Professor Elam

Auditor Proud

Monday Oct 1 2018

Seems like everyone is getting in on the Auditor Proud band wagon

PwC

https://www.pwc.com/us/en/services/audit-assurance/library/audit-quality-report.html

 

Deloitte

https://www2.deloitte.com/us/en/pages/audit/articles/deloitte-professionals-share-how-they-are-auditor-proud.html

 

EY

https://www.ey.com/en_gl/audit/quality

 

KPMG

https://home.kpmg.com/us/en/home/services/audit.html

Professor Elam take away

 

as you will learn in ACCT 5308Ethics all these firms have suffered black eyes with audit failures and blow ups,hence they are saying they do a great job

Take my ACCT 5308 class, you decide

IFRS vs GAAP

Weekend Sept 30 2018

I am going to begin posting every single day. Today we offer up the PwC podcast of the differences between IFRS and GAAP.

 

https://www.pwc.com/us/en/cfodirect/multimedia/podcasts/us-gaap-ifrs-differences.html

SA May lose Andeavor

Tuesday Sept 25 2018

In a corporate take over one never wants to be the takee.  The result is is never good. Marathon's purchase of Andeavor  may mean the refiner is relocated to Findlay, Ohio.  Andeavor has some 1,500 employees in SA and occupies a huge complex at  north 281 and 1604.

but perhaps this puts a valuable property on the market to entice another firm to move to SA.

Sears Close to Kaput

Tuesday Sept 25 2018

Ed Lampert continues to prove he may be a fund manager but he is not a retailer. He has been selling what is of value like the Craftsman and Kenmore names.  Now he is floating various schemes trying to keep what is left a float.

One is a stock in exchange for outstanding debt deal which would be bankruptcy without the court.

Another is trying to sell store real estate and if unsuccessful, let the bond holders exchange for the real estate.

Lampert has consistently refused to invest in the stores themselves and this is the result.  Originally hailed as the next Buffet, he instead shows no understanding of retail and what drives shoppers to stores.

It is ironic that Sears literally invented catalog shopping. Now we have on line shopping, the same thing but with an electronic catalog and Sears is gone.

Jennifer Larson to Present Institute Management Accounting

Weekend Sept 22 2018

 

 

Jennifer spent this past spring break in Alaska, looks pretty remote to me and a long way to go to do 1040s.

?former student Josie Hernandez and current student Ira Copple will accompany Jennifer.

She will be presenting on the Institute of Management Accountants.

IMA

https://www.imanet.org/?ssopc=1

San Antonio IMA

https://linkup.imanet.org/communities/community-home?CommunityKey=13131c07-8033-4888-802c-a39fd7e72fc9&ssopc=1

 

 

Who Needs to Drill for Oil When One can Steal It?

Wed Sept 19, 2018

During any oil boom there are always groups that look to become J R Ewing the quick and easy way, just steal oil from a third party.

Ricardo Sanchez Jr. Ricardo Guevara and Romeo Garcia Jr. hav all pead guilty to selling $2 M of oil in the Eagle Ford. The created a fake company, Andra Energy Llc which claimed to recover oil from frack waste water. 

OIl fields have elaborate pipelines which make it relatively easy to simply drain a tank and send the oil elsewhere. The group created false run tickets to show legitimate sales. 

Like so many fraudsters, staying too long at the scene of the crime is ultimately dangerous. The longer such a scheme goes on the greater the danger of being caught. 

Urest to Sell Helotes Luxury Home

Wed Sept 19, 2018

In ACCT 53089 Ethics class I contrasted the thrifty life style of Henry David Thoreau at Walden with the over the top conspicuous consumption of a former fashion mode. Here is another example of how greed upended a career. 

Carlos Uresti former State Senator, moved from his $600,000 Shavano Park home to a $1.7 M homes in Helotes. He is now selling the hose for $1.5 M. It is 8,064 SF with six bedrooms and eight bathrooms.  He and his wife, that would be two people lived there for about two years before his conviction for fraud with its 12 year jail sentence. 

The Empire Strikes Back

Wed Sept 19, 2018

TAMUSA was begun to officially address the under served south side of SA. Apparently UTSA  wants back in that contest. A five acre expansion is underway on the other side of I 35 downtown. 

$33 Million National Security Collaboration Center

$57 Million School of Data Science

$28 Million College of Business

The city is selling giving whatever UTSA the land as though traffic and parking was not already a disaster there. 

Geekdom creator Graham Weston is already chortling how this will expand downtown. 

I am not so sure. One of our grad students, whose undergrad degree was UTSA, told me he attends TMAUSA grad school for a good reason. Two semesters here costs $9,000. Two semesters at UTSA cost $19,000.  Since going for Tier One apparently every cost has gone thru the roof at UTSA.

Clifton Strength Workshop

Monday Sept 17 2018

Clifton Strengths is an excellent tool for anyone in a position of management to determine their employees/team members strengths and how best to utilize them. Terry had me take the test to determine mine. Also, Jennifer Dirk had implemented it at her auditing job, and her team regularly out-performed all other departments. Students can sign up by accessing the Jagsync link on their BB. Once they click on it, they can type in Clifton Strengths and choose an event. If they scroll to the bottom of the page, they will be able to view other dates for the event. I hope more people take advantage of this free event.

 

 

FHK CPA to Present September 20

Weekend Sept 16, 2018

https://www.fhkcpa.com/index

Above is the link to learn about FHK CPAs. Like our previous three presentations this is a locally owned firm. We have a TAMUSA graduate working there now and I believe Justin will accompany Bob Herbst Thursday. 

Read Bob's biography here