Bivio closing prices
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Bivio closing prices Recently, as club treasurer I have been finding financial discrepancies between our monthly statement from TD Ameritrade and the end-of-month Valuation report I generate from Bivio. The amounts are small, but they differ. As club treasurer I need to balance the books, and hunting down the causes of discrepancies is a time waster because it does not need to happen. Too, the discrepancies cause problems for the annual audit committee. Last month, for example, the differences were in the closing prices for EMC and SODA. Bivio recorded the EMC closing at $.20 less than Ameritrade and SODA at $.40 less than Ameritrade. Ameritrade runs some prices to three digits. Bivio cuts them all off at two digits, creating the differences. Since Ameritrade has our money, we go with Ameritrade's numbers. What can I do to balance the books? Terry Seal CLP Investments Hi Terry, The first thing to make sure is that the number of shares of each stock in bivio agrees exactly with what your broker shows.Brokerage Pricing Differences Laurie Frederiksen
Invest with your friends! www.bivio.com Become our Facebook friend! www.facebook.com/bivio Follow us on twitter! www.twitter.com/bivio Follow Us on Google+ Click here to Subscribe to the Club Cafe email list. Click here to Unsubscribe On Tue, Nov 12, 2013 at 1:23 PM, Terry Seal <clp4@tmseal.com> wrote: Recently, as club treasurer I have been finding financial discrepancies between our monthly statement from TD Ameritrade and the end-of-month Valuation report I generate from Bivio. The amounts are small, but they differ. As club treasurer I need to balance the books, and hunting down the causes of discrepancies is a time waster because it does not need to happen. Too, the discrepancies cause problems for the annual audit committee. Terry,
I wanted to address the audit committee issue. Your audit committee function extends far beyond the pricing and rounding but clubs tend to forget that they audit transactions. If you focus on pennies, you may be missing something significant.
Testing for dollar accuracy is one audit goals, but there are limits. The audit team needs to ensure the transactions recorded are complete, recorded accurately, recorded on the correct date and that the transactions faithfully represent the actual event.
Accounting has a concept called materiality and you can use it to keep your sanity. The CFOs of Walmart, Google and Microsoft don't worry about immaterial differences since they all file their financial statements in millions of dollars. As a CPA, I have been in situations where $5,000,000 was not material and where $1,000 was very material.
Finding everything properly recorded in Bivio is imperative. But I don't worry over small differences between Bivio and the brokerage statement as long as I have confidence the difference is in not due to the other factors I mentioned to audit, (completeness, accuracy, timeliness and representational faithfulness.)
Mark Eckman On Tue, Nov 12, 2013 at 12:23 PM, Terry Seal <clp4@tmseal.com> wrote: Recently, as club treasurer I have been finding financial discrepancies between our monthly statement from TD Ameritrade and the end-of-month Valuation report I generate from Bivio. The amounts are small, but they differ. As club treasurer I need to balance the books, and hunting down the causes of discrepancies is a time waster because it does not need to happen. Too, the discrepancies cause problems for the annual audit committee. |
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