July 17, 2018

Industry

wells fargo kpmg internal controls

Wells Fargo Not Sick of Bad Press Yet

Oh, Wells. Buddy. What’s going on? Can’t seem to keep your nose clean. Last week heralded another splashy headline in the WSJ: Wells Fargo Employees Altered Information on Business Customers’ Documents Even we’re getting sick of it! This time, WSJ reported that employees in the wholesale subunit cut corners with data collection — including personal […]

controllers IPO SOX

No Matter the Timeline, Controllers and Their Teams Must Be Ready When the IPO Window Opens

Well, looky there, Sarbanes-Oxley requirements. In a perfect world, a private company that is planning to go public would take 12 to 24 months before the initial public offering launch date to make sure all of its i’s are dotted and t’s are crossed. But the world we live in ain’t perfect, and certain factors […]

USB IBM banned

Flash Drives Are Contraband at IBM Now

In a seemingly unenforceable move, IBM has banned its employees “from using removable memory devices such as USB sticks, SD cards and flash drives.” The company’s global chief information security officer Shamla Naidoo said that “the possible financial and reputational damage from misplaced, lost or misused removable portable storage devices must be minimised.” And sure, okay. […]

month-end close

Reminder: Take This Survey About the Month-End Close

Are you an accountant? Do you help close the books for your company or someone else’s? Well, then take this survey, by God, and tell us what it’s like in this day and age. Yes, we are making this ask again, but we figured it’d been long enough that you wouldn’t mind. If you’ve taken […]

Controllers Supporting CFOs IPO

Supporting the CFO Through the IPO Process Is a Big Task for Controllers

During the interview process for the job of corporate controller at Borderfree Inc., Scott Paterniani, CPA, was told by the company’s CFO, Ed Neumann, that he was focused on operations, scaling the business, and other strategic initiatives, and he needed someone with recent experience with an initial public offering and the Securities and Exchange Commission […]

We’re One Meltdown Away From a Bunch of Crusty Old CPAs Saying ‘I Told Ya So’ About the Cloud

If you don’t spend a lot of time thinking about what a severe outage of Internet-based services might be like, this CFO article cites a report that tried to ballpark it: A cyber incident that takes a top-three cloud-services vendor offline for three to six days would spawn customer financial losses of about $7 billion […]

Controllers First IPO

10 Tips on How Controllers Can Survive Their First IPO

So far, 2018 has been a damn good year for IPOs in the United States. The U.S. IPO market is coming off a first quarter in which 44 companies, including Dropbox, went public, raising about $15.6 billion—the best quarter by proceeds in three years, according to a March analysis by research firm Renaissance Capital. That […]

wework community adjusted ebitda

Let’s All Have a Good Laugh at WeWork’s Stupid ‘Community Adjusted Ebitda’

WeWork, a commercial landlord pretending to be a tech-lifestyle company, raised over $700 million in a bond offering yesterday, and it seems they are taking a page from Groupon’s accounting playbook, offering a ludicrous profit metric for all of our enjoyment: In the offering documents, WeWork went to unusual lengths to show ways in which […]

University Controller

What It Takes for a University Controller to Be Head of the Class

A while back I spoke to several controllers at nonprofit organizations and asked them what tips they would give to an accounting or finance professional considering that role. Among the advice that was shared included “believe in the nonprofit’s mission and objectives” and “you won’t be rich, but the job is rewarding.” It seems that […]

university controllers

How Two CPAs Ended Up Back in College As University Controllers

Robert Kuehler and Alan West have a few things in common: both are CPAs, both started their careers in public accounting, both have accounting degrees, and both went back to college—not as a student or professor but as a state university controller. As associate vice president/university controller at the University of Colorado, Kuehler oversees a […]