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(VIDEO) FEI’s Edith Orenstein and the Singing CPA Present a Love Song to the Pozen Committee

FEI’s Edith Orenstein has dropped a track on YouTube with “The Singing CPA” Steven Zelin called “Hey There Bob Pozen” (as of the date this is posted, we haven’t been able to find a Doctor P remix of the hot track) that really doesn’t need commentary at this moment. But we’ll be back after the jump with a few things to say.

Oh, I didn’t mention it’s to the tune of “Hey There Delilah” did I? Yeah. It totally is.

Anyway, it’s a tribute to the Pozen committee, of which Edith is a huge fan, in honor of its 3rd birthday:

I am a big fan of the Pozen committee, mainly because, like other committees that have fascinated me (such as the EITF , the PCAOB SAG, and the U.S. Treasury Advisory Committee on the Auditing Profession) it has a fascinating cross-section of preparers (issuers), auditors, investors, and others. I loved watching the webcasts where you could see folks discuss things from different vantage points at the same time. I think that kind of broad-based committee has an advantage over committees made up of only one segment of the constituent community, such as preparers, auditors, or investors. I think the standard-setters and rulemakers can receive the most efficient and effective input when the various segments of constituents face off against one another (I mean that in a polite way, I should say, ‘dialogue’ with each other) on issues of mutual interest.

I assume here approximately 6 to 7 percent of you have any clue what the Pozen committee is (unless you regularly read Edith, which you should if you’re into serious financial reporting shit of which we rarely if ever cover), here’s some financial reporting porn (PDF) to groove on. The short version is that the August 2008 report recommends steps to improve the usefulness of financial information to investors.

In case you’ve forgotten, this isn’t Edith’s first venture into the world of YouTube. Surely you remember “If I Were an Auditor,” filmed completely in Second Life with the help of the MACPA and friends.

Could you imagine what would happen if we could get the Maryland Association of CPAs’ dancing flash mob to do a mashup with Edith and Steven? Someone please get on that.

Three Things Accounting Firms Can Learn from Jim Joyce

Chances are good that at this time yesterday you didn’t know anything about James Joyce III. Today, America can’t stop talking about the poor sap. His Wikipedia page has been frozen and he’s a trending topic on Twitter.


BP sent Joyce a bottle of tequila this morning, the card reading, “Thank you for taking the heat off of us. Enjoy the spotlight. Remember to wear sunscreen. XOXO – BP”

Experts have varying opinions on what this means for baseball and the implementation of instant replay. What is easier to agree on is that Joyce deserves respect not for his poor call but for the fact that he was humble enough to admit that he was wrong, saying, “I just cost that kid a perfect game. I thought he beat the throw. I was convinced he beat the throw, until I saw the replay. Biggest call of my career, and I kicked the shit out of it.”

If nothing else, Little Leaguers everywhere can learn from this moment. But the lesson doesn’t need to end there. What can every accounting firm take away from this situation in hopes of never pulling a JimJoyce* themselves?

Admit when you are wrong – Listen to your mother, George Washington, or whatever truth-telling role model you have in your life and fess up when you are wrong. Deloitte did just that back in April when they admitted to handling the “headcount adjustment” in poor fashion.

Don’t point fingers – I don’t know if you’ve noticed the bickering going on between E&Y and PwC recently, but it’s kind of…what’s the word for it…pathetic? First there was the “our raises are bigger than yours” spout from E&Y leadership. Boys, boys, keep it in your pants. Size doesn’t mat…oh wait, what? It does in this case? Well then. Brag away. Then PDubs’ London arm decided to pull a Joe McGinniss and set up camp a mere 10 meters from E&Y’s fish ‘n chips office. Awkward love affair or uber-competitive personalities? Either way it’s immature to act like this. Grow up.

Hide – Joyce is probably in the process of doing this (don’t expect him to return to the field anytime soon). But the newly branded McGladrey is leadership’s efforts to mask the fact that cuts are affecting morale and staff ranks. Perhaps no one commented on Caleb’s putting green post because no one is left. Just sayin’.

What else can your firm learn from Jimbo? Comment below.

*you heard that phrase here first.