Going Concern

Career Center

Job of the Day: Citi Needs a Financial Accounting Analyst

GoingConcern
January 29, 2010

If busy season is already kicking you in the teeth and nothing has been able to motivate you, then perhaps it’s time to try something new. Or perhaps you just woke up and you realized you’ve got to pull your life together.

Whichever applies, Citi is looking to fill a Financial Accounting Analyst position with a minimum of five years experience in New York. Get the rest of the details after the jump.

Company: Citi

Title: Financial Accounting Lead Analyst

Location: New York

Minimum experience: 5 years

Responsibilities: Participate in analyzing and advising on the regulatory capital implications of broad Corporate strategic initiatives (including, for instance, potential M&A activities); Partner with the Corporate Regulatory Reporting team in addressing regulatory capital and reporting issues of significance; Interface with Corporate staffs (e.g., Accounting Policy, Treasury, Corporate Reporting) regarding certain regulatory capital matters; Garner exposure to Clearing House discussions as well as those with the U.S. banking agencies (Fed and OCC) regarding complex and/or nuanced regulatory capital or other relevant regulatory matters of significance.

Skills: Bachelor of Science Degree – Accounting Major; CPA; 5 – 10 years professional experience, preferably a combination of public (ideally Big 4) and private within the financial services industry (commercial or investment bank); Preferably GAAP Accounting Policy or Regulatory Reporting or Advisory experience

See the entire description over at the GC Career Center and visit the main page for all your job search needs.

Technology

Tracking Charitable Donations? Now There’s a CPA-Developed App for That

Caleb Newquist
January 29, 2010

In more non-iPad, Apple-related news, we learned earlier this week about iDonatedIt, an iPhone app developed by BMG CPAs in Lincoln, Nebraska. The app is designed to track all non-cash charitable contributions whether it be clothes, furniture or family members (okay maybe not the last one). This will allow you to track all of our donations to Goodwill, Salvation Army, etc. rather than receiving that crappy receipt they give you that has nothing on it.

Being interested in all things accountant-ish, we got in touch with BMG to find out how this bit of ingenuity came about.

We spoke with Todd Blome, a partner at BMG who came up with the idea and he told us that as soon as he got an iPhone he was thinking of ideas for apps that would be useful for his clients. Since Todd is the tech-savvy partner at BMG, (he heads up their IT consulting services) he started kicking around ideas right away and eventually landed on the idea for iDonatedIt.

Todd told us that the development was fairly simple and that there were only two test versions prior to releasing the app.

“So far we’ve 100% positive feedback on iDonatedIt,” Todd told us, “We’re definitely looking for suggestions for improvements or add-ons.” The one idea that has been floated to Todd was adding a tax savings tool to the app so that a user could determine how much tax savings would be created by the donations. “That will probably be in version two,” he told us.

iDonatedIt retails for $2.99 at the app store and as Todd noted, “a donation of one item pays for the app.” A version for the Droid is currently in the works as well.

Todd and the rest of of his team at BMG are kicking around a few more ideas for apps but he said they want to make sure iDonatedIt is working as good as possible before committing to another project. Check out the demonstration below and jump over the firm’s website or follow them on Twitter to give them your feedback.

KPMG

Who Will Be the Next Chairman of KPMG?

Caleb Newquist
January 29, 2010

Yesterday we told you the sad news that Tim Flynn will not be serving another term as Chairman of KPMG.

After taking the time to compose ourselves and realized that life will somehow go on, we had questions. Figuring you had some of your own, we’ll throw a few out there for some discussion. These will range from the obvious (i.e. headline) to the inane but they are all of equal importance:

• Why Tim? Why?

• Is the Davos trip the last hurrah and if so, what is doing to celebrate/reflect/mourn?

• If he’s not taking Tim Geithner’s job then what? Will T Fly defect to one of the other Big 4? Launch a blog? Ponzi scheme?

• How does Phil Mickelson feel about this and does this mean he will keep TF on the bag or is this an honor reserved only for the Chairman?

We may not have covered everything here so chime in with your questions or simply respond to those we’ve put out to the group. And please, if he happens to change his mind, notify us immediately.

The JDA

Bernanke’s Next Four Years

Adrienne Gonzalez
January 29, 2010

We’re skipping >75 this week because apparently none of you have any CPA exam questions. That’s sad. Really? None? Well if you do, send them over. Please. JDA needs to eat.

Anyway, let’s talk about Bernanke’s confirmation!

WSJ:

Ben Bernanke won the backing of the Senate for a second four-year term as chairman of the Federal Reserve by a comfortable margin Thursday. Even with that storm behind him, Mr. Bernanke faces formidable political and economic challenges made tougher by the bruising confirmation fight.

Yeah, ok, let’s ignore the fact that the Fed spent the last week buttering up everyone they could to get to push Bernanke through. WSJ made it really easy with a chart of Senators who were going to vote for him, who weren’t, and who were undecided. It was a fucking Fed Telethon trying to save Bernanke’s ass and with a 70-30 vote, apparently they won.

Dallas Fed President Richard Fisher wrote in the WSJ that Congress is Politicizing the Fed but Market Ticker argued that The Fed is Politicizing the Fed. What do you call making a last ditch effort to convince undecided Senators to keep the Bernanke crack flowing? That’s not necessarily the Fed getting political, it’s just them trying to save their own asses.

I’m not going to rant about Zimbabwe Ben and his mission to destroy the dollar. In some ways, I’m glad this thing is over with and Bernanke is the least of all evils (Larry Summers for one) but it’s funny that markets reacted as they did when Bernanke’s confirmation was “up in the air” (LOL, we all knew what would happen).

I would hate to go all conspiratorial and throw out “manipulation” as the culprit, nor can I pretend to know what charts mean.

Don’t miss The Bernanke Confirmation: Incompetence, Indifference and Institutional Inertia via Huffington Post.

DealBook:

The Senate voted 70 to 30 on Thursday afternoon to confirm Ben S. Bernanke as chairman of the Federal Reserve for another four years, Sewell Chan of The New York Times reports from Washington. The confirmation came minutes after senators voted 77 to 23 to end a debate in which critics excoriated the central bank’s handling of the financial crisis.

The confirmation was a victory for President Obama, who had called Mr. Bernanke a critical leader in the nation’s recovery from recession, but the rancor in the debate also signaled the extent to which the Fed, once little known to the public, has become the object of populist anger over high unemployment and bank bailouts.

Grrrrr.

Accounting News Roundup: IASB Chairman Won’t Converge at ‘All Costs’; Phony IRS Agent Racks Up $55k Hotel Bill; Stuy Town to Become “Trump Town”? | 01.29.10

Caleb Newquist
January 29, 2010

• IASB plans no fair value changes for EU-chairman [Reuters]
Sir David Tweedie has put his foot down again, so listen up. The IASB is not going to bend over backwards for you, the EU, or the FASB when it comes to fair value, get it? The world is at stake here. You non-knights out there need to just BTFU and let the man do his job. Tweeds told reporters in Brazil that the EU can stick it, “‘We cannot always allow Europe to tell us what to do. This is global. We are the IASB, not the European accounting standard board'” Got it?

You too, FASB. SDT said that he won’t converge accounting standards at ‘all costs,’ because he knows not everybody likes to place nice and seems to be okay with that. The man has short-timer’s so he doesn’t really care what you do. Have a nice life, Bob Herz.

• Woman charged with posing as IRS agent [San Francisco Chronicle via The Tax Lawyer’s Blog]
Sheryl Lynn Vertoch had been staying at the Inn Marin Hotel in Novato, California for over seven years telling the staff there that she was an IRS agent. Among her many adventures working in fantasyland, were testifying in the Enron case and being only one of six IRS agents that could investigate large public companies.

This all sounded good enough for the staff at Inn Marin, until Ms. Vertoch couldn’t pay her bill starting in 2008. The story was the IRS was getting stingy and wasn’t going to pay her until her current investigation was over. The owner of the hotel — finally fed up with an apologetic IRS — phoned the cheapskates up to complain because this was an outrage to hang this hardworking federal employee out to dry.

The IRS blew Vertoch’s “cover” and she’s now been arrested for impersonating a federal employee and she’s got a $55,000 hotel bill to deal with.

• Trump says he’ll jump at StuyTown takeover [NYP]
The Post is reporting that Stuy Town may become Trump Town, although it’s not entirely clear where we’ll see the iconic Trump name on the equally iconic brick buildings. The Donald joins many other high profile investors interested in the property including Wilbur Ross and WinnCompanies. One thing is for sure, whoever comes out top in this thing will certainly have no trouble following the Tishman/BlackRock fiasco.

Quote of the Day

Quote of the Day | 01.28.10

Caleb Newquist
January 29, 2010

“Bernanke fiddled while our markets burned”

~ Richard Shelby, Republican Senator from Alabama during the Senate debate on Ben’s second term as Fed Chairman.

Fraud

Koss VP Sue Sachdeva: Shopping Addict or Burgeoning Retail Queen?

Caleb Newquist
January 29, 2010

It’s been a few days since we had read anything on embezzler of the year 2009, Sue Sachdeva. We figured the whole thing was on the fast track to getting resolved since her attorney started claiming that the woman has an addiction. Well today, we checked in over at Fraud Files Blog where Tracy Coenen has come up with a theory that blows the whole shop until you die argument out of the water

Since Sue had 461 different pairs of shoes that ranged from sizes 8 to 14 (!) and 34 fur coats, Tracy is thinking that S-squared didn’t have a shopping problem; she was simply working on achieving an entrepreneurial dream:

She couldn’t have worn that range of sizes, but that range would have been perfect for someone retailing the merchandise. I bet we’re going to hear soon that Sachdeva was selling this merchandise to domestic and overseas retailers at a fraction of their wholesale value.

It’s already a matter of record that SS was having garage sales at her desk, so Tracy’s logic makes sense. We’re now convinced Sue had bigger plans.

Obviously enamored with the idea of a Sachdeva Goodman’s, Suze may have gotten a little ahead of herself as Tracy notes, “[I]n late 2009 (which is fiscal 2010 for Koss) she got greedy and stole much more in a six month period than she ever had in one year.”

The indictment lists six wire transfers (total of nearly $3 mil) from Koss accounts directly to her personal AMEX accountant, so girl was definitely burning up the plastic. That’s not an addiction; that’s inventory. Besides, isn’t a shopping addiction a faux-addiction? The real tragedy here is that a dream was not reached and an accounting firm was fired. Neither makes us feel very good.

KPMG

Tim Flynn Will Not Serve Another Term as Chairman of KPMG

Caleb Newquist
January 29, 2010

Tim Geithner better be paying attention. This could be your successor.

As you may know, my five-year term as U.S. Chairman ends in June of this year. Late last week, I informed the Board and subsequently announced to the partners, that I have decided not to serve an additional three-year term as U.S. Chairman after my initial term ends this June, as permitted by the firm’s governance.

This decision was made after much thought and personal reflection. KPMG’s partnership agreement has a well-defined and time-tested set of protocols in place whereby the Board of Directors is expressly responsible for managing the succession process for Chairman. Over the next 60 days, the Board will execute that process, the planning for which began late last summer.

Our firm has an outstanding group of partners and an effective, seasoned leadership team that is focused on our partners and employees, our clients, and the marketplace.

You have my personal commitment that I and the entire leadership team will remain focused on these key priorities throughout the remainder of my Chairmanship.

Thanks for all you do every day for KPMG.

Chairman_Succession

This Is How Some Accountants Are Surviving Busy Season

Daniel Braddock
January 29, 2010

Thanks to those who stopped by Tuesday’s post to discuss work-life balance issues. I also received an email from a PWC reader which details the firm’s “official” tips for dealing with ~~hell~~ busy season. Let’s begin with the PWC checklist of helpful tips. The best of:

“Work late two nights a week and stay for dinner. The ve by 7, 7:30 so you can have dinner at home. This way you aren’t staying until 9 or 10 and eating at the client every night of the week.“

Is Dubya promoting a four-day workweek or just assuming that most people don’t count Friday as anything more than a 9 to 5 barnburner? Either way, factor in a 7:00pm departure, home by eight, dinner on the table an hour later. While thoughts of what you left at work brewing on your mind? I don’t think so.

“Work 7am – 7pm Monday through Friday. This allows for team members to have dinner at home and eliminates the need to work weekends.“

It also means your team members land the best parking spots in the lot. It’s all about the little victories, isn’t it? FTW.

Agree which weekends the team will work from the client site at the start of the audit if this is something that can be accomdated by the engagement team. Set an agenda for those weekends and send a calendar invite. This way everyone knows what their expectations are upfront related to hours you will work and what you should try to accomplish. Sending a calendar invite and working hours for the weekends gives staff the opportunity to plan around those hours instead of not knowing when you might wrap up that Saturday.

I like this one. Communication is constantly at a shortage when it comes to weekend work, especially on larger engagements where weekend face time is an awful reality. Nonetheless, you competent team leaders out there should consider this. Be mindful of the realistic possibility that some team members will finish Saturday’s agenda on Friday. Do these people still need to come in on Saturday?

Make your course of action known ahead of time. The personal motivation of your staff will be severely threatened if their timely work is unknowingly rewarded with more. There’s nothing wrong with updating the meeting request Monday through Thursday as work progresses; but at some point the staff needs to know what to expect.

PWC’s list also included the popular idea discussed in the comments of Tuesday’s post regarding leaving early one night a week. Commenter bitteraccountant made this point:

“If you think that it (a work-life balance) does exist, and going home at 6pm during the week and working till 10 the remainder is what work life balance means, you have a fucked up image of a life.”

Touché, bitteraccountant. To a degree, the comment rips the blinders off and exposes the truth of the situation. Is it naïve to think that the public accounting industry can really have a near balance of work and life, especially during busy season? Oftentimes it’s not happy hours or PTA awards that your staff needs to get through the winter months (although the vodka doesn’t hurt). Clear communication from everyone, straightforward status updates, and a minute amount of respect for colleagues is a stronger foundation than most teams care to admit they’re missing.

Ernst & Young Shares the Glory of Its Fortune 100 Victory

Caleb Newquist
January 29, 2010

Shockingly, many of you don’t get too excited where your firm falls on the F100BCTWF list. Well, in case you’ve forgotten, your firm cares. They care a lot and they want you to care too because dammit, this is important. Somebody over at E&Y got to thinking and decided that bribing you with pastries was the solution to get you Scrooges to appreciate the firm’s 12th year on the list aaannnd being the highest ranking accounting firm on this year’s list:

We’re guessing Jim Turley might be phoning someone in order to save him all the bearclaws, so you best get there early.

Career Center

Job of the Day: State Street Needs a GAAP Guru in Boston

GoingConcern
January 29, 2010

After taking Wednesday off, the Job of the Day returns with an opportunity at State Street that has the expectation for advancement within the Corporate Accounting and Finance departments.

The catch is, you better know your GAAP; specifically FAS 123, FAS 158 and FAS 132. Don’t ask us which topics they are in the new codification.

Check out the details for a Policy and Technical Accounting Director in Boston, after the jump.

Company: State Street

Title: Policy and Technical Accounting Director, Vice President

Location: Boston

Minimum experience: 8 years

\Responsibilities: Reviews transactions of high complexity, determines appropriate GAAP accounting and communicates this to management; Interacts with various line and corporate functions to provide input into the initial structuring of transactions to achieve desired accounting results, providing innovative and creative solutions to clients; Analyzes FASB, IASB and SEC pronouncements and assists in preparing of corporate response; alerts and educates management on accounting developments, and provides input into strategies to take advantage of accounting developments; Develops and communicates changes in accounting policies and current accounting issues; Drafts guidance, where necessary, on new accounting rules, and regulations from regulatory bodies such as FASB, EITF, AICPA, IASB and SEC.

Skills/Requirements: Proven track record of advancement, with a minimum of 8-10 years experience at a large financial institution or a national Public Accounting Firm; Subject matter expert in accounting and finance with some knowledge of bank and securities industry policy and reporting; Capital markets experience and solid knowledge of FAS 123, FAS 158 and FAS 132 necessary; Bachelor’s degree and CPA required; Some travel required.

See the entire description over at the GC Career Center and visit the main page for all your job search needs.

KPMG
Video

Tim Flynn at Davos: We’re Moving Toward the Green Light of Trust

Caleb Newquist
January 28, 2010

After wondering aloud if the Big 4 was just going to spend the entire week at Davos chasing blondes and eating chocolate some of the more easily rankled of you pointed out that Tim Flynn was all business and had already given an interview with CNN. Plus, since we saw Dennis Nally this morning it would seem like there is work being done. God forbid the guys do anything fun while they’re over there.

Anyhoo, we finally got around to watching TF’s chat with Richard Quest at Davos and we thought he did a pretty bang-up job. One thing we would have done different — if we were T Fly that is — was ask DQ why we were excluded from the last CNN interview. “What about it CNN? I’m not good enough for APEC piece but you’re happy to include me on this little campout?” Or something to that effect. We imagine that he was asked to keep it cordial.

Back to business: The one thing that threw us off was the red light/green light of trust thing. Trust doesn’t really strike us a color, least of all green. Think about it: Green = money = Goldman Sachs. Plus, has T Fly seen those tea party people? They don’t trust anyone. See why we’re confused? If you get it, please explain, but watch first.

Careers

Big 4

News

Technology

Practice Management

Site Search

Twitter Feed

Get the Accounting News Roundup

Quick Reads

Sponsored Content

Get the Accounting News Roundup

Remote Accounting & Tax Director

Senior Accountant / Client Account Manager (CAS & Tax)

Remote Tax Senior

Remote Accounting & Tax Director

Senior Accountant / Client Account Manager (CAS & Tax)

Remote Tax Senior