Author: GoingConcern

Job of the Day: Deutsche Bank Needs a Principal Auditor – Assistant Vice President

Deutsche Bank is looking for an experienced auditor to join their Group Audit Legal, Risk and Captial team. The primary role of this position will focus on the Credit Risk Management, Market Risk Management and Treasury functions.

The position is located in New York and requires a strong finance/accounting background with 5 to 8 years experience.


Company: Deutsche Bank

Title: Principal Auditor – AVP

Location: New York, NY

Description: The role is for a Principal Auditor for the Group Audit LRC (Legal, Risk and Capital) team which covers the following functions: Risk Management (Credit, Market, and Operational), Corporate Security and Business Continuity (CSBC), Treasury & Capital Management, Legal and Compliance. The primary focus of this role will be on Credit Risk Management, Market Risk Management and Treasury.

Responsibilities: Successful implementation of risk-based audits both regionally and globally, with audit work that is appropriately risk assessed and aligned to the LRC audit strategy; Undertakes audit assignments and may review audit work completed by other team members and drafts audit reports for review by LRC Audit management, identifying and escalating issues and recommending audit ratings for approval by the PAM and Chief Auditor. Presenting and agreeing key findings with Client management; Contributes to dynamic planning through business monitoring of the areas of their responsibility; Demonstrates understanding of the client’s business; Facilitates issue tracking and validates closure of issues; Continues to develop technical expertise relevant to LRC and Group Audit, including market and regulatory developments; Enhance team’s position as a center of excellence for LRC related activities and Issues; Assists with training for Group Audit, prepares updates for GA Senior Management and provides on-going advice to Client management.

Qualifications: The candidate will ideally have an Audit background, however those with considerable experience in Risk would also be considered. Five to eight years of relevant experience is desired. He/she should have knowledge and experience with financial services products and operations, and an understanding of the regulatory framework for DB. Detailed technical knowledge of valuation techniques and risk modelling are considered a plus; He/she will have a strong academic background in finance or accounting; Advanced knowledge of Microsoft Office products, and experience using flowcharting applications. Experience with CAATs is also a plus.

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

PwC Report: Venture Capital Activity in New York Jumps While Silicon Valley Sees a Slide

This story is republished from CFOZone, where you’ll find news, analysis and professional networking tools for finance executives.

Silicon Valley is still central headquarters for venture capital activity in the US. But it looks like the New York City area is trying to play catch up.

A new report shows an increase in the region both in the amount of startup funding and the number of deals for two consecutive quarters, while activity in Silicon Valley dropped.


The report, from PricewaterhouseCoopers and the National Venture Capital Association, found that financing for companies in and around the Big Apple increased to $566 million in the first quarter. That was an 18.9 percent rise from the previous quarter, also a 34 percent year-over-year increase. A total of 75 firms received money in the first quarter, up 13.6 percent.

In Silicon Valley the story was very different. Investment dollars and numbers still won out over New York, of course. But the trend was down. Total funding of $1.5 billion in the first quarter represented a 21.4 percent drop from the fourth quarter 2009, while the number of deals fell 24.6 percent over the same period.

Overall share of VC money also rose in New York and fell in Silicon Valley. In New York, it reached 12 percent, up from 9.2 percent in the fourth quarter 2009, compared to 32.3 percent for Silicon Valley, down from 37.5 percent.

This New York- area investment growth reflects recent efforts by venture capitalists and the New York City government to rev up funding.

A few examples:

Last spring, New York law firm Lowenstein Sandler started First Growth Venture Network, which provides mentoring for newbie CEOs from venture capital firms, angels and more-seasoned executives.

Last fall, they announced the first 15 CEO mentees. Late last year, seven successful entrepreneurs launched the Founder Collective to make $50,000 to $1 million investments in very early-stage ventures in New York, as well as the Boston area.

In early 2009, NYC Seed, a partnership of venture capital, non-profits and universities, made its first investments in several seed-stage ventures.

Last week, I wrote about trends in angel investing and noted that such financing provides more money for startups than venture capital. Still, although VCs invest in a small percentage of all new companies, they do support enterprises with potential to become real powerhouses. So, the New York area economy clearly benefits both in the short and long-term from this financing activity.

Although it’s doubtful these firms will ever match the contribution in tax dollars and jobs provided by Wall Street.

Job of the Day: Bloomberg Needs an Accounting Manager

Bloomberg is looking for someone to assume a leadership role in its Media Accounting Group.

This group oversees the credit, billing, collections, cash application, AR reporting and analysis for all of the company’s media products

The position requires 3 to 5 years of supervisory experience and is located in New York.


Company: Bloomberg

Title: Media Accounting Team Leader

Location: New York, NY

Description: A leadership role within the Media Accounting group whose responsibilities include Credit, Billing, Collections, Cash Application, AR Reporting and Analysis for all Bloomberg media products (Television, Radio, Online and Print).

Responsibilities: We are looking for a hands-on manager with experience in the Order to Cash process (Credit, Collections, Billing, Reporting, Reconciliation). This person will be expected to supervise the work of others while at the same time performing day-to- day job tasks in a fast paced open environment. AdMarc billing system and DART ad server experience preferred.

Qualifications: A degree in accounting is required; Possesses thorough accounting knowledge; 3-5 years of supervisory experience within the media industry.

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

Angel Investors Continue to Shy Away from Startups

This story is republished from CFOZone, where you’ll find news, analysis and professional networking tools for finance executives.

Many startups, especially ones with high-growth potential, depend on receiving at least some of their funding from angel investors. Now, a new report sheds light on what type of entrepreneurial ventures got angel money last year.

Specifically, the report from the Center for Venture Research at the University of New Hampshire found that financing for really early-stage companies declined and a larger percentage went to more-established ventures. That is, 35 percent of investments in 2009 were in seed stage companies, a decrease of 10 percent from 2008. And new, or so-called first sequence investments, were 47 percent of all angel activity, a significant decline over the last two years.


What this means, of course, is that angels are favoring proven quantities that are less risky than newer ventures. That’s been a trend for several years now and it’s worrisome. You might not know it from press coverage, but angel funding is considerably more prevalent than venture capital financing: Many more startups receive angel money than VC dollars. So, if angels shy away from early ventures, that means the loss of a significant historical source of funding for these companies.

Then, there’s the matter of what these companies mean to the economy, which I’ve written about before. The startups that receive angel money tend to be ones with high-growth potential, the kind with at least a fighting chance of becoming a lot bigger and employing a lot of people. Thus, it’s not a positive development over the long haul if angels choose to play it safe and avoid very early-stage ventures.

On the modestly good side, the report showed a decrease in investment dollars but little change in the number of investments. Total investments in 2009 were $17.6 billion, down 8.3 percent from 2008. But a total of 57,225 ventures received funding, a 3.1 percent increase from 2008. In other words, more startups got money, although deal size was smaller.

It would be more reassuring if a larger share of the $17.6 billion had gone to a different type of venture.

Job of the Day: VeriFone Needs an Internal Auditor

VeriFone is looking for someone to join its internal audit team to participate in global SOx testing and other internal audits.

This position is located in San Jose, CA and requires someone with at least three years experience of internal/external audit experience and the ability to travel internationally when required.


Company: VeriFone

Title: Senior Internal Auditor

Location: San Jose, CA

Responsibilities: To assist in the planning, scoping, development, and execution of the global SOX 404 testing compliance function; Under the direction of IA management updates all testing templates, key controls/risk/assertions or other required documentation or analysis; Conduct and execute testing efforts with IA team and outside consultants and auditors as needed to perform the work and track all results; Compile and document all deficiencies, effectively interface with auditors and process owners to ensure issues are understood and corrective action is agreed to for prompt remediation; Meet all assigned deadlines without exception; Ensure all work papers comply with IA department standards; Prepare final deficiency listing of all open items for prompt Process Owner clearance; To assist in the execution of planned internal audits according to annual risk and audit plan; To conduct fieldwork for all audits assigned; document all pre-planning steps and analysis work; create audit programs and review audit results of self and team members as assigned; Update and prepare detailed action plans of all audit results for process owner agreement and final publication; Interface with all levels of VFI staff in the execution of audit work; Perform special reviews/investigations as assigned

Qualifications: Bachelor’s degree in business, finance or accounting; Requires a minimum of 3+ years internal / external audit experience including SOX testing as well as operational audits; Experience in a manufacturing environment; Desire and ability to travel Internationally when required.

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

Job of the Day: Asset Manager Needs a Senior Corporate Accountant

A top New York asset management company is looking for a senior corporate accountant to responsible for monthly close, expense/revenue analysis, assisting in year-end audit process, among others.

The position requires 3 to 6 years experience and a CPA license is preferred.


Company: Not disclosed

Title: Senior Corporate Accountant

Location: New York

Responsibilities: Take ownership for parts of the monthly G/L closing (e.g. booking/tracking of certain investments, expenses and various expense accruals and preparation of supporting schedules); Revenue and Expense Account analysis and reconciliations; Review and own the revenue sharing expense process (i.e. keep up to date with contracts and maintain organized, review invoices for accuracy, etc.); Prepare quarterly insurance company revenue sharing payments; Assist with outside legal bills monthly coordination and approvals for payments; Act as new G/L system administrator and report writer/editor; Prepare monthly financial reporting package for senior management; Prepare monthly business line and departmental reporting package for senior management; Prepare annual financial statements and footnotes, standalone and consolidated which includes registered investment advisory and broker dealer subsidiaries as well as affiliated hedge funds; Assist in year end audit process (i.e. prepare schedules, reconciliations, analysis of account balances, etc.) and interface with auditors as needed; Assist in yearly budget process and prepare monthly budget analysis (including budget vs. actual variance analysis).

Qualifications: CPA preferred; Bachelor Degree in Accounting; Prefer individual with 3-6 years experience (with at least 1-2 years experience/exposure in or to the Corporate Accounting area of an Asset Management firm).

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

Productivity Means Accepting The Fact Reinforcements Are NOT Coming

Are you feeling strapped for time? Have more work than hours in the day? Still waiting for that new person in the department???

I hate to be the one to break it you, but reinforcements are NOT coming.


You can find the evidence here, here, here, and here. The economy jumped off a skyscraper, hit the pavement, and now everyone’s trying to figure out whether or not this “recovery” (NBER says the US is still in recession) is real or is it a Dead Cat Bounce. Hiring for your little Cost Center will have to wait it out.

Of course the REAL evidence is probably already in your possession. Crack open the budget file; what’s the headcount look like for your department next year? The truth is right there in front of you in bits and bytes. If you’re doing the job of 2 people, chances are pretty good you’re going to continue to do so. You’ve become a 2-for-1 special!

The good news is that the unemployment picture has probably hit bottom. Those of you who remain employed probably don’t have to worry about losing your jobs anymore. After all, as the investor/pundit Kevin O’Leary likes to say, “a company can only fire 100% of their employees before they have to find a way to generate revenue.” Departments have terminated everyone they can terminate.

The bad news is that your job survived. It’s a classic case of the survivors envying the dead.

But I’d rather light a candle than curse your darkness.

There’s plenty of glib mantras I could be extolled at this point:
– do more with less
– work smarter, not harder
– corporate business process re-engineering consultancy services
– stop reading this slogan and get back to work, slacker!

The dirty little secret behind all of this kind of rah-rah, cheerleader stuff is that YOU are still the one left to actually DO all the work. Getting more productive is the only way to help you help yourself. You don’t need the BPO consultant to pull a Beetlejuice on you (“move in with you guys for a while, become real pals”) to figure that out! You need to look at every activity you do and ask:

1. Why am I doing this?

And if the answer doesn’t smell like a dead cat,

2. How am I doing this?

And finally,

3. What’s the alternative?

And for the love of Pete, watch for the technology trap! The technology trap is the assumption that, just because you are using technology to complete a task, it automatically means it’s the best way to get it done. Technology is like a dog. Do you walk the dog or does the dog walk you?

I’ve worked in accounting departments for years. There’s been times when I felt more like a dishwasher than a business professional and I was booking crazy overtime with zero comp! Over the years, little routines became big, dogmatic, time sinks and my hands were permanently puckered. I can only imagine what that sink would like on a skeleton crew.

The upside is that you have a bit of leverage suddenly. Since you’re the only one left, you’ve become that much more difficult to replace. Hiring sucks and it takes a long time. No one wants to deal with another recruiter, no one! You have a chance to redefine how you get your work done so take advantage. Wouldn’t it be great to use leverage for good for a change?

Jobs of the Day: Barrier Advisors Needs Associates and Analysts

Barrier Advisors, Inc. has positions at both the Associate and Analyst level to join its Restructuring & Investment Banking Group in Dallas, Texas. These positions will provide financial and accounting consulting services in corporate restructuring, M&A and other areas.

The Associate positions require 3 to 4 years experience with CPA, CFA, CIRA or Series 7 a plus. Analysts require 1 to 2 years experience and certifications are also a plus.


Company: Barrier Advisors, Inc.

Title: Associate or Analyst

Location: Dallas

Description: Provide financial and accounting related consulting and advisory services primarily in the areas of Corporate Restructuring and Mergers and Acquisitions. This practice provides services primarily in the following areas: Creditor and Debtor Advisory, Mergers and Acquisitions, Performance Improvement, Wind-Down and Liquidation.

Responsibilities: Apply business, accounting, finance and analytical skills to various client situations and practice disciplines (e.g., financial modeling, ratio and comparable company analysis, review/analysis of financial statements and projections, assessing business plans, claims, conducting due diligence on balance sheet and profit and loss statement items, etc.); Prepare complex cash flow projections and worksheets to model business processes and/or actual or hypothetical transactions; Work to ensure a quality product, as well as delivery of all work within established timeframes; Prepare draft written analyses and other reports for third parties, as necessary, on the project scope, findings and/or results of activities; Prepare PowerPoint presentations and quantitative exhibits for third parties, as necessary, on the project scope, findings and/or results of activities; Research and organize information to facilitate effective data access and analysis.

Qualifications: Proficiency with PC environment and related software, including Microsoft Office applications (a very strong emphasis on Excel and PowerPoint); Familiarity with web-based financial research resources for corporate information, SEC filings, competitive data, etc; Thorough knowledge of corporate finance and accounting principles and terminology; General knowledge of corporate bankruptcy process and procedure;

Associate Education/Experience: Bachelor’s Degree in accounting, finance or business administration is required, MBA preferred. If not a business degree, then subsequent business training can suffice; 3-4 years of Investment Banking, Consulting, Private Equity or Public Accounting is desired; Certifications such as CPA, CFA, CIRA, Series 7, etc. are not mandatory, but will be considered.

Analyst Education/Experience: Bachelor’s Degree in accounting, finance or business administration is required. If not a business degree, then subsequent business training can suffice; 1-2 years of Investment Banking, Consulting, Private Equity or Public Accounting is strongly desired; Certifications such as CPA, CFA, CIRA, Series 7, etc. are not mandatory, but will be considered.

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

Did Lehman’s Arrangement with Hudson Violate Accounting Principles?

This story is republished from CFOZone, where you’ll find news, analysis and professional networking tools for finance executives.

I’m far from the only person having a hard time understanding the significance of the deals arranged by a company that this page one New York Times story referred to as Lehman Brothers’ “alter ego.”

From the looks of it, the company in questastle, was set up simply to serve in the traditional role of outside investor in another company’s off-balance-sheet financing vehicle, which is known as a special purpose or variable interest entity to accountants and a conduit or structured investment vehicle in the world of banks.

The arrangement is common enough and there’s nothing wrong with it, strictly speaking, so long as the outside investor is independent of the sponsor of the entity and the arrangements are properly disclosed.


Remember Citigroup’s SIVs? They spawned the first ill-fated bank bailout effort, by former Treasury Secretary Henry Paulson. And they were similar to the entity that Hudson created for Lehman, called Fenway.

The problem with these gizmos, of course, is that sponsors often claim not to be responsible for the assets and yet end up on the hook for them anyway, which is what happened to Citi. But that in itself doesn’t make them fraudulent, at least not according to GAAP.

In Lehman’s case, the problem seems to be that Hudson was controlled by Lehman, if not at the time it was created, then certainly under later rules, according to Charles Mulford, an accounting professor at the Georgia Institute of Technology and an advisor to CFOZone.

At first glance, it seems like the opposite might be the case, since Lehman reportedly dominated Hudson’s board when it was created in 2001. And Lehman’s influence over Hudson diminished significantly in 2004, when its board seats were reduced from five to one, presumably along with Lehman’s equity in the firm.

Just conceivably, that might have been done to conform with the changes in the accounting rules. But Mulford says that might not have been enough to comply, because the new rules require the so-called primary beneficiary of the vehicle to consolidate its assets regardless of how much equity the outside investor has in it. Even after 2004, Lehman remained the single largest investor in Hudson, according to the Times.

“Given changes to accounting for SPEs, one could argue that Lehman had effective control of the Hudson Castle SPEs, even if it didn’t have voting control, necessitating consolidation,” Mulford said in an email to CFOZone.

Of course, the significance of the arrangement remains unclear, as the Times article failed to explain how much of Lehman’s debt was shifted into the Fenway SPE. It looks as if at least $3 billion was shifted into Fenway in this fashion, but that’s a lot less than the $50 billion Lehman shifted off of its balance sheet through so-called Repo 105 transactions in 2008.

Incidentally, while Lehman’s auditor Ernst & Young recently claimed that amounts Lehman shifted in this fashion weren’t sufficient to cause the firm’s failure, since its total assets exceeded $600 billion, I just saw in the bankruptcy examiner’s report that the firm refused to say the amounts weren’t immaterial when it signed off on Lehman’s financial statements. And the examiner’s report insisted that they were indeed material.

Job of the Day: Asset Management Company Needs a Tax Manager

A top mutual fund/asset manager is looking for a tax manager to take responsibilities over many of the tax functions including Product Support (e.g. reviewing of federal and state tax returns) and Corporate Support (FIN 48 Analysis).

Qualifications include a Bachelor’s Degree in accounting, 5+ years of mutual fund taxation experience either with a , public accounting firm or a mutual fund complex and hedge fund experience is plus. The position is located in New York.


Company: Not disclosed

Title: Tax Manager

Location: New York

Responsibilities: Review fiscal year end and excise tax calculations (mutual funds, ETF’s); Review federal, state and local tax returns (mutual funds, hedge funds and ETF’s); Prepare/review year end 1099 shareholder tax reporting and supplemental tax reporting information (i.e. foreign tax credit pass through, tax exempt income by state, alternative minimum tax); Review K-1 preparation and reporting to hedge fund partners; Assist in monitoring book/tax differences such as PFICs, wash sales, straddles, contingent debt, equity/debt determination, etc.; Monitor hedge fund investments for UBTI and FIRPTA issues; Prepare/review tax schedules required for tax return preparation; Perform tax research, advice and analysis for current and potential products (i.e. swaps, publically traded partnerships, derivatives, etc), including keeping appraised of developments and industry issues; draft tax position memos as needed; Perform FIN 48 analysis; Maintain tax filing calendar; Review monthly and quarterly tax compliance, IRC diversification, income tests, etc.; Enhance/develop internal tax policies/procedures; Assist in the training and development of portfolio administration staff on tax matters; Prepare/review tax disclosures for insertion in financial statements; Review international tax filings (i.e. ETF’s in Germany); Prepare/review tax disclosures for insertion in financial statements; Address fund shareholder, separate account and hedge fund investor tax related inquiries

Qualifications: College degree in accounting and/or advanced degree in taxation is required; 5+ years of Mutual Fund taxation experience is required, either with a public accounting firm or mutual fund complex, hedge fund taxation experience a plus; Managerial experience a plus; Proficiency in Excel and Word required.

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