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Ready to Do the Unthinkable and Work for Less Money?

Posted on by Caleb Newquist

office-space-402a-061907.jpgWith all the blood being spilled in the past year, you don’t have to be a math wizard to know that: Fewer People + Same Workload = People Working Like Dogs
It has gotten to the point that many of these people that are doing more work, for the same amount of money are ready to move on for, GASP, less money.
More, after the jump


Rick Telberg, at CPA Trendlines quotes a recent survey they did that says that nearly half of the people polled so far were ready to move on to a different job, ‘even if it meant a paycut’. No surprise really since doing the work of two or three people loses its luster pretty much instantly, especially when it becomes the expectation.
He also mentions that regardless of this emerging trend of people willing to turn down big (or mediocre) bucks to get their lives back, the enrollment on campus in accounting programs is at record levels.
So after giving it very little thought we came up with the following approximate timeline: Everyone in college thinks accounting is sexy; It takes 1-2 years to find out that it’s not; 3-6 years to actually get out (one way or another); Then, well, WTFK? Become a hack blogger?
Recession Adds to Workloads, Stress; Sends CPAs Looking for New Jobs [Rick Telberg/CPA Trendlines]

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Harry Markopolos was in Serious Need of Clean Underwear While Investigating Bernie Madoff

markopolos small-thumb-425x327.jpgSuper-star fraud detector Harry Markopolos was named Certified Fraud Examiner of the Year at the ACFE Fraud Conference and Exhibition in Las Vegas last week where he discussed his excellent card-counting method and the Madoff Ponzi scheme.
Harry wanted to everyone to know that just because he blew the whistle on Master de Ponz, that didn’t mean he was a hero. “Heros are brave”, he said, “I don’t think I was brave. I know I wasn’t.” He went on to describe his lack of bravery:
“When I started this case, my underwear were white, they quickly became brown and often times turned yellow”
Okay, after that sinks in, let’s discuss some things:
• We don’t want our fraud detection super-heros to tell us that they soil themselves. It ruins the sex appeal.
• Harry Markopolos wears tighty-whiteys. We were certain that he was a boxers man.
• Was no one helping this guy out? You couldn’t let the guy have a break so he can properly evacuate?
Seriously, the least Marko could have done is stuck his dirty undies, the whites, in a case so the ringer wouldn’t look empty.
Go to Clip 3, “The Math Never Worked Out for Us” on page linked below to see the video. Meanwhile, we’re busy looking for new fraud detection hero that can control themselves.
Madoff Whistleblower Named CFE of the Year [fraudconference.com via Accounting Nation]

Congress Needs More Testimony on Accounting Stuff They Won’t Understand

Maxine Waters2.jpgWe don’t know about you but we here at GC are relieved that Congress is back in session this week. For starters, we’re trying to find someone that will help Charlie Rangel keep track of all his money.
Also, we feel as though we’re a little overdue for some legislative nose-poking into accounting and auditing rules. Thankfully, the House Financial Services Committee is scheduled to revisit H.R. 2664 this week.
The Promoting Transparency in Financial Reporting Act would require annual testimony from the SEC, FASB, and PCAOB big wigs on accounting and auditing rules before the committee.
More legislative wisdom, after the jump


The testimony is supposedly going to enlighten the committee on progress of:

• Reassessing complex and outdated accounting standards;
• Improving the understandability, consistency, and overall usability of the existing accounting and auditing literature;
• Developing principles-based accounting standards;
• Encouraging the use and acceptance of interactive data; and
• Promoting disclosures in ”plain English”.

Excuse the cynicism, but since this particular bill’s title doesn’t include the words “patriot”, “American People”, or “anti-bonus”, there is virtually no opportunity for shameless grandstanding and most members of the committee will probably opt out of sitting in on the testimony.
That being said, the collective competence of the committee will increase exponentially if Maxine Waters is not in attendance so maybe our judgment is premature.
Promoting Transparency In Financial Reporting Act Up For Vote In Congress [FEI Blog]