Reacting to Opportunities for Your Career

I read an article in the recent issue of Management-Issues that got me thinking about the trajectory of my own career. The article , entitled Reacting Matters as Much as Planning, challenged the notion that a thorough plan or budget is always the most valuable road map for an organization. As is often the case with many small businesses that skyrocket to success, reacting to an unexpected challenge or opportunity can become a defining moment and a launch pad to greater things.

The same can be said for our careers. We're all dealing with a tough economy right now, which has brought the career plan of many accounting professionals to a screeching halt. Perhaps you have recently been laid off, or have decided to earn another degree now that your planned promotion has become a thousand times more competitive to win. I myself had a career plan all mapped out when I finished my undergraduate accounting degree. I intended to immediately pass the CPA exam, work in public accounting until I made senior manager, then move on to start my own business or become an executive at a small company. Life has certainly changed all of that, but I do not regret a single deviation from my initial career path. When I had my first child, my goals shifted. I wanted to make motherhood my full-time focus, while still keeping my part-time attention on continuing my accounting career. I initially moved from a life of intense client-focused travel in public accounting, to a corporate accounting job that allowed me to be home at 6pm every night. But even after that, I needed more time with my son, so I quit my job, not knowing how I would continue my career. The time off gave me an opportunity to write a book, start a blog, and expand my network. Through professional organizations, I met someone who was looking for a qualified part-time CPA to manage curriculum and tutor students for several online accounting MBA courses. It was the perfect opportunity for me, and one which I hadn't planned on at all. While I've been positioning myself to make my next career move when I am ready to get back into the full-time workforce, I am still keeping my mind and network open for the right opportunity for continuing professional development.

So while I've deviated quite a bit from my original career plan, the side trip was much more fulfilling than my original path could have been, and my flexible perspective has enabled me to grasp hold of opportunities that have unexpectedly come my way. If you are disappointed that your career is not moving exactly where or how you planned, take a step back from your career road map and look for new opportunities open by unexpected circumstances. Perhaps your new degree, company, or another change in the economic environment will unexpectedly move you up a few rungs on the professional ladder when the time is right.

The Importance of Being Honest

Have you ever called in sick when you actually had plans during a workday? Taking an occasional day of hooky a bit further, have you ever told your boss you were at a client site when you were really running personal errands or meeting up with a friend? Some professionals even stretch their little white lies as far as claiming to be out of town at a training or on a client assignment when they are really on vacation. Regardless of where you fall on this spectrum of dishonesty, you should know that employers are increasingly hiring private detectives and using technology such as phone GPS to keep tabs on employees who claim to be out sick or traveling for work. In 2008, a landmark court case found that an employer did nothing unlawful in hiring an off-duty police officer to follow an employee suspected of abusing her paid medical leave. The fired employee filed the suit against her employer and lost. This set a precedent for companies suspicious of employee activity, particularly when claiming to be off sick or on disability leave.

For client service professionals such as those in public accounting where team members are constantly on the road or out of the office, the opportunities play hooky are all the greater than in other industries. While working for the Big Four, a fellow senior associate on my audit team did not show up for work at least once a week, sometimes multiple times a week. His obvious fibbing about being caught in inclement weather (he did commute nearly 2 hours to the office each way), his wife's poor health, and a host of other stories got more and more creative as time went on. While those of us who worked directly with him suspected his reasons, it took quite a while for his bosses to catch on, since they were often out of the office or working in a different area of the building, and failed to notice just how frequent his absence was. He was eventually fired, but only after a painfully long time of pushing his luck to get out of work.

If you are in the habit of abusing any of your time on the your employer's clock for personal use, be warned that the corporate surveillance business is currently booming. According to workforce productivity firm Kronos, there has been a 20 percent increase from 2006 to 2010 in US salaried employees taking sick days when they're not really ill. Kronos' Senior Director Joyce Maroney speculates that "people are staying in jobs they don't like because of a fear that there won't be another job out there," so their lack of enthusiasm for work or dislike of their employer provides them with justification for abusing their sick leave.

As an accounting professional, your integrity is the most important asset upon which you build your professional reputation, not only with clients but with employers as well. If you are dishonest in your personal activities, your employer will question your reliability in other areas such as specific skills or experience represented on your resume. The public accounting profession is also one in which each level of professional is relied upon to train more junior staff. So even if you're not a partner or manager, you most likely are setting a glaring example for other staff members or interns. By setting a lax tone when it comes to occasionally abusing sick leave, you are telling your supervisees that it's okay to manipulate the truth when it comes to work-related matters. That is a dangerous precedent to set in a profession that exists to provide independent assurance over the honesty of the representations of others.

The next time you feel there is no harm in stretching the truth to get out of work, keep in mind the importance of being honest in our profession (and also the increased likelihood your boss is keeping tabs on you).

Continuing Professional Education...From a Toddler

Observing the behavior of children provides an insightful glimpse into the human psyche. I have spent the past 21 months taking a break from my full-time accounting career to stay home with my 2 year-old son. Each day he teaches me something about what it takes to succeed in life. Many of these lessons are applicable to my professional as well as personal life. The following are just a few things he's taught me about being a CPA:

1. With relentless determination, you can learn anything. - If a toddler is determined to do something, they won't give up until they have accomplished it. My son now grunts and hollers if he's trying to lift a toy onto a shelf that is an inch too high, or if he's trying to put a puzzle piece together that just doesn't seem to fit. His cries indicate frustration and determination. Rather than run immediately to his aid, I let him work it out for himself, and he almost always succeeds. We need to have the same determination in developing our professional knowledge. If you are assigned to a client in an entirely new industry, or are challenged to research a complex accounting issue you hardly understand, don't throw your hands in the air or run immediately to someone you know will give you all the answers. Try and work things out, do your homework, dig deeper, and ask questions. You'll learn infinitely more than if you give up and pass the challenge onto someone else. You'll also develop your problem solving skills, so you will have a better idea where to start the next time you are faced with a similar challenge.
2. Asking questions is the only way to acquire knowledge. - As I just mentioned, you often have to work things out for yourself, even if you don't know what you're doing. But you must also learn to leverage the knowledge of others. My son seems to be learning dozens of new words each month, because he constantly asks what everything is. He also learns what he can and cannot touch or play with by asking. If he didn't trust me to guide him, he would be constantly hurting himself by touching the stove, electrical outlets, or knives, and he would never learn to talk. Reaching out to more experienced and knowledgeable professionals will help you to develop your professional expertise much more rapidly than if you stubbornly insisted on fulfilling all of your responsibilities alone, from the confines of your cubicle. I've worked with many new professionals who were terrified of speaking to clients or managers. Rather than ask a simple question, they would spend an entire day trying to explain something that a more knowledgeable person could have clarified for them in five minutes. Knowing when to ask questions is key to learning.
3. Take a break when your body tells you it's overworked. - Infants and toddlers have an amazing ability to sleep wherever they are when their body tells them it's tired, whether it be in the car, on your shoulder, or in a stroller. They just close their eyes and seem to block everything out. While we can't just take a nap in the middle of a meeting, we do need to listen to our bodies when they are stressed. Busy season for CPAs often comes with 80 hour work weeks, caffeine overloads, and little sleep. If you are having trouble concentrating and functioning during your day, your body is trying to tell you something. Take care of yourself and avoid pushing yourself to the point of exhaustion. You'll be a lot more productive in your waking hours if you sleep more than one or two hours a night. No job is worth sacrificing your mental and physical health.

Mid-Career Dilemma: Transitioning into a Career in Accounting

I recently received a question from a professional looking to enter the accounting profession with 15 years of experience in a completely unrelated industry. She was completing a masters' degree in accounting with no previous accounting experience, and was frustrated when applying for accounting positions. Every interviewer seemed to question her lack of experience in the accounting field. I'm sure anyone who has attempted to make a mid-career transition into an entirely knew field understands this dilemma, which can make you feel as though your previous decade or more of successful experience is irrelevant and undervalued.

My recommendation to experienced professionals in other fields looking to break into accounting is to first get an accounting degree of some sort. A masters or MBA with a focus in accounting would be ideal if you already have an undergraduate degree in something else. Once you have your accounting degree, you can combine that with your particular experience to prove to employers that you are just the type of hands-on learner and experienced professional they need. If you are considering becoming a CPA and want to get your foot in the door with an accounting firm upon finishing your degree, pitch yourself to firms based on your industry expertise. If your 10+ years of experience are in a particular industry, look for a firm that serves a lot of clients in that industry. You would be an ideal member of the audit team since you already speak the language of your clients' business.

If you are looking to get into the corporate environment, an internal audit position might be a great way for you to get your foot in the door with an organization. After you've been there a while, you often have an opportunity to move into the accounting or finance departments, or another management function that interests you. The hardest part is finding the right organization that will give you the flexibility to combine your accounting interest, your degree, and your extensive experience to your greatest professional advantage. If there is a previous employer that thought highly of you in a function other than accounting, tap into your network of former co-workers and supervisors to get an internal recommendation to the accounting or internal audit departments.

To gain some actual accounting experience part-time if you're a full-time student, try working through an accounting temp agency like Account Temps. That way, you'll rotate through a few accounting positions as needed at various organizations, and you'll have some tangible examples of accounting functions you've performed when you're pitching yourself for a full-time accounting job upon completion of your degree.

Regardless of your specific experience, almost any expertise pairs well with accounting given that accountants are needed in every industry. Finding the right angle to position your transition from another field to accounting will be the spring board to your successful second career.

Updating Your Professional Wardrobe

A recent article in Bloomberg Businessweek addressed the decline of casual dress in the workplace, driven by a recent surge against it by bosses. Casual Friday used to be a "naughty thrill" that occurred once a month or less, allowing office employees to wear a pair of conservative jeans and a polo. According to a recent survey by the Society for Human Resource Management, only 34 percent of bosses officially permit casual dress among employees every day, a significant drop from the 53 percent in 2002.

American society still remains incredibly casual, according to Clinton Kelly of the Learning Channel's What Not To Wear. For some, the difficulty arises in the absence of clear definitions within corporate dress codes for terms such as "professional dress," "business casual," and and one-off "casual Friday" attire. As a CPA, your dress cues should be dictated by your clients when on site. I used to audit banks, and most banks still have a culture of wearing full suits every work day. While it seemed archaic, I could never go wrong following such a strict dress code. In other environments, it's a bit more difficult to judge.

If you're new to a firm, don't immediately assume you can wear jeans and sneakers on casual Friday. Wear your normal work attire on the first official casual day and take note of what is permissible. I used to work in Pittsburgh, a town notoriously loyal to their sports teams. Almost every weekend the Steelers were in a play-off game, all of the downtown professionals exchanged their suits and pantyhose for Steelers jerseys and face paint. This was completely acceptable, even when working at most client sites. In other cities, this would definitely not be tolerated.

Women seem to have a slightly greater challenge than men in navigating the vague "business casual" dress code. Are sleeveless shirts, open toed shoes, or dressy capri pants alright for the office? That depends on where you work and what your role is. While corporate dress codes officially apply to all employees, I've noticed an unofficial double standard in most workplaces depending upon the female employee's role. It was much more acceptable for administrative staff to wear sleeveless blouses or skirts without wearing pantyhose, simply because they served an internal role and rarely had contact with clients. Client service professionals, however, were unable to bend such roles. If you are unsure where to draw the line, look to your superiors for guidance on how to dress. More likely than not, if your boss shows off her toes in a pair of dressy open-toed shoes, it's okay for you to do the same.

Bloomberg Businessweek asked image consultants and office fashion experts for the most common workplace style sins. I'm sure you've seen them all before. Just make sure you're not the guilty party:

1. Hooker earrings-anything long and dangly that looks cheap should be put away until the weekend.
2. Chest plumes-fashion experts advise men to stop unbuttoning shirts when you begin seeing chest hair.
3. Exposed bra straps-these can be distracting and are generally considered unattractive.
4. Tattoos-people don't expect a CPA to have a dragon tattooed on their forearm. If you have tattoos, keep them covered to avoid snap judgements by colleagues or clients.
5. Toes-many workplaces require toes to be covered for safety reasons. A lot of people find toes to be disgusting. Play it safe and keep them covered.

Wanted: Forensic Accounting Specialists

According to a recent article by Yahoo! News, forensic accounting is one of the top new careers offering a sexy new version of a traditional profession. Imagine CSI: Wall Street, a drama featuring a team of accountants brought in to unravel the pieces of a Ponzi scheme or insider trading deal gone wrong. With the passage of Dodd-Frank Wall Street Reform which includes the creation of the Bureau of Consumer Financial Protection as well as countless other regulatory reforms to be implemented and enforced, Washington's regulators have gone on a hiring binge. Thus, forensic accountants are in high demand. Even among consulting and auditing firms, forensic accounting practices are growing to meet the increased ethical scrutiny promoted both internally among companies as well as by regulators.

If you are looking for additional skills to make you more marketable or to reinvent yourself as an accountant, consider a career in forensic accounting. To become a forensic accountant, you must first become a licensed CPA. You will also need an additional forensic accounting industry certification such as the Certified Fraud Examiner (CFE) designation, which can be earned upon completing a bachelor's degree and passing the CFE exam. There is an advanced Certified Forensic Accountant certification, requiring additional training and expertise. To find out more about a profession in forensic accounting, visit The Association of Certified Fraud Examiners. Many online degree programs offer MBAs, bachelor's degrees, and certificates in investigative or forensic accounting that can enhance your career potential and expand your expertise.

Choosing the Right Leadership Outlet

It is said that leadership experience is a must on your resume. Without it, many people fear they'd have little to talk about during a job interview. However, not just any leadership experience will do. Given the myriad of extracurricular activities on most college campuses across the US, many students assume that leadership experience in any organization will satisfy recruiters. While you may have done a lot to advance the cause of your school's martial arts club or film club, many recruiters ask specifically about involvement in honors societies, professional organizations, and other exhibitions of academic interest. Having lead a large number of your peers in professional and academic pursuits speaks loudly of your ability to take a stand, collaborate, and propel ideas. In an interview, frame your experience in terms of what was accomplished under your leadership. Even though you've got to promote yourself, it's always important to highlight how you were able to include the opinions and talents of others to reach a compromise and accomplish tangible goals on behalf of your organization or cause.

Many people fear the executive role, opting for a committee chair or secretary position rather than president. Don't be afraid of the lime light, assuming that as president, you will be expected to carry the heaviest work load on behalf of the group. An effective executive is one who is able to recognize the strengths and ideas of others and delegate accordingly. While you may be the first point of contact for the organization as president, you do not have to do everything yourself. Potential employers love to hear about how you as a leader mobilized others to accomplish a goal. That is a much more impressive accomplishment than boasting about how you single handedly organized a banquet, decorated the banquet hall, hand-wrote all of the invitations, and prepared the meal for dozens of attendees. The first thought in an interviewer's mind after such a boast is "why couldn't you get anyone else to help?"

Leadership experience is more than just a resume filler. It is a life lesson that, if properly learned, will give you deep insight into what it takes to succeed in the business world. Having attained this insight will enable you to shine in any interview, breathing life into a mere bullet point on your resume.

Public Accounting is a Great Environment for Generation Y

The cover of the Fall 2010 Pennsylvania CPA Journal offers a Generation Y Anatomy Lesson for CPA firms hiring the most recent generation of college graduates born in the years 1980 to 2000.

Siting findings from a 2010 Pew Research Center survey, the article notes that Gen Y tends to have a high level of self esteem compared to other generations. The impact of this attitude on their work is that they have high expectations for their careers, desiring to feel a sense of contribution to their employers' success. As a member of Gen Y myself, this was one of the main reasons I thrived in the public accounting environment. I welcomed the significant amount of responsibility thrown at me from day one, and the opportunity to contribute during meetings with clients, partners, and senior managers, despite my low ranking "staff" status. I also had to remind myself, however, that I may have been assigned more basic responsibilities because I still had a lot to learn about the profession.

The Pew survey also found that Gen Y places high importance on work-life balance and autonomy. Face time and career advancement based on hours contributed seem senseless, because Gen Y feels they should be rewarded based on job performance and the quality of their work. Firms are increasingly tuning into this fact, as job flexibility, telecommuting, and work-life balance programs in the workplace have grown over the past decade. A Gen Y colleague of mine recently recounted a discussion with his boss, who called him into the office and noted that my colleague seemed to be "eager" to leave work each day because he would head out promptly at 5pm each evening. The boss suggested that he be more of a "team player" and hang around a bit longer, even if he wasn't busy. This seemed a ridiculous suggestion to my colleague, who felt that working late would only be reasonable if he had additional work or a tight deadline. This sentiment is often echoed across CPA firms by other members of Gen Y. With the frequent performance evaluation process in place at many firms, employees are provided with more opportunities to communicate their accomplishments and detail the quality of their work as evidence of their work ethic. We no longer need to punch the clock as a means of proving our worth.

One finding of concern that was uncovered in the Pew survey noted that Gen Y tend to take risks with the disclosure of personal information online. They are more likely than previous generations to neglect online security habits for the sake of convenience, and share personal or confidential information via social media. Gen Y, as well as their employers, should take note of such behaviors when it comes to client and other confidential information. Firms need to dedicate training time to highlighting and monitoring the protection of confidential information. Perhaps online professionalism and managing your online identity is a topic that needs to be taught at universities before graduates enter the workforce.

While Gen Y differs from previous generations, many CPA firms have been updating their operations and cultures to accommodate this hard working, ambitious generation of young minds. Our profession will be the better for it.

Amazing New Technology to Simplify Your Life

I just read a review by the CPA Technology Advisor that blew me away. Imagine having one charger for your smart phone, e-reader, cell phone, portable printer, and camera. You no longer have to keep a tangle of power chords and batteries under your desk, in your lap top bag, and in your car. Even better, your universal charger is wireless! PowerMat and WiPower are just two of the companies developing a mat that allows you to recharge any device just by laying them on the mat. These devices use inductive technology to eliminate the tangle and clutter of miscellaneous chargers to ensure you can recharge any portable device on the go, whether in an airport or on the dashboard of your car. For any accountant who travels between the office and clients, such a device would be a lifesaver. Keep your eyes opened for these handy devices to hit the market in the near future.

Being True to Yourself; Since When is that Networking?

Networking. It's a word that makes many people's skin crawl. That's because it often invokes an image of sleazy sales people trying to force fake conversation in order to accomplish an ulterior motive. While in school, your career counselors and professors use phrases like "expand your network" and "network your way into a good job" when giving you tips on getting hired. But does that mean you have to be something you're not?

It's time we realized that networking is not a four letter word. It's a tool that you cannot live without if you want to advance your career. That doesn't mean you have to study up about college football even though you hate it, just to impress your boss who is a football fanatic, or that you have to go fishing with your clients just to prove you can relate to them despite your disgust of baiting a hook. In a recent article by Virginia Business Magazine entitled Career vs. Culture: Do you Have to Choose?, two CPAs explore the social hurdles they had to overcome in order to succeed in their profession. One author notes that as the daughter of immigrants, she was taught to respect her elders and speak only when she was spoken to. This posed a problem for her when she entered the workforce, because she felt it was disrespectful to raise her opinion during a meeting or provide professional input directly to her boss. Being an active part of your team and showing initiative is a key component of networking, and one that can boost your career when done appropriately. Working with colleagues to find a compromise that melds the best of everyone's ideas is a skill that you will find is appreciated by those around you. It is possible to provide a contradicting idea without offending someone if it enables you to reach the best solution.

The second author notes that he was uncomfortable bringing his accomplishments and contributions to the attention of his peers and supervisors, fearful of seeming arrogant. He soon realized that he was the only one with the power to give himself credit where credit was due. Many of us are understandably uncomfortable praising ourselves, but we need to learn to highlight our contributions to our employer when the opportunity arises. Many firms have a performance review process which asks employees to periodically rate their performance and discuss personal accomplishments and areas for improvement. While we all have room for improvement, do not be too bashful and fail to showcase your successful contributions and fulfillment of responsibilities on your performance reviews. It's alright to nominate yourself for positions of leadership or awards if you feel you have rightfully earned them. You are the one responsible for building your resume, not your boss, so take advantage of every opportunity to get ahead.

The aspect of networking that most people struggle with is the social component. In an informal environment such as a gathering of fellow professionals or a recruiting event, how do you relate to strangers while making important business connections? A major rule is to avoid being something you're not. Don't try to talk about topics you know nothing about as if you were an expert, just to get people to like you. Thankfully, the workplace isn't high school. Try and steer the conversation toward something you and your colleague are both comfortable with. Find some common ground, perhaps the same Alma mater, familiarity with a particular city, or similar tastes in reading materials. Even if you speak with someone for two minutes before exchanging business cards and parting ways, you want to strike a chord with them that will make you memorable and leave an impression of approachability in the other person's mind. That way, they'll be much more likely to contact you later on for business or professional connections, which is, after all, the purpose of networking.

No one was born to network, so don't be afraid to work on aspects of it with which you are less comfortable. We all need improvement and the leverage of relationships to advance our careers.

Uncertainty Surrounds the Future of GAAP

Financial Accounting Standards Board (FASB) chairman Robert Herz has recently announced his sudden retirement two years before the expected end of his term. This news comes in the midst of a crucial time of transition for US GAAP, as the FASB works with the International Accounting Standards Board (IASB) to converge US accounting standards with International Financial Reporting Standards (IFRS). The FASB will also add two new members in addition to the current five. These changes in the leadership mandated with overhauling US GAAP has placed many companies and accounting professionals on edge about the uncertainty of current convergence efforts.

The FASB currently has nine exposure drafts awaiting public comment, and votes on these may be delayed as the additional board members are appointed and the chairmanship is in transition. Many worry that such an important initiative as US GAAP/IFRS convergence which impacts the global business environment, will be derailed by such a sudden and significant change in leadership. At the same time, the new chairperson and board members may be the catalysts needed to continue the momentum already gained by the FASB in this effort. Time will tell.

New Study Sheds Light on Investor Use of Audited Financial Information

There were many times when, as an auditor of public companies, I questioned if all of my hard work was in vain . Was I being idealistic telling myself that my independent auditing would amount to greater transparency and understanding of by clients' performance by countless investors? A recent study conducted by the Journal of Accountancy found that professional and retail investors have a tendency to rely on financial information included in the MD&A portion of a company's annual report, which is reviewed but not audited by the company's independent auditors. The investors in the study, particularly retail investors, were less likely to reference the audited financial statements or footnotes when making investment decisions.

These results support something we auditors have often suspected: that the copious, detailed, and often technical financial information included in the financial statements and more specifically in the footnotes seems to be resulting in information overload. Retail investors, who generally have less financial knowledge than professional investors, can often get overwhelmed by all of this data that we CPAs have worked so hard to tick and tie down to audited information. Professional investors reference the footnotes occasionally, still preferring other sources of information on which to base their investing decisions. The SEC should consider revising their disclosure requirements to either include greater objectivity and disclosure of information in the MD&A portion of annual reports, or even require an expansion of the independent auditors' report to include such information that is the preferred source of financial information used by investors. The SEC should also review requisite footnote disclosures, perhaps eliminating redundant or less important data, and expanding more frequently referenced data such as the allowance for doubtful accounts footnote.

As auditors, we should not be discouraged, thinking that our independent audit work over our clients' financial statements and footnotes is in vain. Most of this information is the support behind the financial data included in the MD&A portion of an annual report. It would be difficult for a company to fabricate MD&A information given this close relationship. Also, with the introduction of searchable financial filings through the use of XBRL, hopefully audited data will be dissected to a greater extent by financial analysts and investment professionals to make more objective and informed investment decisions on behalf of their clients.

To read an overview of the Journal of Accountancy's study, visit http://www.journalofaccountancy.com/Web/20102682.htm#

Inequality in the Workplace Still Exists

A recent study by Indiana University South Bend found that there is still considerable inequality in the workplace when it comes to use of informal networks for professional advancement. The study evaluated informal networks at one of the nation's largest financial services organizations using a nine-page survey completed by 1,100 employees. Despite women's years of experience or length of time with the organization, the study still found that men are much more likely to assist other men in getting promoted. Senior leadership positions at the company surveyed, as is the case at many other organizations, were predominately held by men, even though women outnumbered men in total throughout the company.

This situation is not uncommon at public accounting firms as well. Men hold many of the partner and leadership positions at firms, while women dominate the entry-level positions. So what should an ambitious woman in public accounting do to change this trend? For one, women looking for mentorship and networking opportunities can join organizations or like-minded professionals such as the American Society of Women Accountants. Many of the national accounting firms also have committees or formal networks specifically for women, such as KPMG's Network of Women. Through such outlets, you can learn from the few women who have successfully challenged the trend of male leadership in business, and leverage their guidance and opportunities to advance your own career. You also need not shy away from taking on leadership positions in co-ed professional organizations or on your audit teams at work. Just because this study proves that we still have a long way to go in achieving workplace equality between men and women doesn't mean that you as a woman shouldn't work toward changing the tide.

For further information about the Indiana University South Bend Study, visit http://www.torontosun.com/life/2010/08/17/15048606.html.

Are you a control freak?

Do the following statements describe someone you know?:

• You're proud of never taking vacation time
• You feel angry when others let you down
• If anyone asks how you're doing, you're always "swamped"
• People ask you a lot of questions because they're afraid of doing something wrong
• You actually believe that no one else can do what you do

These are just some of the characteristics described by leadership consultant Cheryl Cran in a recent interview with Entrepreneur magazine about letting go of your inner control freak. If you find any of the above descriptions eerily familiar, then you may need to address your attitude in managing those around you.

When I was working in the Big Four audit environment, you were the exception to the rule if you took all 5 weeks of your firm-issued vacation each year. Being perpetually swamped was a badge of honor, and many people refused to delegate minor tasks to staff or administrative professionals because they wanted to take credit for anything and everything possible in the hopes of getting a higher bonus.

According to Cran, author of The Control Freak Revolution, you ironically can't get out of being a control freak alone. Before you risk burning yourself out, you have to teach yourself to trust other people. Cran suggests you start by delegating basic tasks like scheduling, expense reports, and time sheets. If you're a senior associate and don't have access to a dedicated administrative professional, you need to focus your attention on training your staff well and giving them clear instructions, so that they are well equipped to execute the audit work you assign to them. You'll know you've done a good job at prepping them if they only come back to you with bigger issues they need help on. If they're constantly nagging you about small stuff and the basics of audit execution, they likely need better guidance before being sent back out in the field.

Many people at all levels of an organization think their work is just too important to entrust to others. But even the most powerful people in the world, from political leaders to corporate executives, could not be successful without the legions of trustworthy, well-trained people working behind the scenes to support them in their daily tasks. What makes you think you're more important than the president? Trusting others is the key, and when you invest the time to prepare your staff to understand your expectations and equip them with the skills and resources they need to execute your assignments, you'll find you have a lot more time to be the best at what you need to do.

Hidden Tax Clause in Health Care Bill = Paperwork Nightmare

While many controversial provisions of the health care reform bill passed by Congress in March were loudly debated in the media, there's one provision with enormous implications for companies that got little attention. Currently, businesses are required to report payments to a vendor for business-related services over $600 via the Form 1099-Misc. However, the Senate Finance Committee buried a rule deep within the thousands of pages of legislation to offset costs, requiring businesses to report payments of more than $600 a year to any vendor, beginning in 2012.

The major change is that, in addition to services, companies will need to track and report expenditures to every single vendor they use for goods, from paperclips to cell phones. Any vendor receiving more than $600 from a company will require a 1099-Misc to be sent to the IRS by that company.

In a recent article, Bloomberg Business Week noted that the IRS says approximately 85 million 1099-Misc forms are filed annually. That number could skyrocket in 2012, given that "the National Small Business Association estimates that the average company will have to file 95 of the forms under the measure, up from fewer than 20 today."

If you are a tax preparer, you should advise your clients as early as possible to begin tracking their expenditures. The accounting systems at most large corporations should be able to extract detailed accounts payable data to assist them in determining which vendors will require them to file a form. However, many small businesses may be caught off guard by the new rule, making it difficult to compile the data they need to prepare their forms.

As a CPA, you are the first line of defense for clients when new regulations such as these become a record keeping nightmare. By preparing clients and proactively assisting them in collecting the data they need, you'll be an invaluable ally when they face the IRS each year.

Center for Audit Quality Releases 2Q10 Checklist

In July, the Center for Audit Quality released their second quarter 2010 Accounting and Auditing Update. This has a been a particularly busy quarter for the FASB, so the checklist is a helpful way of tracking what regulatory guidance may have taken effect recently impacting you or your clients. There were also a few pronouncements from the SEC and PCAOB as well this past quarter. I've provided a summary of the updates below.

Recent FASB Accounting Standards Updates (ASU) include a March update on Foreign Currency Issues, specifically those related to investments in Venezuela. The Board is of the opinion that Venezuela has met the threshold for consideration as a highly inflationary economy, resulting in the recommendation that companies holding Venezuelan investments recognize valuation differences in the income statement rather than as a cumulative translation adjustment.

The FASB also amended a pronouncement related to oil and gas activities and subsequent event disclosures, as well as updated income tax guidance for the consideration of the recent Health Care and Education Reconciliation Act of 2010 and the Patient Protection and Affordable Care Act recently passed by Congress, as well as a pronouncement related to convertible debt issuances.

The PCAOB was less active than the FASB, issuing some changes to registered firms' reporting forms.

The SEC finalized their decision to require public companies and foreign private issuers that prepare their financial statements in accordance with US GAAP to provide their statements to the SEC using the interactive data format XBRL. Most companies have been preparing for this data conversion for some time.

An SEC extension for non-accelerated filers expired during the second quarter of 2010, requiring these companies to now provide auditor attestation reports in their annual reports for fiscal years ending on or after June 15, 2010. Lastly, the SEC made updates to their Compliance and Disclosure Interpretations and Disclosures Checklist during the past quarter, which are available at their website.

The Center for Audit Quality Second Quarter Checklist also notes that several key financial reporting matters are to be considered by the FASB in the near future, including those relating to pooled loans accounted for as receivables, revenue recognition, accruals for casino jackpot liabilities, financial services insurance, stock compensation, derivatives and hedging, and software revenue. It looks like the latter half of 2010 will be even busier than the second quarter.

Stay up to date on recent accounting pronouncements by subscribing to the Center for Audit Quality. Even if all of the updates do not apply to you or your clients, you are likely to come across some important information you should know about. To read the entire second quarter update, visit http://www.complianceweek.com/s/documents/CAQAlert2Q210.pdf. To subscribe to the Center for Audit Quality, visit http://www.thecaq.org/.

Free Webcasts to Keep You Up To Date

Just because you work in a specific industry, say government, financial reporting, or non profit, does not mean you shouldn't keep up to date on what's going on in the wider world of accounting. I am currently taking a break from a full time accounting career to raise my child, but I still find it vitally important that I keep abreast of some major changes to the profession, such as evolving technology, the convergence of U.S. GAAP and IFRS, and a host of new regulations that are being passed by Congress having a significant impact on public companies in the US. Webcasts are a great resource for keeping current, and there are some free ones that I find particularly useful. You can also earn continuing professional education (CPE) credits for attending the following webcasts.

• The CPA Technology Advisor offers regular webcasts on new software products, web resources, and technological solutions for accounting professionals. The topics are primarily geared toward those in public practice, but many of the topics are also relevant to any type of business looking to maximize technological efficiency. The webcasts are usually conducted by consultants, and can be viewed at http://www.cpatechnologyadvisor.com/webcasts/.
• KPMG has some informative resources known as the KPMG Institutes. These forums are a collection of industry-specific resources, and tend to be highly technical. Depending on your interest, you could choose to follow the IFRS Institute, the Energy Institute, the CFO Institute, or a whole host of other groups. Each Institute generally offers webcasts on a monthly basis. The quality of the content is very high, and many of these webcasts have between 1,000 and 2,000 attendees. You can follow any of these Institutes at http://www.kpmginstitutes.com/.
• PricewaterhouseCoopers also offers PwC Open University, with free webcasts on various topics that can provide you with CPE credits. Recent topics include IFRS and US GAAP convergence and international tax briefs. For more information, visit http://www.pwc.com/us/en/open-university.

Whether you need continuing professional education credits toward your CPA license, or just want to stay informed of current professional developments, webcasts are a great way to get the information you need.

Rules of Networking at the Bar

When I began my career in public accounting, I had not spent much time in bars. I was uncertain of the protocol of ordering, the environment, or even when to leave. This unfamiliarity was magnified into great discomfort when I began working and realized that a lot of important business and networking takes place over casual drinks. I had to learn the rules fast, or my awkwardness at the bar might have handicapped me professionally.

The first thing I did was to follow the cues of my colleagues who seemed quite at ease conducting business at the bar. These were not the co-workers who boasted about how much they could put down, or got sloppily drunk every time alcohol was present, but those that ordered their drinks with ease, were able to recommend wines, and seemed to bring up appropriate non-work related conversations in a comfortable manner.

I soon realized that less importance was placed on what I drank, but how I drank it. It was always awkward to finish a drink a bit sooner than you intended, then have someone immediately offer you another. Before you know it, you're drunk. Sip slowly and controlled, and don't go for a second, third, or fourth if you know you can't handle it. Perhaps switch to a ginger ale in between, just to keep yourself steady.

As far as topics of conversation, if you are at a networking or social event, don't stick to business just because you think it's the only thing you have in common with your co-workers. Try and get to know someone without getting too personal. Find a common interest or share something interesting about yourself that you can talk about for some time. If the purpose of your meeting at the bar is business, perhaps an initial meeting with some out-of-town team mates, don't talk business until after the first drink. The restaurant or bar environment is quite different from the conference room, so if someone called a meeting in a more casual environment, it indicates that perhaps they are looking to get to know you and your colleagues before getting down to business.

If you don't drink alcohol, or have a very low tolerance, don't be ashamed to order a non-alcoholic mojito or other sophisticated drink without alcohol. You don't have to stick to water. Once everyone has their drink in hand, no one will remember that you technically aren't drinking.

The cover story of the July 2010 issue of Entrepreneur magazine is dedicated to the topic of conducting business at the bar. Along with some of the rules I have already shared, they also mention that standing at the bar is better than sitting, because you are in a position to receive others, you are more approachable, and you can more easily move to a more engaging conversation if your neighbor isn't the most beneficial person for you to be networking with among a group. Drinks should be ordered confidently, explicitly, and specifically. Have an idea of what you want before you step up to the bar. Check out what's on tap from across the room so you don't have to ask the server what is on tap. Also, don't order anything off the cocktail menu. You risk getting a fancy glace with fruit and umbrellas or a novelty mug. You don't want to be the one at the table with a stupid drink. At some point, order and pay for a round of drinks. And of course, don't get too drunk.

As far as when you should leave the bar, Entrepreneur suggests that about 30 minutes after you've deemed business has been taken care of is a good rule if the purpose of your drinking is to accomplish something professionally. If you are there simply to network or after work with your colleagues, leave after everyone has gotten comfortable and enjoyed themselves, but before the overtime sets in and people start drinking a little more than they should. You want to quit while you're ahead and sober. Even if you get along remarkably well with your colleagues, remember that these aren't your life-long buddies. You still have to work with them on Monday morning, so the last thing you want to be thinking of when you walk into the office Monday is how much you regret what happened at the bar Friday after work.

Accountants Ranked as One of the Best Jobs in America

CNBC recently rated the ten best jobs in America for 2010, with accountants claiming 9th place. With continual changes to personal and corporate income tax laws, increased scrutiny of companies by regulators, and an evolution of the US GAAP and IFRS convergence, accountants are more in demand than ever. Now is a great time to get into the field of accounting, whether it be tax preparation, financial planning, auditing, governmental accounting, or managerial accounting, job security is sure to increase in this financially complex economy. You picked a great career!

Do You "Click" With Your Co-workers?

A recent article in Bloomberg Business Week highlighted the immense importance of fitting in with your co-workers in the office social network. This is a topic of particular importance, as I have touched upon it numerous times in my recent book Engagement: Jump Start Your Audit Career in Public Accounting. The article sites various studies that indicate people with a high self-monitoring ability (a.k.a. ability to click with others) can get to the core of their office networks and promote their careers within an average of 18 months, compared with a jaw-dropping 13 years for some introverted workers who did not easily connect with their colleagues.

My book relates this discovery to your career in public accounting. It is extremely important to begin networking with firm recruiters as early as possible in your academic accounting career, even as a freshman. The more familiar the firms' employees are with your face and name, the more likely they are to recommend you for an interview or job. This is confirmed by researchers at the University of Pittsburgh, who found that "encountering a stranger on 10 occasions instead of five makes us find that individual more attractive, intelligent, warm, and honest."

One of the key things new associates are advised to do upon entering a firm is to get involved and raise their profile among peers. Join internal committees, volunteer for new projects with people you may not have worked with before, and network at regional or national training events. When promotions and bonuses are considered, your name will rise to the top of the list if you have made a significant number of connections with colleagues throughout your firm who can recommend you.

It's also important not to dodge social events or occasional office chit-chat with co-workers. If you keep yourself pent up in your cubicle all day long without making a personal connection with your co-workers or clients, they will likely assume you are unsocial, proud, or can't be trusted, simply because you made no effort to reveal your real self.

Do not underestimate the significance of social interactions in advancing your career. Yes, it's important to be good at your job and prove yourself a competent accountant, but if you want to get promoted in 18 months rather than 13 years, get to know the people around you, from administrative assistants to partners. You never know whose opinion of you may be the key to open your door to the opportunity of a life time.

To read the Bloomberg Business Week article entitled "Etc. Social Studies," see the June 14-June 20, 2010 issue, page 72.

Recent Release of the Ultimate Big Four Career Guide

My new eBook has just been released and is available for download. Engagement: Jump Start Your Audit Career in Public Accounting is the first career field guide to empower accounting students to not only land a job as an auditor with one of the Big Four firms, but to also equip them to succeed in this fast-paced, highly competitive environment.

Engagement: Jump Start Your Audit Career in Public Accounting is the quintessential reference tool that should be the companion of every accounting student and new audit professional.

By providing a thorough overview of widespread terminology used within the Big Four, a detailed discussion of the recruiting process, practical recommendations and warnings for new audit professionals, as well as an evaluation of what it takes to succeed in the profession, Engagement: Jump Start Your Audit Career in Public Accounting is an invaluable resource to the thousands of accounting students hired by the Big Four each year.

The book incorporates personal anecdotes from my tenure with KPMG as well as the recommendations and cautionary tales of Big Four senior managers and senior associates I have interviewed. Engagement is intended to mentor new accounting practitioners to build a solid professional foundation, thereby unlocking your career potential.

Download your copy of Engagement: Jump Start Your Audit Career in Public Accounting before the fall 2010 Big Four recruiting season begins at

http://www.lulu.com/product/ebook/engagement-jump-start-your-audit-career-in-public-accounting/11599962?productTrackingContext=search_results/search_shelf/center/1.

An iPad version of the book will also be available soon.

Spring Cleaning Your Career Plan

With only a few days remaining before summer officially arrives, now is as good a time as any to do some professional spring cleaning. In her book Secrets of Super-Productivity: How to Achieve Amazing Things in Your Work Life, renowned productivity expert Neen James offers some helpful tips in taking a periodic assessment of your work life. When we were in grade school, we received a report card at the end of each school year quantifying our academic accomplishments and meriting us the opportunity to advance to the next grade. James argues that we should treat our professional development with the same attention, to avoid getting held back in the same professional "class." Below are some things to put on your "report card":

• Review yourself - it only takes one hour every six months to review every possible aspect of your working life. Think about your job growth, working relationships, salary and benefits, work/life balance, etc., and jot down what you think is and isn't going well.
• Create a career plan - make a list of 10 career goals you want to achieve this year.
• Make it visible - put your career plan somewhere you will see it each day to hold yourself accountable.
• Set financial goals - review your salary and benefits, and don't be afraid to ask your employer for a re balancing of compensation to suit your priorities. If you want more international travel, more vacation time, or a flexible schedule, consider taking a pay cut or asking your employer to pay for your international travel in place of a bonus check to achieve what matters most to you.
• Interview your seniors - if you admire someone higher on the corporate ladder, ask them how they got there, and what their job is like. Learn from their recipe for success.
• Develop two new skills each year - whether it be improving your professional writing, learning a new language, or mastering an IT tool, find something you can apply to your every day life as well as your professional responsibilities.
• Multi-skill - spend some time in other departments or industries to gain a new perspective. Even if you work for yourself, you can still challenge yourself as a volunteer on a non-profit board or by attending an industry panel outside of your industry.
• Read four professional books this year - this keeps you relevant and interesting when networking or interacting with colleagues and clients.
• Collect data for your annual review - most employers assess their employees' performance at least annually. Take time to reflect on and document your accomplishments, challenges, and accolades throughout the year.
• Get an accountability partner -Find someone you trust and share with them your career goals. Ask them to check up on you. You're much more likely to stick to your plan if you know someone will be asking you about it.

While this may seem like a copious to-do list to add to your already busy schedule, the hour you invest each year in tracking your professional progress and developing yourself will pay off 100 fold over the course of your successful career.

Technology Etiquette

This past week I attended a professional development seminar for women CPAs. The attendants covered a wide age range, and during lunch we got to talking about the pervasiveness of technology in our lives. A baby boomer expressed her fear that Generation Y would have limited social skills because they could only communicate through texts and online chats. In her opinion, this was evidenced by the fact that many of the young staffers at her firm would rudely check their cell phones or be texting under the desk while in a meeting or speaking with a partner. The staffers' lack of eye contact and distracted conversation seemed to indicate to her that they had no idea how to interact in a professional setting.

It had never occurred to this colleague that perhaps no one has told Generation Y that it is inappropriate to be texting while talking to more senior professionals. This is because between Generation Yers, checking your cell phone while out to dinner or in the middle of a conversation is completely acceptable.

I find that more senior professionals, though demanding the full attention of others when they themselves are speaking, are often the first to pull out their laptops or Black Berries in the middle of seminars and meetings. They seem to think that their status grants them the right to address important work at the presenter's expense. At the same time, they assume that because a less senior professional is texting, they couldn't possibly be addressing a work-related matter. The fact is, staffers work around the clock just like managers and partners. Everyone's responsibilities are equally important to them personally.

My challenge to Generation Yers is to be cognizant of your audience when assessing technology etiquette. If you are working for an old-school partner who fails to embrace email and considers a cell phone to be an emergency only device, try to be understanding and give them your full attention when in a meeting or conversation. Turn off your cell phone if they come to your desk so they don't feel like they are competing with your message beeps.

To those professionals who once did business before email and texting, realize that younger professionals have grown up with technology, and look at is as a productivity tool, not just a game. Generation Yers are still capable of having a good-old-fashioned conversation, but they often prefer electronic means of communication because it is more timely and efficient, enabling them to better multi-task.

Given the pace at which technology evolves, the rules of etiquette are being constantly rewritten. In order to keep up, try and understand your audience. Empathy goes a long way in avoiding offense.

Insight on your Professional Reputation

In my upcoming eBook, Engagement: Jump Start Your Audit Career in Public Accounting, I talk a lot about the importance of maintaining a reputation for being professional, hard working, and effective. Below are a few additional words of wisdom:

A reputation once broken may possibly be repaired, but the world will always keep their eyes on the spot where the crack was.
Joseph Hall

Along with success comes a reputation for wisdom.
Euripides

Associate with men of good quality if you esteem your own reputation; for it is better to be alone than in bad company.
George Washington

It takes many good deeds to build a good reputation, and only one bad one to lose it.

Benjamin Franklin

It takes 20 years to build a reputation and five minutes to ruin it. If you think about that, you'll do things differently.

Warren Buffet

Scholarship Opportunities

Many national scholarships are available to accounting undergraduate students, most of them awarded by various professional organizations. Applying for these awards is an impressive introduction to the sponsoring organizations. During my undergraduate accounting studies, I was awarded an annual scholarship by my local chapters of the American Society of Women Accountants and the Institute of Management Accountants. Both organizations invited me to attend their meetings, and I was surprised to find myself the only student in attendance. As I began frequenting the organizations' activities, I got to know many of the members and they provided me with some helpful career guidance. I also picked up a lot of professional pointers about networking, business etiquette, and professional education. I encourage all accounting students to not only apply for the scholarships below, but to take advantage of the opportunity to network with the sponsoring professional organizations. The time invested in your own personal development will last long after the scholarship money has been spent. Some of the following organizations also offer awards to high school, graduate, and PhD students pursuing their accounting education.

• The American Society of Women Accountants - eligible students should be either part or full time, pursuing a bachelors or masters degree in accounting, having completed 60 semester hours with a declared major in accounting. Scholarships are awarded by individual chapters throughout the country. To find the chapter nearest you, visit www.aswa.org.

• The National Association of Black Accountants - eligible students should be an ethnic minority, an active members of the NABA, and be enrolled in a full-time undergraduate or graduate accounting program. For additional details, visit www.nabainc.org, go to Membership and Programs/Students/National Scholarship Program.

• The American Institute of CPAs - The AICPA offers a variety of awards to high school students, undergraduates, and graduates. They also host a leadership program for minority accounting students and provide grant fellowships to accounting doctoral candidates. For more information, visit www.aicpa.org, interest areas/accounting education/resources/scholarships and awards.

• The Institute of Management Accountants -The IMA is a professional organization that goes to great lengths to reach out to accounting students. Applying for a scholarship is a good way to connect with the IMA. They also have student chapters that compete for various awards and in professional competitions. For more information, visit www.imanet.org, membership/membership categories/student member.

• Association of Latino Professionals in Finance and Accounting- Even though ALPFA offers limited scholarships to students, they have a strong network of student chapters and various regional and national events to provide resources to accounting students. ALPFA has a partnership with a non-profit to provide financial assistance and financial counseling, as well as access to scholarships. For more information, visit the student page through www.alpfa.org.

Accounting Takes the Blame...Again

A friend of mine recently told me about a company-wide crisis at her office that had everyone unfairly pointing the finger of blame at the Accounting department. Her mid-sized company had prepaid two months worth of health insurance premiums well in advance of the due date. Despite years of timely payments and a solid relationship with their insurance company, the insurer lost the check in their mail room and immediately canceled the company's insurance coverage. Rather than call the company and ask where their payment was before canceling health insurance coverage for 50+ employees, the insurance company failed to notify anyone. It was only after employees attempted to file claims for care that they found out they had no insurance. Understandably, everyone in the company was furious, and when a mob mentality breaks out, someone has to bear the brunt of the anger. As a result, Accounting was lambasted and assumed to be the guilty party.

Fortunately, my friend, who happened to cut the check for the insurance premium payments, had a well documented trail of evidence vindicating Accounting from any wrong doing. It was thus determined that the insurer had been responsible for the misplaced payment.

This situation reminded me of how crucial the accounting function is to any organization. It is a shame that our critical existence is hardly ever recognized when business is carrying on as usual. It is only when an error is made that the importance of accounting is acknowledged, and then only as the scape goat.

Throughout your accounting career you will always be blamed for the errors of others. Just remember that your work and reputation should always speak for themselves. Don't be vexed and try to verbally fight back or shift the blame. Let your documentation and record of consistent adherence to professional and company procedures speak for themselves. Most of the time, those who were quickest to accuse the accountants will ultimately find themselves in the position of convicted defendant.

What Decreasing Audit Fees Mean to You

If you are a staff auditor, you will likely feel the pinch of tightening audit fees at your firm, whether or not you're aware of the cause. In the April 2010 issue of CFO Magazine, an article titled Auditing Your Auditor notes that audit fees have been dropping across the board since 2007. This is not so much a product of a weak economy, as it is the result of the industry returning to normalcy after a series of dramatic events since 2000. Given the scandals of the early 2000's, along with the passage of Sarbanes-Oxley (SOX) in 2002, auditors dumped risky clients, thereby decreasing the supply of auditors, while the complexities of SOX were blamed for significant fee increases. The Big Four in particular were able to command premium prices because they had the scale and breadth of expertise to audit large public companies, for whom the SOX burden was heaviest.

Now that companies of all sizes are scrutinizing their budgets amidst a tough recession, many CFOs are taking a second look at the audit fees they have been paying. In many cases companies are changing auditors after decades of loyalty to the same firm. To give you an idea of the pressure auditors are currently under to compete for business, CFO Magazine notes that "in 2004, more than a third of auditor changes were the result of audit firms walking away from clients. Last year, 82% of auditor changes were because companies fired their auditors."

So what do dropping audit fees and higher audit firm turnover mean to you as an audit staff person? For starters, you'll be putting in more hours since your firm may hire fewer staff or simply assign fewer staff to each engagement in the wake of decreasing fee revenue. You are also likely to see more emphasis put on engagement budgets by partners, managers, and seniors. You may be reporting on a daily or weekly basis, the hours you incur on an assignment, or be given a strict timeline within which you should complete your assigned responsibilities.

Companies are also demanding greater value for their audit fees, so you might just see a more hands-on approach from your managers and partners. They may be out in the field frequently to reassure their clients that the audit is well supervised and receiving their fullest attention.

A recurring theme among clients is also the increased use of internal audit in conducting an audit. Rather than pay a high hourly rate to independent auditors for organizing audit documentation or performing control tests, many companies are relying on their internal auditors to assist when possible. Thus, staff auditors might find themselves meeting more frequently with internal audit, including them in their audit planning and relying on them to coordinate the collection of audit documentation.

Lastly, an overall decrease in audit fees for any accounting firm probably means that indulgent annual training meetings where associates from across the country spend a week at a luxurious hotel and convention center are put on hold. You might find a more conservative regional training session in rented office space more commonplace. Some firms are even forgoing annual holiday parties and employee give aways, or smaller bonuses. If your firm is being pressured by clients and competition to lower audit fees, you will be impacted sooner or later, regardless of your level within the firm.

For more about the current trend in audit fees, visit CFO Magazine at http://www.cfo.com/article.cfm/14485723/1/c_14485781?f=related.

Staying Current

If you are looking to keep abreast of what's going on in the field of accounting, below are a few online resources that are useful sources for industry summaries and headlines:

CPA Letter Daily

The AICPA offers a daily briefing of the news and events impacting the accounting profession. When you subscribe to the CPA Letter Daily, you'll receive an email each day which includes the major top stories, along with tax, accounting, regulatory, financial and international news of importance to CPAs. Click on any headline link to read the entire story. This is a great resource for staying on top of important business news. One of the most professionally embarrassing situations is to find yourself among a group of non-accountants who know more about accounting and financial news than you do.

http://www.smartbrief.com/cpa/

Journal of Accountancy

The JoA is a monthly industry magazine with includes feature articles about various aspects of the accounting profession. While some of the JoA articles might be a bit heavy for students or practitioners outside of the specialty subject, there is a useful headlines section that is updated daily with the latest announcements from various regulatory agencies impacting the profession such as the SEC and the FASB. Even if you don't read the entire monthly issue of the JoA, the featured article summaries give you a good idea of what the hot topics are among accounting professionals.

http://www.journalofaccountancy.com/

Big 4 Alumni Blog

Keep in mind that the current Big 4 firms (Deloitte, Ernst & Young, KPMG, and PricewaterhouseCoopers) were previously many different firms that have been consolidating since the nineteenth century to form their current organizations. Some of their predecessor firms also spun off consulting practices. Therefore, this blog contains headlines and alumni news makers from the current Big 4 firms, their predecessor firms, and their former consulting practices. This is a good place to find job postings and employment leads, however the advertised positions are typically looking for highly experienced candidates.

http://bigfouralumni.blogspot.com/

Making Your Career About More Than Just You

There are countless books published each year under the heading of personal development, self-help, or psychology offering quick bullet points for achieving succeed. While the titles and tables of contents vary, many of these books talk about the same thing....you You YOU! But success in your career and life does not occur in a vacuum. It's important to recognize your obligation to invest in others as you advance in your profession.

Only after you've secured the corner office do you have an obligation to give back to the little people right? Wrong. U.S. Senator Sam J. Ervin, Jr. once said that "a person who is worthy of being a leader wants power not for himself, but in order to be of service." Even if you are early in your career and have a long list of professional benchmarks and goals ahead of you, a prescient indicator of your leadership potential is your willingness to invest in others. This is because someone who is always looking to share what they have learned with others is investing in something bigger than themselves, which is exactly what leadership is.

The accounting profession would not be held in such high esteem by clients and the capital markets if experienced accountants ignored their obligation to mentor less experienced professionals. You may only have one or two years of professional experience on your resume, but think of how much you learned during that short time that an intern or college student could benefit from knowing. While working in public accounting, I had the opportunity to participate in a national intern training program as an instructor. I only had 3 years of audit experience at the time and wondered how I could have anything of value to share with the interns who were used to hearing from college professors with PhDs and decades of expertise. My co-instructor and I incorporated into the curriculum many personal client examples and real-life experiences from our own careers. At the conclusion of the training, our students asked us how we knew so much, and if we had been formally trained as teachers. They were awestruck to learn that we had only minimal training as instructors, and had merely been sharing all that we had learned on the job in a few short years. They exclaimed that our class had been more informative than any college accounting course they had yet taken.

Having gone through any professional experience, whether it be passing Intermediate Accounting, getting recruited by an employer, sitting for the CPA exam, or surviving your first day working with a client, there is always someone new behind you who has not yet lived through these things and could benefit from a kind word of encouragement or piece of advice. The only way you yourself can succeed is because of the teachers, senior students and professionals, and mentors in your life who shared with you their knowledge and experiences. You have an obligation to make that same contribution to the accounting profession, so that the profession will continue to develop strong business and community leaders.

A leader always makes time for others.

Coming Soon....Engagement: Jump Start Your Audit Career in Public Accounting

College graduates across the United States are scrambling for jobs as the recession continues to constrict employment opportunities. Accounting majors are no exception, which is why newly minted accountants are fervently competing for a chance to launch their careers with one of the largest international public accounting firms. Collectively known as the Big Four, Deloitte, Ernst & Young, KPMG, and PricewaterhouseCoopers have refined their highly selective recruiting methods, carefully offering jobs to only the most ambitious, intelligent, and gregarious accounting students. These firms use structured processes and specific criterion for recruiting, training, and developing fresh hires from college campuses across the country. Any accounting student hoping to be hired by a Big Four firm would have a huge advantage in advancing their career were they to have an inside glimpse into the way the firms work and what they expect of job candidates and new hires.

Having been courted by the majority of the Big Four as an accounting student, as well as having spent the first four years of my career as an audit senior associate active in recruiting, training, and mentoring young accounting professionals, I understand the mistakes many students make early in their careers. They often unknowingly handicap their chances of being hired by or advancing their careers with the Big Four because they lack an understanding of how the firms operate and what is expected of them as public accounting professionals.

Engagement: Jump Start Your Audit Career in Public Accounting is the first career field guide to empower accounting students to not only land a job as an auditor with the Big Four, but to also equip them to succeed in this fast-paced, highly competitive environment. By providing a thorough overview of professional terminology, a detailed discussion of the recruiting process, practical recommendations and warnings for new professionals, and an evaluation of what it takes to succeed in the public accounting profession, Engagement: Jump Start Your Audit Career in Public Accounting is the quintessential reference tool for any accounting student or young audit professional.

The book incorporates personal anecdotes from my tenure in public accounting as well as the recommendations and cautionary tales of Big Four senior managers and senior associates interviewed. The book is designed to mentor new accounting practitioners to build a solid professional foundation, thereby unlocking thier career potential.

Engagement: Jump Start Your Audit Career in Public Accounting will be available for download this summer. Stay tuned to The Aspiring CPA for further information.

The Benefit of Hindsight

Today I was fondly reminiscing about my inaugural client assignment as a newly minted auditor. While it is a "fond" memory today, at the time I was living through it, I thought for sure my career was over just as soon as it had begun.

A notoriously hands-off manager had selected me to head the audit of a financial services subsidiary. Given the recent headlines about senators demanding explanations from bank executives as to how their complicated financial products work, it's incredulous to think that I could be expected to understand the inner workings of a securities broker-dealer given my lack of experience. My ignorance, combined with a willingness to learn, would not have been a problem had I had an experienced teammate to guide me through the audit. Unfortunately staffing constraints unexpectedly pulled the senior associate from the engagement, leaving me camped alone outside of New York City for a month with no one but my client's controller to talk to. It was an overwhelming experience, but one that taught me more about audit execution than any classroom instruction ever could. I reached out to anyone in the firm willing to give me some guidance on each issue I encountered.

After such a difficult first assignment, working on large public companies seemed a bit more predictable. But the initial challenge had whet my appetite for a new gauntlet. After a few years working on the same client engagement, I was suddenly reliving the same situation where I had started, this time working on clients in manufacturing, real estate, and construction. All of the entities under audit were new to my firm, and most of them were small organizations. So I was leading the exploration team into the uncharted territory of a brand new audit.

While my public accounting career has been far from easy, I wouldn't trade my experiences for anything. Many of my teammates along the way followed a much different career path within the same firm, commencing their first few years in the profession on the same client engagement, in a more predictable environment. So when they found themselves thrown onto a new private company engagement in a new industry, they had no idea where to start. Their territory had always been mapped out before them, and now they were being asked to chart new waters without knowing how to read a compass. Thanks to my early challenges, I had learned to navigate uncertainty and complexity, maximizing the resources available within the firm.

If you are ever tempted to feel sorry for yourself because you think your career path has been much more difficult than those of your colleagues, remember that in hindsight, every challenge you conquer propels you much farther on your journey to professional success than the smooth, predictable road your colleagues may be on.

Midday Mental Break

Have you ever stared blankly at a spreadsheet for so long, you see grid lines when you close your eyes? Do you tend to have eight or more windows open on your laptop at any given time, switching to a new window every 45 seconds? If you have trouble focusing during a long day on the job, perhaps you should take a mental break. Don't worry about feeling like a slacker relative to your co-worker in the next cubicle. Even though she seems to be so engrossed by her work and dedicated to following her client's audit trail to the pot of gold at the end, don't be fooled. She's more than likely doodling away or checking her Facebook account. The average adult attention span is 3 to 5 times their age. So I shouldn't really expect to focus on one task longer than an hour and a half to two hours at the most.

Consider scheduling some small breaks for yourself throughout the day. Perhaps every three hours, plan a trip to the break room for a cup of coffee, tea, or water. Take time to focus on your breathing. Close your eyes for just a minute and take some slow, deep breaths. If you have to make a personal call, use that as your breather, and step out into the office lobby or walk down the street and get some exercise while you chat. Even walking up and down the stairs will help get some blood flowing, enabling you to return to your cubicle alert and ready for another two hour power session of ticking and tying work papers. Kicking that mid-afternoon fatigue is always the toughest part of my day, so if I have to run an errand, I try to schedule it in the late afternoon.

Don't let your clients or teammates pressure you into sustaining 16 hours of uninterrupted face time at work each day. Taking periodic breaks will help you to refocus and be more efficient and effective in tackling your daily to-do's.