Professor Elam

IIA Scholarship

Weekend Jan 30 2016

Here is a link to the IIA Internal Audit magazine scholarship.

Six $1,000 scholarships will be awarded.

Boeing Beats the Street 1.60 vs 1.28 expected,Stock has largest on dayh drop in its history

Wed January 27, 2016

Boeing beat expected 1.28 in e/s with a 1.60 number.

So the average accounting student might think that BA rallied on the news.

No way, BA dropped over 9% for the lowest close since Oct 2013 Why?

The answer is to look forward not backwards. BA announced full year earnings between 8.45 and 8.65 rather than 9.41 which was the number.

The lesson here is that markets move on social mood and what is anticipated, not what has happened.

Note  Apple is down as well on reduced i Phone sales.

SA Institute of Internal Auditors Day Long Seminar

Wed January 27, 2016

 SA IIA is holding a day long seminar with multiple tracks

on Wednesday February 24 at the La Cantera location across I 10 from the Rim Center. Cost to attend as a student is a mere $35. You can attend all the functions, the lunch, and network with probably 200 internal auditors working at companies like HEB, USAA, Valero, and others.

Remember it's not what you know

it's who you know.

Calumet Internship

TUesday Jan 26, 2016

Calumet is right down the street and operates the nearby refinery. We had a student intern last summer.

*Job ID: 7433
*Job Title: Intern Accounting
Organization Name: Calumet Specialty Products

No of Openings: 1
Work Schedule: M-F 7:30a-4:30p
Hours per Week: 40
Wage/Salary: tbd
Employment Start Date: June
Employment End Date: Aug
*Job Description: Goals & Objectives:
1. Compliance: Support the Accounting Team with compliance tasks to include month-end reporting as well as governmental compliance (EIA reporting).
2. Audit: Assist in preparation and review of document requests for auditors, both internal and external
3. Improvement: Recommend, plan and execute (if time allows) at least one improvement project as approved by Accounting Supervisor
4. Orientation: Obtain an understanding of all primary responsibilities from each team member

JOB DUTIES AND RESPONSIBILITIES:
Compliance activities:
• Understand the financial assertions which the AP reporting schedules are intended to support
• Train and become the primary reviewer for one of the AP reporting schedules (RNV or Bottomline)
• Prepare at least one of the monthly EIA reports
Audit support:
• Read narratives describing the control processes to reach a better understanding of auditor objectives and expectations.
• Select one primary process and meet with process owners involved to confirm process accuracy and potential gaps, if any.
• Assist in reviewing documentation obtained from process owners in advance of submitting to auditors.
• Work with process owners to close gaps or make other corrections as necessary.
Improvement:
• Propose a project intended to improve accuracy, timeliness and/or efficiency for routine task (monthly/daily/weekly). The preference would be for one that affected parties outside of Accounting as well.
• Document the improvement through flow chart diagrams (current state versus future state) making clear indications of impact (time, accuracy, reduced steps, other).
• Develop a plan for executing the improvement plan.
Orientation:
• Obtain a general knowledge of responsibilities assigned to each person in Accounting.
• Develop an outline of how everyone’s responsibilities meet one or several of the financial statement assertions
*Qualifications: • Must be a current college student (Junior or Senior) pursuing an Accounting Degree
*How to Apply: Apply on-line - search in Texas
Online Application Address: www.calumetspecialty.com/careers

 

Accounting Tutor

Monday January 25 2016

Mandy Student is the designated Accounting Tutor.

She is located in Room 1040 which is in the Education complex on the Northwest corner of BCBA. Her hours are as follows.

 

Monday 3 30 - 5 30

Tuesday  1 00 - 5 30

Wednesday 10 00 - 2 00

Thursday 11 00 - 5 30

 

 

Cuba's Dissidents Need Support

Monday Jan 25 2016

Mary O'grady's column on the Americas appears in the Monday WSJ.

Today Today she interviews Antonio Rodiles who has been harassed, beaten, imprisoned, and possible injected by Castro goons.

Tamusa's Education Dept is planning a trip to Cuba by the way.

But the Cuban military controls all travel in Cuba and keeps the profits. Antonio reports that Obama has and the Pope have given the Castros the legitimacy they have always desired.

Our US Embassy ignored legitimate dissent on its opening. Now other governments are doing the same. If anything this will only further cement the Castros' power.

Is it ethical to travel to a repressive government knowing it will make it even harder for the Cuban people to ever regain control of their own country. Note the Castros have never held an honest election, and have imprisoned over 8,000 since Obama signed this deal.

Your take?

 

 

Earnings Conference Call

Monday Jan 25 2016

San Antonio cybersecurity firm Globalscape GSB will have its earnings conference call

this Thursday at  3 30 CST Jan 28. Have you ever heard a conference call on earnings?  This would be an ideal time to start as an

accounting student. I own shares in GSB and have taken students to the annual meeting. I expect the conference call to be upbeat reporting on better earnings.

A Passion for Leadership

Monday Jan 25, 2016

IN the syllabus I suggest subscribing to the Wall Street journal .There are lots of reasons and today I spotted a review of A Passion for Leadership by Robert Gates. Gates served as Secretary of Defense for both Bush and Obama. He then served as President of A & M from 2002-2006 describing Rick Perry as  pain in the neck. Today he heads the Boy Scouts.

This semester we offer Acct  5308 the ethics class. Gates is skeptical that leadership qualities such as devotion to duty, sincerity, fairness, and good cheer can be taught in a classroom.

How can a training program inculcate personal character and honor he asks.

Can we do the same in ethics, can we teach devotion to duty known in accounting as due professional care?

Your thoughts?

Pop Trends Price Culture Features Interview with Prof Elam

Weekend January 24, 2016

The podcast Pop Trends Price Culture features an interview with Professor Elam.

The Current State of Social Mood

Weekend Jan 24, 216

There are interviews with me  posted on the socionomics website  

regarding application of socionomics.

Each weekend I have a longer post on themarketperspective.com site on social mood. Here is the one from this week.

Amid falling world markets, check out the Terror Expo in San Antonio

Here is a practical application of socionomics, someone saw the interest in horror and organized a large event in celebration of frightful fun. This occurs as the rest of the world suffers real fright from lynchings in Mexico to beheadings in Libya.

Even Duck Dynasty is split with Phil for Cruz and Willie for Trump

An armed group is occupying a wildlife refuge in Oregon, grazing contract torn up-the revolution in the USA gets underway, more evidence of the New Civil War we have written about

Carol is a film nominated for six Academy Awards is based on 1952's The Price of Salt about two women hiding their affair - Hollywood loves and glorifies the gay life style

in a male dominated 1950s  world, Kate Blanchette touring with the film in Japan

Smithsonian criticized for displaying Cosby Art Collection, hey it's about the art not Bill!

More lynchings in Mexico last year than any other time in the last quarter century, 98% of murders in Mexico are unsolved

Debt talks in Puerto Rico fail, default fears rise, $163 M in payments already defaulted, so it's official a US Territory defaults

Pop Trends Price Culture