What do you say you just kick me in the nuts and we call it even

Despite What the IRS Says, This Guy Needs Your Help Raising $2 Million

Hinn says he accumulated the deficit in the past few months because offerings at some international appearances did not cover expenses.

Hinn’s reputation as an advocate of prosperity gospel has attracted millions of followers but has also drawn criticism from lawmakers and watchdog groups.

He is one of six televangelists who have been targeted by federal lawmakers investigating compliance with IRS rules for nonprofits.

Hinn has said on his website that external auditors ensure his compliance with IRS regulations and that in 2008, 88 percent of the money he collected was spent on ministry.

For starters, can someone tell the Hinnmeister that external auditors’ word doesn’t mean shit? Second, try shopping for your clothes somewhere other than the David Copperfield consignment store and maybe you won’t have trouble covering your expenses.

Televangelist Benny Hinn asks for $2M in donations [AP]

>75: What Happens When You Get a 74?

agony.jpgEditor’s note: Welcome to latest edition of >75, our weekly post on questions that you have related to the CPA Exam. Send your questions to tips@goingconcern.com and we’ll do our best to answer as many of them as possible. You can see all of the JDA’s posts for GC here and all our posts related to the CPA Exam here.
It might be the worst feeling in the world. Trust me, I know people who have gotten 17s and 24s on the exam – these are not my CPA Review students, of course, these are people who tried to go the CPA exam alone – and a 74 beats their misery any day of the week.


Nearly 99% of the candidates I talk to (I’m making that percentage up off the top of my head, mind you) who get a 74 on any part of the exam did everything they were supposed to do. They did hours of multiple choice and tons of practice simulations and even did the tutorial at cpa-exam.org before test day.
These are people who asked me very early on how they could plan their time, requested updates weeks before they were available and had me emailing 3 years’ worth of previous CPA exam questions for them to practice on. From all appearances, they did everything they were supposed to and yet got a 74, the worst possible score you can get (17 on FAR aside but we won’t talk about that mmmmmkay?).
So what do you do if you’re that person?
Don’t bother requesting a “rescore” from the AICPA Board of Examiners: For all of 2008, not a single rescore request resulted in a candidate going from FAIL to PASS. It’s a waste of time and money and the AICPA isn’t going to admit their CBT is at all faulty (those of you who have actually taken it probably know better but we won’t talk about that either) so accept your score and move on.
Don’t move on to a new section While you have to deal with the fact that you’re going to have to pay re-application fees to the Board and another exam fee, the best thing you can do in the case of a 70 – 74 is to go right back to that section and schedule a new exam as soon as possible. A 74 especially shows that you have an excellent command of the information, just a little more studying and you’re over that hump.
Look at your score report: Your score report is going to give you quite a bit of insight on where you went wrong the first time. When you fail an exam part, they go so far as to tell you where you failed the worst, USE THAT! When you go back over your review materials, there’s no need to watch every single lecture video again fourteen times – just look at the report, figure out where you need more work, and do extra practice questions in those areas.
Finally, don’t beat yourself up. If this exam were easy, everyone would be a CPA.

E&Y Partners Should Work on Their Ice Breakers Prior to Talking Layoffs

The Pacific Northwest Area leaders have a town hall meeting in the Area offices. The retiring Area Managing Partner and incoming partner both show videos of each other to “introduce” them to the little people. These videos brag about how one collects ferraris (shows other partner in his ferrari at the show room) and the other shows the incoming partner’s closet full of Jimmy Choo shoes. And the best part?? It was at this meeting where they tell people (everyone from admin to partners) that they are making 5% cuts in December…And then of course they proceed to go through multiple rounds of cuts – Dec, March, June and not sure if it is over.

We enjoy an Italian sports car as much as the next guy but for crissakes, using it to segue into layoffs? Do you think they ran this script by anyone or did they just wing it? If you’ve got other stories of tawdry behavior, by all means, pass them along.

Grant Thornton’s Latest Survey Reminds Everyone That Your Chances of Getting Another Job Are Still Pretty Slim

Thumbnail image for Grant-thornton-logo.JPGGrant Thornton’s national survey of financial executives shows that only 1 in 4 plan to increase hiring in the next six months. That’s not great news but what’s perplexing is that the meaningless highly regarded Grant Thornton LLP Business Optimism Index basically told us the same thing less than a month ago.
Does GT really have to repeat the obvious message that no one wants to hear? We get it. No one can leave their job that they hate for another job that they’ll hate less right now because no one is feeling spendy on new employees.
Oh but GT isn’t purely a purveyor of bad news. Only 10% of the financial bigshots surveyed expect things to get worse. Which is a relief but not particularly interesting since the Business Optimism Index pretty much said the same thing.
It appears that GT is hellbent on reminding everyone that while things certainly can’t get any worse, they’ll probably remain craptacular for the foreseeable future. Keep up the solid work GT, we’re looking forward to next month’s reminder.
National survey of senior financial executives finds only 1 in 4 plan to increase hiring in next 6 months [Press Release]