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Job of the Week: Is Visa Where You Want to Be?

Posted on by Caleb Newquist

Thumbnail image for Thumbnail image for hire me2.jpgWhy not? They’re not going anywhere for awhile. Slowly dying dollar and all. Get the details for a Senior Financial Analyst position in the Bay Area, after the jump.


Company: Visa
Location: Foster City, CA
Title: Sr. Financial Analyst – Controller Business Operations
Responsibilities: Responsible for analyzing, interpreting, and recording financial transactions, as well as and reporting this information and proactively research and document conclusions on accounting issues with appropriate references to relevant GAAP pronouncements.
Qualifications: Must have a BS in Accounting or related field, CPA, at least five to seven years of progressive professional accounting experience in a medium to large international company or public accounting firm, and proficiency in Microsoft applications. In-depth knowledge and recent experience with application of SOP 98-1.
Check out the entire description over at the GC Career Center and jump over to the main page for all your job search needs.

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H&R Block is Not Letting McGladrey & Pullen Leave Until They Talk About This

argument.jpgSo the H&R Block/McGladrey & Pullen soap opera break-up has gotten more annoying. At first, it simply looked like a firm falling out of love with its parent company because M&P didn’t want to be stuck with a loser their whole life.
Natch, H&R Block wasn’t going to just let M&P walk away from the best thing that ever happened to the firm. M&P was not going to have that conversation and said that they were still walking out.
The Block feels so strongly that M&P is making a mistake, that it was announced late last Friday, probably in order to not make a scene, that H&RB sued M&P to prevent the termination of their administrative service agreement. Essentially saying, “WE ARE GOING TO TALK ABOUT THIS!“
M&P is not impressed with this desperate attempt to be won back:

“We are disappointed that H&R Block has chosen to pursue litigation,” said McGladrey & Pullen managing partner Dave Scudder. “We are committed to respecting our legal obligations and are confident we are doing so. Thus we are confident this lawsuit has no merit. Under the terms of our shared services agreement, we have every right to terminate that arrangement. We have chosen to do so because it is the best business decision for McGladrey & Pullen LLP in order to serve our clients in the increasingly complex business and regulatory environment.”

M&P is over being held back by HR&B and wants to get out there on their own. Besides, all The Block does is sit around and prepare tax returns for people who can’t read the instructions on the tax forms. You’ve got no motivation, Block. Oh sure, you got into the online tax return prep business but now what? M&P just wants time to be alone, so please respect that.
Block Files Suit Against McGladrey & Pullen [WebCPA via CPA Trendlines]

Deloitte, Grant Thornton Settle with Parmalat Investors

check.jpgU.S. Investors in Paramalat — the disturbingly long-life milk producer — have settled their lawsuit with Deloitte and Grant Thornton for $8.5 million and $6.5 million respectively.

Personally, if you make the decision to be associated with a company that consciously screws with the natural dairy production of a bovine, we’d say you’re on your own. However, this is America, where if you lose an asston of money on an investment (despite the morally ambiguous nature of said investment, not to mention the shiesty management), you sue.

The case was brought by several funds on behalf of thousands of investors who said they lost money from Parmalat’s multi-billion-dollar fraud.

“It is very rare that worldwide coordinating audit networks enter into settlements like what we have,” said James Sabella, a lawyer at Grant & Eisenhofer PA in New York representing the investors, in an interview.

Lead plaintiffs include Hermes Focus Asset Management Europe Ltd, Cattolica Partecipazioni SpA, Capital & Finance Asset Management, Societe Moderne des Terrassements Parisiens and Solotrat, court documents show.

We don’t know about the statement that settlements are “very rare”. The Big 4 has paid out nearly $6 billion in settlements since 1999 and settlements this year have included Deloitte/American Homes and E&Y/Akai.

Regardless, the good news for the investors is at least they got something. The bad news is that it was far less than the amount they claimed to have lost:

The U.S. equity investors believed they suffered $138.2 million of damages, but Sabella said their claims might have been reduced by earlier settlements. He also said taking their case to a jury could have been “full of difficulties.”

A Deloitte spokesperson declined to comment pending the approval of the settlement by Judge Lewis Kaplan. Grant Thornton did not immediately return our email requesting comment.

This latest development in the story that never ends Parmalat case is the first that we’ve reported that doesn’t involve the persistence of the company trying and failing and trying again to chase down banks and auditors for money related to the company’s bankruptcy in 2003. From the looks of it, we’ll be following these developments long into the next decade.

Ex-Parmalat auditors settle US investor lawsuit [Reuters]

Five Questions with Francine McKenna

Our contributor Francine McKenna takes her job very seriously. When we asked her to participate in our little exercise she insisted that all her answers be as long of some of her posts but we managed to explain to her that none of these questions would be related to the Big 4.

She backed down.

As you know, Francine is the and Founder and Managing Editor of Re: The Auditors and a furious Tweeter. Prior to launching RTA, Francine worked for more than twenty years working for in consulting and professional services here in the States and abroad.

• Why should you accountants read your blog?
Do they really have something more stimulating to do?


• If someone had to read just one post of yours which one would it be?
“Too Few To Fail Or Something More?” tells you everything you need to know about how the current regulatory regime works against the shareholder and for the perpetuation of the myth of the current audit firm business model. It’s my first post with original reporting, it’s where I coined the term “too few to fail,” and still one of my most popular.

• Who is your favorite blogger?
So many favorites now, but the guy that told me blogging could make me famous is Mr. Clublife, the guy who stands on the box at your favorite club in NYC.

• Best thing about blogging for accountants?
They are, for the most part, too introverted to complain or harass me too much.

• The biggest issue facing accountants/auditors today is…
They’ve, for the most part, forgotten that their client is the shareholder and that, as professionals, they owe their first professional duty to that client, not their firms, not their partners, not their colleagues and not the management of the companies they audit.