Professor Elam

Accounting & Investing Info for San Antonio A & M

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  • Professor Elam

    Texas Tech Establishes School of Accounting

    Monday April 22 2013

    Texas Tech  will be the first University in Texas to establish a separate School of Accounting. This puts accounting on an equal footing with their law and medical schools. This only makes sense. 

    My take is that the smaller schools around the state would be better off to focus on Certified Internal Audit or Certified Management Accounting  at the undergrad level. This would serve their student populations much better. The graduate programs at larger schools that can afford to really staff such grad programs could focus on CPA. 

  • Professor Elam

    Survey on Streaming Video and E Mail

    Thursday April 18 2013

    Dear Faculty,

    ITAC (the university’s Information Technology Advisory Council) is looking at several different options for streaming video and student email.  Before we make a decision, we would like student input as to what are the important and needed functionalities.

     

    A link to a survey has already been posted on the Blackboard login page but in an attempt to increase the response rate, we are requesting that faculty post the Survey Monkey link (below) in their Blackboard classroom or send an email to their students to complete the short survey. It should take them less than 5 minutes to complete.

     

    I appreciate your assistance!

     

    The survey can be found at:  https://www.surveymonkey.com/s/63GLWKK

  • Professor Elam

    Scott London Fired KPMG Partner

    Tuesday April 16 2013

    Business Insider reports that  Scott London received a few meals, a $12,000 Rolex, and $25,000 for exchanging information about a client. Now he faces prison. What ws he thinking?

    One would think he will lose his CPA license over this, especially if he gets jail time.

    ON the other hand redemption extends its hand to the Rogue Trader Nick Leeson.  Leeson brought down Barings Bank, served time, and now is a Financial Advisor in Ireland, go figure.

    Would you hire Scott London?

  • Professor Elam

    Entrepreneur Night

    Monday April 15 2013

    The South San Antonio Chamber of Commerceis sponsoring Entrepreneur NIght here Wednesday April 17 2013

    Tables from 4 30 – 5 30

    Lectures from 5 30 – 7 PM

    Topics include

    Using your Chamber Membership to expand your business

    HOw to publicize your business

    How to Hire the Right People

    Resources for your new BUsiness

     

     

  • Professor Elam

    KPMG Insider Leaks

    Monday April 15 2013

    Here is the latest on the KPMG Audit Partner.

    This fellow leaked information in exchange for a $12,000 rolex watch and an unknown amount of money but it was apparenlty tens of thousands not millions. After a 29 year career at one firm and rising to partner this is quite a statement. Would you trade your reputation for a watch?  I like my Timex, I have owned a Rolex and the Timex far handier. I am also not worried about anyone stealing my beat up $35 watch. 

    I hope the class will read some other articles on this, a longer one is embedded in this link. This makes for an excellent ethics discussion in class. 

    IN Ethics class we discussed the record fine KPMG paid just ten years ago for peddling tax shelters. 

    Here is  a link to the KPMG Case I published.

  • Professor Elam

    What Was the SAISD Board Thinking?

    Weekend April  14 2013

    Manuel Isquierdo  withdrew his name as candidate for Superintendent of San Antonio Independent School  District. 

    The board was unanimous Monday night when it named Isquierdo. By the time he withdrew Friday, three of its members were openly skeptical he could be a role model for students when he owed $150,000 in federal taxes, had reimbursed his Tucson-area school district $12,545 in disallowed credit card charges and couldn't explain why a grand jury in Arizona wanted information about his marketing of a school laptop program.

    Read more: http://www.mysanantonio.com/news/education/article/SAISD-board-at-odds-

    4432998.php#ixzz2QQjyjLYk

    The $150,000 tax due was caused by selling a California home at a $400,000 loss. So what to do, well double down!  He then bought a $1.15 Million golf community home with $5,000 down. I am assuming he was hoping to flip that house for more money to pay the tax bill but who knows. His claim to fame was creating a lap top program that supposedly increased graduation rates. High tech is the latest fad in Education and all sort of claims are made that students are magically transformed by putting information on an electronic screen rather than a printed page. I suspect his school district merely inflated grades and graduated more students. 

    At any rate, the Board voted 7-0 to hire a person with questionable financial understanding to run a multi million dollar school district. And your Mayor was on the scene apparently cheering for this guy. 

    Another article quotes a financial blogger questioning the housing choices. And so the candidate 'withdrew' his name. 

    It is simply outrageous that a person with a record of making such decisions would be considered for such a job. This board needs some well informed, well financed opponents. 

     

  • Professor Elam

    Controls at KPMG?

    Wednesday April 10 2013

    There are more reports on the KPMG Los Angeles partner resignation in the news. As one client asks, what controls does KPMG have in place to prevent a 'rogue' employee from peddling inside information. 

    I published a Business Case Study on KPMG's Tax Shelter Fine. The fact that there are recurring problems at KPMG after they paid the biggest criminal fine in history with out a trial raises questions about their internal controls. 

    The Heard on the Street column in today's WSJ discusses the idea of actually signing reports with the personal name of the  audit partner. The UK actually requires this. The idea is that knowing who is in charge will lead to more responsibility. 

    External accounting firms are held to a high standard of trust. Now that the number of Big Firms has narrowed from eight to four, the business can ill afford another incident that might implode a firm ala Arthur Andersen. This bears watching. 

  • Professor Elam

    What’s Up with KPMG?

    Tuesday April 9 2013

    KPMG and Skechers part company. THe lead audit partner is under SEC investigation.

    KPMG kicked out of Herbalife Audit, partner fired. When it rains it pours eh?

    The press release says the 22,000 partners condem all this but the publicity is never good.

  • Professor Elam

    Student Rating of Instructors

    Tuesday April 9 2013

    Texas A&M University-San Antonio values the opinions and feedback of our students on the quality of instruction. The "Student Rating of Instruction" (SRI) system gives each student a brief survey for each course he or she is enrolled in at Texas A&M-San Antonio. This semester, we will be conducting the SRIs via an online platform. Paper and pencil evaluations will not be used.

    On 4/11/2013 students will receive emails (Jaguar email accounts) with a hyperlink to the SRI for each class. In addition, they can find a link to their SRIs after they login to Blackboard (in the left hand Tools menu on the My Institution landing page – NOT in your courses). Please note the following:

    -       The evaluation can only be completed once for each class.   

    -       Evaluations are confidential, and faculty and administrators are unable to link student information with completed evaluations.

          -       Surveys for Spring 2013 must be completed by 5:00 p.m. on 5/3/2013.

          -       Faculty members will be able to access the results for review one week after final course grades are due (after final course grades have been posted)

    -   While you will not be able to access results until one week after final course grades are due, you will be able to view your class response rates as soon as your students begin to respond. You can view this information by clicking on this link Login.  Please do not share this link with others.

  • Professor Elam

    Margaret Thatcher Remembered

    Tuesday April 9 2013

     The World Changing Margaret Thatcher by British Historian Paul Johnson. Have you read any of Paul Johnson's books?

    The American Margaret Thatcher has yet to emerge. Why not I wonder?  With a record number of female senators I still fail to see one of real conservative conviction.  Where is the person of priciple rather than convenient political vote of the moment?  We do not lack for females with massive progressive conviction, Diane Feinstein and Barbara Boxer continue to lead their state of California to financial oblivion. Stockton CA is now the largest US city currently in bankruptcy. 

    Here are some quotes from the Iron Lady. My personal favorite of hers not included in this list - 

    I tend to avoid compromise as it invariably leads to an abdication  of principle.