Where accounting makes "cents"

On September 26, 2023 a judge in New York overseeing a $250 million lawsuit against Donald Trump ruled his company committed 𝐅𝐑𝐀𝐔𝐃 by defrauding banks and insurers and others by massively overvaluing his assets and exaggerating his net worth on Statements of Financial Condition. The accounting firm for the Trump organization issued compilation reports but defer liability stating the financials were the responsibility of Mr. Trump, Donald Trump Jr and Alan Weisselberg as they were personally certified as accurate. 𝐖𝐡𝐚𝐭 𝐚𝐫𝐞 𝐲𝐨𝐮𝐫 𝐭𝐡𝐨𝐮𝐠𝐡𝐭𝐬 𝐨𝐧 𝐭𝐡𝐞 𝐚𝐜𝐜𝐨𝐮𝐧𝐭𝐢𝐧𝐠 𝐟𝐢𝐫𝐦'𝐬 𝐩𝐨𝐬𝐢𝐭𝐢𝐨𝐧? Financial institutions relied upon the information contained in the SFC. #accounting   #accountant   #bookkeeping   #fraud   #financialstatements   #financialstatementfraud   #overvaluation   #realestateassets   #networth   #dissolution   #cfe   #fraudfighters   #financialmisstatement   #whitecollarcrime ...

I heard a podcast that mentioned there’s a 23% decline in students entering the field of accounting because they think it’s boring. It can’t be that boring if there’s a movie modeled after the profession starring Ben Affleck called “The Accountant”. Besides all 3 striving for excellence, there are some commonalities between them. ·       Accountants need to have a strong understanding of financial principles and mathematical acumen. ·       Psychologists connect with their clients on an interpersonal level understanding concerns and offer problem solving. ·       Rockstars are talented and connect with the audience using their creativity. Daily, I need to be all 3 – I’m a great accountant with exceptional investigative skills, a psychologist to get my clients through tough financial situations and a rockstar to use my creativity to show how I add value to firms that staff personnel c...

I am working on process improvements for a company left impaired because they didn't anticipate the change. Change is hard for anyone and it is especially hard for businesses to adapt; adapting to various changes is a necessary commitment to succeed. Employees need continuous improvement and development – if they are unhappy with the company and refuse to be a team player then chances are they will leave. Why wait to address the retention or replacement? If your tax preparer has an exit plan and you know they are retiring soon – the company will need a new tax professional. Why wait until the last minute to start vetting a new company? If the person handling the company books has done so for decades, chances are they will be leaving the company by choice or necessity. Why wait until the last minute to either find someone new or start learning about their job duties? In the instance of fraud, if you refused to confront the fraudster for the sake of dismissing the intuitive feeling –...