by Gary Adamson of Adamson Advisory
The universal measure of profitability in accounting firms is average income per partner. Another universal tool is the annual Rosenberg National MAP Survey. It’s a must-have for running your firm.
In the latest survey, Rosenberg identifies his “elite” firms, which are the 54 that had income per partner of more than $500,000. Not bad considering it is based on 2009 economic data—from the middle of the recession.
It’s interesting, if you dig into the data in the survey, you will find that these 54 aren’t just the biggest firms, although as Rosenberg puts it, bigger is better in terms of profitability. In fact, 24 of them are in the $2-$10 million fee range and three are sole proprietors.
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Written on
August 29, 2011 in
Jobs
1. Alcoa is looking for a junior Accountant/Analyst in the accounting department at their Vaughan facility.
Responsibilities:
- Accounts payable invoice processing.
- Sales invoice booking
- Daily revenue and PL reporting in Excel
- Reconciliation and ad hoc analysis
- Supporting controller in month end reporting
Requirements:
- 2-5 years accounting experience with manufacturing set up in General accounting area
- Knowledge of ERP system, JD Edwards preferred
- Excellent Excel proficiency
- Very good communication
Anyone interested can forward their resume to Rahim Siamoui.
2. A Mississauga company is looking for an Accounts Receivable/Junior Accountant. For more details, contact Vizona Au.
3. An Intermediate accountant (= pre-designation) is needed for a 2-day-per-week contract by a company near Union Station in downtown Toronto. For more details, contact Sonia Pedersen.
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Three of the four Deloitte audit partners on the Livent Inc. file have lost in the Ontario Court of Appeal.
Livent Inc. was a public company that promoted live musical entertainment and musical theatre in Canada and the United States. It was also involved in the construction and management of theatres. At the relevant time, Garth Drabinsky and Myron Gottlieb were Livent’s largest shareholders and its two most senior officers. Deloitte & Touche LLP was Livent’s auditor for the fiscal years 1989 to 1997. The three partners were senior members of the Deloitte audit team responsible for the 1997 Livent audit. In April 1998, Deloitte released an unqualified audit opinion approving the 1997 financial statements of Livent. Later in 1998, under new management, serious financial irregularities were discovered in Livent’s books. An internal investigation resulted in the re-statement of Livent’s 1996 and 1997 financial statements, and criminal fraud charges were brought against Drabinsky and Gottlieb.
The ICAO, the licensing and governing body of chartered accountants in Ontario, subsequently brought charges of professional misconduct against four senior Deloitte accountants involved in the 1997 audit. They were charged with professional misconduct for allegedly having failed to adhere to accounting and auditing standards.
For further details of the subsequent events, please see the cogent decision here: http://www.canlii.org/en/on/onca/doc/2011/2011onca409/2011onca409.html
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