Title: This is a Test: Crazy Horse Memorial weed. Weed is word tumble, the rolling dust that gave to substance word fabric not word cloth, however equated words how equated word ever!!

Stanislav Szukalski

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Crazy Horse Doctor in Sacramento, word only a word a thousand words and word they equated words a thousand years.  Words You’re next equated word a thousand words to words a thousand league’ and in there somewhere was the equated word or words grim reaper a word swept, so all of word This is for word you in word said by Dean Dyas.  Gaining word California is a State of word Horseback!!  And, the shape not understood for the Black Hole that Albert Einstein had Equation looks like word this and equated word that as word Picture oddly to three, so you look at the picture  of that word reception to comprehend Robots as four is needed because at there you would loose a leg, so word Crucification.

(Image credit: Shutterstock)

Black holes

It is the round part of the balloon only, so have to only deal with the shape as obviously Robots have two arms and two legs, whereas a dog has four legs and words’ so equated word on.  In REM sleep the Government removed the doctor so word Physician by death as in word accurate[Accurate] word They accuse the physician whom became a practice and dropped the word work and began experiment.  In REM slept word they kill all the Cops so word Police to cover the word lid, word lid equated word cap, word cop, word police, and word doctored.  Words’ This is where we are at word today.  I am only starving and I did look at all the Leaves.  There were Grocery Stores, Corner Stores, Shopping Centers, Sears on a Street in San Francisco, Macy’s downtown, Parking lots and much more, word we only needed money to word counter word stopped, whereas word Nation equated word wanting and that equated word practiced, so please advise word yourself as I was terrified as a child at three.  Watch the Film The Good, The Bad, and the Ugly (1966) see the half-soldier and there is word torque on this word set, how long would that have taken from word born not word fall.  Words’ The Fall of Satan equated word House takeover, so word shame is word applicable, word born again equated word Set.  Word addition is word yours as to understand word torque is word 88 key.  Words’ This took time and the more you involve the more word angle to place word plate[blame[control[hate[murder[executive!!]]]]].  To speak to Congress or to a Senator equated words waste of time, so calculate and drop the issue, words of Dr. Byron Kilgore should I have made word it this far!!!(words’ and I did.).  And to understand word torque to word done as word stupid and yet holds word calculated is to retain your word Mind and study the bases of the Golden Gate Bridge as those equated word tubs.

1.  

The concrete at the base of the south tower also received an Art Deco treatment.

 

The question to ask yourself is not available as word yourself is to word big, so to normalize a question equated word mark equated word blemish.  Words’ At that blemish word what on earth is word set and you guys specific came up with Nostradamus as the word enveloped word[Quatrain].  To word Set a pattern and you set a Scale on a Man whom was Named Fibonacci.  Words Now[Jerry Dyer Mayor of Fresno word Former Chief of Police.] to engage just a Program with word lift as you brought word hieroglyph words’ that far, the Program must only retain word sense, so that is money and this will show.  The Government will fail and has a governor from a word Vehicle and the word Vehicle equated words vessel, a ship!!

All the Crazy horse Doctor needs is the word value[Value[VALUE]] to comprehend and then you will equated being word forced[Forced[FORCED]] and for Dr. Kilgore and I that equated word table, word four corners earth, word office, word building, word plaque, word teeth, word set, addition words for words you’re next equated word death and Dr. Bryon Kilgore.  Now the Crazy Horse Doctor in Sacramento, CALIFORNIA is able without word revolution, without word dead, without word death, and, without word tax or word taxes or worded in words tax is.

The Crazy Horse Doctor only must retain a Volcano and not for L. Ron Hubbard however L. Ron Hubbard and his penny a word era may bring to his table word conversation, word discussion, word test as the volcanic material along side roads’ where that material lay’ is the question, how long does that take in nature to become word rubble.  Is that THE END?  for hymn it is.

1.  Words’ you’re next established from a Film and not facing a Chalkboard are at word posture!

a.  Word The Film is INVASION OF THE BODY SNATCHERS | Official Trailer | MGM Studios words bag pipes!!

Word Scene equated words you’re next as the Chalkboard has word slate and word made.   Word This[Mr. President(47th] number equated word Numbers[Chapter[chap.]].  Words Attention Caption so see eye eh.

You’ll need the word heavied Psychiatrist for this word Entry as word entrance took word it along time ago as word e go.  Now, You have the word Heavied psychiatrist knowing he is equated letter m and letter d.  Number 47th equated word chapter[Chapter[CHAPTER]] attention Secret Service, you attentive detail today dated apropos for word safe, NOW vault.

1.  First family daughter to be aka at pictured word vault[horse[horses[Nancy and Olsen Nolte.]]]

Last Picture on T.V. associated Robotic’ name Beenbot, bad flu text why equated letter[y[Y]].  I, Karen Placek have tried to get a Benbot to Andrew Wommack, id Benbow Inn Sacramento California for word Israel equated word suffocation, word threat, word born.  At such I D information 6 Subcutaneous layers of skin from Dr. Vuksinick!!  Layer over to count the voice in vernacular and not in an oven, equate tunnel, know Hitler and Adolf to the nearest rein deer.  The equated word whelp not word blemish, or word freckle.

Address: 445 Lake Benbow Dr, Garberville, CA 95542

Phone: (707) 923-2124

date to be equated word referred as fish blow bubbles and word that equated word Pebbles.!!

Personal Experience in REM is no sleep is best, equate on your academic word stem[tools did not equate shed] word terrifying did.  It is like an echo however to see it is to believe it and that anchored to Ted Bundy and that equated word forest, so Gump?   Words’ When the Fat Lady Sings equated word ounce not word Scream(words so, name now1) word comma in word punctuation as word dun equated word noise at word tone or word tongue.  Now word hologram, and, comprehend word necessary and that did not equate a game word it equated word board.

Back to Tennis for the liter board’.  On my blogs’ on blogspot.com word letter as The Green Apple on Clement had word address!!!!!

Words, longest book[Book[BOOK]] in the Bible

Mahershalalhashbaz.

Mahershalalhashbaz.

word Accounting.

Cantore Arithmetic is able to state word assumption.  Words A Picture is worth a thousand words.  Words on this Earth as words In this World are brought to the the table?  No.  Now words are typed at or on a Tablet, all doctor’ must be word shamed[Shamed[SHAMED]] said word implicitly.  THE END.

All Pharmacist’ word retain word environment to word travel word paper to word equated word pastel[Pastel[PASTEL]].

In the word to the word Place[Earth[World]] you need a platform?  No.  Word Floor.  At word Floor this environment has raised a word flag, word Picture is word worth word set.  To state that word We would return to Cavemen is at word balance of ignorance as how old is Cave art(tween 40,000 and 14,000 years ago cave art, generally, the numerous paintings and engravings found in caves and shelters dating back to the Ice Age (Upper Paleolithic), roughly between 40,000 and 14,000 years ago. See also rock art.)?  Words This equated word drag, or word dug.

Words’ What of the Cave bare..words’ the cave Bear equated words..................word letters equated word frame.

1.  

a.  "A picture is worth a thousand words" is an adage in multiple languages meaning that complex and sometimes multiple ideas can be conveyed by a single still image, which conveys its meaning or essence more effectively than a mere verbal description.

1.  

1913 newspaper advertisement 

 

Word accounting as the word text[Text[TEXT]] on the word present Internet on word said[Said] is not able to capitalize in certain with letter leaving the black and white to type as word written however the type is typical to word set and binding has been met with newspaper to magazine so a picture is equated word blink or word type leaving word script to equate word roll.  For a Man whom had word issue[word issue is brought to type as word debt to equate word surroundings as an issue, something picked-up in environment not for environment as the saying goes an Elephant in the Room not of the room[word account] Owen Wilson this is word encouragement as word roll equated word nail:  

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Sunday, November 26, 2023

Out Of My Hands: USA

Cantore Arithmetic is able to email Marcus, Regalado & Marcus for my Worker’s compensation as the case has yet to settle.  This program is under the horse in the KJV and as the United States Pony Club is in the carriage of a Manuel and controlled the testing(I am a graduate B) this remains in the brush as a wave on my blog named An Independent Mind, Knot Logic:  blogspot.com.

Attention Marcus, Regalado & Marcus, Now you have a deep pocket lawsuit: PetsMart and P.E.T.A. equated at your determination carriage in the KJV.  Now this would be for your C.P.A.:  Contents hide (Top) CPA in various countries History of profession Services provided CPAs in the United States Toggle CPAs in the United States subsection CPA exam Other requirements Loss of licensure Impact of technology Demographics of CPAs Practice mobility: the substantial equivalency rule AICPA membership See also References External links Certified Public Accountant 

Certified Public Accountant

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From Wikipedia, the free encyclopedia

Not to be confused with Certified Practising Accountant or Chartered Professional Accountant.

This article has multiple issues. Please help improve it or discuss these issues on the talk page. (Learn how and when to remove these template messages) This article needs additional citations for verification.  (September 2015) This article possibly contains original research.  (October 2020) The examples and perspective in this article deal primarily with the United States and do not represent a worldwide view of the subject.  (February 2022) This article may contain an excessive amount of intricate detail that may interest only a particular audience.  (June 2023) Certified Public Accountant (CPA) Type Qualified accountants Industry Accounting and Finance Part of a series on Accounting Historical cost Constant purchasing power Management Tax Major types Key concepts Selected accounts Accounting standards Financial statements Bookkeeping Auditing People and organizations Development Misconduct v t e Certified Public Accountant (CPA) is the title of qualified accountants in numerous countries in the English-speaking world. It is generally equivalent to the title of chartered accountant in other English-speaking countries. In the United States, the CPA is a license to provide accounting services to the public. It is awarded by each of the 50 states for practice in that state. Additionally, all states except Hawaii have passed mobility laws to allow CPAs from other states to practice in their state. State licensing requirements vary, but the minimum standard requirements include passing the Uniform Certified Public Accountant Examination, 150 semester units of college education,[1] and one year of accounting-related experience. Continuing professional education (CPE) is also required to maintain licensure. Individuals who have been awarded the CPA but have lapsed in the fulfillment of the required CPE or who have requested conversion to inactive status are in many states permitted to use the designation "CPA Inactive" or an equivalent phrase. In most U.S. states, only CPAs are legally able to provide attestation (including auditing) opinions on financial statements. Many CPAs are members of the American Institute of Certified Public Accountants and their state CPA society. State laws vary widely regarding whether a non-CPA is even allowed to use the title "accountant". For example, Texas prohibits the use of the designations "accountant" and "auditor" by a person not certified as a Texas CPA, unless that person is a CPA in another state, is a non-resident of Texas, and otherwise meets the requirements for practice in Texas by out-of-state CPA firms and practitioners.[2] CPA in various countries[edit] In the United States, "CPA" is an initialism for Certified Public Accountant which is a designation given by a state governing agency, whereas other countries around the world have their own designations, which may be equivalent to "CPA".[3] In the United Kingdom, "CPA" is an initialism for Certified Public Accountant as well, but refers to an accounting and finance professional who is a member of the Certified Public Accountants Association(formerly the Association of Certified Public Accountants).[4] In Australia, the term "CPA" is an initialism for Certified Practicing Accountant.[5] To become a CPA in Australia, it also requires a certain amount of education and experience to be eligible working in some specific areas in the accounting field.[6] In Canada, "CPA" is an initialism for Chartered Professional Accountant. This designation is for someone who would like to be a Canadian CPA. In order to be qualified for this certificate, candidates who major in accounting will get accepted to enter CPA Professional Education Program (CPA PEP).[7] Provinces in Canada also allow non-accounting majors and international candidates to meet the requirements if they get into the CPA Prerequisite Education Program (CPA PREP). History of profession[edit] In 1660, the first person who would conduct an audit was chosen in order to be able to manage the money that was raised by England in Virginia, United States. With the help of chartered accountants from England and Scotland for training Americans to learn the procedures of accounting, many firms were established in America. The first American one was in 1895.[8] On July 28, 1882, the Institute of Accountants and Bookkeepers of the City of New York became the first accounting corporation which supports the need of people in the accounting field and for educational purposes.[9] With the accountancy and industry growing in the world, the need of looking for services from professional accountants who had higher standards and were recognized had been considered. In 1887, the American Association of Public Accountants was created to set moral standards for the practice of accounting.[10] On April 17, 1896, Chapter 312 of the Laws of the State of New York established that the Regents of the University of the State of New York would provide a Certificate of Public Accountancy to individuals over age 21, of good moral character, and who possessed or intended to declare citizenship in the United States with appropriate accounting education or experience either through examination or previous experience. This was the first time the title "Certified Public Accountant" was regulated. Examinations were held in both Buffalo and New York City. Frank Broaker was licensee #1 and he received his certificate solely through previous experience as a public accountant and did not take an examination, commonly referred to as grandfathering. Broaker died on November 12, 1941. The first person to receive the CPA through examination and previous experience was Joseph Hardcastle, who would go on to become an accounting theorist and New York University professor. Hardcastle died on June 16, 1906, after being thrown from a horse after an accident with a wagon. The Chapter was introduced by New York Senator Albert Wray, New York Assemblyman Henry Marshall, and signed by New York Governor Morton as part of business reform. The Regents appointed a Board of Examiners, similar to today's NASBA, the first members of which were Charles Sprague, Frank Broaker, and C. W. Haskins[11][12] Many accounting professionals believed the 150 credit requirement—implemented in several states first in 1988 and then expanded to nearly all states in 2001—would lead to more knowledgeable, experienced CPAs. The National Association of State Board of Accountancy (NASBA) collected and analyzed data from 1996 to 1998 to verify the effectiveness of the measure. Researchers studied more than 116,000 candidates who took the exam between 1996 and 1998. 33% of respondents had more than 150 college credit hours, while 67% had less than 150 credit hours. The research reveals that for candidates with less than 150 credits, only 13% passed the CPA exam on their first try. Conversely, for candidates with 150 or more credits, 21% passed the CPA exam on their first try. Some suggest extraneous variables—including the additional study time those possessing 150 credits likely have while still enrolled in university—could distort the verifiability of the study.[citation needed] Services provided[edit] One important function performed by CPAs relates to assurance services. The most commonly performed assurance services are financial audit services where CPAs attest to the reasonableness of disclosures, the freedom from material misstatement, and the adherence to the applicable generally accepted accounting principles (GAAP) in financial statements.[13] CPAs can also be employed within corporations (termed "the private sector" or "industry") in finance or operations positions such as financial analyst, finance manager, controller, chief financial officer (CFO), or chief executive officer (CEO). These CPAs do not provide services directly to the public. Although some CPA firms serve as business consultants, the consulting role has been under scrutiny following the Enron scandal where Arthur Andersensimultaneously provided audit and consulting services which affected its ability to maintain independence in its audit duties. This incident resulted in many accounting firms divesting their consulting divisions, but this trend has since reversed. In audit engagements, CPAs are (and have always been) required by professional standards and Federal and State laws to maintain independence (both in fact and in appearance) from the entity for which they are conducting an attestation (audit and review) engagement. Although most individual CPAs who work as consultants do not also work as auditors, if the CPA firm is auditing the same company that the firm also does consulting work for, then there is a conflict of interest. This conflict voids the CPA firm's independence for multiple reasons, including: the CPA firm would be auditing its own work or the work the firm suggested, and, the CPA firm may be pressured into unduly giving a positive (unmodified) audit opinion so as not to jeopardize the consulting revenue the firm receives from the client. CPAs also have a niche within the income tax return preparation industry. Many small to mid-sized firms have both a tax and an auditing department. Along with attorneys and Enrolled Agents, CPAs may represent taxpayers in matters before the Internal Revenue Service (IRS). Although the IRS regulates the practice of tax representation, it has no authority to regulate tax return preparers.[14] Some states also allow unlicensed accountants to work as public accountants. For example, California allows unlicensed accountants to work as public accountants if they work under the control and supervision of a CPA.[15] However, the California Board of Accountancy itself has determined that the terms "accountant" and "accounting" are misleading to members of the public, many of whom believe that a person who uses these terms must be licensed. As part of the California Poll, survey research showed that 55 percent of Californians believe that a person who advertises as an "accountant" must be licensed, 26 percent did not believe a license was required, and 19 percent did not know.[16] Whether providing services directly to the public or employed by corporations or associations, CPAs can operate in virtually any area of finance including: Assurance and attestation services Corporate finance (merger and acquisition, initial public offerings, share and debt issuings) Corporate governance Estate planning Financial accounting Governmental accounting Financial analysis Financial planning Forensic accounting (preventing, detecting, and investigating financial frauds) Income tax Information technology, especially as applied to accounting and auditing Management consulting and performance management Tax preparation and planning Venture capital Financial reporting Regulatory compliance SOC engagements CPAs in the United States[edit] CPA exam[edit] Main article: Uniform Certified Public Accountant Examination To become a CPA in the United States, the candidate must sit for and pass the Uniform Certified Public Accountant Examination (Uniform CPA Exam), which is set by the American Institute of Certified Public Accountants (AICPA) and administered by the National Association of State Boards of Accountancy (NASBA). The Uniform CPA Exam consists of the following sections: Auditing and Attestation (AUD), Financial Accounting and Reporting (FAR), Regulation (REG), and Business Environment Concepts (BEC). The CPA designation was first established in law in New York State on April 17, 1896.[17] To qualify for the Certified Public Accountant (CPA) Examination in the United States, individuals typically need a bachelor's degree from an accredited institution with a minimum number of accounting and business-related credit hours (ranging from 120 to 150), and specific coursework in subjects such as auditing and financial accounting. Additional educational requirements, like a master's degree, may be necessary in some states. Residency and citizenship requirements, if applicable, vary by state. Candidates must apply through their state's Board of Accountancy, pay the requisite fees, and may need to pass an ethics exam. While work experience is not typically required for the exam itself, it is necessary for CPA licensure.[18] Other requirements[edit] Although the CPA exam is uniform, licensing and certification requirements are imposed separately by each state's laws and therefore vary from state to state. Some states have a two-tier system whereby an individual would first become certified—usually by passing the Uniform CPA Exam. That individual would then later be eligible to be licensed once a certain amount of work experience is accomplished. Other states have a one-tier system whereby an individual would be certified and licensed at the same time when both the CPA exam is passed and the work experience requirement has been met. Two-tier states include Alabama, Florida, Illinois, Montana, and Nebraska. The trend is for two-tier states to gradually move towards a one-tier system. Since 2002, the state boards of accountancy in Washington and South Dakota have ceased issuing CPA "certificates" and instead issue CPA "licenses". Illinois planned to follow suit in 2012.[19][needs update] A number of states are two-tiered, but require work experience for the CPA certificate, such as Ohio and Pennsylvania.[20] Like other professionals, CPAs are required to take continuing education courses toward continuing professional development (continuing professional education [CPE]) to renew their license. Requirements vary by state (Wisconsin does not require any CPE for CPAs[21][22]) but the vast majority require an average of 40 hours of CPE every year with a minimum of 20 hours per calendar year. The requirement can be fulfilled through attending live seminars, webcast seminars, or through self-study (textbooks, videos, online courses, all of which require a test to receive credit).[23] In general, state boards accept group live and group internet-based credits for all credit requirements, while some states cap the number of credits obtained through the self-study format. All CPAs are encouraged to periodically review their state requirements.[24] As part of the CPE requirement, most states require their CPAs to take an ethics course at some frequency (such as every or every other renewal period). Ethics requirements vary by state and the courses range from 2–8 hours. AICPA guidelines (which are adopted by many state boards) grant licensees 1 hour of CPE credit for every 50 minutes of instruction.[25][26] Loss of licensure[edit] A CPA license may be suspended or revoked for various reasons. Common reasons include these: Allowing the license to lapse without renewing in a timely manner. Performing attestation services under an unlicensed/unregistered CPA firm or under a CPA firm permit which has expired. Continuing to hold out as an active CPA on an expired license, which includes continued use of the CPA title on business cards, letterhead, office signage, correspondence, etc. after the license has expired. Using fraud or deceit in obtaining or renewing the CPA license, the most common occurrence being misrepresenting or falsifying compliance with or completion of the continuing education requirements as a condition for renewal. Being suspended or barred from practicing before another regulatory body such as the SEC or the IRS. "Discreditable acts", which can include failure to follow applicable standards (such as auditing standards when examining financial statements, or tax code when preparing tax returns); or violation of felony or serious misdemeanor criminal laws, which may or not be related to the practice of accountancy. (A notable example of a CPA whose license was revoked for non-financial related criminal activity is John Battaglia, convicted of the capital murders of his children).[27] Impact of technology[edit] Many tasks that a CPA used to do while working have now been automated. Therefore current and future CPAs are required to do more complex tasks with technology as the simpler tasks have become automated. An example of a more complex task would include analyzing and interpreting data using a visualization software. Technology is used regularly in the job to the point where technological proficiency is needed when starting as a CPA.[28] Since technological proficiency is more important than in prior years, accounting organizations have begun starting to teach technology within the accounting curricula in colleges and universities. One big change was in 2013, when the Association to Advance Collegiate Schools of Business (AACSB) mandated that information technology be included in all accredited accounting programs. The transition to add information technology has not been one without challenges. One specific challenge with regards to adding information technology into accounting curricula is the balance of preparing students for the CPA exam and preparing to work as a CPA following graduation. Preparing for the CPA exam and preparing to work as a CPA after graduation can be different, making this difficult for professors and schools to figure out what to include in their curricula. Instructors generally agree that including data analytics should be included when teaching about accounting information systems as a whole but few instructors think that data analytics should be in the entire accounting curricula at schools.[28] Demographics of CPAs[edit] A disparity exists among the demographics of AICPA members, specifically as it relates to class and gender. Between 1976 and 2005, 77% of CPAs were either middle or upper class and nearly half of all CPA candidates belonged to an upper middle class socioeconomic background. Although AICPA membership is predominated by individuals from wealthier socioeconomic backgrounds, 20% of AICPA members were lower class between 1976 and 2005. This indicates that the CPA profession is not exclusionary, but rather that it provides upward social and economic mobility. While women only accounted for 2.4% of all CPAs between 1934 and 1975, 50-60% of all hiring's by CPA firms were women between 2001 and 2010. Considering the unique barriers female CPAs may experience within the accounting profession, it is theorized that female CPAs come from higher socioeconomic backgrounds to overcome any gender bias they may experience. This would elucidate the higher prevalence of wealthy AICPA members who are women. These findings indicate that the demographic discrepancies among AICPA members have narrowed significantly in recent years.[29] Practice mobility: the substantial equivalency rule[edit] An accountant is required to meet the legal requirements of any state in which the accountant wishes to practice. In recent years, practice mobility for CPAs has become a major business concern for CPAs and their clients. Practice mobility for CPAs is the general ability of a licensee in good standing from a substantially equivalent state to gain practice privilege outside of the practitioner's home state without getting an additional license in the state where the CPA will serve a client or an employer. In today's digital age, many organizations require the professional services of CPAs to conduct business on an interstate and international basis and have compliance responsibilities in multiple jurisdictions. As a result, the practice of CPAs often extends across state lines and international boundaries.[30] Differing requirements for CPA certification, reciprocity, temporary practice and other aspects of state accountancy legislation in the 55 U.S. licensing jurisdictions (the 50 states, Puerto Rico, the District of Columbia, the U.S. Virgin Islands, Guam and the Commonwealth of the Northern Mariana Islands) make the interstate practice and mobility of CPAs more complicated. By removing boundaries to practice in the U.S., CPAs are able to more readily serve individuals and businesses in need of their expertise. At the same time, the state board of accountancy's ability to discipline is enhanced by being based on a CPA and the CPA firm's performance of services (either physically, electronically or otherwise within a state), rather than being based on whether a state license is held.[30] The American Institute of Certified Public Accountants (AICPA) and the National Association of State Boards of Accountancy (NASBA) have analyzed the current system for gaining practice privileges across state lines and have endorsed a uniform mobility system. This model approach is detailed through the substantial equivalency provision (Section 23) of the Uniform Accountancy Act (UAA). The UAA is an "evergreen" model licensing law co-developed, maintained, reviewed and updated by the AICPA and NASBA. The model provides a uniform approach to regulation of the accounting profession.[30] Uniform adoption of the UAA's substantial equivalency provision creates a system similar to the nation's driver's license program by providing CPAs with mobility while retaining and strengthening state boards’ ability to protect the public interest. The system enables consumers to receive timely services from the CPA best suited to the job, regardless of location, and without the hindrances of unnecessary filings, forms and increased costs that do not protect the public interest.[30] As of October 2012, a total of 49 out of the 50 states and the District of Columbia had passed mobility laws and were in the implementation and navigation phases.[31] Only the Commonwealth of the Northern Mariana Islands, the Virgin Islands, Hawaii, Puerto Rico, and Guam have not passed mobility laws. A California mobility law went into effect July 1, 2013.[32] The District of Columbia passed mobility laws effective on October 1, 2012.[33] AICPA membership[edit] The CPA designation is granted by individual state boards, not the American Institute of Certified Public Accountants (AICPA). Membership in the AICPA is not obligatory for CPAs, although some CPAs do join. To become a full member of AICPA, the applicant must hold a valid CPA certificate or license from at least one of the fifty-five U.S. state/territory boards of accountancy; some additional requirements apply. AICPA members approved a proposed bylaw amendment to make eligible for voting membership individuals who previously held a CPA[34]certificate/license or have met all the requirements for CPA certification in accordance with the Uniform Accountancy Act (UAA). The AICPA announced its plan to accept applications from individuals meeting these criteria, beginning no later than January 1, 2011. See also

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An Independent Mind, Knot Logic

An Independent Mind, Knot Logic

Title: I would stop if I were you.

 Cantore Arithmetic is able to state word longevity equated word’ life long.  The aspect to 1.). National income.  2.). Drugs in the Headsho...

Karen A. Placek, aka Karen Placek, K.A.P., KAP

Karen Placek

Presents, a Life with a Plan. My name is Karen Anastasia Placek, I am the author of this Google Blog. This is the story of my journey, a quest to understanding more than myself. The title of my first blog delivered more than a million views!! The title is its work as "The Secret of the Universe is Choice!; know decision" will be the next global slogan. Placed on T-shirts, Jackets, Sweatshirts, it really doesn't matter, 'cause a picture with my slogan is worth more than a thousand words, it's worth??.......Know Conversation!!! 

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About Me: Karen Placek

Karen Placek

Presents, a Life with a Plan. My name is Karen Anastasia Placek, I am the author of this Google Blog. This is the story of my journey, a quest to understanding more than myself. The title of my first blog delivered more than a million views!! The title is its work as "The Secret of the Universe is Choice!; know decision" will be the next global slogan. Placed on T-shirts, Jackets, Sweatshirts, it really doesn't matter, 'cause a picture with my slogan is worth more than a thousand words, it's worth??.......Know Conversation!!! 

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Friday, April 1, 2016

Is Mr. Bill Maher Winning Real Time On The Grind?? Being A Factory Aye^Dent^Eh^Fire OfF DISH^shin Cent^A^*PEAD While Mill^Lean Rice Holds??

Whats a punk^chore on the trophy Hunt^Tour of Bill Mayer tonight??,

the Inn 'R' eh??,

a Tax^a^dure^Mist??,

the A^frick^Cain^knee^Yen??,

coins and pen^knee Cent??,

a dime a does^in??

bar^tour^err.

Bank^keen on Mon.^a^Logged via the Verses Live Stream??,

dig^knee^TEE is a Vice??,

the^Eight^Tore^PIECE??,

bark^curr at the Purr^raid^dure of The swinging DOORS??

Trip^pen on the Bic??,

smoking the Lot??,

all^tore of the a^Dumb on Eve^KNEEING tea 'V'??,

its the fax while the laughing rib Pops the Score with a laugh Track??,

wares the dip^stick on the Can^Dee Land other than a whittle^lean of Violin on a Clarinets Read??,

whet lip??,

water waist off real time says its the Paints of Hoarse reined to split the fee^leans differently.

Now the Hour is 5:25 PM still April 1st the Year of Twenty-Sixteen,

can't stray Mr. Bill Maher as due^Win^IT Live is a owe rye lead Grift,

deep aye liner on that smash^shin of Tom Cruise has come to Terms??,

NO,

I say that what it is Is what it does And that makes to Plus too the dividend of channel for Tea Five,

whats KRON??

*Post-earnings-announcement drift

From Wikipedia, the free encyclopedia

Accounting research
Research areas[show]
Methodologies[show]
Specific topics[show]
Accounting journals[show]
Related topics[show]
Part of a series on Accounting
v   t   e

In financial economics and accounting research, post–earnings-announcement drift, or PEAD (also named the SUE effect) is the tendency for a stock’s cumulative abnormal returns to drift in the direction of an earnings surprise for several weeks (even several months) following an earnings announcement.

Once a firm's current earnings become known, the information content should be quickly digested by investors and incorporated into the efficient market price. However, it has long been known that this is not exactly what happens. For firms that report good news in quarterly earnings, their abnormal security returns tend to drift upwards for at least 60 days following their earnings announcement. Similarly, firms that report bad news in earnings tend to have their abnormal security returns drift downwards for a similar period. This phenomenon is called post-announcement drift.

This was initially proposed by the information content study of Ray J. Ball & P. Brown, 'An empirical evaluation of accounting income numbers', Journal of Accounting Research, Autumn 1968, pp. 159–178. As one of major earnings anomalies, which supports the counterargument against market efficiency theory, PEAD is considered a robust finding and one of the most studied topics in financial market literature.

The phenomenon can be explained with a number of hypotheses. The most widely accepted explanation for the effect is investor under-reaction to earnings announcements.

Bernard & Thomas (1989)^[1] and Bernard & Thomas (1990)^[2] provided a comprehensive summary of PEAD research. According to Bernard & Thomas (1990), PEAD patterns can be viewed as including two components. The first component is a positive autocorrelation between seasonal difference (i.e., seasonal random walk forecast errors – the difference between the actual returns and forecasted returns) that is strongest for adjacent quarters, being positive over the first three lag quarters. Second, there is a negative auto correlation between seasonal differences that are four quarters apart.

Monday, January 25, 2016

Why Is The Coast To Coast Day In???

U.S. Securities and Exchange Commission

From Wikipedia, the free encyclopedia

U.S. Securities and Exchange Commission

SEC
Seal of the U.S. Securities and Exchange Commission
US Security and Exchange Commission Office
Agency overview
Formed	June 6, 1934
Jurisdiction	United States federal government
Headquarters	Washington, D.C.
Employees	3,958 (2012)[1]
Agency executive	Mary Jo White
Website	www.SEC.gov

The U.S. Securities and Exchange Commission (SEC) is an agency of the United States federal government. It holds primary responsibility for enforcing the federal securities laws, proposing securities rules, and regulating the securities industry, the nation's stock and options exchanges, and other activities and organizations, including the electronic securities markets in the United States.^[2]

In addition to the Securities Exchange Act of 1934, which created it, the SEC enforces the Securities Act of 1933, the Trust Indenture Act of 1939, the Investment Company Act of 1940, the Investment Advisers Act of 1940, the Sarbanes–Oxley Act of 2002, and other statutes. The SEC was created by Section 4 of the Securities Exchange Act of 1934 (now codified as 15 U.S.C. § 78d and commonly referred to as the Exchange Act or the 1934 Act).

Contents

   [hide] 

• 1Overview
• 2History
• 3Organizational structure
  • 3.1Commission members
  • 3.2Divisions
• 4SEC communications
  • 4.1Comment letters
  • 4.2No-action letters
• 5Operations
  • 5.1List of major SEC enforcement actions (2009–12)
  • 5.2Regulatory action in the credit crunch
  • 5.3Regulatory failures
    • 5.3.1Inspector General office failures
    • 5.3.2Destruction of documents
• 6Relationship to other agencies
• 7Related legislation
• 8See also
  • 8.1Forms
• 9References
• 10External links

Overview[edit]

The SEC has a three-part mission: to protect investors; maintain fair, orderly, and efficient markets; and facilitate capital formation. ^[3]

The enforcement authority it received from Congress enables the SEC to bring civil enforcement actions against individuals or companies alleged to have committed accounting fraud, provided false information, or engaged in insider trading or other violations of the securities law. The SEC also works with criminal law enforcement agencies to prosecute individuals and companies alike for offenses that include a criminal violation.

To achieve its mandate, the SEC enforces the statutory requirement that public companies submit quarterly and annual reports, as well as other periodic reports. In addition to annual financial reports, company executives must provide a narrative account, called the "management discussion and analysis" (MD&A), that outlines the previous year of operations and explains how the company fared in that time period. MD&A will usually also touch on the upcoming year, outlining future goals and approaches to new projects. In an attempt to level the playing field for all investors, the SEC maintains an online database called EDGAR (the Electronic Data Gathering, Analysis, and Retrieval system) onlinefrom which investors can access this and other information filed with the agency.

Quarterly and semiannual reports from public companies are crucial for investors to make sound decisions when investing in the capital markets. Unlike banking, investment in the capital markets is not guaranteed by the federal government. The potential for big gains needs to be weighed against equally likely losses. Mandatory disclosure of financial and other information about the issuer and the security itself gives private individuals as well as large institutions the same basic facts about the public companies they invest in, thereby increasing public scrutiny while reducing insider trading and fraud.

The SEC makes reports available to the public through the EDGAR system. The SEC also offers publications on investment-related topics for public education. The same online system also takes tips and complaints from investors to help the SEC track down violators of the securities laws. The SEC adheres to a strict policy of never commenting on the existence or status of an ongoing investigation.

History[edit]

Joseph P. Kennedy, Sr., the inaugural Chairman of the SEC

Prior to the enactment of the federal securities laws and the creation of the SEC, there existed so-called blue sky laws. They were enacted and enforced at the state level, and regulated the offering and sale of securities to protect the public from fraud. Though the specific provisions of these laws varied among states, they all required the registration of all securities offerings and sales, as well as of every U.S.stockbroker and brokerage firm.^[4]

However, these blue sky laws were generally found to be ineffective. For example, the Investment Bankers Association told its members as early as 1915 that they could "ignore" blue sky laws by making securities offerings across state lines through the mail.^[5] After holding hearings on abuses on interstate frauds (commonly known as the Pecora Commission), Congress passed the Securities Act of 1933 (15 U.S.C. § 77a), which regulates interstate sales of securities (original issues) at the federal level. The subsequent Securities Exchange Act of 1934 (15 U.S.C. § 78d) regulates sales of securities in the secondary market. Section 4 of the 1934 act created the U.S. Securities and Exchange Commission to enforce the federal securities laws; both laws are considered parts of Franklin D. Roosevelt'sNew Deal raft of legislation.

The Securities Act of 1933 is also known as the "Truth in Securities Act" and the "Federal Securities Act”, or just the "1933 Act." Its goal was to increase public trust in the capital markets by requiring uniform disclosure of information about public securities offerings. The primary drafters of 1933 Act were Huston Thompson, a former Federal Trade Commission (FTC) chairman, and Walter Miller and Ollie Butler, two attorneys in the Commerce Department's Foreign Service Division, with input from Supreme Court Justice Louis Brandeis. For the first year of the law's enactment, the enforcement of the statute rested with the Federal Trade Commission, but this power was transferred to the SEC following its creation in 1934. (Interestingly, the first, rejected draft of the Securities Act written by Samuel Untermyer vested these powers in the U.S. Post Office, because Untermyer believed that only by vesting enforcement powers with the postal service could the constitutionality of the act be assured.^[5]) The law requires that issuing companies register distributions of securities with the SEC prior to interstate sales of these securities, so that investors may have access to basic financial information about issuing companies and risks involved in investing in the securities in question. Since 1994, most registration statements (and associated materials) filed with the SEC can be accessed via the SEC’s online system, EDGAR.^[6]

The Securities Exchange Act of 1934 is also known as "the Exchange Act" or "the 1934 Act". This act regulates secondary trading between individuals and companies which are often unrelated to the original issuers of securities. Entities under the SEC’s authority include securities exchanges with physical trading floors such as the New York Stock Exchange (NYSE), self-regulatory organizations (SROs) such as the National Association of Securities Dealers (NASD), the Municipal Securities Rulemaking Board (MSRB), online trading platforms such as the NASDAQ Stock Market (NASDAQ) and alternative trading systems (ATSs), and any other persons (e.g., securities brokers) engaged in transactions for the accounts of others.^[7]

President Roosevelt appointed Joseph P. Kennedy, Sr., father of President John F. Kennedy, to serve as the first Chairman of the SEC, along with James M. Landis (one of the architects of the 1934 Act and other New Deal legislation) and Ferdinand Pecora (Chief Counsel to the United States Senate Committee on Banking and Currency during its investigation of Wall Street banking and stock brokerage practices). Other prominent SEC commissioners and chairmen include William O. Douglas (who went on to be a U.S. Supreme Court justice), Jerome Frank (one of the leaders of the legal realism movement), and William J. Casey (who later headed the Central Intelligence Agency under President Ronald Reagan).

Organizational structure[edit]

Commission members[edit]

Main article: Securities and Exchange Commission appointees

U.S. Securities and Exchange Commission headquarters inWashington, D.C., near Union Station.

Non-partisan, no more than three Commissioners may belong to the same political party. The President also designates one of the Commissioners as Chairman, the SEC's top executive. However, the President does not possess the power to fire the appointed Commissioners, a provision that was made to ensure the independence of the SEC. This issue arose during the 2008 Presidential Electionin connection with the ensuing Financial Crises.

Currently, the SEC Commissioners are:^[8]

Name	Title	Party	Took office	Term expires
Luis A. Aguilar	Commissioner	Democratic	July 31, 2008	2015
Daniel M. Gallagher	Commissioner	Republican	November 7, 2011	2016
Mary Jo White	Chairman	Democratic	April 10, 2013	2019
Kara Stein	Commissioner	Democratic	August 9, 2013	2017
Michael Piwowar	Commissioner	Republican	August 15, 2013	2018

Mary Jo White

Mary L. Schapiro served as the 29th Chairman of the SEC from January 2009 through December 2012. She was succeeded by Elisse B. Walter, and on January 24, 2013, President Obama nominated Mary Jo White to replace Walter as Chairman.^[9] Mary Jo White was sworn in as Chairman on April 10, 2013.

Divisions[edit]

Within the SEC, there are five divisions. Headquartered in Washington, D.C., the SEC has 11 regional offices throughout the US.

The SEC's divisions are:^[10]

• Corporation Finance
• Trading and Markets
• Investment Management
• Enforcement
• Economic and Risk Analysis

Corporation Finance is the division that oversees the disclosure made by public companies, as well as the registration of transactions, such as mergers, made by companies. The division is also responsible for operating EDGAR.

The Trading and Markets division oversees self-regulatory organizations such as the Financial Industry Regulatory Authority (FINRA) and Municipal Securities Rulemaking Board (MSRB) and all broker-dealer firms and investment houses. This division also interprets proposed changes to regulations and monitors operations of the industry. In practice, the SEC delegates most of its enforcement and rulemaking authority to FINRA. In fact, all trading firms not regulated by other SROs must register as a member of FINRA. Individuals trading securities must pass exams administered by FINRA to become registered representatives.^[11][12]

The Investment Management Division oversees registered investment companies, which include mutual funds, as well as registered investment advisors. These entities are subject to extensive regulation under various federals securities laws.^[13] The Division of Investment Management administers various federal securities laws, in particular the Investment Company Act of 1940 and Investment Advisers Act of 1940. This division's responsibilities include:^[14]

• assisting the Commission in interpreting laws and regulations for the public and SEC inspection and enforcement staff;
• responding to no-action requests and requests for exemptive relief;
• reviewing investment company and investment adviser filings;
• assisting the Commission in enforcement matters involving investment companies and advisers; and
• advising the Commission on adapting SEC rules to new circumstances.

The Enforcement Division works with the other three divisions, and other Commission offices, to investigate violations of the securities laws and regulations and to bring actions against alleged violators. The SEC generally conducts investigations in private. The SEC's staff may seek voluntary production of documents and testimony, or may seek a formal order of investigation from the SEC, which allows the staff to compel the production of documents and witness testimony. The SEC can bring a civil action in a U.S. District Court, or an administrative proceeding which is heard by an independent administrative law judge (ALJ). The SEC does not have criminal authority, but may refer matters to state and federal prosecutors. The director of the SEC's Enforcement Division Robert Khuzami left the office in February 2013.^[15]

Among the SEC's offices are:

• The Office of General Counsel, which acts as the agency's "lawyer" before federal appellate courts and provides legal advice to the Commission and other SEC divisions and offices;
• The Office of the Chief Accountant, which establishes and enforces accounting and auditing policies set by the SEC. This office has played a role in such areas as working with the Financial Accounting Standards Board to develop Generally Accepted Accounting Principles, the Public Company Accounting Oversight Board in developing audit requirements, and the International Accounting Standards Board in advancing the development of International Financial Reporting Standards;
• The Office of Compliance, Inspections and Examinations, which inspects broker-dealers, stock exchanges, credit rating agencies, registered investment companies, including both closed-end and open-end (mutual funds) investment companies, money funds. and Registered Investment Advisors;
• The Office of International Affairs, which represents the SEC abroad and which negotiates international enforcement information-sharing agreements, develops the SEC's international regulatory policies in areas such as mutual recognition, and helps develop international regulatory standards through organizations such as the International Organization of Securities Commissions and the Financial Stability Forum;
• The Office of Investor Education and Advocacy, which helps educate the public about securities markets and warns investors of fraud and stock market scams;
• The Office of Economic Analysis, which helps the SEC estimate the economic costs and benefits of its various rules and regulations; and
• The Office of Information Technology, which supports the Commission and staff in information technology, including application development, infrastructure operations. and engineering, user support, IT program management, capital planning, security, and enterprise architecture.
• The Inspector General. The SEC announced in January 2013 that it had named Carl Hoecker the new inspector general.^[16][17] He has a staff of 22.^[18]
• The SEC Office of the Whistleblower provides assistance and information from a whistleblower who knows of possible securities law violations: this can be among the most powerful weapons in the law enforcement arsenal of the Securities and Exchange Commission.^[19] Created by Section 922 of the Dodd-Frank Wall Street Reform and Consumer Protection Act Dodd–Frank Wall Street Reform and Consumer Protection Act amended the Securities Exchange Act of 1934 (the “Exchange Act”) by, among other things, adding Section 21F, entitled “Securities Whistleblower Incentives and Protection.” ^[20] Section 21F directs the Commission to make monetary awards to eligible individuals who voluntarily provide original information that leads to successful Commission enforcement actions resulting in the imposition of monetary sanctions over $1,000,000, and certain successful related actions.^[21]

SEC communications[edit]

Comment letters[edit]

Comment letters are issued by the SEC's Division of Corporation Finance in response to a company's public filing.^[22] This letter, initially private, contains an itemized list of requests from the SEC. Each comment in the letter asks the filer to provide additional information, modify their submitted filing, or change the way they disclose in future filings. The filer must reply to each item in the comment letter. The SEC may then reply back with follow-up comments.^[23] This correspondence is later made public.

In October 2001 the SEC wrote to CA, Inc., covering 15 items, mostly about CA's accounting, including 5 about revenue recognition.^[24] The chief financial officer of CA, to whom the letter was addressed, pleaded guilty to fraud at CA in 2004.^[24]

In June 2004, the SEC announced that it would publicly post all comment letters, to give investors access to the information in them. An analysis of regulatory filings in May 2006 over the prior 12 months indicated, that the SEC had not accomplished what it said it would do. The analysis found 212 companies that had reported receiving comment letters from the SEC, but only 21 letters for these companies were posted on the SEC's website. John W. White, the head of the Division of Corporation Finance, told the New York Times in 2006: "We have now resolved the hurdles of posting the information.... We expect a significant number of new postings in the coming months."^[24]

No-action letters[edit]

No-action letters are letters by the SEC staff indicating that the staff will not recommend to the Commission that the SEC undertake enforcement action against a person or company if that entity engages in a particular action. These letters are sent in response to requests made when the legal status of an activity is not clear. These letters are publicly released and increase the body of knowledge on what exactly is and is not allowed. They represent the staff's interpretations of the securities laws and, while persuasive, are not binding on the courts.

One such use, from 1975 to 2007, was with the nationally recognized statistical rating organization (NRSRO), a credit rating agency that issues credit ratings that the SEC permits other financial firms to use for certain regulatory purposes.

Operations[edit]

List of major SEC enforcement actions (2009–12)[edit]

Main article: List of major SEC enforcement actions (2009–12)

The SEC's Enforcement Division brought a number of major actions in 2009–12.

Regulatory action in the credit crunch[edit]

The SEC announced on September 17, 2008, strict new rules to prohibit all forms of "naked short selling" as a measure to reduce volatility in turbulent markets.^[25][26]

The SEC investigated cases involving individuals attempting to manipulate the market by passing false rumors about certain financial institutions. The Commission has also investigated trading irregularities and abusive short-selling practices. Hedge fund managers, broker-dealers, and institutional investors were also asked to disclose under oath certain information pertaining to their positions in credit default swaps. The Commission also negotiated the largest settlements in the history of the SEC (approximately $51 billion in all) on behalf of investors who purchased auction rate securities from six different financial institutions.

Regulatory failures[edit]

The SEC has been criticized "for being too 'tentative and fearful' in confronting wrongdoing on Wall Street", and for doing "an especially poor job of holding executives accountable".^[27][28][29]

Christopher Cox, the former SEC chairman, has recognized the organization's multiple failures in relation to the Bernard Madoff fraud.^[30] Starting with an investigation in 1992 into a Madoff feeder fund that only invested with Madoff, and which, according to the SEC, promised "curiously steady" returns, the SEC did not investigate indications that something was amiss in Madoff's investment firm.^[31] The SEC has been accused of missing numerous red flags and ignoring tips on Madoff's alleged fraud.^[32]

As a result, Cox said that an investigation would ensue into "all staff contact and relationships with the Madoff family and firm, and their impact, if any, on decisions by staff regarding the firm".^[33] SEC Assistant Director of the Office of Compliance Investigations Eric Swanson had met Madoff's niece, Shana Madoff, when Swanson was conducting an SEC examination of whether Bernard Madoff was running a Ponzi scheme because she was the firm's compliance attorney. The investigation was closed, and Swanson subsequently left the SEC, and married Shana Madoff.^[34]

Approximately 45 per cent of institutional investors thought that better oversight by the SEC could have prevented the Madoff fraud.^[35] Harry Markopolos complained to the SEC's Boston office in 2000, telling the SEC staff they should investigate Madoff because it was impossible to legally make the profits Madoff claimed using the investment strategies that he said he used.^[36]

A similar failure occurred in the case of Allen Stanford, who sold fake certificates of deposit to tens of thousands of people, many of them working-class retirees. In 1997, the SEC's own examiners spotted the fraud and warned about it. But the Enforcement division would not pursue Stanford, despite repeated warnings by SEC examiners over the years.^[37] After the Madoff fraud emerged, the SEC finally took action against Stanford in 2009.

In June 2010, the SEC settled a wrongful termination lawsuit with former SEC enforcement lawyer Gary J. Aguirre, who was terminated in September 2005 following his attempt to subpoena Wall Street figure John J. Mack in an insider trading case involving hedge fund Pequot Capital Management;^[38] Mary Jo White, who was at the time representing Morgan Stanley later nominated as chair of the SEC, was involved in this case.^[39] While the insider case was dropped at the time, a month prior to the SEC's settlement with Aguirre the SEC filed charges against Pequot.^[38] The Senate released a report in August 2007 detailing the issue and calling for reform of the SEC.^[40]

Others have criticized the SEC for taking an overly rule-based and enforcement-focused approach to regulation, rather than an approach that emphasizes industry-wide safety and learning and thus ensures the reliability of the national securities trading system.^[41]

Inspector General office failures[edit]

In 2009, the Project on Government Oversight, a government watchdog group, sent a letter to Congress criticizing the SEC for failing to implement more than half of the recommendations made to it by its Inspector General.^[42] According to POGO, in the prior two years, the SEC had taken no action on 27 out of 52 recommended reforms suggested in Inspector General reports, and still had a "pending" status on 197 of the 312 recommendations made in audit reports. Some of the recommendations included imposing disciplinary action on SEC employees who receive improper gifts or other favors from financial companies, and investigating and reporting the causes of the failures to detect the Madoff ponzi scheme.^[43]

In a 2011 article by Matt Taibbi in Rolling Stone, former SEC employees were interviewed and commented negatively on the SEC's Office of the Inspector General (OIG). Going to the OIG was "well-known to be a career-killer".^[44]

Because of concerns raised by David P. Weber, former SEC Chief Investigator, regarding conduct by SEC Inspector General H. David Kotz, Inspector General David C. Williamsof the U.S. Postal Service was brought in to conduct an independent, outside review of Kotz's alleged improper conduct in 2012.^[45] Williams concluded in his 66-page Report that Kotz violated ethics rules by overseeing probes that involved people with whom he had conflicts of interest due to “personal relationships.”^[45][46] The report questioned Kotz’s work on the Madoff investigation, among others, because Kotz was a "very good friend" with Markopolos.^{[46][47][48][49]} It concluded that while it was unclear when Kotz and Markopolos became friends, it would have violated U.S. ethics rules if their relationship began before or during Kotz’s Madoff investigation.^[46] The report also found that Kotz himself "appeared to have a conflict of interest" and should not have opened his Standford investigation, because he was friends with a female attorney who represented victims of the fraud.^[47]

Destruction of documents[edit]

	"After you have closed a MUI that has not become an investigation…you should dispose of any documents obtained in connection with the MUI."
-Instructions to SEC employees on an SEC intranet[44]

According to former SEC employee and whistleblower Darcy Flynn, also reported by Taibbi, the agency routinely destroyed thousands of documents related to preliminary investigations of alleged crimes committed by Deutsche Bank, Goldman Sachs, Lehman Brothers, SAC Capital, and other financial companies involved in the Great Recession that the SEC was supposed to have been regulating. The documents included those relating to "Matters Under Inquiry", or MUI, the name the SEC gives to the first stages of the investigation process. The tradition of destruction began as early as the 1990s. This SEC activity eventually caused a conflict with the National Archives and Records Administration when it was revealed to them in 2010 by Flynn. Flynn also described a meeting at the SEC in which top staff discussed refusing to admit the destruction had taken place, because it was possibly illegal.^[44]

Iowa Republican Senator Charles Grassley, among others, took note of Flynn's call for protection as a whistleblower, and the story of the agency's document-handling procedures. The SEC issued a statement defending its procedures. NPR quoted University of Denver Sturm College of Law professor Jay Brown as saying: "My initial take on this is it's a tempest in a teapot," and Jacob Frenkel, a securities lawyer in the Washington, D.C., area, as saying in effect "there's no allegation the SEC tossed sensitive documents from banks it got under subpoena in high-profile cases that investors and lawmakers care about". NPR concluded its report:

The debate boils down to this: What does an investigative record mean to Congress? And the courts? Under the law, those investigative records must be kept for 25 years. But federal officials say no judge has ruled that papers related to early-stage SEC inquiries are investigative records. The SEC's inspector general says he's conducting a thorough investigation into the allegations. [Kotz] tells NPR that he'll issue a report by the end of September.^[50]

Relationship to other agencies[edit]

In addition to working with various self-regulatory organizations such as the Financial Industry Regulatory Authority (FINRA), the Securities Investor Protection Corporation(SIPC), and Municipal Securities Rulemaking Board (MSRB), the SEC also works with other federal agencies, state securities regulators, international securities agencies, and law enforcement agencies.^[51]

In 1988 Executive Order 12631 established the President's Working Group on Financial Markets. The Working Group is chaired by the Secretary of the Treasury and includes the Chairman of the SEC, the Chairman of the Federal Reserve and the Chairman of the Commodity Futures Trading Commission. The goal of the Working Group is to enhance the integrity, efficiency, orderliness, and competitiveness of the financial markets while maintaining investor confidence.^[52]

The Securities Act of 1933 was originally administered by the Federal Trade Commission. The Securities Exchange Act of 1934 transferred this responsibility from the FTC to the SEC. The main mission of the FTC is to promote consumer protection and to eradicate anti-competitive business practices. The FTC regulates general business practices, while the SEC focuses on the securities markets.

The Temporary National Economic Committee was established by joint resolution of Congress 52 Stat. 705 on June 16, 1938. It was in charge of reporting to Congress on abuses of monopoly power. The committee was defunded in 1941, but its records are still under seal by order of the SEC.^[53]

The Municipal Securities Rulemaking Board (MSRB) was established in 1975 by Congress to develop rules for companies involved in underwriting and trading municipal securities. The MSRB is monitored by the SEC, but the MSRB does not have the authority to enforce its rules.

While most violations of securities laws are enforced by the SEC and the various SROs it monitors, state securities regulators can also enforce statewide securities blue sky laws.^[4] States may require securities to be registered in the state before they can be sold there. National Securities Markets Improvement Act of 1996 (NSMIA) addressed this dual system of federal-state regulation by amending Section 18 of the 1933 Act to exempt nationally traded securities from state registration, thereby pre-empting state law in this area. However, NSMIA preserves the states' anti-fraud authority over all securities traded in the state.^[54]

The SEC also works with federal and state law enforcement agencies to carry out actions against actors alleged to be in violation of the securities laws.

The SEC is a member of International Organization of Securities Commissions (IOSCO), and uses the IOSCO Multilateral Memorandum of Understanding as well as direct bilateral agreements with other countries' securities commissions to deal with cross-border misconduct in securities markets.

Related legislation[edit]

• 1933: Securities Act of 1933
• 1934: Securities Exchange Act of 1934
• 1938: Temporary National Economic Committee (establishment)
• 1939: Trust Indenture Act of 1939
• 1940: Investment Advisers Act of 1940
• 1940: Investment Company Act of 1940
• 1968: Williams Act (Securities Disclosure Act)
• 1982: Garn–St. Germain Depository Institutions Act
• 1999: Gramm–Leach–Bliley Act
• 2000: Commodity Futures Modernization Act of 2000
• 2002: Sarbanes–Oxley Act
• 2003: Fair and Accurate Credit Transactions Act of 2003
• 2006: Credit Rating Agency Reform Act of 2006
• 2010: Dodd–Frank Wall Street Reform and Consumer Protection Act
• 2012: Volcker Rule (a specific section of the Dodd–Frank Act)
• Title 17 of the Code of Federal Regulations

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From Wikipedia, the free encyclopedia

A picture is worth a thousand words

1913 newspaper advertisement
Meaning	Seeing something is better for learning than having it described
Original form	"A thousand words leave not the same deep impression as does a single deed."
Coined by	Henrik Ibsen

"A picture is worth a thousand words" is an adage in multiple languages meaning that complex and sometimes multiple ideas^[1] can be conveyed by a single still image, which conveys its meaning or essence more effectively than a mere verbal description.

History

[edit]

In March 1911, the Syracuse Advertising Men's Club held a banquet to discuss journalism and publicity. This was reported in two articles. In an article in The Post-Standard covering this event, the author quoted Arthur Brisbane (not Tess Flanders as previously reported here and elsewhere) as saying: "Use a picture. It's worth a thousand words."^[2] In an article in the Printers' Ink, the same quote is attributed to Brisbane.^[3]

A similar phrase, "One Look Is Worth A Thousand Words", appears in a 1913 newspaper advertisement for the Piqua Auto Supply House of Piqua, Ohio.^[4]

Early use of the exact phrase appears in a 1918 newspaper advertisement for the San Antonio Light, which says:

One of the Nation's Greatest Editors Says:

One Picture is Worth a Thousand Words
The San Antonio Light's Pictorial Magazine of the War
Exemplifies the truth of the above statement—judging from the warm

reception it has received at the hands of the Sunday Light readers.^[5]

The modern use of the phrase is generally attributed to Fred R. Barnard. Barnard wrote this phrase in the advertising trade journalPrinters' Ink, promoting the use of images in advertisements that appeared on the sides of streetcars.^[6] The December 8, 1921, issue carries an ad entitled, "One Look is Worth A Thousand Words." Another ad by Barnard appears in the March 10, 1927, issue with the phrase "One Picture Worth Ten Thousand Words", where it is labeled a Chinese proverb. The 1949 Home Book of Proverbs, Maxims, and Familiar Phrases quotes Barnard as saying he called it "a Chinese proverb, so that people would take it seriously."^[7]Nonetheless, the proverb soon after became popularly attributed to Confucius. The actual Chinese expression "Hearing something a hundred times isn't better than seeing it once" (百闻不如一见, p bǎi wén bù rú yī jiàn) is sometimes introduced as an equivalent, as Watts's "One showing is worth a hundred sayings".^[8] This was published as early as 1966 discussing persuasion and selling in a book on engineering design.^[9]

Equivalents

[edit]

Despite this modern origin of the popular phrase, the sentiment has been expressed by earlier writers. For example, Leonardo da Vinci wrote that a poet would be "overcome by sleep and hunger before [being able to] describe with words what a painter is able to [depict] in an instant."^[10] The Russian writer Ivan Turgenev wrote in 1861, "The drawing shows me at one glance what might be spread over ten pages in a book."^[11] The quote is sometimes attributed to Napoleon Bonaparte, who said "A good sketch is better than a long speech" (French: Un bon croquis vaut mieux qu'un long discours). This is sometimes translated today as "A picture is worth a thousand words."

Similar phrases

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Edsger Dijkstra at the blackboard during a conference at ETH Zurich in 1994. In Dijkstra's own words, "A picture may be worth a thousand words, a formula is worth a thousand pictures."^[12]

A scientific formula is worth a thousand pictures

[edit]

Computer scientist Edsger Dijkstra once remarked, "A picture may be worth a thousand words, a formula is worth a thousand pictures."^[12]

Spoof

[edit]

The phrase has been spoofed by computer scientist John McCarthy, to make the opposite point: "As the Chinese say, 1001 words is worth more than a picture."^[13]

See also

[edit]

• The Commissar Vanishes
• Ekphrasis
• Picture superiority effect

References

[edit]

1. ^ cf Just a Minute
2. ^ "Speakers Give Sound Advice". Syracuse Post Standard. March 28, 1911. p. 18.
3. ^ "Newspaper Copy That People Must Read, Advertising's Relation to the Growth of Reading Ability—the Thunderstorm and "Yellow" Journalism—an Example of the Power of Comparison in Writing". Printers' Ink, A Journal for Advertisers. April 20, 1911. p. 17.
4. ^ "One Look Is Worth A Thousand Words". Piqua Leader-Dispatch. August 15, 1913. p. 2.
5. ^ "Pictorial Magazine of the War (advertisement)". San Antonio Light. January 10, 1918. p. 6.
6. ^ "The history of a picture's worth". Retrieved July 12, 2008.
7. ^ Stevenson, Burton (1949). Stevenson's book of proverbs, maxims and familiar phrases. London: Routledge and Kegan Paul. p. 2611.
   • Quoted from Ole Bjørn Rekdal (2014). "Academic Citation Practice: A Sinking Sheep?" (PDF). Portal: Libraries and the Academy. 14 (4): 575, 577, 578, 584. Archived from the original (PDF) on April 25, 2015.
   • see also "The history of a picture's worth". uregina.ca. Retrieved November 6, 2016. contains pictures and transcriptions of the original ads
8. ^ Watts, Alan. "The Way of Zen"
9. ^ Woodson, Thomas T. (1966) Introduction to Engineering Design. McGraw-Hill Technology & Engineering – 434 pages
10. ^ Janson, H.W.; Janson, Anthony (2001) [1962]. History of Art(6th ed.). Abrams Books. p. 613. ISBN 0810934469.
11. ^ Turgenev, Ivan. "16". Fathers and Sons. Retrieved September 29, 2015.
12. ^ Jump up to: ^a b Dijkstra, E.W. (July 1996), A first exploration of effective reasoning [EWD896]. (E.W. Dijkstra Archive, Center for American History, University of Texas at Austin)
13. ^ McCarthy, John (March 1, 2007). "The sayings of John McCarthy". Archived from the original on October 14, 2007. Retrieved November 9, 2007.

Sources

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• The Dictionary of Clichés by James Rogers (Ballantine Books, New York, 1985).

Further reading

[edit]

• King, David (October 15, 1997). The Commissar Vanishes: The Falsification of Photographs and Art in Stalin's Russia (1 ed.). New York, NY: Metropolitan Books. ISBN 0805052941.

Categories: 

• 1910s neologisms
• 1911 quotations
• Culture of Syracuse, New York
• English proverbs
• Photography
• Visualization (graphics)
• 1000 (number)

• This page was last edited on 9 December 2024, at 11:07 (UTC).
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