There’s constant conspiracy theories bellyaching about certain companies getting their former big shots into public service and regulatory positions (we’re talking about you, Maxine Waters).
Well now there’s speculation about former Big 4 partners working at the IASB.
We get it, those who used to work at the big firms shouldn’t be writing the rules. So who the hell is going to do it? Shall we have the likes of Friehling & Horowitz appointed as the standard setters?
The large firms have the biggest pool to choose out of, so natch they’re going to have some of the better candidates to delve into this wonky rule-writing stuff. We’re probably lucky that there are people out there that actually want to serve on these boards, lots of Big 4 partners can barely turn on their computers.
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Huron Book Cooking Lawsuits Likely to Be Filed this Week
Huron Consulting, who cleaned house late on Friday and is restating three years of financial statements, is likely going to be named in a class-action lawsuit, according to Reuters.
Huron, who need we remind you, is not a CPA firm and does not perform attestation services, what with all those pesky independence rules and whatnot, has seen its stock price drop from just over $44 last week to hovering around $15.
More, after the jump
Huron was founded by two dozen Andersen partners, according to the report, including the resigning CEO, Gary Holdren. So, natch, these guys were probably viewed as having not so sterling reputations, and now, well, this is a little awkward.
It’s more than likely pretty much a certainty that this particular accounting mishap will bring more heat on auditors, in this case, P. Dubya, as management seems to be able to manipulate their reporting, regardless of what the auditors try to do.
We reached out to PwC on this story, who would not comment on client matters. We thinks this might become a PwC matter before long…If you’ve got any information on this story shoot it our way at tips@goingconcern.com.
In Huron scandal, shadows of Arthur Andersen [Reuters]
Moss Adams’ Derek Dowsett Talks to Going Concern About the Latest Ribbon Cutting
Following up from last week, we had the opportunity to speak with one of the lead partners of Moss Adams’ new Santa Clara office, Derek Dowsett.
Mr. Dowsett is the Regional Leader of the firms Technology & Life Science Practice for Moss Adams. He has been with MA for twelve years, being admitted to the partnership in 2006 and previously spent six years with at a Big 4 firm.
With the opening of the Santa Clara office, MA will have approximately 100 professionals working in the Bay area, according to Mr. Dowsett. Because of their close proximity, all the Bay area offices work cross-functionally to provide professional services to serve client needs as they arise:
“We utilize the resources from all of our offices which allows us to provide clients with a fully integrated client service team with the technical and industry knowledge most applicable. For example, I may draw on our international tax expertise from our San Francisco office if one of our clients needs help with an international tax issue or from our transaction services team should a client need help with financial due diligence related to a potential acquisition. Similarly, I help other offices throughout the firm with client issues within the technology and life science industries.”
The balances of services that the office provides will be break down “pretty close to 50/50, perhaps a little heavier on the assurance side” said Mr. Dowsett. MA also provides Advisory and Transaction Services to its clients in the Bay area.
In addition to the client service, Mr. Dowsett said that recruiting for the Bay area will be performed as a joint effort amongst the MA offices, with focus on the schools in the surrounding area. Their efforts will be focused at Santa Clara University, UC Santa Barbara, and Cal Poly San Luis Obispo with possible future expansion to additional schools.
Congratulations and good luck to Moss Adams on their newest location and thanks to Derek Dowsett for taking the time to talk to us. If your firm wants to get in touch with us about any news, send any correspondence to our general mailbox: tips@goingconcern.com.
SHOCKER: New Study Says Work Interferes with Life
We 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