Jim Ulvog

Don’t compare your messy backstage to someone’s presentable front stage

Leave a Comment / Pondering /

Things behind the scene are invisible to others. That’s the backstage. The ready-to-go portion shown to the world is the only part others see. That’s the front stage.

The ol’ sage advice is don’t compare your backstage to the front stage you see of others.

(This article is cross-posted from my other blog, Nonprofit Update, because it is something accountants need to keep in mind also.)

This applies in so many areas.

You know how your children behave at home or on a long vacation or how much effort it takes to get homework done. What you see in other families is the on-your-best-behavior public face and the brag-ready list of accomplishments that were oh so easy to achieve.

Compare the backstage of your family to someone else’s front stage as if that was actually a valid comparison and you will be distressed with either your children or your parenting skills. The most likely outcome is wondering why you are a failure as a parent.

Jeff Walker has a great video about that idea. He uses a messily hand-tailored shirt as a great contrast of the slick front stage and the messy, sloppy, slap-dash back stage.

Check this out:

[youtube=https://www.youtube.com/watch?v=Herruzu4HYY&feature=player_embedded]

 

Literally the difference between …

Don’t compare your messy backstage to someone’s presentable front stageRead More »

Don’t compare your messy backstage to someone’s presentable front stage Read More »

Just a small portion of people who don’t think the Andersen name is mud means there is a huge potential market. Part 2

1 Comment / Accounting, Audits /

Previous post started a discussion that the tax-only accounting firm of Wealth & Tax Advisory Services, or WTAS, has acquired the right to use the name Andersen. The firm will change its name to Andersen Tax.

More discussion this week

Prof Schaub rolled his ideas into a full article – 9/4 – LinkedIn – No Surprise to See Andersen Resurrected – …

Just a small portion of people who don’t think the Andersen name is mud means there is a huge potential market. Part 2Read More »

Just a small portion of people who don’t think the Andersen name is mud means there is a huge potential market. Part 2 Read More »

Tragedy of Fraud – Insider Trading Edition available at Amazon

Leave a Comment / Audits, Books you might enjoy /

Now available at Amazon:

tragedy-cover

 

Tragedy of Fraud – Insider Trading Edition: The fall from Big 4 audit partner to prison inmate.

Until April 2013, former KPMG audit partner Scott London was in charge of the audit practice for the southwest region. He was responsible for the audit work of 500 accountants and had the paycheck to go with those duties.

Today he is a prison inmate residing at the federal penitentiary in Lompoc, California serving a 14 month sentence.

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Tragedy of Fraud – Insider Trading Edition available at AmazonRead More »

Tragedy of Fraud – Insider Trading Edition available at Amazon Read More »

Andersen name returns from the dead. Part 1

5 Comments / Accounting, Audits /

A tax-only accounting firm that was started by 22 or 23 partners from the imploded Arthur Andersen firm has acquired the name Andersen from the bankruptcy trustee. The firm of WTAS LLC, abbreviation for Wealth & Tax Advisory Services, will change their name to Andersen Tax.

The issue is getting a bit of attention in the accounting world this week.

9/2 – Wall Street Journal – Tax Firm to Revive Arthur Andersen Name – …

Andersen name returns from the dead. Part 1Read More »

Andersen name returns from the dead. Part 1 Read More »

More good stuff for auditors – 9/1

2 Comments / Accounting, Audits, Pondering /

A few links and comments of interest to auditors. The Andersen name is back, how to classify ‘trapped cash’, government assigning audits, and The F Student (twice). Wow, am I confused. The Andersen name resurfaces, and vinyl record sales are surging. What’s next, disco?

August 2014 – The CPA Journal – Meet the Future of the Profession – Rumbi Bwerinofa-Petrozzello is one of the bloggers I follow. She writes on fraud at Figuring Financial Forensics.

She and three other young professionals were featured in the linked article in the NY state society. The four discussed their perspectives. Well worth a read.

In particular, I enjoyed the following comment from Ms. Bwerinofa:

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More good stuff for auditors – 9/1Read More »

More good stuff for auditors – 9/1 Read More »

Scott London is now in Lompoc penitentiary.

8 Comments / Other stuff /

As part of the final editing of my book, I checked the locations of Mr. London and Mr. Shaw in the federal prison system. You can look up such things at the Bureau of Prisons Inmate Locator.

Mr. Shaw is still at Taft Correctional Institute. Last time I looked, they were both at Taft.

Mr. London has been moved up the coast to Lompoc USP (United States Penitentiary). That is a medium security prison with an attached minimum security facility.  The facility is a mile or less from Lompoc, maybe 2 miles from the ocean, and is immediately adjacent to Vandenberg Air Force Base.

Mr. London’s official release date is still July 23, 2015. Mr. Shaw is scheduled for release November 28, 2014, the day after Thanksgiving.

Update:  Mr. Shaw released 11/28/14.

Scott London is now in Lompoc penitentiary. Read More »

Newly approved SSARS will allow a new service, ‘preparation’. Will also require written & signed engagement letters.

Leave a Comment / Compilations & reviews /

Update – See also:

In August, the Accounting and Review Services Committee approved the clarified SSARS. This rewrites the SSARS into the same clarified format we saw with the audit literature.

The biggest change is the introduction of a new service, called preparation, which will allow a CPA to issue financial statements without providing an accountant’s report or performing procedures on the information.

In highly condensed terms, …

Newly approved SSARS will allow a new service, ‘preparation’. Will also require written & signed engagement letters.Read More »

Newly approved SSARS will allow a new service, ‘preparation’. Will also require written & signed engagement letters. Read More »

A long time ago, accounting supervisors really were slave drivers.

Leave a Comment / Accounting, Audits /

You think you have a rough manager or partner that’s hard to please….

Jacob Soll explains in his book, The Reckoning: Financial Accountability and the Rise and Fall of Nations, that in ancient Athens, around 500 years B.C. accounting and auditing was an integral part of the business and political world.

There were complex accounting systems that included public audits to create accountability. There were a number of staff working for the public treasurer to keep an eye on funds. Many people, including freemen and slaves were trained in accounting. However,

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A long time ago, accounting supervisors really were slave drivers.Read More »

A long time ago, accounting supervisors really were slave drivers. Read More »

How much wealth was in the Roman treasury in 49 B.C.? How about annual tax revenue under Augustus?

6 Comments / Other stuff /

Hadn’t thought about that question too much, but when Jacob Soll mentioned it in his book, The Reckoning: Financial Accountability and the Rise and Fall of Nations, it got me thinking.

He gives the following info:

In his Natural History, Pliny states that in 49 BCE , the year Caesar crossed the Rubicon, the Roman treasury contained 17,410 pounds of gold, 22,070 pounds of silver, and in coin, 6,135,400 sesterces.

Soll, Jacob (2014-04-29). The Reckoning: Financial Accountability and the Rise and Fall of Nations (Kindle Locations 276-277). Basic Books. Kindle Edition.

I don’t think in terms of pounds of gold or silver and I don’t know what a sesterce is or what it is worth. But I do know how to search the ‘net.

I share this on my Nonprofit Update blog and cross-post it here at Attestation Update because I enjoyed it and think it might be some fun trivia for accountants and people working in the faith-based community.

By the way, Prof Soll’s book is superb. Just got started reading it and think I will find lots of little tidbits to share. More on that idea in my next post.

How much is that worth?

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How much wealth was in the Roman treasury in 49 B.C.? How about annual tax revenue under Augustus?Read More »

How much wealth was in the Roman treasury in 49 B.C.? How about annual tax revenue under Augustus? Read More »

Public comments on compensation for inside trading CPA partner

2 Comments / Other stuff /

There are a range of comments in public about the comp package for former KPMG partner Scott London, who is now in federal prison for insider trading. How can we reconcile those amounts?

Before my book on Mr. London goes into print, I wanted to write one more post about the salary numbers I’ve seen. Will roll this into the book. Hope to start the final, final editing, proofing, and link verification very soon.

High estimate

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Public comments on compensation for inside trading CPA partner Read More »

Standard Chartered draws $300M fine for money laundering issues

Leave a Comment / Other stuff /

As mentioned yesterday, StanChart did get a $300M fine for running afoul of their 2012 agreement. Their software to monitor wires for possible violations of money laundering laws didn’t pick up on one or several million wires that should have been flagged.

In addition to the fine, the bank agreed to permanently halt US dollar settlement for about 300 high-risk clients in Hong Kong and UAE.

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Standard Chartered draws $300M fine for money laundering issuesRead More »

Standard Chartered draws $300M fine for money laundering issues Read More »

Standard Chartered penalty rumored to be $300M for this round of money laundering issues

Leave a Comment / Other stuff /

Financial Times is reporting StanChart faces fresh $300M US settlement.

This is up from the previously rumored amount of $100M, and would be close to the amount from the previous settlement.

Article says an agreement may be signed this week.

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Standard Chartered penalty rumored to be $300M for this round of money laundering issuesRead More »

Standard Chartered penalty rumored to be $300M for this round of money laundering issues Read More »

More good stuff for auditors – 8/18

Leave a Comment / Accounting, Audits, Economics /

A few links and comments of interest to auditors. Trained investigators can’t read when someone is lying; too-big-to-fail/jail/govern is just too big; and update on lease accounting.

6/10 – FBI – The Truth About Lying: What Investigators Need to Know – Detecting lies, especially in high stakes interviews (like a criminal investigation) is far more difficult that interviewers and investigators realize. There are complex factors behind why people react they way they do. Not telling the truth is merely one of many causes. Vast interpersonal differences create more complications.

If you try to discern truthfulness during your auditing interviews, might be worth reading the article. Since trained pros can’t do it very well, us CPAs might want to reconsider how well we do at detecting liars.

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More good stuff for auditors – 8/18Read More »

More good stuff for auditors – 8/18 Read More »