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• Verizon Wireless
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Category: Uncategorized
Hopefully You’ve Got Plenty of PTO
DB is reporting that there’s swine flu at Citi and since we’re fairly certain that none of the 1,200 vaccination units were reserved for Klynveldian auditors, you better have your firm-issued surgical masks handy.
That goes for anyone else (read: Big 4 types) working at the Greenwich St. building.
If not, start washing you hands like Howard Hughes.
Earlier: Big 4 Sick Days: Open Thread
Bob Herz and Jim Kroeker Are Avoiding the Convergence Dance
For the love of everything that is good and holy, would someone like to be the FASB Chairman? Or the Chief Accountant of the SEC?
We realize that they’re both thankless jobs but we need people in there that are going to make some things happen.
After Jim Kroeker said this:
“[T]he boards have agreed that the projects that they’re working on are areas that need improvement, not just under U.S. GAAP but under IFRS, then I think convergence efforts should continue or would continue without an SEC finalization of the roadmap,”
Bob Herz is now saying this:
“[T]he ball is mostly with the [SEC] at this point” … Herz noted the SEC has yet to rule on the “roadmap” for U.S. compliance with IFRS it proposed a year ago.
So, let’s get this straight: JK is said, “You go first.” Now Bob Herz is saying, “No, you go first.” Does anyone want to introduce these two clowns? Are they waiting for knighthood before they move on this?
We suggest that somebody toss Mary Schapiro in there to A) complete the trilogy of stooges and B) so she can bonk their heads together. That might get them motivated.
Herz: U.S. Convergence Ball Is in SEC’s Court [CFO]
Overstock.com Fires Grant Thornton, Files Unreviewed 10-Q, CEO Remains Humble
There’s really nothing better than an eccentric CEO throwing caution to the wind, consequences be damned.
Insert Patrick Byrne, CEO of Overstock.com (“OSTK”). He issued a letter via press release yesterday that has many people’s attention.
Byrne opens the letter by quoting Nietzsche:
“All things are subject to interpretation; whichever interpretation prevails at a given time is a function of power and not truth.”
Tragic enough but then Byrne really amps it up, droning on for eleven points about his company’s dire situation. Here’s the gist*:
• The difficult accounting treatment of an overpayment received by OSTK from a “partner”.
• Putting the audit out to bid after “eight years of fine service” from P. Dubs, and hiring GT because “my belief that changing auditors every decade or so might be healthy.”
• SEC inquiries into the accounting treatment of the overpayment.
• GT changing their minds on the accounting treament after said inquiries.
• We’re filing an unreviewed 10-Q, P. Dubs is on board for our treatment, GT is fired, anyone (and I mean anyone) want to audit us?
Byrne spends no less than six paragraphs/points explaining GT’s wishy-washy, bending-over-for-the-SEC ways. The man is nothing if not thorough.
Spineless auditors notwithstanding, Byrne will press on, the company will overcome, and he will remain committed to you, Overstock.com shareholder:
I will hold a conference call to further explain and answer questions regarding this matter on Wednesday afternoon at 5:00 p.m. EST (details below). Until then, I remain,
Your humble servant,
Patrick M. Byrne
10-Q [SEC.gov]
8-K: Dismissal of Grant Thornton [SEC.gov]
Press Release [SEC.gov]
*If you want to debate the particulars, be my guest but this isn’t the Journal of Accountancy, feel me?
Reader Poll: Non-profits, Government
TPTB request that you answer the question below to assist their continued quest for world domination. Your help is appreciated.
Are Your Holidays Going to be Ruined Because of Inventory Counts?
Personally, it would make for a better yarn if we were hearing about Jameson-fueled discussions about healthcare reform that eventually lead to grabbing all the gifts (and the remaining Jameson) and storming out of in-law’s house. Sadly, we’ll have to wait until after the holidays for those.
What we have heard is that PTO still isn’t being granted in the name of inventory counts. One reader notified us that her office still hasn’t released the inventory schedule so A1s and A2s are still going to have to wait to see how much PTO they’ll be able to take for the holidays:
[I] emailed you about a month ago that we (first and second year associates) couldn’t schedule any PTO for Christmas yet- and STILL we can’t schedule PTO. I think it’s ridiculous that it’s almost a month away and we can’t get any time. I talked to a partner…and he said that we’ll get the inventory schedule the first week of December, and then we’ll know when we can schedule vacation. [He said] ‘well you’ll have two days to spend w/ your family, right’
For some people two days with your family is about all you can handle but we understand that may just be people we know.
And regardless of whether you celebrate the birth of JC, lots of people travel in the twelfth month and it’s definitely frustrating if you’re still getting stonewalled on the PTO. We’re not sure if this is an isolated incident so discuss your office’s ability work with you on the inventory schedule or if they’re putting coal in your stocking.
Earlier: Are Inventory Counts the Bane of Your Existence?
Problem of the Day: Do You Quit Your High-Paying Job with the Idiot Boss?
The BBC reported last week that 49% of workers in the UK would leave their jobs if it meant working for someone that didn’t make bad decisions.
As we’ve noted, the Brits seem to be less hung up on money than us but that still doesn’t mean you wouldn’t leave for less money if you could get away from that boss who can fuck up a cup of coffee not to mention every decision that affects your work directly.
So we have a simple question for you. Under normal circumstances, would you leave your high paying job if it meant you didn’t have to work for an idiot boss?
Caption Contest Reminder: Auditing Is Craptacular
Just a friendly reminder to submit your best captions for the audit room outside the ladies’ rain closet. Jump over the to the original post to submit your caption.
We’ll take submissions through the end of tomorrow, so get your team together and come up with something that will impress us. Your productivity starts waning this week anyway.
And while you’re at it, if you’re an auditor that works in ridiculous conditions, send us your pictures of your dungeon, closet, or your client-provided school desk.
‘Swashbuckling Industrialist’ Tom Petters Is Going to be Responsible for Putting Senior Citizens on the Street
For those of you that were maybe developing a soft spot for Tom Petters because, among other things, his own lawyer doesn’t think too much of him, the latest testimony in TP’s trial should help squash your sympathy.
Janet Leck, a 79 year old widow, was convinced by Frank Vennes, Jr. — an evangelist who “steered unwitting investors to [Petters]” — to invest her money with Tom Petters. At one point Vennes, apparently having reconnected with the Almighty, told Leck that he was ending his business relationship with TP because of ‘things he was seeing in Mr. Petters’ personal life’ and was returning her money.
Now, one could assume that Vennes was getting the creeps from Petters because either: 1) he realized that Petters was a complete man-child that couldn’t finish a copy of Go Dog Go! or 2) typical hooker/llelo chicanery.
Two years after dumping Petters for his sinful ways, Vennes decided redemption was in order (or, most likely, he just missed the hookers) because he went back to TP and got the Lecks to invest with him again:
She re-mortgaged her home and drew out $190,000 in equity to invest with Petters, she said. Leck said she relied on the $3,400 monthly payments from that loan for living expenses until September 2008, when authorities raided Petters’ home and business looking for evidence that he was running an alleged $3.5 billion Ponzi scheme.
Now, unless she can restructure her mortgage, Leck said, “I’m looking at foreclosure. …I will move from my home of 30 years.”
In other overwhelmingly convincing testimony, investment banker Michael Liss described Petters, “as a ‘swashbuckling industrialist’ who had an arsenal of ‘ridiculous’ excuses for not paying his debts on time.”
Ridiculous excuses like, “Do you treat your other swashbuckling industrialist clients this way?” or “I’m busy ripping off senior citizens. Do you mind?” OR “My ass is going to end up in dumpster any second, sorta busy.”
Petters trial: Retired widow fears losing her home [Minneapolis Star-Tribune]
Bennie Bankes Poll Results
We have a landslide on our hands. Not only are most people we talk to disturbed by the suited swine, the winning caption was a clear choice.
Big 4 partners adopt truth in advertising and are wearing pig costumes to all recruiting events.
With over 55% of the vote. Now, just for the sake of argument, anyone could wear the costumes to the recruiting events, people, not just partners. Embrace the truthiness.
Thanks for voting!
Layoff Watch ’09: Grant Thornton
There’s a lot of chatter about layoffs at Grant Thornton this week but we’re scant on details. So far, we’ve heard there were cuts in New York, Dallas and possibly the Southeast region.
And just for the hell of it, we called up GT to see if they could tell us anything. Unfortunately we just got voicemail but we’ll update you if they get back to us (they might, don’t be so pessimistic).
If you have more details, get in touch and ask around to your peoples that work in the House of Nusbaum to find out what’s going down.
Caption Contest Friday: Is Your Career in the Crapper?
A reader working at a client site showed us where she and the rest of her audit team will be sitting for the next three weeks:
A little background/TMI: Naturally our first question was, “Is anything audible?” to which she replied, “We definitely know who has a weak stream around here.”
Same rules – Submit possible captions for all the photos in the comments. We’ll choose our favorites — with preference given to those with an accounting/auditing bent — and then let you vote for the best one. Impress us.