Author: Caleb Newquist

Founding editor, Going Concern.

Mr. Comptroller, John Liu, Demands That You Recognize the Seriousness of His Office

john-liu.jpgEveryone runs into a quirky boss at some point in their careers. Whether you’re answering to a higher power like Team Jehovah (just do as I say, or it’s eternal damnation) or just the new partner at your firm that keeps all the keys to the john in his office, people have to make adjustments to keep things on an even keel.
Well here’s a new one: The Post has reported that New York City’s new comptroller, John Liu, has ordered his staff to rise and address him as “Mr. Comptroller” whenever he enters the room.
In addition to the new formalities, The Post also reported that Mr. Comptroller is eliminating casual Fridays and is requiring everyone to arrive for work by 8 am. This is not a country club, people!
What’s the reason for all this, you ask? It’s quite simple actually. Mr. Comptroller is obviously aware the less than prestigious image that accountants (even elected ones) have and he wanted to nip this notion in the bud:

Liu’s new protocols were the brainchild of First Deputy Comptroller Eric Eve, an ex-Citigroup banker and adviser to former state Comptroller H. Carl McCall, according to Lee.
“It is important to note John is the same John, and he hasn’t changed,” Lee said. “At the same time, we want to address the office with the seriousness it demands.”

See, it was the ex-banker’s idea? Mr. Comptroller is the same guy, just wants to point out that the Office of the Comptroller is to be taken seriously. Make no mistake, it’s a real elected position. Mr. Comptroller is also ex-PwC so that could have something to do with it. Or not, you can sort that out for yourselves.

Accenture Loves Animals, Just Not Tigers

Thumbnail image for Tiger accenture ad.jpgAfter taking a stab at making the Tiger image still work and then realizing that the Andersen treatment was the only way to go, Accenture has rolled out their new advertising campaign.
Rather than take your suggestion that an ultimate fighter — with an accounting degree no less — would be the best route, Accenture has decided that sticking with the animal mantra was the best way to go.

The Journal spent 1,100 words telling us about the new Earth shattering idea:

After nearly a month of focus-group testing and production work, Accenture is rolling out the new global marketing campaign this week. The creatures, which include an elephant, a chameleon and some frogs and fish, will star in a series of TV, print and online spots.
…
One of the posters shows an elephant balancing precariously on a surfboard. The text reads, “Who says you can’t be big and nimble?” Another ad shows a frog leaping over three others, with the tagline, “Play quantum leapfrog.”


So the marketing team is sitting around, drinking bottled water, drumming on the conference table and suddenly, someone blurts out “You know, Tiger is man but it’s also an animal.”

Everyone stares at this fool that just said the stupidest thing they’d ever heard, “And?” one team member snaps back.
“Well, since everyone is used to Tiger, which is also an animal, we’ll just replace the man with animals that aren’t tigers. That way, people will still think ‘animals = Accenture is good’ but not ‘the guy named after an animal is a cheating bastard.’ Get it?”

The light bulb finally clicks on for everyone else. “You’re right. We’ll just put animals that aren’t tigers in the ads. No one cares if animals cheat on their spouses. Brilliant!”

Prior to this revelation, Accenture apparently considered jugglers and jump ropers. We understand this was five alarm blaze for the company but elephants on surfboards and leap frog was the solution? Maybe they’re just had the whole animal thing on the brain and couldn’t shake it.

But hey, what do we know? We’re sure it’ll be a huge success. Can’t wait for the Super Bowl commercials. Get those frogs to drink beer and then you’ll have a winner for sure.
After Ditching Tiger, Accenture Tries New Game [WSJ]

Rumor Mill: New Ernst & Young Office Requires Sterile Cubes, Secure Lavatories

As you’re all aware, your working environment is crucial to your productivity (or lack thereof). The slightest change can throw off your mojo for days or weeks at time. Maybe indefinitely.

So when we heard that the E&Y Long Island office had moved from Melville to Jericho we were concerned for the professionals in that office.

Brand new office in EY spirit, bright white, yellow partner and senior manager offices, orange walls in the enormous staff through manager room. We have super tiny cubes with really short walls where you just sit up an inch and you can see the person across from you. No space heaters or mini fridges allowed and you aren’t allowed to put up anything on you [sic] “cube” / “workstation” walls. They have to remain white. Oh and the bathroom requires a key in which you must walk from the far back of the office (where are seats are) to the front desk to get the key. There are 5 keys for men and 5 for women but the mens keys have dwindled down to 2 so you have to wait for someone to come back from the bathroom to go.

The team colors are a nice touch but the cube dwellers aren’t allowed to decorate? No pictures of spouses, kids, friends, dogs, cats, co-worker crush, favorite metal band allowed? What about the certificate you got from the latest in-house CPE? Can that go up? It sounds as though TPTB are insisting on the most sterile environment possible. No distractions. What about looking that person across from you dead in the eye while they’re eating with their mouth open? How’s that for a distraction?

Speaking of sterile environments, what’s with the bathroom keys? Are homeless people sneaking in and stanking up the joint? And they’re down to two keys for the men? Where did the other three keys go? What sadist is hoarding keys at the expense of other people’s excretory and digestive systems? Any ideas people? Maybe the keys just got flushed. Let’s get to the bottom of this mystery. Discuss.

Preliminary Analytics | 01.14.10

Thumbnail image for charlie rangel.jpg• Rep. Rangel “Unsure” if Congress Will Retroactively Reinstate Estate Tax – It seems that dying early in 2010 may still pay off. [TaxProf Blog]
• E&Y best gay employer in accountancy – According to Stonewall, the gay advocacy group in the UK. [Accountancy Age]
• Questions From A Future Blogger – Prof Albrecht answers them. [The Summa]
• You Lose If You Don’t Snooze; Lost Sleep Can’t Be Recovered – You can’t argue with science people, get your billable hours and go home. Or, if you must, bring a sleeping bag to work. [Bloomberg]
• Obama’s Bank Tax Seeks $90 Billion to Repay Bailout – “The tax on banks, insurance companies and brokerages with more than $50 billion in assets would start after June 30 and seek to collect $90 billion over 10 years”. [NYT]

Review Comments | 01.13.10

patrick byrne3.jpg• Shooting the Naked Messengers – The Observer tells us that Michael Miliken and DB BFF Steve Cohen are Patrick Byrne’s Sith Lords. Who knew? [NYO via Garry Weiss]
• In Case You Missed It…Virtually Out And About – Francine really likes Twitter. Us too. [Re: The Auditors]
• Questions and Answers with Robert Khuzami – Speaking of FM, she and a few others got some time with Bob today. [Compliance Building/Doug Cornelius]
• Banks Admit Missteps Amid Grilling – Some might say “missteps” others might say “big f*#(^ing mistakes”. [WSJ]
• Interview Tips: Six Questions Accounting Job Seekers Should Ask – Not on the list: “Do you require a drug test?” [FINS]
• Willie Aames Becomes a Financial Planner – Apparently he was on “Eight is Enough”, “Charles in Charge,” and the movies “Paradise” and “Zapped,”. Oh, and he declared bankruptcy twice. [Web CPA]

More Details on the Year That Was at Crowe Horwath

Thumbnail image for Crowe_Horwath_2c_lo.jpgLast month we had a couple of posts on the year that was in Crowe Horwath layoffs. After learning about three rounds of layoffs and a CH exodus, we figured we had exhausted the details on 2009 for Crowe.
Not so! The latest on CH is that, like everyone else, the firm is gearing up for busy season desperately shortstaffed despite the end of their “Alternative Staffing Program”.
We’ve also learned that there were pay freezes across the board at CH last year. This included a couple of instances where newly promoted managers had their pay frozen despite being told “substantial changes in duties would be exempt from pay freeze.”
Right now our sources aren’t sure what to expect from CH in 2010 as communication from their leadership has been minimal. So all in all, it doesn’t sound like Crowe is all that different from the Big 4 despite claiming to be “a unique alternative” to them. Good luck to all the professionals at the firm in 2010 and keep us updated with all the happenings during your busy season.

Ernst & Young Extends Busy Season Two Weeks

While Deloitte rings in the new year with generosity, E&Y has apparently taken a different approach.
One of our sources in the Ernstiverse has told us that busy season is being extended by two weeks this year. The first “official” week is this week (moved up one week from its usual spot) and there will be an additional week on the back end (first week in April as we understand it). This means mandatory 55 hours weeks are in full effect, so find some work people.
Oh! And it’s also our understanding that this week, “roundtables” are going on in the audit practice. We don’t know what those are exactly but it sounds sorta serious and it’s definitely not billable, so enjoy making up the time. If you’ve had the pleasure of attending one of these sit-downs, let us know how it went and keep us updated with other details.

Job of the Day: Help Fannie Mae Straighten Out Their Financial Statements

Thumbnail image for Need_a_job.jpgFannie is working on getting things back on track and they need good people that can handle some financial reporting duties. Everything from 404 to implementing new GAAP, to SEC reporting. Plus, you’d kinda be serving your country.
Check out the details for a Financial Reporting Analyst position in Washington, D.C. after the jump.


Company: Fannie Mae

Title: Financial Reporting Analyst

Location: Washington, D.C.

Minimum experience: 4 years

Description: Reporting to a Manager of Financial Reporting, this position is part of a team responsible for preparing analysis of monthly, quarterly and annual corporate financial results and preparation and review of certain monthly and regulatory reporting.

Responsibilities: Preparation and review of analysis of monthly, quarterly and annual financial results for management, our regulators and external auditors; Coordination with business units and other areas within Controllers/Finance to ensure results are reasonable and variances are researched and explained; Supporting and managing timely and accurate reporting of financial results in various deliverables; Participating in special projects, including automation efforts and other improvements to the reporting process/efforts, to streamline processes to increase efficiency and effectiveness of group’s reporting and financial analysis; Implementation of new GAAP standards, as necessary; Participating in SOX 404 efforts, including documentation of process and facilitating testing of controls, as necessary; Assisting with Finance compliance efforts, as necessary; Assisting SEC reporting team, as needed, with preparation and review of external filings with the SEC (10K, 10Q) or implementation of new SEC standards.
Requirements and Skills: Bachelor Degree, or equivalent; CPA Preferred; 4-6 years of experience in accounting-related position with progressively challenging experience; Experience with and understanding of financial statements and current U.S. generally accepted accounting principles (GAAP), including experience in analyzing financial statements and corporate results

See the entire description over at the GC Career Center and visit the main page for all your job search needs.

Deloitte Starts Off the New Year with Some Generosity

Good news Green Dotters with iPhones. After having to shell out $13 a month, we’re now happy to report that because so many of you were coveting them Deloitte will now offer the iPhone under at the standard rate under its mobile device program.

Our records indicate that you have an Apple iPhone connected to the Deloitte network–and we have good news for you!
We have continued our negotiations with AT&T and Apple. Based on Deloitte’s volume of iPhone orders, we are now able to offer the iPhone at the standard rate covered by the Deloitte mobile device program.
The good news–you will no longer be charged the monthly $13.00 surcharge for the iPhone.
Sincerely,
The PDA Team

So now everyone at Deloitte will have an iPhone? That should help with AT&T’s service issues. If you’re less enthused about this development, or you’re just hella-jealous because your firm doesn’t offer cool gadgets, discuss.

SHOCKER: New Study Says Work Interferes with Life

ilovemyjob.jpgWe realize this is hard to believe — especially during this time of year — but yes, it’s true!
According to the University of Toronto’s new survey of 1,800 American workers, 50% of those surveyed take work home on a regular basis. Not a surprising result since the authors asked questions that easily solidified the “Americans live to work” mantra:
• How often does your job interfere with your home or family life?
• How often does your job interfere with your social or leisure activities?
• How often do you think about things going on at work when you are not working?
Scott Schiemen, one of the authors of the study, informs us of the grim but dead on conclusions:

Schieman says, “Nearly half of the population reports that these situations occur ‘sometimes’ or ‘frequently,’ which is particularly concerning given that the negative health impacts of an imbalance between work life and private life are well-documented.”


The study’s core findings indicate some things that may sound familiar to you:

• People with college or postgraduate degrees tend to report their work interferes with their personal life more than those with a high school degree;
• Professionals tend to report their work interferes with their home life more than people in all other occupational categories;
• Several job-related demands predict more work seeping into the home life: interpersonal conflict at work, job insecurity, noxious environments, and high-pressure situations; however, having control over the pace of one’s own work diminishes the negative effects of high-pressure situations;
• Several job-related resources also predict more work interference with home life: job authority, job skill level, decision-making latitude, and personal earnings;
• As predicted, working long hours (50-plus per week) is associated with more work interference at home — surprisingly, however, that relationship is stronger among people who have some or full control over the timing of their work;

Again, shout if this sounds familiar. The sorry thing is that 50+ hours a week is considered “long hours.” Most of you can do 50 standing on your head. Plus, those of you that are eating hours are doing yourself an even greater disservice. But that’s a whole other discussion.
Maybe we should just own up to it? We love working! To hell with family, friends, hobbies, etc. We’ve got work to do!
When Work Interferes With Life [Science Daily]
More Work/Life Balance:
Moss Adams Values ‘A Balanced Life’ over ‘Accountability’
Is the Era of Work/Life Balance Over?
Jack Welch is Not Buying the Whole Work-Life Balance Thing

Rumor Mill: More Ernst & Young Offices to Become “Virtual”?

Thumbnail image for EY Ball of Useless.jpgLast month we told you about the E&Y Greensboro office shutting its doors to become a “virtual office”. All the client-serving professionals (around 60) are now reporting and being serviced out of the Raleigh office.
This followed the closure of the Manchester office that we reported on in October and that became official in November. In this particular case, there was no merging of sites and client service professionals (non-partners) were let go.
The latest speculation is that there are several small offices that are at risk of going virtual as opposed to out-right closing post busy season, using the Greensboro office as the model. Offices that are being serviced by nearby larger offices are of greatest risk as well as small offices that have a dwindling client base.
Although the virtual office seems to be the most warm and fuzzy of the two options, there would certainly be layoffs of support staff and service professionals that weren’t interested in working from an office that was a considerable distance from where they lived.
Whether or not this strategy will be utilized by other Big 4 firms is not clear but this story will continue to develop as busy season progresses. If you hear rumors about your office get in touch with us. We’ll keep you updated as we learn more.

Preliminary Analytics | 01.13.10

Thumbnail image for Thumbnail image for Thumbnail image for 140px-United_States_Securities_and_Exchange_Commission.png• SEC to Name Investigative Chiefs – Robert Khuzami will name the five new members of the dream team are expected to be named at a press conference today. [WSJ]
• California Creditors See IOUs With Schwarzenegger Missing Obama – Those ‘skinny legs’ and ‘scrawny little arms’ comments are really working so well for Arnie. [Bloomberg]
• Panel Seeks ‘Accountability’ In Financial Crisis – Once Phil Angelides (and others) get to the bottom of this, “There’s a need for accountability and responsibility” said Angelides, the blame will be official. That will be comforting for everyone. [NPR]
• Questions for the Big Bankers – From some experts the NYT picked. The word “bonus” or “bonuses” appears ten times. [NYT]
• Google Threat Jolts Chinese Internet Industry – Google has had it up to here (hand to forehead at least) with the censorship and is threatening to pull the plug altogether. [WSJ]