Professor Elam

Accounting & Investing Info for San Antonio A & M

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  • Professor Elam

    Apple Posts New High

    Wednesday August 20 2014

    Apple split seven for one after its stock suffered a serious fall from the $600 area. Since the split in April, it is up by 30%, to a new high .

    Why did Apple split its stock price?  How does a stock split differ from a stock dividend?

    How might that affect the onwership and stock price performance?

    Was it the split or a combination of factors such as product expectations that lifted the stock?

    Is Apple in danger of another parabolic rise with a potential fall, or is this the start of something larger than that?

    Well these are all good questions and we will address them as class gets under way. 

    This also demonstrates the importance of being well read on current events. It only costs $1 a week for students to subscribe to the WSJ .

  • Professor Elam

    Walgreens WAG misses Estimate

    Wednesday August 20, 2014

    Walgreen's CFO missed the 2016 gross revenue targe by $1.1 billion. The CFO and Pharmacy Chief are now resigning. 

    Apparently the problem was the failure to factor in the higher cost of some generic drugs through the vagaries of Medicare Part D. 

    WAG stock has fallen from 75 to 60. 

    Accounting has five steps 

    recognize a financial transaction

    record the transaction – journals and ledgers

    summarize the transaction – financial reports

    interpret and report on the findings. 

    It is the last of the five that usually trips executives up. This demonstrates the importance of not just understanding accounting, but the vital necessity of understandeing the entire business – how does WAG make money.  As we have accounting professionals come to campus and visit them, you will hear this again and again. To be an internal auditor for example, one must understand everything about the business, as well as the accounting. 

  • Professor Elam

    IIA Waives Application Fee

    Monday August 18, 2014

    The applicatino fee for the CIA designation has been waived until August 31, 2014. 

    In addition the IIA CIA learning System is offered at a 10% discount. 

    Many students mistakenly believe they should nto be taking the exam as they do not have the expereince. This is the opposite of what is true. Pass the exam and then you will have a much better chance of being hired, and all  you will need to do is accumulate some time on the job. 

    go to

     

    http://www.theiia.org/goto/CIA

     

  • Professor Elam

    Hidalgo County Sheriff’s Office Lacks Controls

    Monday August 11, 2014

    In Texas the Chief Financial Officer in County Government is termed the County Auditor. The Auditor is appointed by the District Judge. Unlike a city, each county department is headed by an elected official. So the County Auditor should be an independent guardian of the public trust.

    McAllen and Edinburg are in HIdalgo County. A three month long investigation into the Sheriff's Office there reveals a erious lack of internal control. Internal controls are inplace to prevent fraud and mis use of assets. Reading the report in the paper one can see there is a lack of any control.Frankly I am wondering why it took the Auditor this long to investigate and come to this conclusion. 

    This is a problem of both ethics and internal control. We study both in accounting. 

  • Professor Elam

    Consider A Student Membership in the SA Institute of Internal Auditors

    Weekend August 2 2014

    It is time to renew my membership in IIA, I strongly suggest you consider a student membership. A student membership is only $35.  That entitles you to the features listed below. In addition you can attend the monthly meetings here in San Antonio for the cost of the lunch, $22.50. this alllows you to network with auditors from some of best fims in town, HEB, USAA, Valero, City of San Antonio, Nustar, you name it.

    The free webinars and weekly e newsletter will give you a leg up in your accounting and auditing studies.

    Here are some of the advantages of membership. And by the way I am on the SA IIA Board!

     

    Member ID: 1681012
    Expiration: 10/31/2014

    Dear Dennis,

    Thank you for your membership with The IIA. You are part of a global network of more than 180,000 members in 190 countries who are dedicated to developing and advancing the profession.

    You are an important part of The IIA’s mission, and your membership helped us achieve our goals and make a difference this past year, including:

    • Launch of The IIA COSO Resource Center providing the most comprehensive list of resources, tools, and training to support implementation of the COSO Internal Control‒Integrated Framework.
    • Implementation of free CPE reporting, saving certified members up to $500 per year in reporting fees.
    • Launch of the new Partner Savings Program offering discounts on services from partners such as GEICO, Hertz, T-Mobile and others. 

    The IIA is committed to advocating and promoting the value of internal auditing, but just as important is our dedication to your professional development and to helping you reach your career goals. Your membership will allow us to continue to serve you with unprecedented programs and services in the coming year, including:

    • New! IIA SmartBrief ‒ a weekly e-newsletter bringing you timely news stories affecting internal audit.
    • Members-only Webinars ‒ free monthly training to earn valuable CPE credits.
    • Ia Magazine – an award-winning magazine providing you witha global perspective on the latest news affecting the profession, both in print and online with a mobile app.

    With exciting new resources and our ongoing commitment to your professional success, the value of your membership is ever-increasing.

    Your membership will expire on 10/31/2014. Please take a moment to renew your membership online today.

    Please contact Customer Relations or call +1-407-937-1111 with any questions. You can also find helpful answers to your membership questions by visiting our Membership FAQ page. We look forward to serving you in 2014 and beyond!

    Respectfully,

     

  • Professor Elam

    Convergence with IASB, Forget It!

    Friday August 1, 2014

    I called this one correctly!  I Have maintained that the SEC would not want to give up rule making authority and sure enough the IASB has formally announced it ain't gonna happen.  For years we have herard that convergence was just around the corner as the distance to that corner grew longer and longer. YOu can read the exasperation in Hans statement for the US position. And frankly this is another reason not to locate an international firm in America.

    I have to agree with Hans, this seems foolish, and in light of US firms mvoing offshore to avoid taxes is rather ironic. With SARBOX, Dodd Frank, and a 35% corporate tax rate I would not locate here, would you?

  • Professor Elam

    Part Time Accounting Position

    Friday August 1 2014

     

    *Job ID:

    4271

    *Job Title:

    PT-Accountant

     Organization Name:

    Relink Southwest Texas Conference of the United Methodist Church

    No of Openings:

    1

    Work Schedule:

    between 8:30am to 5:00pm (Flexible)

    Hours per Week:

    20

    Wage/Salary:

    $10.00/hour

    *Job Description:

    Ideal candidate is a full time student looking for part time work. 
    A. Communicating at various levels regarding accounting and auditing services. 
    B. Initiating accounting and auditing services by engagement letter. 
    C. Receiving, filing and safeguarding client financial data. 
    D. Auditing financial data including written reports. 
    E. Other duties as may be assigned. 

    *Qualifications:

    Ideal candidate is a full time student looking for part time work. 
    Senior or Junior undergraduate/graduate business student majoring in accounting 

    -Must have taken at least one auditing class 

    -Computer proficient 

    -Excellent communication skills (written and verbal) 
    -Basic Accounting skills 

    *How to Apply:

    Ideal candidate is a full time student looking for part time work. 
    Senior or Junior undergraduate/graduate business student majoring in accounting. 

    email resume via email to: alicial@umcswtx.org 
    with "A&M-SA Accountant" in the subject line 

    First Name: Alicia 
    Last Name: Leyva 
    Address : 16400 Huebner Road 
    City: San Antonio 
    State: TX 
    Zip: 78248 
    Phone: (210) 408-4530 
    Email : alicial@umcswtx.org 

    Employer Website : http://www.umcswtx.org/ 

     

     

  • Professor Elam

    Air Force Audit Position Available

    Friday August 1, 2014

    Good Afternoon All,

    I would like to ask your assistance in getting the word out regarding recruitment announcement for an Auditor position located here in San Antonio.  The posting was received from the Air Force Audit Office.  The job is open to graduates within the last 2 years (or completed a degree 27 Dec 2010 to 10 July 2012). It requires a Bachelor's Degree in any discipline but with at least 24 hours total in accounting, including business law courses.  Applicants are recommended to apply ASAP given the announcement closes Wednesday, August 6th.  Job announcement can be found athttps://www.usajobs.gov/GetJob/ViewDetails/377105100

    I thank you in advance for any assistance you can provide in marketing this opportunity.  

    Thanks,

    Clarissa E. Tejeda
    Career Advisor 
    Texas A&M University-San Antonio
    Brooks City-Base Campus, Rm 104
    Clarissa.Tejeda@tamusa.tamus.edu
    Office: (210) 784-1339 |  Fax: (210) 784-1498
    http://www.tamusa.tamus.edu/careerservices/

  • Professor Elam

    IRS Cuts Taxpayer Assistance

    Tuesday July 29 2014

    An alert TAMUSA accounting student forwarded this to me

    IRS cuts tax serivices to those that need it most.   The IRS has cut taxpayer assistance usually requested by non English speakers or low income groups. I would add this is at the same time the IRS was insisting that attorneys and CPAs obatain another level of taxpayer certification. They did accomplish this for others in the business who are not among those two groups.

  • Professor Elam

    Default Watch

    Monday July 28, 2014

    Argentina Wants to Pay Interest but not the Principal, Wednesday Deadline Looms

    It was the Holding Company, not the bank that defaulted, what me worry?  POrtugal is on the radar screen, again. 

    Russia Forgives $30 B in Cuban Debt  It's Like the Cuban Missle Crisis never happened!

    Russia Ordered to Pay $50 B to Yukos Yeah good luck on collecting that one along with responsibilityfor shooting down the Airliner

    THisTime It's Not Different from the David Stockman Blog

    Stockman also explains how the central bank zero interest rate policy has led to another expansion of junk loans with little collateral, hey it's free money right?  Let rates edge up and we are right back to 2008 whne the sub primes could not pay

    Student Loan Delinquencies on Rise to New Highs