How good are you at seeing into the future? Why not take a test and see? How many of the following did you correctly predict?
- A leading tax and accounting publisher publishes a book entitled Enron: A Professional's Guide to the Events, Ethical Issues and Proposed Reforms.
- CPA/financial planners who advocate maintaining diversification though asset allocation, even during the technology boom, win in this bear markets as dissatisfied investors turn to them.
- Despite a Herculean effort by the AICPA and spending $5 million, a membership grassroots effort killed the proposed XYZ global designation.
- A typical successful accounting firm uses an outside consultant to advise on restructuring the firm and modifying its compensation system, hires a marketing director, and establishes a financial planning affiliate.
- CPAs indicate in a poll on www.electronicaccountant.com that they regularly "fire" clients.
- A major regional accounting firm wins a Practical Accountant Innovation Award for the posting of their employee newsletter in their restrooms.
- Andersen disintegrates quickly.
- Accounting firms are buying themselves back from the national consolidators.
- Some accountants doing financial planning charge on a commission, hourly, or flat rate basis at the option of their clients.
If you got seven or more right, you are a candidate for a leadership position in the profession. Getting 4-6 is pretty good, while three or less means you are better off going back to taking those Test Your Word Power tests in Reader's Digest.If you are still with me, here are a couple of new predictions by me:
- CPA2BIZ is going to shortly fade away.
- The Public Company Accounting Oversight Board will make a couple of initial dramatic decisions and then experience great difficulties in meeting the mandates prescribed by the "Sarbanes-Oxley Act of 2002."
- Barry Melancon will not serve another term as president and CEO of the AICPA.
- The merging momentum in local and regional accounting firms will continue.
- The gap between the Big Four and the other accounting firms will widen.
- Accountants in their 20s and 30s will take on major leadership roles within the profession.
