Attestation Update – A&A for CPAs

Technical stuff for CPAs providing attestation services

Posts Tagged ‘newspaper test

Failing the front-page-of-The-Wall-Street-Journal test twice in one week

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“How will this look on the front page of the Wall Street Journal?” is a handy question to use when pondering what to do about an accounting or auditing issue. It’s useful for any business decision.

I’ve used that for myself and as an illustration for clients and other people I’m talking to. It provides a good way to frame up how a decision will look to other people.

For the second time this week, Mr. Scott London, formerly a partner at KPMG, has seen how this question plays out.

The front page of the Wall Street Journal today has a headline across three columns:

Secret Recordings,

Cash in Insider Sting

How would you like to be the subject of the article?

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Written by Jim Ulvog

April 12, 2013, 12:00 pm at 12:00 pm

Live example of the ‘Wall Street Journal’ test

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If you want to test a decision, ask yourself how this will look on the front page of the Wall Street Journal.

We see an example of that test in today’s WSJ.

Front page.

Above the fold.

Big font covering 4 columns.

Here’s the headline:

Trading Case Embroils KPMG

Partner who Audited Herbalife and Skeechers Admits Giving Stock Tips to Friend

How’s that looking?

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Written by Jim Ulvog

April 10, 2013, 19:53 pm at 7:53 pm

Before you think about suing a blogger…

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….you might want to read this:

Libel in the Blogosphere: Some Preliminary Thoughts by Glenn Reynolds. It’s a free download. Only 14 pages long.

(Cross-posted from my other blog, Nonprofit Update.)

Although the paper was written in 2006, it is remarkably current.

Full disclosure time. Yes, I have a biased and vested interest in the idea of not suing bloggers. Take my comment with whatever size grain of salt you wish.

The biggest issue to consider is the pushback you may receive from the rest of the blogosphere if you even threaten a blogger.

A few minor points are that most bloggers don’t have enough of a deep pocket to make litigation worthwhile and you can probably get a near instantaneous correction with a polite request.

Back to the major issue.

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Written by Jim Ulvog

March 6, 2013, 9:07 am at 9:07 am

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Test for ethical behavior – what will this look like on the front page of the newspaper?

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Update: Superb illustration of the concept here.

You have probably heard this story before, but I will mention it again.  When you are pondering how to handle a situation, think about how it would look on the front page of the newspaper.  Do you want to see this policy, decision, or personnel action on the front page of the Wall Street Journal®?  How about the lead article in the local section of the Los Angeles Times®? The front page of your local paper?  Read the rest of this entry »

Written by Jim Ulvog

September 2, 2010, 18:31 pm at 6:31 pm

Posted in Other stuff

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