Picture it: You’re on your way to a strategic meeting with one client when another client calls. He needs figures from the report you ran last month on the impact, return and costs of a campaign for his own meeting later in the afternoon.

You know you won’t be back at your desk in time to send over the information, but because you’ve got your Smartphone with you, there’s no need to panic.

Although targeted towards UK readers, Silicon.com’s “10 iPhone Apps for Finance Professionals” is a great list of tools for the financial professional to use on the go and as a quick substitute for, or in addition to, other applications designed to help the number-crunchers.

Whether it’s catching up on your financial news and market data with the Financial Times, updating and tracking your budget with iXpenseit, or running financial reports for a company with Easy Books, these apps are designed to make your job that much easier. Best of all – most are free!

Is there a favorite mobile app not listed that you use? Share it with us in the comments below and let us know how the apps on Silicon’s “Top 10” list work for you.

It’s no different when considering jobs and making your business eye-catching is a great way to ensure top talent will want to know more about working for you.

Your existing team is a big factor in the quality of your future talent. Employees want to know that their work will not be hindered or undermined by fellow employees.

The best want to work with the best. Look around you and assess whether or not you’re showing potential employees the type of worker you really want.

Keeping your group growing professionally is also a big draw for potential talent. Employees want to know that working for your company will improve their skill set, so that they can advance in their careers. Is your team taking on challenging tasks, or are you stuck in monotonous busy work? Make sure you’re helping your employees grow by pushing them to be better, but you also need to be supportive in doing so.

Rewarding employees with praise is great, and everyone appreciates being singled out for doing a great job. But at the end of the day, praise doesn’t pay bills. When great employees are looking for new jobs, money plays a big role. You have to stay competitive with your peers in your field, whether it’s a total package of benefits, potential advancement and salary or an employee-centric culture that puts the needs of the worker first.

Knowing what makes your company great will make it easier to sell, while knowing your weaknesses will give you the insight you need to improve. Learn how to make your company more attractive, and you’ll have the next generation of great employees knocking on your door.

And in the world of B2B communications, one of those technologies is a Purchasing Card Program.

Implemented correctly, Purchasing Card Programs (PCPs) allow companies to build mutually beneficial relationships directly with their vendors whenacquiring business related goods and services. It brings automated convenience, security and efficiency to laborious, paper-based accounting and reconciliation processes.

Companies adopt PCPs for a number of reasons:

• To save on processing and transaction costs. Instead of using a traditional purchase order driven process, businesses benefit from using PCPs as a means to drive paper out of the work flow process, gaining the ability to deal directly with vendors and automate payments on the back end.
• To capitalize on rebates and incentives. Businesses gain significant rebate opportunities when using a PCP. The program also allows companies to better leverage with their preferred suppliers in negotiating discounts.
• To eliminate end-of-month “crunch time.” Real-time Web data visibility and enhanced reporting capabilities allow employees to expedite review, coding, and validation of their purchases. The fully automated accounting process minimizes their need to wait for data that is usually not available until the end of the month. Automated, real-time data visibility also allows companies to more accurately capture and understand indirect spend dollars.
• To minimize fraud risk and exposure. An entire dimension of a strong PCP is dedicated to fraud prevention. With clear policies and procedures in place, along with the ability to utilize advanced card technology features, a well-managed PCP will help minimize fraud risk and exposure and potential abuse of the card.

According to the recently released RPMG report, “2010 Purchasing Card Benchmark Survey Results,” the purchasing card program is, domestically, a $161 billion dollar industry.

Also, an important ongoing industry statistic mentioned in the RPMG report shows that PCPs can save businesses an average of $71 per transaction in administrative processing costs. These process savings can often translate to fewer FTE’s and fewer resources that can then be redirected to more value added activities.

Implementing a PCP into your company workflow is no small task. The first steps to take in order to ensure streamlined implementation process with minimal surprises:

• A well-defined and detailed RFP is crucial. The more discovery and investigation a company can do upfront, the better. Uncovering true Provider capabilities and understanding how those capabilities would translate down to the business level will help fast track implementation efforts.

• Identify and engage stakeholders. A company must take a collaborative approach in deciding which PCP will implement best with current business systems and business culture.  Seek appropriate input from finance and accounting, IT, human resources, tax/audit and purchasing departments.

• Determine your company’s hierarchal and reporting needs. Companies may need to examine taking a more granular approach to their reporting process in order to benefit from spend detail available in the PCP system, and therefore, optimize data mining opportunities.

Part II in the Purchasing Card Program blog series will explore the process of determining a company’s structural and hierarchal needs as well as the formation of cross-sectional and business pilot testing groups.

- JoAnn Vernacchia

The work force is listening more intently as the sound of opportunity has begun knocking softly.  As employees are becoming increasingly confident that the recession is nearing an end, hiring opportunities are beginning to entice many to let go of the jobs they were holding onto so dearly and venture out in their fields to see what else may be available.

Recent reports indicate that an increasing number of employees have been turning in their resignations and experts say that number could grow in the coming months.  Many people were simply biding their time at jobs that offered them security during unsettling economic times.   The recession resulted in many lost jobs, as we all know, but it also resulted in people remaining in positions that they were not a 100% satisfied with.  The risk of leaving those positions posed the threat of unemployment.  Nothing was guaranteed and people stopped reaching out to their networks in search of advancement in their fields.  Times, they are a changin’….

In a poll conducted by human-resources consultant Right Management at the end of 2009, 60% of workers said they intended to leave their jobs when the market got better. “The research is fairly alarming,” says Michael Haid, senior vice president of global solutions for Right Management. “The churn for companies could be very costly.”

To re-engage employees, we recommend that companies put forth efforts now before the costly effects of recruiting new talent becomes a necessity.   Whether you hold group meetings or facilitate one-on-one discussions with employees, give them a chance to air grievances, express concerns and offer a platform for employee suggestions.  This type of interaction will allow employers the rare chance to discover ways to improve employer-employee relations and provide employees a sense of ownership and importance within your organization.  The goal is to catch people before they are on their way out.  Employees are far less likely to turn in those pink slips if they feel they have a voice within your company.

Fahrenheit Finance is here to help your organization survive the roller coaster many refer to as the job market.  Give us a shout if we can assist your team, 804-955-4440.

One of the easiest and most effective ways to ensure career sustainability is to develop better listening skills.   The ability to listen comes naturally to some and challenging to others.  Either way the fact remains that learning to effectively listen in the workplace inspires loyalty and demonstrates respect.

By becoming a better listener, you will improve your and others’ productivity, as well as your ability to influence, persuade, and negotiate. What’s more, you’ll avoid conflict and misunderstandings – all necessary for workplace success.

Evolving into a better listener can be as easy as following these practices that we discovered from Andy Robinson, Executive Career Coach from Career Success Radio Show.  We’ve included our own perspective following each practice:

1. Listen for ideas and central themes. Rather than plotting your rebuttal or being distracted by minor details, strive to unveil the speaker’s main point.
2. Judge content, not delivery. Many people experience anxiety when trying to express concern or new ideas, be patient and focus on what is being said, not how it is said.
3. Search for areas of interest. Enthusiasm is contagious, so try to get on the same wavelength of the speaker and seek points beneficial to you personally.
4. Don’t jump to conclusions. Assumptions are hardly ever a good thing and could lead you to missing important info because you’ve tuned out based on prior knowledge.
5. Be an active listener. Asking your speaker to clarify certain points or follow-up questions is one of the biggest forms of flattery in the business world.  This proves that you were intently listening, therefore validating your speaker and improving your relationship with them.

One of the greatest examples of the dysfunctional workplace relationship can be found in pop culture in almost any episode of the Simpsons.  The under-performing Homer and the detached tycoon, Mr. Burns evoke that familiar feeling of biting our nails with anticipation as Mr. Burns asks for the hundredth time, “Who the devil is that?  Simpson, eh?”   Being an effective listener ensures you will not be labeled as that stereotypical heartless boss like Mr. Burns, and hopefully it will result in employees far more productive than Homer Simpson!  And it can be as simple as opening your mind along with your ears!

Welcome to the Age of the Freelancer.  For years, large corporations have typically hired independent contractors to contribute to critical projects and recently we have seen small to mid-size business owners joining this trend.  IT professionals have been in the “freelance” mode for a while, but now we are seeing every type of employment, including sales reps to virtual assistants and now accounting and finance professionals, is among those effected.

The benefits for hiring or becoming an independent contractor are proving to outweigh the risks associated with freelance work.  There is a certain level of security being sacrificed for this type of work, however, many companies, including Fahrenheit Finance are focusing on hiring long-term project consulting teams as opposed to offering transient employment opportunity.  Gary Mathiason, senior managing shareholder at Littler Mendelson explains, “As the economy gets moving faster, there will be more opportunities, and many of those will be in contingent jobs.”  He believes a rise in the use of contingent workers will occur primarily in highly-skilled positions “as companies aim to do more project-based work with small groups of professionals they can bring in as needed.”

So why are companies abandoning the tried and true equation of loyalty + stability = better workforce?  Why are so many organizations replacing that equation with project and consulting based hires?  In this economy it just makes sense…

• Hiring several independent contractors can result in a plethora of talent and skill available versus hiring one full-time employee.

• Saving money by not offering benefits including unemployment insurance, sick/vacation days, or retirement plans.

• Reducing the size of permanent, full-time, in-house workforce.

• Allowing a company to hire employees on a trial basis before deciding whether or not to hire them as full-time employees.

“Bringing in the exact talent you need to accomplish your goal and then allowing our firm to deploy them again makes great sense.  You get 100% utilization of that consultant’s ability for what you need, then they move on to the next project and your organization doesn’t carry the burden forward.” says Rich Reinecke, Partner at Fahrenheit Finance

Although this business model seems to be extremely beneficial concerning a company’s expenses, the idea of freelancing can be appealing to individuals as well.  Many are drawn to independent contract work because it gives people the sense of great entrepreneurial independence.  An independent contractor is, in essence, his/her own boss, oftentimes able to set their own hours and determine their own workload.  The opportunity to balance professional life with personal life can be fulfilled for many when taking positions that can be accomplished from a home office.  There are those, too, that enjoy the freedom to change direction in their careers and when one project ends, the chance to gain new experience with new companies begins.

Different management styles are required for this growing segment of the workforce.  If you find your business struggling to hire employees with specific fine-tuned skills or simply cannot afford any more full-time people, independent contracting or independent project consulting teams may be your best route.  For individuals willing to sacrifice the typical perks that come with full-time employment, this new wave may help you achieve a paycheck sooner.

Fahrenheit Finance offers opportunity for project and consulting based work.  If you are interested in discussing potential employment opportunities drop us a line at tlowery@fahrenheitfinance.com.

Investigating Internal Fraud

Baseline Requirements – A successful internal investigation program should include the following baseline requirements:

• Independence – The group or individual(s) assigned responsibility to conduct internal investigations should have an appropriate level of independence to investigate all matters without inappropriate or undue influence by management
• Defined Scope and Responsibilities – Defining scope and responsibilities is particularly important if there is a team approach in conducting internal investigations, it minimizes confusion as to who is the lead investigator and each member’s role.
• Documented Procedures – The investigation process should be well-documented to ensure consistency in approach, work performed, and outcome.
• Case management system – There should be a case management system, the internal investigation system of record, that captures key data and information. The case management system can be as simple as hard copy files that consistently maintain the same information or as sophisticated as an electronic software solution.
• Skilled Staff – The individuals conducting the investigations must be experienced and knowledgeable; this is particularly true of the individuals who will be conducting the accusatory interviews.

Collaborative Approach Internal investigations should be collaborative, drawing on other groups’ knowledge or expertise:

• Audit has knowledge about the subject area’s internal controls and processes.
• Corporate Communications should be notified if there is a concern that the matter may be leaked to the news media.
• Corporate Security should be involved if there is a workplace violence concern, this group also usually has law enforcement contacts.
• Human Resources should be consulted and involved in all investigations involving employees to assist in ensuring consistency in employment decisions.
• IT can provide information on system access, and pull emails.
• Legal should be consulted when regulatory or legal requirements are not clearly defined.

Investigation Objectives – There should be two objectives of every investigation:

• Determining who committed the unethical or fraudulent activity
• Determining how the unethical or fraudulent activity occurred or went undetected

While investigations should strive to identify who committed the unethical or fraudulent activity; arguably, the more important of the two objectives is identifying how the unauthorized activity was allowed to occur and/or go undetected, and making recommendations to prevent future occurrences.

Investigation Plan – At the beginning of every investigation, an investigation plan should be developed; it is the formal framework as to how the investigation will proceed. The plan should be tailored to address the concerns noted in the allegation as well as the general investigation objectives. The plan should be considered a” living” document, that should be expanded or contracted as facts are discovered.

Investigation Fieldwork – The fieldwork is the means by which the plan is completed and the objectives achieved. All investigations should be conducted, and documented, as if the final work product will be scrutinized in a court of law. Ongoing communication with key stakeholders ensures there are no surprises; it allows the stakeholders to process the information, ask questions, and provide insight that may be relevant to the investigation.

Conducting the Interview – One of the last steps of an investigation is interviewing the individual(s) named in the allegation. Prior to doing so, an interview plan should be developed that details general and specific topics to be discussed. Additionally, the investigator should discuss potential interview outcomes (i.e. admission, denial but no reasonable explanation, denial and new information provided, etc.) with key stakeholders and agree upon actions to be taken for each outcome. This ensures that the interview concludes decisively.

The interview should consist of three individuals; the interviewer, the subject, and a witness. Ideally, the witness is someone from the subject’s management team who is familiar with related processes but doesn’t have a personal attachment to the subject. The role of the witness during the interview should be as an observer. At the conclusion of the interview the subject should be asked to provide a written statement and, if appropriate, restitution.

Reporting Results – One of the most difficult aspects of any investigation, particularly lengthy and/or complex investigations, is summarizing the investigation in a clear and concise report. Using a standard format simplifies the process. The report should not be a reiteration of the detailed investigation but instead a summary of the pertinent facts and conclusions drawn from the facts, and be written in the third person. The report should also include any findings and recommendations related to control weaknesses identified during the investigation. Management should be required to respond to the finding and recommendations within a specified timeframe with an action plan that will remediate identified risks.

Trend Analysis

In addition to reporting on the individual investigation results, periodically a “bird’s eye view” or holistic view of completed investigations should be performed to identify any overarching trends or systemic issues that should be addressed at an enterprise level.

by Tom Holland, CFE

Zigmo began a year ago with the idea to provide IT services for individuals, including PC refurbishment and small consumer network repair, including a large-scale distribution field support network for companies nationwide.   The company was created by a handful of professionals that were once a part of Circuit City’s approach to IT services, known as Firedog Service Systems.   Zigmo has transformed from the ashes of the corporate downfall of Circuit City.  As Circuit City faded from the market place, the demand for  IT solutions grew.  Zigmo evolved from that demand.

As Zigmo grew so did their need for financial expertise.  Like many small businesses, Zigmo found themselves with the question of how to most effectively handle their accounting and financial needs.  They discovered solutions through their partnership with us.  Fahrenheit provided Zigmo with CFO Services and served as the company’s fractional accounting leadership.  Leslie Trotroxell, Creative Specialist of Zigmo, explains, “Fahrenheit helped us find a part-time controller.  They pursued and secured great talent for us.”  Fahrenheit has provided strategic management for all of Zigmo’s accounting and finance functions, according to Trotroxell.

David Czerwonka, CEO and one of the founders of Zigmo explains that “Zigmo has had tremendous success using Fahrenheit Finance’s approach to helping small business.  Fahrenheit Finance understands the limited resources a start up company has and provided us the finance and accounting resources we needed on a fractional basis.  In addition, Rich and Keith helped us increase our network tremendously.”  Czerwonka concluded that “it’s karma, our partnership with the Fahrenheit team has been a success story and through that partnership many referrals and networking opportunities have arisen and I’m certain they will continue to emerge as Zigmo and Fahrenheit maintain a healthy business relationship.”

We hope to continue to see Zigmo grow and we are proud to have played an integral part in their business transformation thus far.  As an early stage company, Zigmo like many of our clients, has used our services in a fractional controller/CFO scenario.   To obtain the right resources like Zigmo, please contact us at 1-800-219-6161 or shoot us an email.

Most reports, such as the one cited above, focus on the money that’s “walked out the door”; however, there are other costs to consider which can increase the figure by as much as 3 to 5 times the reported figure. These other costs include:

• Investigation costs – the cost of maintaining an investigations department or hiring someone to conduct the investigation
• Other Departments’ Involvement – An effective investigation program is collaborative in nature, key groups involved can include HR, IT, Legal, and management
• Business Disruption – Regardless of how confidential the investigation is there will be rumors and lost productivity
• Reputational Issues – if the matter makes the news media there will be costs associated with addressing reports and repairing the company’s image
• Cost of Hiring a Replacement – estimates to replace an employee range from 30% to 45% of the individual’s first year salary

The costs and risks associated with internal fraud can be mitigated with an effective and comprehensive investigation program. The following outlines the components of an effective and comprehensive investigation program.

Framework

A company can have some of the most skilled investigators and a well-documented investigation program; however, if there is not a strong framework for the investigators to operate in then the program will be ineffective.

Tone from the Top – Senior leadership must not only “talk the talk” but “walk the walk”, they have to send a very clear message that they will not tolerate any unethical behavior or business practices by anyone regardless of position, expertise, etc.  And take appropriate action when unethical behavior is confirmed.

Code of Ethics – A company’s code of ethics must detail expected behavior. A code of ethics is not expected to deal with every possible situation; however, it should discuss, in general terms, expectations around conflicts of interests, insider trading, outside employment, compliance with policies and regulations. An effective code of ethics should require:

• Reporting of known or suspected fraudulent activity
• Cooperation in the investigation process
• Penalties for failure to cooperate

Employees should affirm their understanding and compliance upon initial employment and again on an annual basis.

Internal Controls – An effective system of internal controls not only ensures the accuracy of financial data but also can prevent and detect internal fraud. Senior leadership should hold individuals accountable for failing to adhere to internal controls.

Risk Assessments – Periodic risk assessments of functions assist in identifying what areas are vulnerable to fraud and whether adequate controls are in place to prevent or detect unauthorized activity:

• What types of fraud can occur?
• How can the fraud occur?
• What is the likelihood of occurrence?
• What is the impact (i.e. dollar amount, reputational and operational) of the fraud?

Any gaps identified during the risk assessment should be analyzed to determine if the related risks are acceptable, and if not, what actions can be taken to remediate risk / close the gaps. Risk assessments should be performed annually or as there are changes to processes, regulations, etc. and include management, as no one knows the business better than the owners of the process.

Know Who You Hire

Criminal Background Checks – Criminal background checks should be considered for positions of trust or where the individual will be controlling significant assets. Some industries such as the financial services industry, are mandated by federal regulations to perform criminal background checks. The Federal Sentences Guidelines also has a “know your employee” clause.

Financial Reviews – Financial reviews should also be considered for individuals who will be handling cash or controlling significant assets. Financial reviews are subject to Fair Credit Reporting Act and a company’s Legal department should be consulted prior to performing.

Education and Employment – Education and employment background checks should be considered for positions where acquired knowledge is critical to the success or safety of the company and its assets.

Regardless of what background checks are performed, standards or criteria should be documented as to what is acceptable or not acceptable and consistently applied.

Reporting Known or Suspected Suspicious Activity

Reporting known or suspected suspicious activity must be an easy process; if it isn’t, activity may not be reported or reported timely.

Ethics Hotline – The Sarbanes-Oxley Act requires that all publicly traded entities have the ability to receive anonymous complaints related to unethical / inappropriate accounting and/or audit activities. The complainant should also have the ability, if they desire, to report their concern directly to the Board of Directors. Though not required by the Sarbanes-Oxley Act, a best practice is that the hotline have 24 x 7 accessibility. Companies not legally required to maintain an ethics hotline should consider establishing a similar process to ensure all concerns are reported.

Other Reporting Channels – In addition to an Ethics Hotline, consideration should be given to establishing email addresses (i.e. ethicsreport@company.com) and internal numbers for employees to report their concerns. Additionally, employees should be encouraged to report their concerns directly to their contacts in Audit, HR, Legal and/or to management.

All available reporting channels should be promoted / advertised on the company’s intranet site and in common areas such as employee lounges, break rooms, etc.

Groups such as Audit, HR, and Legal as well as managers who may be the recipients of complaints must be trained as to what to do with complaints that they receive. Processes should be established to prevent two groups independently investigating the same complaint.

Internal Fraud Detection Software

Companies that conduct large volumes of transactions should consider using automated internal fraud detection tools to identify suspicious employee activity. Optimally, the software would be able to identify suspicious transactions and/or employee behavior.

—  Transactional analysis identifies unusual / suspicious transactions regardless of who owns the account

—  Behavioral analysis identifies pattern of activity of a system user which falls outside the range of normal activity for a pre-defined group such as call center representatives or cashiers

An example of a suspicious transaction could be an employee waiving a fee on their own account or a neighbor’s account of processing a transaction outside their authority (though there should be systemic controls to prevent the latter).

An example of unusual behavior could be a call center representative viewing a large number of customer accounts when compared to their peers (this activity could be indicative of identity theft or stealing customers).

The potential downside to internal fraud detection software solutions is that they can be costly to purchase, implement and operate. If possible, take advantage of bundling an internal fraud detection software with external fraud detection software.

Proactive Reviews

Proactive reviews should be performed in areas susceptible to fraud as identified in risk assessments. Proactive reviews not only can identify fraud in the early stages but can also identify control weaknesses which, if not corrected, would allow fraud to occur or go undetected. Areas where proactive reviews may prove most beneficial include:

Payroll Review – Payroll reviews should be performed to identify “ghost” or non-existing employees, employees receiving multiple payroll checks, and/or unusually high salaries given a position (e.g. an administrative assistance making six figures).

Travel and Business Expense Review – Travel and business expenses is one area that is often abused by employees. Reviews in this area should look for altered or missing receipts, purchases from merchants not typically associated with travel and business expenses (e.g. jewelers, home improvement stores, etc.), and excessive / unusual activity (e.g. an administrative or clerical position indicating sales call expenses).

Accounts Payable – Accounts payable is another area that is often the target of fraudulent activity. Reviews in this area should include identifying duplicate payments or payments differing by cents, two or more payments in the same month, payments sent to PO boxes, vendor tax identification numbers which are the same as employees’ social security numbers, and payments sent to addresses that match employees addresses.

Incentive Programs – Incentive programs, unless well designed and effectively monitored, can be taken advantage of by disreputable employees. This review should focus on typically poorer performers who suddenly exceed goals and employees who constantly exceed goals.

Ongoing Management Reviews

A key component of an effective internal investigation program must include ongoing management reviews and observations. Management should be aware of operational (i.e. work environment) and behavioral (individual) indicators (i.e. red flags) that could suggest unauthorized and/or fraudulent activity. Generally speaking, the greater the number of red flags, the greater the likelihood of fraud. Questionable activity or transactions should be researched to understand what is occurring and why. At the end of this article is a list of common operational and behavioral red flags.

Tom Holland is a Certified Fraud Examiner with over 28 years of experience developing and implementing global fraud prevention, detection and investigation programs, as well as conducting internal fraud investigations.  During his tenure at Bank of America, Amazon.com and Capital One Financial Corporation, Tom has implemented multiple programs that have resulted in significant reduction in fraud losses, as well as increased the speed and productivity of internal investigations.

If you would like to talk to Tom or want further information about implementing or improving your fraud prevention, detection and/or investigation programs contact Fahrenheit Finance at 804-955-4440. Information

In our next newsletter, Part Two: Internal Fraud Investigations, Requirements and Best Practices

Operational / Work Environment Red Flags

—  General ledger activity has increased without any apparent reason

—  Average balances in general ledger suspense / float / work-in-progress accounts have been steady increasing

—  There are an unusually large number credits of in the general ledger suspense accounts

—  There are an unusual number of aged general ledger suspense items

—  General ledger accounts are not reconciled, or reconciled timely

—  Differences identified during reconciliations are not researched or documentation supporting how differences were cleared is not available

—  There are unusual and/or large sundry operating losses without supporting documentation

—  Expenses for local purchases of supplies, staff, entertainment of customers, etc. have increased for no apparent reason

—  Receipts supporting expenses are missing or not original

—  Poor internal controls or disregard of  internal controls

—  Sales / marketing goals are unrealistic

—  There have been an unusual number of similar customer complaints or complaints involving the same individual

—  Certain customers insist that only a particular employee can assist them

—  Vendor payments are not supported by invoices

—  Vendor addresses are PO boxes instead of physical addresses

—  Vendor invoices are sequentially numbered

—  Too much reliance is placed on one individual (i.e. the subject matter expert) without appropriate oversight

—  Confidential customer information is not effectively controlled, particularly after business hours

Behavioral / Individual Red Flags

—  Employee is living beyond their apparent means

—  Employee suddenly comes into a large sum of money

—  There has been a dramatic change in the employee’s life (i.e. death, illness, marriage, birth of a child, etc.)

—  Change, often dramatic, in the employee’s personality

—  Change, often dramatic, in the employee’s lifestyle

—  Employee’s attendance pattern changes

—  Other employees have raised concern about the behavior of a particular employee

—  Employee is willing to work overtime without pay or historically resisted working overtime but is now willing to do so

—  Employee is unwilling to take vacation or is willing to come in and work during vacation

—  Employee is “protective” of certain customers and insists that they are the only one to assist these customers

—  Employee is involved in processing transactions and/or performing duties that are not within their normal scope of responsibility

—  Employee is knowledgeable of functions / activities that are not within their scope of responsibility or not in line with their previous work history

—  The same employee always performs or oversees certain key functions

—  Employee has total disregard for internal controls and transaction authorities

by Tom Holland, CFE

]]> http://fahrenheitfinance.com/blog/?feed=rss2&p=114 3 http://fahrenheitfinance.com/blog/?p=110 http://fahrenheitfinance.com/blog/?p=110#comments Fri, 23 Apr 2010 14:02:05 +0000 Fahrenheit Finance http://fahrenheitfinance.com/blog/?p=110 We’re very proud and excited to announce a new member of the Fahrenheit Finance team. John Jacoby retired last June from Deloitte & Touche LLP, where he spent 25 years working with a wide variety of public and privately held companies. John served as an audit partner for clients in various industries including retail and wholesale distribution, manufacturing, government contracting and services; advancing to the level of Managing Partner. His friendship with his former client Keith Middleton led to him joining Fahrenheit Finance as a Senior Consultant.

Fahrenheit Finance evolved from a unique combination of experience and expertise. The team at Fahrenheit Finance designs solutions that fit your company’s needs and provides consulting and staffing services to help you accomplish your business goals.  John notes that he was impressed with how far we’ve come in a relatively short period of time. “The nature of the work, the excitement of working with an aggressive startup company led by great people, and the extensive opportunities  that exist in the marketplace all appealed to me,” he said.

John will work on-site with our clients on a project-by-project basis. Primarily, he envisions working with companies that may not have a permanent CFO, that may be preparing to obtain some bank debt or preparing  for a public equity offering.

His background with Deloitte enables us to offer a level of expertise in accounting and finance matters that would be unattainable for many clients, simply based on cost.

John joined Deloitte & Touche LLP in 1985 becoming a partner in 1993 and managing partner in 1997. During his career with Deloitte he served clients both private and publically held in various industries including retail, manufacturing, transportation, wholesale distribution, government contracting, biotechnology and not-for-profit.

As Audit Partner, he was responsible for the overall performance of the audit. This included compliance with Generally Accepted Accounting Principles, compliance with Sarbanes Oxley requirements,  compliance with the reporting requirements of the Securities and Exchange Commission. In addition he regularly advised his clients’ Audit Committees regarding best in class corporate governance processes. John has worked with his clients on debt and equity offerings including initial public offerings, asset securitizations, carve out audits related to the sale of subsidiaries as well as the reviews of Forms 10-K, 8-K and 10-Q.  He also regularly assisted his clients in the acquisition of other companies.

Clients served include McKesson Corporation, Advance Auto Parts, Overnite Transportation, Alstom Power, Biotage LLC, Amsec LLC, The Colonial Williamsburg Foundation, Comdial Corporation and Performance Food Group in addition to others.

Prior to joining Deloitte John worked in asset based lending with Bank of America and as an accountant with RECO Industries, Inc.

As for his retirement, that’s still very much in the picture as John plans to spend the time that he’s not working at his house in Kitty Hawk, NC. So if you need a little advice on what fish are running he can probably help you with that too!