Any time a company has to disclose bad news, the theory goes, they will most likely file it late in the day on Friday to soften the effect of an auditor resignation/restatement/announcement of massive fraud. Seems logical enough.
Audit Analytics dug a bit deeper on the idea, looking specifically at the restatements that have been filed so far in 2013:[T]here is no obvious Friday effect for the population of 2013 restatements. Restatement filings are delivered more or less uniformly across the week, with about 1/5 filed on Friday. However, 57% of the restatements were filed after the markets close at 4:00. The effect is further amplified when we look at companies traded on major markets. This makes sense, since one would expect such companies to be more sensitive to market reactions than OTC companies would. If we narrow the population only to companies traded on NYSE, NASDAQ, or AMEX, the percentage of filings made after 4PM increases to 64%. So while the Friday theory is a little overblown for restatements, there is something to the notion that companies are aware of most people's "get me the hell out of here" attitude post-4 pm. And it's even more evident when the restatements result in announcement that the financial statements can no longer be relied upon. Take a gander at this chart from AA:
Here's what they concluded:
[T]here is nothing wrong with filing a restatement after 4PM. SEC requires disclosure within 4 days of the discovery, and there is absolutely no requirement to file before closure of the markets. Caveats aside, though, 73% looks like something slightly more coordinated than sheer coincidence.
Never mind the post-4 pm average for a minute, how about those high percentages on Thursdays? It appears companies are quick to take advantage of the fact that a lot of people like to skip Fridays OR are too hungover to care whether your company issued such sloppy numbers that it requires a do-over.
Any time you can take advantage of human nature, especially in an area as sedative as financial reporting, it's probably a smart move.
TGIF: The 4PM News Dump [Audit Analytics]
- Walt Disney Company
- E (Ernst & Young)
- J.P. Morgan
- PwC (PricewaterhouseCoopers)
- Goldman Sachs
- KPMG LLP
- The Coca-Cola Company
- Morgan Stanley
- Procter & Gamble
- US Department of State
- Central Intelligence Agency
- Johnson & Johnson
- US Department of the Treasury
- Hilton Hotels Corporation
- Bank of America Merrill Lynch
- Hyatt Hotels & Resorts
- BMW Group
- Wells Fargo & Company
- The Boston Consulting Group
- MGM Resorts International
- McKinsey & Company
- Peace Corps
- Southwest Airlines
- Under Armour, Inc.
- American Cancer Society
- Time Warner
- Bain & Company
- CBS Interactive
- The World Bank Group
- Teach for America
- The Hershey Company
- Bloomberg L.P.
- Grant Thornton LLP
- Electronic Arts
- Blizzard Entertainment
- Delta Air Lines
- National Security Agency (NSA)
- Internal Revenue Service
- Mayo Clinic
- Lockheed Martin Corporation
- National Institutes of Health
- Exxon Mobil Corporation
- Anheuser-Busch InBev
- Deutsche Bank
- General Electric
- American Airlines
- American Express
- Ford Motor Company
- Fidelity Investments
- Shell Oil Company
- United Airlines
- The Blackstone Group
- General Mills
- US Department of Energy
- Gap Inc.
- Nestlé USA
- Credit Suisse
- State Farm Insurance
- US Air Force
- US Department of Veteran Affairs
- Kraft Foods Group
- Number of participants in 2013: 65,679 respondents
- Number of individual employer evaluations: 219,194
- Number of universities targeted: 312
- Field period: December 2012 to March 2013
- For the past three reporting cycles, a former-KPMG CPA has completed 80 hours of CPE during the week between Christmas and New Year. He orders self-study courses, goes directly to the exam, and uses the index to find answers to the questions he doesn’t know.
- A friend of mine “knows a guy” in California who finished 40 hours of CPE in one day. Suck on that, time-space continuum.
- Checking email, reading the news, or watching college football games on your laptop during a live class are commonplace, pedestrian forms of cheating. One midwest CPA with particularly capacious balls arrived at a live class, opened his laptop, and started taking self-study courses during the live class. To top it off, the CEO of the state society was sitting at the same table.
- A CPE instructor told me once while he was teaching an ethics course, some guy attending the 8-hour class pulled out a client folder and proceeded to work on an engagement. That guy paid $20 per hour of CPE which he billed back to his client for $220 per hour. He made $1,600 while completing his state mandated ethics requirement.
Accounting News Roundup: EY's Hiring Outlook in UK; Judge Notes 'Reprehensible' Conduct by KPMG in BB&T Tax Case; Factors in Accounting Firm Sales | 09.23.13
Big Four firm signals return to risk with expansion drive [The Times (Paywall)]
EY is hiring 3,700 in the UK by next June.
Corporate Tax Reserves on the Rise [AT]
An annual study of SEC disclosures showed that the Fortune 500 collectively believe that they have underpaid their corporate income tax by $191.7 billion, an increase of 2.2 percent from the group’s collective tax reserves last year. [...] “If uncertain tax position reserves are trending up at the same time profits are going down, you have to ask if there is a movement to build up reserves for tax underpayments,” said Scott Knott, a tax partner at the Ferraro Law Firm, which conducted the study. The firm, which specializes in tax whistle blower awards, compiles the annual Ferraro 500 list by the size of the Fortune 500 companies’ unrecognized tax benefit reserve for uncertain tax positions. The tax reserves of the top five companies on this year’s list are Exxon Mobil, which set aside $7.633 billion to cover potential taxes; Microsoft, $7.202 billion; J.P. Morgan Chase & Co., $7.158 billion; general Electric, $6.579 billion; and Pfizer, with $6.315 billion.
With a Tweet, Twitter Starts a Debate [NYT]
As of April, on the law’s first anniversary, 63 percent of all companies filling I.P.O.’s during the [JOBS Act's] life used the confidentiality provision, according to a survey by Ernst & Young. Nearly all companies that have had I.P.O.’s in the last 30 years would have been able to use the provision, had it been in place. From 1980 to 2012, 94 percent of American companies that have gone public had revenue of under $1 billion when they filed for I.P.O.’s, according to data compiled by Jay Ritter, a University of Florida professor who is a leading expert on initial offerings. “Under that criterion, most I.P.O. companies would be classified as ‘emerging growth companies’ worthy of special help,” said Professor Ritter, who opposed the enactment of the JOBS Act.
The state that taxes the poor the most is… a blue one [WaPo]
Poor families in Washington state pay 16.9 percent of their total income inA state and local taxes, more than any other state in the nation, according to a new report from the nonprofit Institute on Taxation and Economic Policy, which advocates for progressive tax policies. Washington takes the top spot by a sizable lead. For the poor in Illinois, 13.8 percent of their income goes to paying state and local taxes. In Florida, those taxes eat up 13.3 percent of the income of the poor. The share in Hawaii is 13 percent, followed by Arizona at 12.9 percent.
Ohio attorney faces discipline in billing probe; allegedly billed state for 29-hour workday [AP]
BB&T loses claims court suit to recoup $688 million in taxes [Bloomberg]
BB&T Corp. lost a bid to recover $688 million in taxes and penalties as a federal judge ruled a series of transactions with Barclays Plc, aimed at generating tax credits, lacked economic substance. U.S. Court of Federal Claims Judge Thomas Wheeler in Washington criticized BB&T, Barclays and other participants in the transactions, including the KPMG consultancy and the Sidley Austin LLP law firm, for conduct that was “nothing short of reprehensible.” Those firms should have known better than to follow a path “rife with its conflicts of interest, questionable pro forma legal and accounting opinions, and a taxpayer with a seemingly insatiable appetite for tax avoidance,” Wheeler wrote.
Accounting firm sales: The five factors [JofA]
Joel Sinkin, president of Transition Advisors, has your hit list.
One Mortgage, No Home Equity Loan: How Much Interest Can You Deduct? [Tony Nitti/Forbes]
Tony Nitti takes you code diving.
Indianapolis man arrested after impersonating officer to get free Applebee's meal [IS]
Philip D. Smith, 46, was charged with one count of theft and one count of impersonating a police officer, both Class D felonies. According to a police report, Smith finished dining at Applebee’s on Richmond’s east side when he told his server that he did not have money to pay his bill. He then allegedly displayed a badge, said he was a police officer and asked to go to an ATM to get money. Authorities said employees at Applebee’s called police to report the incident after Smith failed to return to pay his bill.
Moody, Famiglietti & Andronico needs an audit manager in Tewksbury, MA. [GCJ]
Buffett Calls Fed History’s Greatest Hedge Fund [Bloomberg]
— Life at Deloitte (@lifeatdeloitte) September 20, 2013
Law Student Prepares Appellate Brief After His Fantasy Football Trade Gets Vetoed [ATL]
Jonathan Weil says it's not too early to start worry about banks' accounting, again. [Bloomberg]
Wife allegedly killed for closing ketchup bottle too tightly [AP]
What accountants can learn from Walter White [AWEB]
Learn All the PowerPoint Keyboard Shortcuts with This Free Guide [Lifehacker]
The price of beer at Oktoberfest completely defies economic logic [Quartz]
UBS Whistleblower (Allegedly!) Likes His Drink [DB]
By the looks of things, BEC is getting too easy; it's the only section that has a higher passing rate than last year's third quarter numbers.
Cumulative scores are looking good as well, but the 4th quarter always shits the bed on account of everyone spending the last three months of the year in food-induced comas. DON'T BLOW IT, PEOPLE.
After a week of red eye flights and drinking like I was in my 20s again, I can't muster much energy for this week's mishmash of non-sequiturs we call Open Items.
If you're new here, then just know this is your opportunity to ask questions, give advice, discuss any stories from the last week, predict the rest of the Big 4 revenue numbers, or get feedback on your accounting-themed haiku.
Accounting News Roundup: PCAOB Wants to Get Cozy with Audit Committees; Alleged Accounting Fraud at SamTrans; New and Improved XBRL | 09.20.13
PCAOB Looking to Cozy Up to Audit Committees [CW]
The Public Company Accounting Oversight Board is exploring a variety of ways it can connect with audit committee members to hear more about what audit committees do in overseeing auditors and what they think of PCAOB standards and oversight activities. “Our near-term priority relating to audit committee outreach is under way,” said PCAOB member Jay Hanson in an speech to the National Audit Committee Forum assembled by the American Institute of Certified Public Accountants. The PCAOB is considering all sorts of methods, Hanson said, including enhancements to the PCAOB website, issuing new publications, attending conferences or webcasts geared to audit committees, hosting town-hall-style meetings, and reaching out to corporate governance organizations to increase PCAOB participation in their events. The board is even reaching out through audit firms, he said. “We are letting audit firms know that we are interested in dialog with their clients, such as by attending firm forums for audit committee members,” he said.
Insiders Allege Fraudulent Accounting at SamTrans [NBC]
Was it a mistake or was it intentional? That’s the question facing the San Mateo County Transit District after the NBC Bay Area Investigative Unit uncovered a series of accounting errors that district insiders say were made to deliberately hide how the district is handling public money. SamTrans vehemently denies these allegations, categorizing the “classification errors” as honest mistakes. The district operates the budgets for Caltrain, SamTrans buses, and the San Mateo County Transportation Authority. In recent years the district has announced that Caltrain is in a fiscal crisis, freezing worker wages, hiking fares and warning riders of reduced service.
SEC Thinks Disclosing Worker Pay Will Shame CEO's? [Bloomberg]
Matt Levine: "Now the SEC proposed a rule requiring every company to disclose the ratio between what it pays its CEO and what it pays its median worker. I predict this will not lead to a massive groundswell of shareholder anger. Shareholders are not generally in it for the workers. If your company pays its CEO 1,000 times what it pays its average worker, and your competitor pays its CEO 2,000 times what it pays its average worker, guess you'd better give your CEO a raise. You don't want him underpaid compared to his peers."
Billtrust CFO Hints at Sale or IPO [CFOJ]
Great lede: "If history repeats itself for Billtrust’s new chief financial officer, Ed Jordan, success on the job may mean that he gets himself fired."
New XBRL Version May Answer SEC's Prayers [CFO]
Corporations have expressed their disdain for tagging financial data through eXtensible Business Reporting Language (XBRL) and the Securities and Exchange Commission itself has been criticized for not using it enough internally. But a new version of XBRL could make the data-formatting language more popular. Inline XBRL (iXBRL), which offers easier formatting than XBRL and can be viewed on Internet browsers instead of software, is being touted as an answer to much of the discord that has surfaced since CFOs and their staffs were required to use the language following an SEC mandate in 2009. The new Inline version eliminates the need to create separate XBRL and HTML attachments when filing their financial documents -- which bogs down current filers -- and allows filers to embed the XBRL tags in the financial documents.
New York state proposes to regulate tax return preparers [JofA]
Stepping into the void left when a federal court threw out the IRS’s registered tax return preparer program (see article here), the New York State Department of Taxation and Finance has proposed amendments to its Personal Income Tax Regulations and Procedural Regulations to regulate tax return preparers (N.Y. Comp. Codes R. & Regs, tit. 20, proposed Part 2600). Currently, Section 32 of the N.Y. Tax Law requires tax return preparers to register with the state. The proposed rules would add to the requirements contained in Section 32 by imposing minimum standards on who can become a tax return preparer, instituting a continuing education requirement, and requiring a competency exam.
Congress Won’t Find Much Revenue from Taxing the NFL [Tax Foundation]
The estimates range from $91 to $109 million. Not exactly a windfall in government revenues.
Hundreds Of Snakes Found In Man's Home [AP]
An animal-control officer had hundreds of snakes, including two 6-foot Burmese pythons, at his home, where he ran an illegal side business selling them, authorities said Thursday. There were 850 snakes worth half a million dollars in a detached garage at the Shirley home of Richard Parrinello, including the Burmese pythons, which are illegal in New York state, officials said. "There is a reason why Burmese pythons are illegal," said Suffolk County SPCA Chief Roy Gross, citing the deaths of two young boys in New Brunswick, Canada, who were killed by an African rock python while they slept last month. Gross said Burmese pythons can grow to 30 feet long and are "an accident waiting to happen."
Footnotes: Trent Richardson's Tax Savings; Attorney Annoys Accountants; An Auditor's Major Food Groups | 09.19.13
Trent Richardson's trade saves him $30,000 in taxes [AL]Gregory Turza, an estate planning attorney, from Park Ridge, Ill., wanted to boost his business by getting his name out to accountants. So he hired a marketing firm to fax hundreds of accountants thousands of promotional ads in the guise of a monthly “newsletter.” One of those newsletters featured absurdly obvious tips for buying a laptop. “If you plan to use it a lot on the go, find one that’s under 5 lbs.” The point was that the bottom of it included Mr. Turza’s name and address as well as a description of his services. The faxes also lacked opt-out instructions. The 7th U.S. Circuit Court of Appeals in Chicago last month ordered Mr. Turza to pay $500 in statutory damages for each of the 8,430 unsolicited faxes, which works out to more than $4 million. About $1.4 million of that is going to attorneys’ fees and expenses. [WSJ] Sen. Levin aims at offshore tax loopholes [The Hill] NY accountant pleads guilty to swindling clients [WSJ] Someone is sticking to their busy season diet.
Today I'm subsisting on a protein bar, jerky, and red bull. Or as they're also known, the auditor's major food groups. cc:@going_concern
— Riles (@RDKlick) September 19, 2013
I wouldn't expect Grant Thornton's new Cork office in Ireland to be anything like the Belfast office in Northern Ireland. [RTE]
The Heritage Foundation thinks the state and local deduction should be scrapped. [THF]
What's the Best Way To Get a Drink At a Busy Bar? [Gawker]
Don't forget, a "murder" is taken.
If a gaggle is a group of geese, what is the word for the group of corporate tax lobbyists/execs that just poured out of Dave Camp's office?
— Richard Rubin (@RichardRubinDC) September 19, 2013
What about a "hatchet of lobbyists"? Or a "fatcat"? Is a "Gucci of lobbyists" too obvious? I got nothing, people. Do your best (or worst) in the comments.
Ugh. This doesn't sound good. An in-house lawyer for PwC has gone missing in China. Steve Leavenworth is American but has lived China for 17 years, according to the Telegraph. He recently left PwC after 15 years and was on a solo backpacking trip through Yunnan province when the bus he was believed to be on fell into a river on September 8th. He was one of 34 passengers on the bus when "a 100 metre long bridge was 'torn apart by a mudslide' sending a coach and a minibus crashing off the road."A torrent of water then washed the bus around 300 metres downstream, according to China News Service. It added that four people were killed and 26 injured but made no mention of a foreign victim. Charles Peace, a British friend who is based in Beijing, said Chinese rescue workers had found “no sign” of Mr Leavenworth “apart from his bag and wallet in the bus.” The number of a passport found on the bus matched Mr Leavenworth’s, he added. “It’s pretty shocking and what we are finding difficult is that he has just disappeared. We just don’t know what has happened. It’s a mystery,” said Mr Peace, 37, from London.
Hoping for the best.
Today in hot-jobs-you-need-right-now-because-your-jobs-sucks-and-we-need-a-story-about-hot-jobs-and-we'll-quote-some-guy-who-doesn't-know-what-he's-talking-about news, we have a post from CNBC about the most underrated jobs of 2013 courtesy of CareerCast, a job site that puts out lists of that nature.
Naturally, "accountant" is on the list because, as well all know, a career in accounting is the best best bestiest thing going these days and CareerCast publisher Tony Lee explains why it's so underrated:"The perception is, 'What a boring job!'" Lee said. Right. Some firms even use that as a marketing angle. But accountants make the most underrated list every year. Yes, yes, yes. We're sick of hearing about it because unlike the people reading your post, we chose accounting the FIRST time around. Mr. Lee then makes three points: [T]hey're very well paid. O RLY? Some have a difference of opinion. The hiring outlook is above average. If you believe the BLS data then I suppose you can make this claim. And, if you've picked accounting, there's a good chance you love your job. Go on... "They spend their day doing what they want to do, which is manipulating numbers," Lee said. God, what an awful choice of words. I suppose if you're a strict constructionist (which none of you are), then you could argue that this is a benign statement but using the word "manipulate" makes the whole sentence read like, "I can't wait to tamper with figures today!" Then there's this: "So, stop judging him by his pocket protector and calculator—this guy is underrated." Sigh. I'd tell you to burn your pocket protectors if you actually had them. The most underrated jobs of 2013 [CNBC]
Willingness to Move
Entering the partnership is like buying a house. It is all about timing and location. The existing partners aren’t willing to admit batches of new partners each year just to reward good work. That means they’ll have to share the pie with more people. The best way to get yourself into the partnership is to go to where the puck will be. Partners leave, retire, die, insider trade every year and that’s usually a good indicator of where the next opportunity is. If you're in Portland working in financial services and Citirgoup partner leaves, get ready to eat a lot of bagels and root for the Yankees. Movement isn’t a requirement to become a partner, but it certainly helps your chances.
Do a National Rotation
The firm doesn’t want to make partners out of people who have stayed in one place their whole career, never venturing out of the cycle of doing one audit after another. That means you haven’t made enough client contacts in as many markets as possible or that you are just a one-dimensional substantive procedure machine. In my firm, it used to be that a rotation in our national professional practice office was a sure-fire way to punch your ticket to the partnership, but that’s not even true anymore. Now you have to do a rotation, attend a “workshop” at some school with a bunch of other senior managers, join a few networks, do training and attend and/or presented at a conference or two. All that just so a few people learn your name (but really have no idea what you bring to an audit in terms of quality or efficiency). Get all of your other work done
Once you become a partner you can make all the excuses you want as to why you need to skip this training or that meeting but until that point, keep your compliance nose clean. Obviously, the client compliance things (like independence) are a must but don’t be screwing up those timesheets or missing required trainings. That stuff will come back to haunt you fast. It does seem a bit ridiculous that your ability to handle an audit might be judged on the two timesheets you missed in 15 years. However, as we have all witnessed, there needs to be tone at the top and entity level controls to help ensure that those of us prone to be compliant on even the little things are the ones that move up to the partnership. It’s also one of the few quantifiable aspects of your job and an easy thing to hold against you by anyone who doesn’t want to see you in the partnership ranks. Willingness to brown nose be a team/community player
This one may seem obvious but it’s still something to consider. It’s linked to the willingness to move but stretches beyond that. Are you a manufacturing senior manager? Well, that insurance job just opened up and you best sharpen your reserving pencil. The senior partner in the office needs someone to coordinate and promote (force people into going) a meeting/event/orgy? Sounds like you’ll be sending out some meeting planners and some not so subtle reminders. Office have a United Way campaign? I bet I know who’s going to be spearheading that effort. The fast track to partner is like everything else -- the more you suck up to the right person, the better off you will be. That doesn’t make becoming a partner much different than most other jobs but many people forget it’s as much about the politics as the results. The community involvement would be nice if this was a simple as volunteering at the soup kitchen or reading a few books to underprivileged kids. What it really means is sit on a Board of Directors, or two, or three. Because while community service is nice, sitting on a Board means you’re meeting with potential clients, which can lead to... Landing a whale of an audit
Nothing screams partner material by bringing in the dough. Got a friend who just became controller of a nice mid-market target client? Bring him to dinner a few times and nail that audit down. When you bring cash into the partnership your stock rises fast. Office managing partners will look past the inability to file a timesheet and the fact that you haven’t stepped foot out of the state in 15 years if you bring in a half million dollars of revenue as a senior manager (especially if you are in a small office). Most partners could share a piece of advice as to what may be an unwritten rule to the partnership, but hit these notes and you’ll be fine in any big firm.
Are you on the partner track in tax or advisory? Get in touch with your story.
Accounting News Roundup: Cutting Out the PCAOB; Coburn After NFL's Exempt Status; Getting Motivated | 09.19.13
J.P. Morgan 'Whale' Fine Put at Over $900 Million [WSJ]
Jamie Dimon will be glad this is over: "The Securities and Exchange Commission, Office of the Comptroller of the Currency, the Federal Reserve and the U.K.'s Financial Conduct Authority are expected to charge the company with poor controls surrounding the giant bet, which ultimately cost the company more than $6 billion."
Solving regulatory battles [China Accounting Blog]
Professor Paul Gillis writes that the PCAOB/China problem could be solved by taking the PCAOB out of the equation. "I propose that the Big Four agree to conduct quality control reviews on each other’s U.S. listings, using reviewers from the U.S. member firms. The U.S. member firms have the expertise in PCAOB standards and U.S. GAAP that is necessary to conduct the reviews. The findings of the reviews should be made public. [...] What I am proposing is to take the PCAOB out of the process. China’s objections are to the involvement of another government in regulating its companies. What I am proposing is cooperation between private companies under the supervision of the Chinese government. China should not object to that. The U.S. government is out of the loop."
New Breakdown of Groups Targeted by IRS [WSJ]
The Ways and Means Committee GOP are still trying to sort this out and the latest they came up with is, "Of the 298 applications that were collected and put on hold by the Internal Revenue Service between mid-2010 and mid-2012, 248, or 83%, were right-leaning, while 29, or 10%, were left-leaning."
A Republican Senator’s Lonely Mission to Make the NFL Pay Taxes [BBW]
Tom Coburn wants the NFL to pay some taxes: "The PRO Sports Act proposed by the Republican lawmaker would prohibit professional sports organizations with annual revenue of more than $10 million from filing as nonprofit organizations. In addition to the NFL, the bill would also change the status of the National Hockey League, golf’s PGA Tour, and the ATP World Tour in tennis, among other professional sports groups."
Get Yourself Going with These Motivational Wallpapers [Lifehacker]
Just in case you need help getting through this Thursday.
Public Masturbation Declared Legal in Sweden After Landmark Trial [Gawker]
"For this to be a criminal offence it's required that the sexual molestation was directed towards one or more people," [public prosecutor] Olof Vrethammar said. "I think the court's judgement is reasonable. With that we can conclude that it is okay to masturbate on the beach."
Footnotes: Guilty Plea in Olympus Fraud Case; Mike Lee's Tax Reform Plan; No Mo' Money Taxes | 09.18.13
Ex-banker pleads guilty in Olympus accounting fraud [Reuters]
GOP senator seeks tax reform for families [The Hill]
FINALLY: A Republican Tax Plan That Doesn't Suck [Josh Barro/BI]
SEC Passes Long-Stalled Rule for Municipal Advisory Businesses [Bloomberg]
Beanie Baby creator Ty Warner charged with tax evasion [CT]
Mo’ Money Taxes got permanently barred from "preparing tax returns for others and owning or operating a tax return preparation business." [DOJ]
Dog's Great Escape from Kitchen Fortress Caught on Camera [Gawker]
Color me baffled, maybe I haven't spent long enough digesting PRspeak.
Does culture then wash it down with a nice, cold glass of Kool-Aid?
Grant Thornton is supposedly holding "All Hands" meeting in all 54 US offices today to ensure the staff are sufficiently brainwashed into thinking this actually means something. Not very dynamic if you ask me.
GT doesn't actually get credit for this concept (in fact, Deloitte prefers the original "culture eats strategy for breakfast" which is probably better since breakfast is the most important meal of the day and we wouldn't want culture going hungry) but in the context of public accounting, it isn't an either/or situation. If culture is to be more than just something would-be interns ask recruiters about, it would be the group-think of an organization, the little voice in your head that asks "what would the organization want me to do?" when you're considering going rogue by doing something stupid like thinking for yourself and not buying into corporate gobbledygook like this. How many of you actually give half a crap about any of this stuff? 1/4th of a crap?
Well, if you find yourself giving 1/8th of a crap, feel free to read this Fast Company piece. But if you find yourself giving even half a percent more of a crap than you went into it giving, click X and come back to GC before it's too late for you, please.
Remember that WSJ article we shared last week that talked about over-attached parents going to job interviews with their over-dependent "adult" children? As weird as that was, it appears This Way to CPA thinks you can't function without your mom's help, if their Facebook page is any indication.
Basically, if these graphics are at all representative of their opinion, This Way to CPA holds a very low opinion of this country's future CPAs. Let's take a look, shall we?
You're an idiot who doesn't know how to iron your own shirt:
Your parents really didn't have very high hopes for you (and you're a slob who doesn't put your laundry away):
Your mother sends you "care packages" because you clearly are not capable of going to the store to purchase your own boxes of Easy Mac and teddy bears:
And let's not overlook the totally stereotypical Gen Y bait, "you are a special little snowflake":
I'm facepalming so hard about this campaign, I'd love to call my mom and complain about it but, well, she's dead. ENOUGH ALREADY with this crap, it's gross shilling and I really want to believe most young professionals are not this attached to their parents. They may be young but they are still adults, stop treating them like preschoolers or else I'm going to have to call YOUR mom and tell her to make you stop doing this.