We’re sure that some of you need some cheering up, so we’ll throw out a little participatory exercise.
The BBC ran a piece yesterday asking readers to predict their year ahead in three words. We’ve noticed that brevity isn’t a strong suit for some of you so this should be a nice challenge.
In the comments, describe your year ahead in three words. If we get enough good submissions we’ll run a poll tomorrow because we’re sure we won’t want to work that hard. Keep it relevant people. ‘Pwn more noobs’ and the like will be ignored with extreme prejudice.
Impress us.
Related Posts
Do You See What Happens?
The PCAOB was kind enough to issue a couple of examples this week of what happens when you don’t take your role as auditor seriously.
We wouldn’t dream of putting them both in one post so we’ll give you one in the morning to ponder and save the second for later right about the time you’re ready to flip out, so hang in there.
We’ve also done you the courtesy of reading (sort of) both of the orders so that you can remain fully chargeable (not counting the time you take to read this post of course):
Thomas Linden was a partner in the Chicago office of Deloitte and lead engagement partner on Navistar Financial Corporation (NFC). At the 11th hour, prior to filing the fiscal year 2003 10-K, the engagement team realized that assets, revenues, and net profits were overstated by $19.7 million.
Check out the rest, after the jump
Having a typical over-confident management team, NFC had already taken the liberty of announcing the fourth quarter earnings prior to filing the 10-K.
Because Tom Linden was a Big 4 Partner and thus impervious to any challenge he encounterd, he took the following action (all our emphasis):
• Initiated an increase of approximately 50 percent in Deloitte’s planned tolerance for misstatements in NFC’s reported financial results
• Authored, with the assistance of a member of the NFC engagement team, an NFC auditwork paper that inaccurately characterized the reasons for and circumstances surrounding the increase
• Failed to evaluate adequately the risk that NIC’s financial statements were materially misstated due to error or fraud
• Otherwise failed to act with the requisite due professional care and professional skepticism
Okay, so the last two are boring but the first two kinda, sorta give us this impression of what happened:
Dude finds out the numbers are bunk, client isn’t cool with telling their analysts (who NFC told that they had a kick ass quarter) that said numbers are bunk, so Dude up and decides to ABBACADABRA make the tolerance for misstatement 50% higher than it was for the entire audit (read: that’s a lot).
Then, after probably putting the proverbial (or possibly literal) gun to head of the “member of the NFC engagement team”, they wrote a workpaper that supposedly explained why the tolerance was all of sudden 50% higher but the rationale was something to the effect of “because we said so”.
So for all that tomfoolery (snap!), Linden gets fined $75,000 and can’t be associated with a registered accounting firm for two years and which point he can petition to be to be reinstated. Yow-za. To better times, Tom.
ORDER MAKING FINDINGS AND IMPOSING SANCTIONS In the Matter of Thomas J. Linden, CPA, Respondent. [PCAOB]
Madoff’s New Digs in North Carolina?
Bernie Madoff is “in transit” to prison per a story at Bloomberg. The story’s source was a spokesman from the Federal Correctional Institute in Otisville, NY, where the Master de Ponz requested to be housed.
CNBC has reported that he will serve his sentence in Butner, NC.
Butner has two lovely medium security facilities and one posh low security facility so it’s def not FPMITA prison but it’s not the cushy dorm-style and we would speculate that inmates are only allowed to use sporks at chow time and use Lucky Strikes to buy Juicy Fruit and other luxuries.
Bernard Madoff ‘In Transit’ to Prison, Spokesman Says [Bloomberg]
Your New Career: Actor
Are you a young bean counter totally apathetic towards your career choice? Do you wake up thinking that if you have to look at spreadsheets for one more day you might just go mental on everyone in your office?
Well, the gods are shining on you today:
See the role, after the jump
Casting for the short thriller “A Paper Trail”
A group of friends finds a large sum of money hidden away in the woods. Unfortunately the owners come looking for what is theirs.
Casting for the male and female leads:
Matt – A competent accountant who decides that the best course of action will be to keep the money.
Stacey – She is nervous and has her reservations about taking the money.
Send an email with your headshot and resume. We will be casting on Sunday, August 9th, from 12-5 @ The Rosendale Youth Center!
Sorry lady number crunchers, unless you’re capable of summoning your inner-Hillary Swank, this one is for the gents.
So dudes, basically no acting involved. Show up, looking however you normally look and act how you normally act: Competent. Best course of action is to keep the money. Completely natch.
Not a thespian? Then tell us what you’d rather be doing than pulling sample selections or researching 1031 exchanges. SHUDDER. Anything has gotta beat the hell out of what you’re working on right this second.
Casting for a Short Thriller film (Rosendale) [Craigslist.org]