UPDATE: Don’t ask me why staff are singing a song about “Intern Dreams” but apparently that is the case, hence the change in the headline. Carry on.
After being away for awhile, many you probably thought that I get on here and bitch and moan how awful it is to be back to grind with you all. It’s been quite the opposite experience actually, as we’ve learned that Adrienne is more than capable of getting people’s attention that inevitably result in emails being sent directly to me while it was widely known that I could be doing any number of things at the time, including A) watching someone’s Vespa go up in flames in London B) eating space cakes C) speaking to French women with a bad American accent D) watching a shockingly violent fight at Amsterdam’s Gay Pride Parade.
But nevermind all that. Cooler heads typically prevail around here so it’s nothing that couldn’t be handled. Plus, it nice to know that I can leave for a couple of weeks and the site doesn’t miss a beat.
But what really makes my life easy is coming back to emails pointing me to the EYConnects Facebook page where you can find this video:
As any long time reader of GC knows, Ernst & Young runs away with from the rest of the Big 4 when it comes to producing videos that border on hilarity. No need to look further than the masterpiece of “In a JIT” to the video from the Las Vegas office featuring an Elvis impersonator.
While “EY Dream” doesn’t feature legendary lyrics like “On a jet like Turley” mocking acronyms and well-rehearsed choreography wins points in our book. Still would have been funny to hear some self-deprecating lyrics related to Lehman Brothers. Oh well, we’ll keep waiting.
Feel free to leave your thoughts on this latest effort below.
Ever see those annoying exercise infomercials in the middle of the night that promise ripped abs and a tight core, all while screaming at you to get your fat ass off the couch and get started for just 12 easy payments of $99.95?
Well a few Cherry, Bekaert & Holland interns in the Raleigh office decided to make a video that pimps out the greatest fitness plan of all-time – a summer audit internship – with that same high energy madness. We have to admit we didn’t have high hopes until we actually watched it and let’s just say these interns did not disappoint.
When we asked a CBH spokesperson if these amazing interns will be joining the team come fall, we were told “Full time offers? These are obviously all super-accountants, so I’d be afraid to see what they’d do to us if we didn’t. However, I hear HR is still looking at their before pictures.”
FEI’s Edith Orenstein has dropped a track on YouTube with “The Singing CPA” Steven Zelin called “Hey There Bob Pozen” (as of the date this is posted, we haven’t been able to find a Doctor P remix of the hot track) that really doesn’t need commentary at this moment. But we’ll be back after the jump with a few things to say.
Oh, I didn’t mention it’s to the tune of “Hey There Delilah” did I? Yeah. It totally is.
I am a big fan of the Pozen committee, mainly because, like other committees that have fascinated me (such as the EITF , the PCAOB SAG, and the U.S. Treasury Advisory Committee on the Auditing Profession) it has a fascinating cross-section of preparers (issuers), auditors, investors, and others. I loved watching the webcasts where you could see folks discuss things from different vantage points at the same time. I think that kind of broad-based committee has an advantage over committees made up of only one segment of the constituent community, such as preparers, auditors, or investors. I think the standard-setters and rulemakers can receive the most efficient and effective input when the various segments of constituents face off against one another (I mean that in a polite way, I should say, ‘dialogue’ with each other) on issues of mutual interest.
I assume here approximately 6 to 7 percent of you have any clue what the Pozen committee is (unless you regularly read Edith, which you should if you’re into serious financial reporting shit of which we rarely if ever cover), here’s some financial reporting porn (PDF) to groove on. The short version is that the August 2008 report recommends steps to improve the usefulness of financial information to investors.
In case you’ve forgotten, this isn’t Edith’s first venture into the world of YouTube. Surely you remember “If I Were an Auditor,” filmed completely in Second Life with the help of the MACPA and friends.
Could you imagine what would happen if we could get the Maryland Association of CPAs’ dancing flash mob to do a mashup with Edith and Steven? Someone please get on that.
One thing I’ve always loved about the Maryland Association of CPAs is that they aren’t afraid to shake things up, do what everyone else isn’t doing and, uh, break out into a dance routine in the middle of a dinner reception.
Remember the “big surprise” they were planning for the 2011 CPA Summit? Here it is, enjoy:
Sorry for being a little to the game on this one but everyone seems to still be in their meat-induced comas and this type of proposed legislation has left us wondering: IS NOTHING SACRED? If the affluent in our society can’t write off the mortgage interest on their second home that also happens to be boat, haven’t the terrorists won?
“There’s absolutely no reason why taxpayers should subsidize luxury yachts,” said Quigley. “As we work to address our budget challenges, closing this frivolous tax loophole is a no-brainer.”
“We’re going to have to make some hard decisions to tackle our national debt, but this isn’t one of them,” said Walz. “Closing this tax loophole restores the Mortgage Interest Deduction to its original purpose; helping middle class families realize the American Dream through homeownership.”
Currently, taxpayers are allowed to deduct mortgage interest for up to two homes from their tax returns. Yachts equipped with bedding, toilet facilities, and a kitchen qualify even if they aren’t used as a primary residence. The Ending Taxpayer Subsidies for Yachts Act would limit the tax deduction to only those who use their boats as a primary residence.
“We need to get the deficit under control, and that means simplifying the tax code and eliminating special interest tax giveaways like the Yacht Loophole,” added Peters. “Homeownership is part of the American Dream and we should encourage it, but yacht owners don’t need any special handouts, especially in the middle of a budget crisis.”
Also, it’s our understanding that the Reps will use the following footage to make a case for their bill:
Obviously if you’re already against higher taxes, this is of little concern. If you’re more of a David Cay Johnston type, the Center for Freedom and Prosperity’s casting for its videos may be aimed directly at you.
If one example doesn’t convince you, I suggest you check out the other 12 videos on CFP’s YouTube page.
Celebrities suck at taxes. This is known. From Young Buck to Jaime Pressly, there are no shortage of talented-ish people that find themselves in a world of hurt when in comes to complying with the IRC. How any accountants to the stars manage to keep their clients from completely losing their shit this time of year is anyone’s guess.
Luckily for us (everyone out there seems to be suffering from a busy season hangover), a couple of videos we stumbled across more or less put this niche expertise into perspective:
The question over at TV.com, however, is whether or not SNL got its idea for Mort Mort Feingold, Celebrity Accountant from Alan Kaufman, rock star accountant. You can debate that if you feel so inclined but the realism of each is what’s noteworthy here. Anyone with firsthand experience in the A, B, C, or D celebrity clients is invited to share anecdotes at this time.
Hard to say. But “Blockheads” would need to be careful.
It might have been funny if there had been glass in the window and our actor hit his head on it but otherwise we’re especially glad they didn’t involve any scenes with Miggs.
This video appears to be from last summer but since we’ve just been made aware of it, we’re brining it to you now. Why there are multiple videos playing off the Backstreet Boys’s “I Want It That Way” is quite baffling in of itself but this particular group decided it would be best to use their own non-studio produced singing voices AND to come up with lyrics that include “351,” “Like-Kind Exchange” and “STD.”
There are a lot of directions to go with this so feel free. Make haste however, I’m sure it won’t be up for long.
A tipster from Manila sent us this video telling us “[it has] got us laughing over here.” And based on what we see, it seems that being an auditor in the East isn’t really that different from being an auditor in the West. That said, if you detest subtitles or Disney you should probably just move along.
He really should have stuck around. He won on a couple of ’em, which is probably better than most people were expecting.
Of course Chuck isn’t going quietly:
How can anyone have confidence in the decision of the Ethics Subcommittee when I was deprived of due process rights, right to counsel and was not even in the room? I can only hope that the full Committee will treat me more fairly, and take into account my entire 40 years of service to the Congress before making any decisions on sanctions.
The Committee’s findings are even more difficult to understand in view of yesterday’s declaration by the Committee’s chief counsel, Blake Chisam, that there was no evidence of corruption or personal gain in his findings.
From here forward, it is my hope that the full Ethics Committee will take into consideration the opinion of its chief counsel as well as the statement by Rep. Bobby Scott, a member of its investigatory subcommittee who said that any failings in my conduct were the result of “good faith mistakes” and were caused by “sloppy and careless recordkeeping, but were not criminal or corrupt.”
Charlie Rangel Has Heard Enough
The man – looking dapper as ushe – needs representation and isn’t interested in sticking around without it.
Well. Any auditor for that matter.
Based on personal experience it’s plausible that the script came from actual conversations.
“At least part of it is focused on the March 2008 capital raise where they went out and did a preferred deal. Erin Callan made some very positive bullish statements about Lehman. About how the nature of its finances would mean that it did not need more capital and three months later Lehman Brothers needed more capital and then came the decline of the firm.”
~ The Fox Business Correspondent/Ace Reporter insists that an announcement is “imminent.” That’s what the rumor mill says anyway.