Going Concern - Latest Comments

Re: Let's Take a Second Look at a 15-year Trajectory of Big 4 Compensation

lowlyseniorass — Sat, 28 Jan 2012 19:37:08 -0000

How many morons, oops I mean managers, does it take to properly review an excel spreadsheet? For f*cks sake, the column to look at for "real" compensation in these charts is the column titled high expectation or low expectation...not total comp by average raise. Now we know why you are trending toward the low expectation column.

Re: This Boring Interview with Deloitte's Barry Salzberg Includes an Odd Closeup of His Ginormous Hands

Not David Duncan — Sat, 28 Jan 2012 15:54:52 -0000

It’s clearly a yellow gold Rolex with a jubilee bracelet, but I can’t say if it’s a Datejust or Presidential for sure because you can’t see the face. However, given his position and probable income, I’d guess it’s a Presidential.

Re: Everyone in Warren Buffett's Office Pays a Higher Tax Rate Than He Does, Says His Secretary Who Is Obviously Stealing All the Glory

Someguy — Sat, 28 Jan 2012 12:43:15 -0000

We need Buffett in the ground and his money given to Bill Gates before he completely destroys capitalism. If it weren't for the estate tax(which he supports obviously). He's made pretty good money buying companies that had to sell in order to generate cash to pay the tax man following the death of their founder...in addition to all the money he made with his life insurance companies(life insurance is not subject to estate tax, which is why people purchase life insurance on really rich 80 year olds.

Re: Oh Great, Now The Chinese Pass the CMA Exam Better Than We Do

Someguy — Sat, 28 Jan 2012 12:37:45 -0000

I was one of the people in the top 3 and got a medal a few years ago, nobody gave a crap, and I really didn't study that much to begin with. Now I've passed the CPA, am taking the CFA, and am not going to bother submitting my CMA experience.

Waste of time unless you don't feel like getting your 150 hours to sit for the CPA and need SOMETHING, especially if your degree isn't in accounting but you are doing an accounting job anyway.

Re: Oh Great, Now The Chinese Pass the CMA Exam Better Than We Do

Jhghj — Sat, 28 Jan 2012 11:10:02 -0000

lol cost accountants. Epic fail.

Re: Everybody Relax, Warren Buffett's Secretary Is Not Making Six Figures

BossinDC — Sat, 28 Jan 2012 11:04:43 -0000

Is Buffet supports higher marginal rates for the rich he should push for the elimination of the charitable deduction. Instead of getting all his rich friends to give to charity they could give to the government since they seem to love it so much.

Re: And Now, Let's Compare Three Different 15-year Compensation Scenarios

PwCer — Sat, 28 Jan 2012 10:22:56 -0000

Guest: I agree except I see one flaw in your post: You act like a big 4 partner makes a comparable salary to the director of internal audit.

Yeah, your life SUCKS as a partner, but you and your family are set for life financially. We're not talking about 25-50k here.... But, maybe as a director of finance or internal audit, you can always get home to see your family by 6.

Yet Another Ex KPMGer: I agree that there are certain markets that stay too long and get a job they are 'too qualified' for. What does that have to do with the typcial person who works in public for 2 years, goes into internal audit or finance as a senior, and doesn't get to manager without 1) going back and getting an mba, 2) getting a big break or 3) workign as a senior for 10 years? I'm not being a debbie downer, thats just reality.

Poster123: let's swap our salaries and career progression in 10 years. We'll see if you're still trying to convince yourself you made the right career move.

Re: Apparently, Quite a Few People at Ernst & Young Have Been Fired for "Flagrant Disregard" of the Firm's Expense Policy

Guest — Sat, 28 Jan 2012 03:00:05 -0000

At training, the directors/managers that were helping run the events had open tabs for everyone...all night with no cap. Ran up $5,000 bar tabs basically every night and expenses to recruitment budget. The budget had flex and they didn't care.

Re: Rick Santorum Actually Believes That People Care About His Tax Returns

BurgherMeisterMeisterBurgher — Fri, 27 Jan 2012 22:44:27 -0000

He lost that election while LIVING IN VIRGINIA.

Re: Everybody Relax, Warren Buffett's Secretary Is Not Making Six Figures

Guest — Fri, 27 Jan 2012 22:29:29 -0000

I don't think anybody is calling him a liar. We are simply saying that his statements may be misleading as she probably makes north of $100,000. So to put her out there as every Tom, Jane and Nancy is very misleading. I make much more than $60k per year (all ordinary) and my effective rate is nowhere near 12%, or 15%.

Re: Rick Santorum Actually Believes That People Care About His Tax Returns

King_Shit_of_Turd_Mountain — Fri, 27 Jan 2012 21:54:54 -0000

Santorum is from PA, a big swing state. Last time he ran for re-election in PA, he lost by like 18 points.

Re: Rick Santorum Actually Believes That People Care About His Tax Returns

BurgherMeisterMeisterBurgher — Fri, 27 Jan 2012 21:51:15 -0000

It's not a "minor note" that he lives in Virginia: he moved there while representing Pennsylvania. And now he doesn't do that anymore.

Re: Everybody Relax, Warren Buffett's Secretary Is Not Making Six Figures

BringMeTehHorizon — Fri, 27 Jan 2012 20:55:15 -0000

Is it considered insider trading when you know what move Buffet is gonna make next? If I was this lady I'd be buying stock before Buffet does, then shorting right after he makes his move.

Re: Apparently, Quite a Few People at Ernst & Young Have Been Fired for "Flagrant Disregard" of the Firm's Expense Policy

Ex partner — Fri, 27 Jan 2012 20:23:39 -0000

While it seems so, the reality is that the fee to clients is usually fixed, and even though it appears the T&E is billed to the client, the greater the T&E the more fee is written off.

It is the oldest trick in the book to charge expenses to the client and then write them off.

Re: An Accounting Troll Gets Trolled

Jr Deputy Accountant — Fri, 27 Jan 2012 20:00:00 -0000

challenge accepted.

Re: Now That They've Put the Biggest Fraud in India's History Behind Them, PwC Thinks an Independent Audit Regulator Might Be a Good Idea

PwCASSociate — Fri, 27 Jan 2012 19:26:47 -0000

Actually, I think it is the brother-in-law of whoever greases the most palms.

Re: Grover Norquist Has a Solution to Warren Buffett's Problem

Hawkeyery — Fri, 27 Jan 2012 19:10:20 -0000

By lower tax rates

Re: Rick Santorum Actually Believes That People Care About His Tax Returns

Guest — Fri, 27 Jan 2012 18:56:42 -0000

"You'll probably have an adjusted gross income of over a $1 million."

Over a one million dollars?

Re: Apparently, Quite a Few People at Ernst & Young Have Been Fired for "Flagrant Disregard" of the Firm's Expense Policy

FormerEYer — Fri, 27 Jan 2012 18:55:48 -0000

I remember a very senior partner booked travel expenses to/from an out-of-town client (mileage/tolls) for an audit committee meeting that we attended via conference call! He was pissed they cut his Country Club allowance and tried making up for it thru bogus expense submissions!!

I certainly would book expenses right below the $25 requirement - mainly so I could squeeze lunch/breakfast/dinner within the allowance while traveling. I always increased my mileage to/from the client in times of rising gas prices (since the IRS was slow to increase the reimbursement rate). My senior managers took me on a few trips to the strip clubs, and I took advantage of a few business development codes for happy hours or golf with my staff.

Re: Apparently, Quite a Few People at Ernst & Young Have Been Fired for "Flagrant Disregard" of the Firm's Expense Policy

GT@RSM.com — Fri, 27 Jan 2012 18:55:41 -0000

WOW! after reading all these comments about abusive expensing, i feel much better about rounding up the mileage to the nearest 5 when driving out to a client.

Re: Everybody Relax, Warren Buffett's Secretary Is Not Making Six Figures

Big4Veteran — Fri, 27 Jan 2012 18:49:07 -0000

If Buffet is paying this lady less than $150k, then he is a cheap bastard IMO. Especially after he had her whore herself on national TV the other night.

Re: Let's Discuss Putting Wildly Inappropriate Things on Expense Reports

Guest — Fri, 27 Jan 2012 18:06:09 -0000

We caught a guy who expensed tires for his company car, but when we looked up the tire model number they were for a motorcycle (he happend to own a motorcycle). He was fired for that one!

Re: Apparently, Quite a Few People at Ernst & Young Have Been Fired for "Flagrant Disregard" of the Firm's Expense Policy

guest — Fri, 27 Jan 2012 18:01:07 -0000

EY's policy is the same.

Re: Apparently, Quite a Few People at Ernst & Young Have Been Fired for "Flagrant Disregard" of the Firm's Expense Policy

guest — Fri, 27 Jan 2012 17:58:57 -0000

ummm...you think B4 is bad....look at the investment banks

Re: Everyone in Warren Buffett's Office Pays a Higher Tax Rate Than He Does, Says His Secretary Who Is Obviously Stealing All the Glory

Guest Extraordinaire — Fri, 27 Jan 2012 17:54:20 -0000

In absolute terms he pays a ton of taxes, as do the corporations he invests in. Add his share of the tax his corporations pay and calculate what his effective tax rate is. You are looking at 35% Fed Corporate plus 8% State on average on the Corporate side and his 15% Fed rate plus 8% rate on the individual side and his share of tax on earnings of his companies is very high.

Let's say his corp makes $100 and dividends the after tax result to him. $40 of corp. taxes reduces this amount to $60 and then 15% Feds and 8% State on $60 results in another $14 of taxes. $54 of taxes paid on $100 - that's quite of bit of taxes paid.

We don't need to tax Warren or Romney more - we need more folks like Warren out there investing their capital and putting it to good use.