What do you do if you work for PwC and you’re due to be promoted to a partner in October?
Well, if you’re Max Livingstone-Learmonth the answer is to catch a suspected handbag thief.
Now, this in itself is admirable but Mr Livingstone-Learmonth did it in style as he was actually dressed as a bishop.
“A future partner of PwC dressed as a bishop?” I hear you ask.
Although it may sound strange that he was dressed as a bishop, he was in fact in fancy dress as he was part of a charity world record attempt for the longest non-stop relay.
He was running as part of the I Move London Relay. This involved 2,500 runners taking it in turns to carry a relay baton over a combined distance of 4,000 miles by running 10km and 5km loops continuously over 30 days and nights in central London.
Mr Livingstone-Learmonth was part of the team of runners and according to London’s Evening Standard newspaper, he saw a woman chasing a man who had reportedly taken her bag. He then sprinted 100 metres to her rescue and caught up with the thief keeping him pinned to the wall until the police arrived.
He told the newspaper that “I’m not religious but it does feel a bit like divine intervention that I was there”.
He went on to explain that “A guy shouted, ‘stop that man’, and it was just pure instinct to run after him. I caught up to him and pinned him to a wall with my crosier.”
“I said, ‘It’s not your day if you’ve been run down by a bishop’,” he added.
So, well done to the future partner but one thing is even more impressive – during the struggle he kept hold of the relay baton. If he had dropped it the Guinness World Record attempt would have been jeopardised as it would not have been a complete relay.
Nice work Mr Livingstone-Learmonth.
https://www.theexpgroup.com/wp-content/uploads/2018/08/pwc-handbag.png9441678Steve Crossmanhttps://www.theexpgroup.com/wp-content/uploads/2018/06/styleguide-EXP-4.pngSteve Crossman2018-08-09 21:10:532018-08-10 15:56:16PwC, a Bishop and a thief...
Overall results from the most recent FRC inspections during 2017/18 show that 72% of audits required no more than limited improvements (compared to 78% in 2016/17). Or to put it another way, 28% of the audits reviewed required improvements (category 2B) or significant improvements (category 3).
For KPMG though things were particularly bad. When the FRC looked at their audits within the FTSE 350 (the largest 350 companies on the London stock exchange), they found that 50% required MORE than just limited improvements (compared to 35% in the previous year).
If you take a step back then this really isn’t very good is it. If you went to a restaurant where 50% of the meals served required more than limited improvements you’d be unlikely to go back to that restaurant again and I’m sure that restaurant wouldn’t be in business for much longer.
KPMG are going to face increased scrutiny by the FRC in the next round of inspections. 25% more KPMG audits will be examined over the 2018/19 cycle of work and the implementation of their Audit Quality Plan will be closely monitored.
So what went wrong?
The FRC noted that there were a number of factors. These included a failure to challenge management and show appropriate scepticism across their audits.
Stephen Haddrill, CEO of the FRC, said “At a time when public trust in business and in audit is in the spotlight, the Big 4 must improve the quality of their audits and do so quickly. They must address urgently several factors that are vital to audit, including the level of challenge and scepticism by auditors, in particular in their bank audits. We also expect improvements in group audits and in the audit of pension balances. Firms must strenuously renew their efforts to improve audit quality to meet the legitimate expectation of investors and other stakeholders.”
Whilst the level of quality found within the Big 4 audits fell, the performance of the mid tier companies improved. The FRC inspections on BDO, GT, Mazars and Moore Stephens showed general improvements in the quality of inspected audits.
The FRC’s Audit Quality Review is explained in more detail here and if you’re interested in reading the reports on the individual firms they can be found on the following links:
https://www.theexpgroup.com/wp-content/uploads/2018/07/big-4-frc-report.png9441678Steve Crossmanhttps://www.theexpgroup.com/wp-content/uploads/2018/06/styleguide-EXP-4.pngSteve Crossman2018-07-05 08:39:242018-07-05 08:55:52Room for improvement at the Big 4...
If you look at the finance side of running a bar then things should (in theory) be quite simple. Revenue is what your customers pay for the drinks they buy and the main expenses are the amount you pay to the brewery for the beer, staff wages and property costs.
Over in Belgium though some bars are facing a unique problem which is causing unwanted expenses but it looks though that they are coming up with some ingenious solutions.
Belgium is famous for its beers. Monks from local Abbeys started brewing different types of beer in the 12th century and nowadays some of the bars in tourist areas in Brussels and Bruges stock several hundred different types of beers.
Each of these beers has their own particular glass which it is served in. These glasses come in all shapes and sizes and are nice looking objects.
Unfortunately for the bar owners they are also very collectable in the eyes of certain tourists. As a result, lots of these glasses go missing as tourists take them for a souvenir.
This can involve a significant number of glasses. Tens of thousands of glasses a year are stolen in Belgium and replacing these glasses represents a significant cost.
Some of the bars are coming up with innovative ideas to stop the thefts.
The Bruges Beerwall café had 4,000 glasses taken in one year and has now introduced security alarms which are attached to each glass. If a glass is taken past the scanner at the door an alarm sounds.
A slightly less hi-tech solution to the problem (but arguably as effective) can be found at the Dulle Griet bar in the Belgium town of Ghent.
The bar stocks over 500 different types of beers and has some very attractive glasses in which these are served. If you want to have a drink though you have to hand over some security to make sure you don’t steal the glass.
The security is a shoe.
And not just any shoe but one of the shoes you are wearing. You hand it over and it is put in a basket which is then pulled up to the ceiling so that you can have a drink knowing that your “security shoe” is safe in the basket.
A great idea by the bar to keep the thefts of their glasses to a minimum and it has proved so successful that it has now become a bit of a tourist attraction with people popping in to look at the basket and have a drink.
One thought does spring to mind though and with 500 tasty beers on the menu I wonder how many customers have had one too many drinks and woke up in the morning with different shoes on each foot….
https://www.theexpgroup.com/wp-content/uploads/2018/06/belgium-beer-profits.png9441678Steve Crossmanhttps://www.theexpgroup.com/wp-content/uploads/2018/06/styleguide-EXP-4.pngSteve Crossman2018-06-17 15:04:332018-06-21 15:15:49Don't put your foot in it...
What’s one way of increasing the chances of getting hold of someone’s password?
Does it involve the use of the very latest supercomputer? Does it involve some clever IT geeks hacking into a computer for you?
Or does it involve chocolate?
A bit of research published in the journal Computers in Human Behaviour attempted to find out how people are obligated by the kindness of others. Or in other words, if someone does something nice for a person, how likely is it that the person will be nice back to them?
The researchers in Luxembourg conducted a survey of random people in the street asking them about internet security including questions about passwords.
Some of the people interviewed were given chocolate and some weren’t.
30% of those that were not given chocolate revealed their passwords which to me is a surprisingly high percentage and just goes to show that quite often human stupidity is the weakest link in internet security.
For the people who were given chocolate at the beginning of the interview the figure rose to 44% and if the chocolate was given just before the question on passwords was asked an incredible 48% gave their passwords! Yes, nearly half of the people asked their passwords as part of a survey told a complete stranger their password if they had been given chocolate.
Andre Melzer, the author of the study said that “when someone does something nice for us we automatically feel obliged to return the favour”.
So, in conclusion, if someone walks up to you in the office and offers you a piece of chocolate be careful what you say…
https://www.theexpgroup.com/wp-content/uploads/2016/07/chocolate.png9211637Steve Crossmanhttps://www.theexpgroup.com/wp-content/uploads/2018/06/styleguide-EXP-4.pngSteve Crossman2018-05-25 02:55:442018-05-25 02:55:44Would you do this for a bit of chocolate?
A lot of our readers are accountants or are training to be accountants. It should arguably follow therefore that you are good with figures. You are good with numbers and can manage your finances.
Not everyone though may be as good at managing their own personal finances and for any of you who may have problems controlling your spending, a new product will shortly be hitting the market which could be of interest to you.
A British company by the name of Intelligent Environments has developed a wristband that will deliver an electric shock to the wearer when they exceed pre-set spending limits.
The Pavlok wristband links to an individual’s online bank account and when a pre-set limit is exceeded a 255-volt electric charge is delivered to the wearer. The wristband is named after the Russian scientist Ivan Pavlov whose research showed that the behaviour of dogs could be altered by the prospect of reward or punishment.
Submitting yourself to an electric shock to stop yourself spending money does seem a bit extreme and with a cost of £120 then the buyer may well end up having an electric shock earlier than anticipated…
https://www.theexpgroup.com/wp-content/uploads/2016/07/Financial-Control.png8301475Steve Crossmanhttps://www.theexpgroup.com/wp-content/uploads/2018/06/styleguide-EXP-4.pngSteve Crossman2018-05-17 11:53:422018-05-17 11:53:42This is shocking…
Do you have children? Have they ever told you a lie? Even a small teeny weeny lie?
Well, if they have then although you may not be particularly pleased with them, it may actually mean that they have good memories and excellent thinking skills.
Psychologists at the University of Sheffield tested 135 children and found that those children that lied performed much better than the honest children in the group.
The children in the study were aged between 6 and 7 years old and during the study they were given a trivia game. The answers to the trivia game were on the back of the card which they had been given. Initially, each child was in a room accompanied by one of the researchers but the researcher then left the child alone with the card with the answer on the back.
Before leaving the room the researcher told the children not to look at the answer but what the children didn’t know was that when they were alone in the room there were hidden cameras which were monitoring whether they would look at the answers on the back.
25% of the group subsequently cheated and looked at the answers on the back of their cards but claimed that they hadn’t cheated when the researcher returned to the room.
At a later stage, all of the children had to perform a separate memory test and the research found that the children who had lied performed significantly better than those children who didn’t lie.
Dr Tracy Alloway, project lead from the University of North Florida was also involved in the research and said that “this research shows that thought processes, specifically verbal working memory, are important to complex social interactions like lying because the children needed to juggle multiple pieces of information while keeping the researcher’s perspective in mind”.
This has got me thinking as a lot of the readers of this blog are accountants or studying to be accountants.
“Thought processes”, “verbal working memory”, “juggling multiple pieces of information” and “keeping other people’s perspective in mind” are all skills which many accountants need.
Does this mean that you would make a good accountant if you were a good liar when you were a child?
Whatever your answer is, I’m not sure I would believe you…
https://www.theexpgroup.com/wp-content/uploads/2016/02/Young-accountant.jpg7691361Steve Crossmanhttps://www.theexpgroup.com/wp-content/uploads/2018/06/styleguide-EXP-4.pngSteve Crossman2018-05-03 13:00:252018-05-03 13:00:25Would a good liar make a good accountant?
We’ve all been there haven’t we? Long boring meetings that don’t seem to be going anywhere.
Maybe you’ve tried to give the impression of being interested in what was being said but in reality the meeting wasn’t relevant for you and your mind was wandering to other more interesting things.
Well, if you’re not a great lover of excessive meetings then you are not alone. In fact, you share the thoughts of an incredibly successful and admired business person. Namely, Elon Musk.
Mr Musk’s current business interests include Tesla and SpaceX.
In the past he founded x.com which later became PayPal. Paypal was subsequently bought by eBay for $1.5 billion.
He currently has a net worth in excess of $20 billion.
But what does he think about meetings?
In an email to his staff that was leaked to the electrek website there were a few productivity recommendations:
In the words of Mr Musk, these include:
– Excessive meetings are the blight of big companies and almost always get worse over time. Please get of all large meetings, unless you’re certain they are providing value to the whole audience, in which case keep them very short.
– Also get rid of frequent meetings, unless you are dealing with an extremely urgent matter. Meeting frequency should drop rapidly once the urgent matter is resolved.
– Walk out of a meeting or drop off a call as soon as it is obvious you aren’t adding value. It is not rude to leave, it is rude to make someone stay and waste their time.
– Don’t use acronyms or nonsense words for objects, software or processes at Tesla. In general, anything that requires an explanation inhibits communication. We don’t want people to have to memorize a glossary just to function at Tesla.
– Communication should travel via the shortest path necessary to get the job done, not through the “chain of command”. Any manager who attempts to enforce chain of command communication will soon find themselves working elsewhere.
– A major source of issues is poor communication between depts. The way to solve this is allow free flow of information between all levels. If, in order to get something done between depts, an individual contributor has to talk to their manager, who talks to a director, who talks to a VP, who talks to another VP, who talks to a director, who talks to a manager, who talks to someone doing the actual work, then super dumb things will happen. It must be ok for people to talk directly and just make the right thing happen.
– In general, always pick common sense as your guide. If following a “company rule” is obviously ridiculous in a particular situation, such that it would make for a great Dilbert cartoon, then the rule should change.
Nicely said Mr Musk.
https://www.theexpgroup.com/wp-content/uploads/2018/03/Tesla_garage.jpg19883534Steve Crossmanhttps://www.theexpgroup.com/wp-content/uploads/2018/06/styleguide-EXP-4.pngSteve Crossman2018-04-17 22:54:212018-06-11 10:50:27Nicely said Mr Musk
Homelessness is a growing problem in a lot of countries but coffee company “Change Please” has come up with a brilliant business model that could help.
They’ve brought together the problem of homelessness with people’s love of coffee and have created a radically different coffee company that is now looking to expand around the globe.
Their whole focus is on helping people whilst at the same time providing an excellent cup of coffee to the end customer at a fair market price.
When it comes to suppliers, the coffee beans they use are from farms that support local communities. For example, one of their suppliers from Peru helps victims of domestic abuse and a supplier from Tanzania helps people injured by landmines.
Once the coffee beans arrive in the UK, the people who roast them and serve them are people who have been homeless and sleeping on the streets. They are trained as baristas and work at one of the company’s locations. They are paid the Living Wage of £10.20 per hour and are given help in terms of opening bank accounts and finding housing.
Whilst the big coffee chains such as Starbucks and Costa Coffee are discussing introducing recyclable cups, Change Please has beaten them to it as all of their cups are 100% recyclable.
All profits are being invested in helping reduce the level of homelessness.
Things are going well for the organisation and they are planning on expanding the number of locations they operate from in the UK. They are also in talks to open in Australia and America with the same ethos of helping homeless people get back on their feet via a well and truly ethical cup of coffee.
They have also signed agreements with 2 big supermarkets, Sainsburys and Ocado, to stock packets of Change Please coffee beans.
It’s a common sound on the streets of cities in the UK to hear people asking if you have any “Change please”. With this fantastic business model for a coffee company, hopefully it will soon be a common sight to see the request for “Change please” replaced by coffee outlets called “Change Please”.
That’s an interesting question and I’m sure that along with most other professions there are people you can trust and people you can’t trust.
If I asked the question about trusting accountants to the rock band Deep Purple though I’m pretty sure what answer I’d get.
Dipak Shanker Rao looked after the accounts of Deep Purple for more than 20 years.
In fact, to be fair when I said that he “looked after” the accounts maybe I should have said that he siphoned off more than £2 million of the band’s money without their permission.
Mr Rao has admitted “borrowing” at least £2.27 million from two of the companies within the Deep Purple empire. HEC Enterprises and Deep Purple (Overseas) owned the copyright to a lot of the band’s songs but the companies went into receivership in 2016.
Out of the £2.27 million borrowed by Rao, only £477,000 has been recovered. Ian Gillan, Ian Paice and Roger Glover (members of the band) are suing Mr Rao for up to £4 million.
In the meantime, Mr Rao has been struck off as an accountant and banned from managing or controlling a company until 2028.
One of Deep Purple’s most famous songs is called “Mistreated” and I’m sure that they feel that way at the moment…
https://www.theexpgroup.com/wp-content/uploads/2018/02/Deep-Purple-Accountant.jpg477848Steve Crossmanhttps://www.theexpgroup.com/wp-content/uploads/2018/06/styleguide-EXP-4.pngSteve Crossman2018-02-02 21:23:172018-05-11 07:39:33Can you trust an accountant?
Sometimes it’s the simple scams that can cause the most damage.
We hear all the time about ignoring scam phishing emails where fraudsters are pretending to be banks to get online bank account log in details but there’s a new scam involving email which is costing some people a lot of money.
The Art Newspaper has reported that at least nine art galleries and art dealers have been caught up by the fraud. The amounts lost to the fraudsters have been significant with amounts ranging from £10,000 to £1 million.
The fraud itself is fairly simple.
The fraudsters hack into an organisation’s email system and look out for emails sending invoices to clients.
For example, if an art dealer has made a sale of a piece of art and then emails the invoice through to the customer for payment, the fraudsters send another email straight after the original email.
This second email looks like it’s come from the art dealer and includes an identical invoice with the only exception being it has a different bank account on it for payment of the invoice. Yes, you’ve guessed it but the bank details on the second invoice are not those of the art dealer but instead are details of a bank account in the name of the fraudsters.
The customer innocently pays the invoice as it looks genuine and as soon as the money is received the fraudsters withdraw the money, close the bank account and are never heard of again.
As far as the art dealer is concerned they are waiting for the payment to be made but the customer has already paid the money but to the fraudster. By the time the fraud is discovered it is too late.
There’s a fairly simple solution to this and ensuring that anti-virus programmes are up to date and email passwords are changed regularly will go a long way in preventing this sort of fraud.
https://www.theexpgroup.com/wp-content/uploads/2017/11/email-alert.jpg477848Steve Crossmanhttps://www.theexpgroup.com/wp-content/uploads/2018/06/styleguide-EXP-4.pngSteve Crossman2017-11-12 13:55:452018-01-26 12:54:20I never emailed you...
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