July 16, 2018

Accounting News Roundup: Blowing Off Clients and Christmas Tree Tax Breaks | 11.29.17

Yes, it’s only Wednesday, but look at the bright side; the end might be closer than we think.

‘I’ve got to run. My big client is on the other phone!’ [AT]
Withum partner Ed Mendlowitz shares an anecdote about meeting an accountant who he overheard blowing off a client “because his humongous client needed something done right away.” Ed notes a few things wrong with this approach, specifically, “the client on the phone would never ever recommend him to anyone. He also told that client he is not important. Additionally, he was discourteous.” It’s a good lesson for the socially inept accountants out there.

Who Qualifies to Be CFO of a Tech Firm? [CFO]
Speaking of ineptitude, buried in this article on the fluidity of tech CFO skills is this choice dig at recruiters: “Recruiters call around and say they’re looking for someone who has been a public-company CFO, also has private equity experience, has been in, say, biotech, and really understands SaaS models. I mean, who is this person they’re describing?” Maybe this describes you? If so, call all the recruiters you know so your name gets around.

Christmas Tree, O Christmas Tree, How Lovely Are Your Tax Breaks? [BNA]
Everything you wanted to know about the ol’ tannenbaum (within the context of taxes) including that the National Christmas Tree Association is a thing that exists.

Holiday Reminder: Don’t skimp on the gifts for employees.

Tax-Hike Fears Trigger Talk of Exodus From Manhattan and Greenwich [Bloomberg]
Yes, wealthy people that benefit from the state and local tax deduction are threatening to move to Florida.

Cargill accountant sentenced to 5 years for $3.1 million theft [AP]
File to “Accountants Behaving Badly: Even at Mega Private Companies.” You may recall, Diane Backis stole $3.1 million and caused losses to her employer of $25 million. Cargill has revenues north of $120 billion, so this couch change, but that doesn’t excuse stealing. We’re looking at you, Peter Gibbons wannabes.

Previously, on Going Concern…

I suggested that the SEC’s chief accountant get into daily affirmations for accountants and auditors.

In Open Items, a future PwC intern is asking about overtime: “I know tax internships last longer than audit, and I’m trying to earn as much during my internship as I can.”

Also in Open Items, I introduced our new Meta category, which allows you, the Going Concern community, to submit threads on, yep, Going Concern. You can leave feedback about our content, this newsletter, our careers site Gigs, or anything else that pertains to the site. We’ll be watching that area closely for suggestions on how to make the site better.

In other news:

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Related articles

You Know That Guy That Panhandles on Your Block? He May Be a CPA.

Anybody out there looking to help their fellow CPA, who’s down on his luck?
The Wall St. Journal is reporting that the former BDO Seidman LLP CEO, Denis Field may have to pay back a portion of $180 million that is being sought by prosecutors in the tax shelter case that involves Field and six others.
Natch, everybody has denied wrongdoing. The charges include conspiracy and tax evasion. Good luck with that.

Prosecutors Seek Ex-BDO Seidman CEO, 6 Others To Forfeit $180M
[WSJ]

Partners at Grant Thornton are Just Getting Lazy

Grant-thornton-logo.JPGGrant Thornton is really making our lives easy today: “Grant Thornton has agreed to pay nearly £6,000 in fines and costs after it failed to correctly sign off 43 audit reports.”
Measly fine, obv but 43 audit reports? And a incorrectly signed off report is one that, “had not been signed off by a responsible individual of the firm”.
So apparently the Brits have got their interns signing off on the audits. Gold star for you today, GT.
ICAEW fines Grant Thornton over audit sign-offs [Accountancy Age]