Perfection is Unattainable

This Is as Good as It Gets for Sarbanes-Oxley 404 Compliance

Six years and everyone pretty much has this down. Arthur Andersen (the man, not the firm) would be so proud.

Just don’t get lazy.

In the sixth year of compliance with Sarbanes-Oxley Section 404 requirements, companies with a public float greater than $75 million reduced their rate of adverse opinions from 5 percent in the fifth year to only 2.4 percent in the most recent year. Even if companies that have missed their filing deadlines turn in adverse opinions, it would bump the rate to only 2.8 percent, said Don Whalen, director of research for Audit Analytics.

Over the six reporting years that public companies have been filing the reports, adverse opinions have steadily fallen from a high of 16.9 percent for fiscal years ending after Nov. 15, 2004, to the current low of 2.4 percent, said Whalen. “It’s getting to the point where you wonder if it can even be reduced any more,” he said.

Goldman Sachs Isn’t Perfect, Ya Know

“During the course of the financial crisis, we made our fair share of mistakes. We lost a considerable amount of money through our exposure to leveraged loans and mortgages.”

~ Goldman Sachs CFO David Viniar, in his opening statement before the Financial Crisis Inquiry Commission.

Face It. Your Resumé Probably Needs Work

Thumbnail image for hire me2.jpgOne way or another, lots of you are looking for jobs. The problem is that many of you have pre-tay, pret-tay, pre-tay similar work experiences. So how do you get your resumé to stand out without attaching nude glamor photos?
FINS has some tips including that may give you an advantage on your pavement pounding competition including:
The Basics – If you’ve got letters behind your name, put that at the top. Don’t slip it in as an afterthought.
Demonstrate How Skills Apply – If you’re a badass at anything, don’t be shy. SOX 404, tax planning, M&A, whatever your speciality, make it known.
List High-Value Experience – Mention how you explained accounting for derivatives to all your clients. Don’t mention nightmare inventory counts.
Head over to FINS to see all their tips including a before and after example resumé. Oh, and DON’T. DO. THIS.
Foot in the Door: The Perfect Accounting Resume [FINS]