Category: News

Would You Show Your Loyalty to KPMG with a Tramp Stamp?

Or the new PwC logo on the back of your neck? How about Deloitte green dots incorporated into some barbed wire? Sure most people are looking for new jobs but for those of you looking to show some loyalty to your firm, you should know that some company ink may go a long way:

Employees of Anytime Fitness, a workout chain based in Hastings, Minn., can get the company’s purple running man logo permanently inked on their bodies by a tattoo artist who shows up at monthly training sessions. More than 350 employees have gotten permanent tattoos including CEO Chuck Runyon.

Runyon says the tattoo represents a significant commitment to the brand. Employees receive standard benefits like retirement plans and health insurance, but they also have flexible hours and an office culture that includes contests and giveaways among staff, a combination of perks that Runyon believes encourages employee loyalty.

“We spend a third of our lives at work,” he says. “If you don’t love what you do, that’s a miserable existence.”

How Far Would You Go for Your Company? [FINS]

Moss Adams Freshens Up Their Look

It’s spring, which means change is in the air; flowers are blooming, the air is warm, animals are frisky, all that crap. And perhaps because it is such a refreshing time of year, Moss Adams has rolled out a refreshed image, updating their colors, adding a tagl website a new look and feel. The firm officially rolled out its new and improved look today and Moss Adams CEO Rick Anderson was kind enough to speak to us about it.

Going Concern: So why the face lift (or does this simply qualify as Botox injections)? Is it because the firm is getting up in there in age and it’s not feeling as desirable as it once did?

Rick Anderson: As you know, a brand is an intangible asset with economic value that requires management to help it appreciate. The last refresh we did was in 2006-2007 and much has changed since then. The current updates to our colors, our tagline, and our graphic elements represent the energy and thought leadership we put into every relationship and engagement.

GC: The changes appear to be more subtle than, say, another firm that comes to mind – was that a conscious choice? Was anyone involved in the creative process dropping ideas that revolved around Legos or October foliage?

RA: Our creative team presented several options ranging from a small tweak to a full scale rebrand. Because Moss Adams is built on such a solid foundation, we decided that our vision, mission, and values would remain intact. And so would our logo, as we wanted easy recognition of our brand and we wanted to preserve the equity already built. So we are calling our new look and feel a “refresh” instead of a rebrand because it continues to focus on many of our historical strengths.

GC: Okay, sounds like simply “ma” could have been on the table. Moving on… The new tagline is “Acumen. Agility. Answers.” Do these merits have special meaning for MA or did they happen upon someone flipping through the A section of the dictionary?

RA: We created the tagline to reinforce important aspects of our brand that our clients called out in our client satisfaction survey. “Acumen. Agility. Answers.” is a simple, benefit-driven tagline that conveys three important attributes of the service we provide our clients: Acumen – Keen insight we deliver; Agility – Our ability to respond quickly; Answers – Correct and valuable responses to questions and problems.

GC: So the clients are the wordsmiths. Got it. What’s the feedback been so far? Are you expecting excitement at first followed by some sort of Charlie Sheen-esque backlash?

RA: We have been rolling out the new sales and marketing materials for the past few months, initially internally and then externally, and the response is favorable. People like the refreshed look. The new website just launched and focuses more heavily on valuable resources for our visitors. It is a bit early to gauge our metrics on that.

GC: In other words: WINNING! That’s wonderful. What other new and exciting things can we expect to see from MA this year? Office openings? More work-life balance initiatives? A new dancing partner?

RA: We are off to a good start to 2011. Our annual firm leadership meeting is in a few weeks and our focus will continue to be on taking care of our existing clients and personnel while continuing to focus on growth to provide more opportunities for our people and more resources for our clients. We are seeing some positive signs and are looking forward to a good 2011.

FASB Closes the ‘Lehman Loophole’

FASB issued Accounting Standards Update No. 2011-03 to improve the financial reporting of repurchase agreements, also called “repos,” or other transactions that govern the transfer and repurchase of financial assets. The new guidance gives companies some new parameters to consider in determining whether a transfer is in fact a sale of an asset, and therefore qualifies for sale treatment, or whether an entity has retained some control over the asset and therefore cannot claim to have sold it. [CW]

Single Fat Accountant Also a Bit of a Hypocrite, Watches Royal Wedding

A couple of weeks ago, the Single Fat Accountant was suffering from a serious case of Kate and Willy envy. He had called for a blackout of all the Royal Wedding festivities but because he is A) fat; B) single and C) and accountant, the nuptials went on as planned.

Realizing the futility of the situation, SFA eventually succumbed to the pressure of being of loyal British subject (or maybe a party-pooper of a boss) and turned on the teevee to watch the historic event.

Realizing that he might catch some flak for this flip-flop, our hero felt the need to explain his actions:

I was feeling left out by not watching TV. I felt I was going againt the odds with the large proportion of people. It just felt wrong not to watch the wedding. Though my views in previous blog remain unchanged. I am thinking what this says about me:

• I like to belong rather than be the odd one out
• I am bit of a hypocrite!
• I am not strong enough to be an independent thinker.
• I just wanted to see how Kate looked! She looked great.

Kate did look lovely (and catching glimpses of Pippa was a nice bonus) but I can’t help but feel that SFA is buckling like a cheap belt here. On the other hand, it’s conceivable that our fat, lonely friend may have been thrown out of his country had he not complied. If anyone wants to weigh in – being supportive or sharing their own tale of Royal Wedding fever – feel free to do so now.

Wanted: Auditors for Inventory Count Who Won’t Get Queasy at the Sight of a Few Dead Chickens

Did I say a few?

The Alabama Poultry and Egg Association estimated that five million chickens probably died in the tornadoes, which slammed the northern part of the state, where the industry is centered.

Not to worry though, you’ll still be able to get your McNugget™ fix:

That alone isn’t enough to disrupt chicken supplies nationally. The state usually produces about 21.5 million chickens in a week. The U.S. produces roughly nine billion chickens annually.

Storms Destroy Hundreds of Poultry Houses [WSJ via JDA]

Accountant Demonstrates Poor Athleticism in Most Unfortunate Way Possible

Today in doing a disservice to accountants everywhere, Matthew Benjamin Mundy, a double-entry maven in Australia, was fined $500 for accidentally hitting an off-duty federal police officer with an egg.

Apparently MBM was attempting to hit his friend with the ellipsoidal embryo container, missed, and hit the officer who was sitting at a café. Accidents happen but Mundy’s employer better hope his professional misfires are far less material. [ABC]

Dilemma: Administrator Concerned About Partners Giving Significant Others No-show Jobs

Today in predicaments from across the pond, a concerned employee wonders if a couple of partners who have given their wife and girlfriend no-show jobs are up to some financial shenanigans. Of course this prospecting employee is thinking about approaching said partners about this. What could go wrong?

The partners of the LLP I work for have added their wife and girlfriend to the payroll of the company even though neither said wife or girlfriend actually work here. I believe the reason being is to reduce profit, partner remuneration etc to ultimately reduce the amount of tax paid by the partners at the end of each financial year.

The ‘salaries’ are fairly low (£16,500 [$27k USD] and £13,000 [$21.4k USD] per annum) and Tax and NI etc is processed as normal through PAYE. One of the ladies even has student loan deductions. Periodically each lady will have a large ‘bonus’ of around £15,000. I assume the payments go directly in the wife/girlfriend’s bank accounts.

I’m sure there must be some sort of law against this as it seems, to me, too obvious to be a loophole. Does anyone one know what these laws are and the repercussions should the partners get caught?

I work as an administrator for the company and rely solely on accounting and payroll software and therefore only have very limited knowledge on the subject. I am hoping to approach the partners on the matter so any help/information would be greatly appreciated 🙂

Maybe this “administrator” has too much time on their hands and is simply jumping to conclusions (which we applaud) but then again, a no-show job is a no-show job. They are violating NCAA rules or anything but for the puritanical types this could seem a little sketchy.

Berkshire Hathaway Audit Committee Has Some Thoughts on This David Sokol Matter

Namely, he violated Berkshire’s code of business conduct and ethics and violated his duty of candor to the WB, Munger and the rest of the company.

BerkshireHathawayAuditCommitteeReportAPR2711

Woman Realizes Her Dream of an Accounting Degree After 19 Years

Whenever you feel unmotivated to get your accounting degree or are concerned you’ve made an awful career decision, just think about this Iowa woman who worked 19 long, tedious-ass years to get her bachelor’s in accounting.

We’re totally OK with this woman being too busy to take the CPA exam, this is the ultimate excuse to be unable to get through the exam in 18 months. Bow to her greatness and insantly feel guilty for being greedy when it comes to compensation and slacking so hard on the job.

In 1992, a gallon of gas cost $1.13, Bill Clinton won the presidential election and Kathy Vitzthum took her first class at Iowa State University.

Vitzthum has taken about one class each and every semester since. For 40 semesters. Since Miley Cyrus was born. Since Charles and Diana split up. Since Ross Perot pulled out his charts and pointer on TV. Since the World Wide Web was in its infancy (and text only).

On May 7, the 48-year-old Vitzthum, who lives in Slater, graduates summa cum laude from Iowa State. She has achieved her goal — a bachelor’s degree in accounting — after juggling family and career with finals and papers for 19 years.

Now, we don’t judge as we all have our different career paths but while congratulating this woman for her epic accomplishment, it’s wise to point out that we don’t necessarily recommend this bundle of choices for just anyone. It’s easiest to go college, then pass the CPA exam or start work (it’s usually easiest to do the exam in-between school and starting work), then get married and/or have kids. You are welcome to do these in any order you like, we just wouldn’t feel right if we didn’t point this out.

I’m not sure what you all were doing in 1992 but I was in 6th grade. Think about that for a minute next time you hate your life and/or career decisions.

Some People Take Exception with the Idea That Investors Don’t Care About the Lack of Audit Firms

That said, it’s not as if investors can be everywhere at once. Audit committees could stand to get better at sharing information.

Liz Murrall, director of corporate governance and reporting at the Investment Management Association, strongly refutes this claim. “Investors do care”, she insisted, saying “no one wants to see an auditor in place for 50 years”.

However, Murrall warned that investors cannot engage with every company, and therefore cannot be expected to watch over audit committees’ shoulders to check every appointment. “Shareholders want the option of being involved, but don’t want consultation to be mandated – they don’t always have the time or resources.”

Transparency is the order of the day, according to the IMA. If audit committees increased disclosure about the tender process, shareholders would be more motivated and able to engage, boosting choice and competition in the market.

Investors ‘do care’ about audit competition [Accountancy Age]

McGladrey Suing Three ‘Rainmakers’ Who Defected to JH Cohn

That, according to a report in the Minneapolis/St. Paul Business Journal:

At risk are millions of dollars, the company’s reputation and the entire health care practice now led by a Minneapolis partner, according to a lawsuit recently filed by the accounting, consulting and tax firm against the three rainmakers who went to New York-based J.H. Cohn. Bloomington-based McGladrey and the former partners said they’d rather not discuss the dispute. Public records show that McGladrey is seeking a federal court order to keep the partners away from their clients

And unfortunately, that’s all we know. The MSTPBJ is behind a paywall (and my publisher is currently not springing for a membership) so we can’t really tell you much more than that. But we do love a good Benedict Arnold story, so we called around and are anxiously awaiting both firms to call us back. In the meantime, if you’re in the know get in touch or discuss below.