.
Many e-mail scams are fairly sophisticated and hard to detect. However, there are signs to watch for, such as an e-mail that:
• Requests detailed or an unusual amount of personal and/or financial information, such as name, SSN, bank or credit card account numbers or security-related information, such as mother’s maiden name, either in the e-mail itself or on another site to which a link in the e-mail sends the recipient.
• Dangles bait to get the recipient to respond to the e-mail, such as mentioning a tax refund or offering to pay the recipient to participate in an IRS survey.
• Threatens a consequence for not responding to the e-mail, such as additional taxes or blocking access to the recipient’s funds.
• Gets the Internal Revenue Service or other federal agency names wrong.
• Uses incorrect grammar or odd phrasing (many of the e-mail scams originate overseas and are written by non-native English speakers).
• Uses a really long address in any link contained in the e-mail message or one that does not start with the actual IRS Web site address (www.irs.gov). To see the actual link address, or url, move the mouse over the link included in the text of the e-mail.
What to Do
The IRS does not initiate taxpayer contact via unsolicited e-mail or ask for personal identifying or financial information via e-mail. If you receive a suspicious e-mail claiming to come from the IRS, take the following steps:
• Do not open any attachments to the e-mail, in case they contain malicious code that will infect your computer.
• Do not click on any links, for the same reason. Also, be aware that the links often connect to a phony IRS Web site that appears authentic and then prompts the victim for personal identifiers, bank or credit card account numbers or PINs. The phony Web sites appear legitimate because the appearance and much of the content are directly copied from an actual page on the IRS Web site and then modified by the scammers for their own purposes.
• Contact the IRS at 1-800-829-1040 to determine whether the IRS is trying to contact you.
• Forward the suspicious e-mail or url address to the IRS mailbox phishing@irs.gov, then delete the e-mail from your inbox.
The IRS does not initiate taxpayer contact via unsolicited e-mail or ask for personal identifying or financial information via e-mail. If you receive a suspicious e-mail claiming to come from the IRS, take the following steps:
• Do not open any attachments to the e-mail, in case they contain malicious code that will infect your computer.
• Do not click on any links, for the same reason. Also, be aware that the links often connect to a phony IRS Web site that appears authentic and then prompts the victim for personal identifiers, bank or credit card account numbers or PINs. The phony Web sites appear legitimate because the appearance and much of the content are directly copied from an actual page on the IRS Web site and then modified by the scammers for their own purposes.
• Contact the IRS at 1-800-829-1040 to determine whether the IRS is trying to contact you.
• Forward the suspicious e-mail or url address to the IRS mailbox phishing@irs.gov, then delete the e-mail from your inbox.
Genuine IRS Web site
The only genuine IRS Web site is IRS.gov. All IRS.gov Web page addresses begin with http://www.irs.gov/. Anyone wishing to access the IRS Web site should initiate contact by typing the IRS.gov address into their Internet address window, rather than clicking on a link in an e-mail.
The only genuine IRS Web site is IRS.gov. All IRS.gov Web page addresses begin with http://www.irs.gov/. Anyone wishing to access the IRS Web site should initiate contact by typing the IRS.gov address into their Internet address window, rather than clicking on a link in an e-mail.
Wednesday, May 4, 2011
International Services
Earlier this year, Matt McReynolds, assurance manager at Mantyla McReynolds LLC watched the snow fall in downtown Salt Lake as he longed for a nice sunny vacation. While the cold, snowy weather can often remind us of more moderate climates, this wish came true by proxy as he worked with other accounting professionals in the Cayman Islands.
Matt and the assurance team at Mantyla McReynolds LLC completed an audit engagement for an investment fund with a master-feeder structure with operations in the U.S. and in the Cayman Islands. The structure consisted of three entities: a domestic U.S. partnership Master Fund, a domestic U.S. partnership Feeder Fund, and a foreign Cayman Islands Feeder Fund.
Cayman Islands’ laws require that a local Cayman Islands accounting firm opine on the audits that are domiciled within their jurisdiction. Because Mantyla McReynolds is in the BDO Seidman Alliance, we were able to seamlessly team up with BDO Cayman to successfully complete this engagement. Mantyla McReynolds provided the assurance services and the audit reports on the two U.S. entities, while BDO Cayman utilized our services and documentation to perform their procedures and report on the foreign Feeder Fund.
Mark Sperry, the engagement partner for Mantyla McReynolds observed, “We were very impressed with the timeliness and professionalism of BDO Cayman, one of the 600 international office relationships available to us through our membership in the BDO Seidman Alliance.”
Matt and the assurance team at Mantyla McReynolds LLC completed an audit engagement for an investment fund with a master-feeder structure with operations in the U.S. and in the Cayman Islands. The structure consisted of three entities: a domestic U.S. partnership Master Fund, a domestic U.S. partnership Feeder Fund, and a foreign Cayman Islands Feeder Fund.
Cayman Islands’ laws require that a local Cayman Islands accounting firm opine on the audits that are domiciled within their jurisdiction. Because Mantyla McReynolds is in the BDO Seidman Alliance, we were able to seamlessly team up with BDO Cayman to successfully complete this engagement. Mantyla McReynolds provided the assurance services and the audit reports on the two U.S. entities, while BDO Cayman utilized our services and documentation to perform their procedures and report on the foreign Feeder Fund.
Mark Sperry, the engagement partner for Mantyla McReynolds observed, “We were very impressed with the timeliness and professionalism of BDO Cayman, one of the 600 international office relationships available to us through our membership in the BDO Seidman Alliance.”
Tuesday, May 3, 2011
Equity Raises
Over the past 18-months Mantyla McReynolds LLC has assisted various public clients in raising more than $500 million in multiple secondary equity offerings. Mantyla McReynolds is pleased to have brought to each of these transactions experienced SEC engagement teams with a comprehensive understanding of the public markets, and specific technical knowledge and experience to the follow-on equity process. As a member of the BDO Seidman Alliance, Mantyla McReynolds has consistently had access to and used the vast technical resources of BDO in issuing comfort letters and performing related regulatory offering procedures.
Mantyla McReynolds understands the increased value that is achieved for all parties when the auditors bring to the equity raise process a deep understanding of the regulatory requirements and an ability to work efficiently and confidently with regulators, underwriters, and attorneys. It’s not often the underwriters and their attorneys express their appreciation in working with an audit firm that clearly understands the IPO and secondary offering process, but Mantyla McReynolds has been the recipient of this praise time and again. Our experience has shown there is a narrow window in completing many of these transactions and our clients have consistently been impressed with our ability to meet critical timelines, while still keeping overall fees in check and thoroughly addressing all legal and regulatory requirements.
With BDO as a strong and resourceful partner, the Mantyla McReynolds’ Public Practice Group continues to be well positioned to build upon the significant results that have been achieved in the past.
Mantyla McReynolds is a PCAOB registered CPA firm and a BDO Seidman Alliance firm with over 20 years experience servicing public companies, from their initial internal control assessment to seasoned filer with the SEC. The firm’s clients range from businesses in the developmental stage to established public companies with market capitalizations exceeding one billion dollars. As a BDO Seidman Alliance firm, they offer experienced and accessible service teams, world-class engagement management and a focus on quality and efficiency.
BDO is a US professional services firm providing assurance, tax, financial advisory and consulting services to a wide range of publicly traded companies. For 100 years, BDO has provided quality service through the active involvement of experienced and committed professionals. BDO is the world's fifth largest accountancy network. BDO International and BDO Alliance firms combine for more than $5.2 billion in annual fee income and account for 46,930 professionals worldwide.
Mantyla McReynolds understands the increased value that is achieved for all parties when the auditors bring to the equity raise process a deep understanding of the regulatory requirements and an ability to work efficiently and confidently with regulators, underwriters, and attorneys. It’s not often the underwriters and their attorneys express their appreciation in working with an audit firm that clearly understands the IPO and secondary offering process, but Mantyla McReynolds has been the recipient of this praise time and again. Our experience has shown there is a narrow window in completing many of these transactions and our clients have consistently been impressed with our ability to meet critical timelines, while still keeping overall fees in check and thoroughly addressing all legal and regulatory requirements.
With BDO as a strong and resourceful partner, the Mantyla McReynolds’ Public Practice Group continues to be well positioned to build upon the significant results that have been achieved in the past.
Mantyla McReynolds is a PCAOB registered CPA firm and a BDO Seidman Alliance firm with over 20 years experience servicing public companies, from their initial internal control assessment to seasoned filer with the SEC. The firm’s clients range from businesses in the developmental stage to established public companies with market capitalizations exceeding one billion dollars. As a BDO Seidman Alliance firm, they offer experienced and accessible service teams, world-class engagement management and a focus on quality and efficiency.
BDO is a US professional services firm providing assurance, tax, financial advisory and consulting services to a wide range of publicly traded companies. For 100 years, BDO has provided quality service through the active involvement of experienced and committed professionals. BDO is the world's fifth largest accountancy network. BDO International and BDO Alliance firms combine for more than $5.2 billion in annual fee income and account for 46,930 professionals worldwide.
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