Feb 2 Thursday
Register for an upcoming webinar with the team that develops the CPA exam.
Professor Elam
Accounting & Investing Info for San Antonio A & M
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Professor Elam
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Professor Elam
Thursday Feb 1, 2018
Texas CPA to be is a compilation fof thoughts of current CPA candidates.
Take a look, interesting thoughts.
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Professor Elam
Monday Jan 29 2018
Four Winds Marketing Director alters bank statement.
Regrettably this link requires a subscription but I will now follow the Texas Tribune on the story.
Former FourWinds Logistics marketing director Eric Nelson testified in state Sen. Carlos Uresti’s criminal fraud trial today that the head of the company threatened to shoot him if he didn’t alter a bank statement to make it look stronger than it was in 201
Nelson said FourWinds CEO Stan Bates told him to add the numbers 187 in front of $98,896, the amount actually in the frac-sand company’s bank account, to make it appear that it had $18,798,896 in the bank.
Nelson said he initially resisted but ultimately gave in to Bates’ demand.
“He threatened to shoot me in the back of the head,” Nelson said, repeating testimony that he gave two years ago in Bates’ personal bankruptcy case.
This is not looking good for Uresti..
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Professor Elam
Weekend Jan 28, 2018
Here is another link from the Texas Tribune on the UResti story.
This will allow you access.
Please read this story as part of our focus on ethics not to mention forensic accounting and accountability.
There are several warning signs here.
I don't see the involvement of any well known CPA to do the books and records. That is usually the case in such scams, that was one of the hallmarks of Madoff scheme.
Uresti knew nothing about the oil business and apparently did no real research on his own.
When one acts as a financial fiduciary to another, one is held to the 'prudent man rule.' Simply stated one should invest as a prudent man would. Putting all of his client's money in an unproven new start up company is irresponsible. How about a mutual fund of energy companies or energy service companies like Halliburton?
Bates had no back ground or experience in the business either.
All of these are flashing warning signs.
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Professor Elam
Weekend Jan 27 2018
Otis Redding tragically died in a plane crash weeks before his bit hit, Dock of the Bay, was released. This week a celebration is held at the Apolllo Theater in his honor. Numerous artists have re corded this song, it is a classic. -
Professor Elam
Weekend Sept 9, 2018
Annette Goodson and Kim Pruske will present on behalf of San Antonio CPA Society Tuesday at 4 00 m in the STEM 173A room.ATKG has a unique business planwhich we will explain Tuesday. Do not miss out !
Annette Goodson, CPA
I’m a South Texas native and have lived in San Antonio since attending college at The University of Texas at San Antonio where I graduated with a BBA in accounting. As a CPA, I have worked for a Big 4 firm and a large privately-held beverage company before landing at ATKG where I have been involved in helping to grow our firm for the last 14 years. As a senior manager, my primary role is in talent acquisition which translates to identifying and recruiting rock star team members for the firm. But, my role doesn’t stop there. I also act as a performance steward and coach in ATKG’s Hero Development Program. Additionally, I am the go-to person for technical research and have developed expertise in many different areas of taxation over the years – primarily in the field of state taxation. I’m also very involved in strategic planning for the firm. I love public accounting and ATKG because of the variety of roles I’m able to play on a daily basis – talent finder, people developer, technical expert and strategic planner.
Kim Pruske, CPA
A native of San Antonio, I attended St. Mary’s University where I obtained both my undergraduate and graduate degrees in accounting. I chose to pursue my CPA because I knew it would provide me with unlimited possibilities for my professional life. In my role as a Tax Senior at ATKG, LLP, I have begun to develop a career that is more than just a job, but is instead a constant pursuit of enhancing my own growth and that of others. During my four years with the firm, I have increased both my technical, client service and leadership skills. I have served as a mentor to numerous staff and interns. I have led internal and external projects from start to finish. And I have learned the importance of great service and the value of going above and beyond to meet the needs of both my clients and my team. -
Professor Elam
Friday January 26, 2018
Annette Goodson with ATKG wil present Tuesday January 30 in the VISTA room at 5 30PM.
Terry Cleveland will present Wednesday January 31 to promote student membership in the San Antonio CPA Society. He will be accompanied with Jordan Dorris who is hte Director of Technology for Turner Cleveland CPA. Plan to attend in the VISTA room of the Central Academic Building at 5 30 PM.
Terry has been in public accounting in San Antonio for all but 2 of his 40 years of his work career. His accounting experience has evolved from working with small business clients with monthly accounting activities to external auditing to advanced income tax services to estate and trust services and serial entrepreneurship. At this point in his career he focuses his time on a select number of entrepreneurial businesses advising on best practices for implementing standardized processes, implementing innovative technology and establishing key metrics by which to keep score. These allow the struggling entrepreneur to be more profitable, grow and scale their businesses faster.
In addition to his public accounting career, his business ventures have ranged from mobile home dealerships, rental properties to apartment development, private mortgage funds, hotel ownership, recreational vehicle dealerships to short term vacation rentals.
When he is away from work, he enjoys flying as he is an instrument rated multi-engine pilot and is an avid boater, who enjoys cruising around Canyon Lake with family and friends at sunset. Terry and his wife, Candy, have 3 grown daughters and are expecting their 1st two grandchildren to arrive on the scene in 2018.
Graduate – University of Texas Austin with major in accounting
San Antonio Estate Planners Council – Former Board of Governors member
American Institute of CPAs, Texas Society of CPA’s and San Antonio Chapter of TSCPA’s
Xero Certified Advisor, silver level partner firm.
Rootworks Executive member affiliation
Nonprofit Boards affiliated with: The Optimist Club of San Antonio – Treasurer; Chrysalis Ministries, Inc.; San Antonio Rescue Mission; Boysville -past board member; Heights Community Church – Elder
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Professor Elam
Wednesday January 24, 2018
The Tariff Act of 1930 did its best to really kick off the Great Depression.
And that Depression would not end until its repeal in 1947.
No matter what your opinion is of Donald Trump he is on the wrong side of trade.He is repeaing the same mistakes of Smoot Hawley 88 years ag.
As photos of Trump signing a 15-20% tariff on imported washing machines, of all things, the stock market gave back its 160 point morning gain and went negative as I write. We have completed Five Eliott Waves up form 2009 so all we needed was a fundamental event.
Will theWharton School of Finance please call the President in for a history re fresher?
I am stunned that Commerce Secretary Wilbur Ross is going along with this foolishness. -
Professor Elam
Wednesday January 24, 201
Texas requires 150 hours of college before one can sit for the CPA exam. Florida however will let a student begin with 120 hours while still in college.
My thoughts are that it is way late to be getting accustomed to taking certified exams after completing 150 hours. One instead should begin building a ladder of successful accomplishment.
How about starting with the Certified Bookkeeper Exam?
This exam requires one to attend a testing center and is a very practical review of journal entries, adjustments, and payroll. Other professor have been negative on this idea given the word
book keeper.But my response to that is, if you can't learn to pass the book keeper exam, you will be throwing money away at more complex exams.
Start with CB.then move on to say CIA. All you study for CIA will be applicable to CPA anyway. Going to a strange location to take a timed exam under pressure is a new experience.
Building your confidence with a ladder of success will help one realize what is required to pass such an exam. Don't put off this kind of experience and foundation for years. Plan to begin your certification ladder ASAP>
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Professor Elam
Tuesday January 23 2018
This is a new link as the previous one did not work.
It is one thing to be unethical. But as I read this article, demonstrating just how stupid one can be is something else.
KPMG wanted to improve its standing in the eyes of Federal Regulators. Rather than have employees take intensive training in Federal Regulation, the firm started hiring from the ranks of the PCAOB. Then KPMG execs demanded information on which of its audits the PCAOB planned to examine. The new hires were only too happy to oblige. One KPMG exec even reminded the new hire of where his paycheck came from.
And much of this is documented in firm e mail.
As I say, I never run out of new unethical examples of bad behavior.
Or as Blue Collar Comedian Ron White puts it,
You can't fix stupid.
Professor Elam 