Professor Elam

The New Accountant is a Robot

Wed March 8 2017

I heard a presentation a few years back suggesting that low interest rates coupled with more regulation and higher minimum wage would surely result

in more automation. We are there now. The government is regulating the lower level employee right out of the job equation.

There is an article in today's WSJ about this but I am unable to link so here is a similar article from 2015.

Automation is finding a home in both law and accounting offices. Robots retrieve or pick items from warehouse shelves.

The automated fast food joint is literally around the corner.

I stress the importance of becoming certified in an accounting discipline. Now it is more important than ever as the lower level jobs disappear.

IMF Global Sues PwC

Wed March 8, 2017

Jon Corzine  testified he had no idea where the missing investor funds were. This from a former Goldman Partner and New Jersey Governor and Senator.

Now bankrupt IMF Global is suing its auditor PwC

claiming of course it was all the fault of the external auditor.

The article details the treatment of sale versus loan which is the heart of the matter. I am wondering whether a jury will understand the

ins and outs of such transactions.

Here is another example of auditor liability.PwC will have to show it had reasonable reliance for what it did.

This is a landmark case in that to my knowledge, this is the first time a brokerage firm simply lost client money and no one did much about it.  The BK trustee eventually recovered most of the investor funds but Corzine was never indicted for anything.

TSCPA Meeting in Houston

Monday March 6, 2017

Good afternoon,

 

Do you know of any minority accounting students who could benefit from an all-expenses paid leadership workshop in Houston this May? If so, let them know the American Institute of CPAs (AICPA) is now accepting applications for the 2017 Accounting Scholars Leadership Workshop (ASLW)!

 

This annual program for minority accounting students planning to pursue the CPA designation aims to strengthen their professional skills and understanding of the limitless possibilities and benefits of earning the CPA credential. Through speakers, panel discussions and interactive programs, participants gain confidence and an enhanced understanding of the various career paths within the accounting profession to prepare them for the steps that follow graduation. This year’s workshop will be held May 17 – 19, 2017 in Houston at the Hyatt Regency Houston Galleria. Applications are due March 15, 2017 at 3 p.m. ET.

Click here to learn more about the eligibility requirements and apply today.

 

Please contact diversity@aicpa.org with any questions regarding the Accounting Scholars Leadership Workshop.

 

 

Kari Owen
Public Relations Specialist 
Texas Society of CPAs
972/687-8688

Eight Retailers Closing Stores

Monday March 6, 2017

 

JCP and seven other chains are closing stores. Most being closed simply do not contribute to the bottom line.

This is another sign that on line shopping has trumped brick and mortar stores.

Beatles = Success = Due To Hard Work

Monday March 6, 2017

I was just reading this article on the Beatles' own explantion for their success.

As Ringo put it,we workeed harder than anyone else.

the same is true for any other professional endeavor. Half those taking anyone section of the CPA exam fail. They worked less hard than the other half.

Which half will you be in?

Meet Alyssa Hayden

Friday March 3, 2017

I have just confirmed that Alyssa Hayden, Executive Director of the Socionomics Institue, will be accompanying Matt Lamper, Research Director to speak at

our SRS Saturday May6. They will also mingle with students and faculty the previous day MAy 5.

 

A Testimonial about the CPA Exam

Friday March 3, 2017

I received an e mail this past week  from a former student. I eliminated his name but here is the unedited message.

 

Professsor Elam

I am a former student of yours at Texas A&M San Antonio. I graduated in May 2015.

I am writing to inform you that I have earned my CPA certification. I currently work at USAA.

 

You were influential in my education at Texas A&M and you kept stressing on the importance of being certified. The admiration I have so far at work speaks volumes about how the CPA is regarded. I used the Gleim series to prepare for the exam upon your recommendation.

 

I just wanted to drop these words of gratitude to you. I will be glad to come speak to some of your students about my experience and journey to certification, if you like.

 

Again, thank you.

 

Sincerely,

San Antonio CPA Society Activities

Thursday March  2, 2017

Follow these links to upcoming San Antonio CPA Society student activities

Tour of Acelity

http://sacpasociety.com/ce-store/calendar/detail?id=a5c79c44-9425-6d05-b7ed-ff0000cb2fc2

Internships at Acelity

http://sacpasociety.com/the-society/inews/cpa-inews/2017/02/23/students---learn-about-internships-@-acelity

Reserve your seat now for the

Meet Our Future Luncheon
Honoring SACPAS Student Members & Candidates

Friday, April 21, 2017
11:30 am - 1:30 pm
The Club at Sonterra

Current SACPAS student and candidate members are guests of the Chapter. Sit at a table hosted by CPAs in public practice, business and industry or education. Submit your resume for inclusion in the Resume File. Hear about upcoming internships and entry-level openings in accounting.

RSVP today to info@sacpasociety.com

 

It's Official - They're Out!

Thursday March 2, 2017

As I predicted in class, Brian Cullinan and Martha Ruiz have been barred from the Academy Awards in the future.

I don't know where Mudville is for PwC but I am guessing that is the location of their next official engagement.

This was a joint decision of the Motion Picture Academy and PwC. Perhaps that will allow PwC to keep the account.

Below Happier Days Pre Envelope Gate

 

 

San Antonio CPA Society Scholarships

Thursday March 2, 2017

Use this link to apply for the SA CPA scholarship.