VisionQwest, Manny's New Accountants, Is NOT - Repeat NOT - A Reputable Firm!

[The Gambler1981]

There's a REASON why his handlers didn't go to an E&Y or PWC.

Somebody is doing something that they don't want exposed. And a reputable firm would be HIGHLY unlikely to get in bed with that.

This bootleg company is much more willing to be in cahoots to collect the fees.

The is the really bad part about having a large circle, no matter how cool or generous or how good a judge of character a person is, there will always be a certain percentage of crooks, the larger the circle the more crooks it is inevitable

Always need to look out for number one, and Manny seems to be far to comfortable with having others look after his affairs. That is a hard lesson to learn~

[BostonGuy]

I don't know anything about this firm but a lot of small-to-mid size CPA firms may actually provide comparable tax compliance/financial planning to the "Big Four" but at a lower price....

Also, what accounting question did you ask the firm?...

[Gino Ros]

I probably should have gone into finance. I had the image of you guys working 16 hour days 7 days a week? Guess it depends what area you're in, because you seem to have a lot of free time on your hand.

It comes in waves for me. Sometimes, I have peak periods and/or have road shows (like earlier this year) and I don't post for weeks/months.

Other times, I have heavy modeling, and I keep NSB open and toggle back-n-forth between reviewing models and posting nonsense about boxing.

[Gino Ros]

I don't know anything about this firm but a lot of small-to-mid size CPA firms may actually provide comparable tax compliance/financial planning to the "Big Four" but at a lower price....

Also, what accounting question did you ask the firm?...

I called and asked

"Do you perform attestation"?

Three people transferred and none knew what that was.


No. A small firm is HIGHLY unlikely to have the talent base to perform the same work quality as Big Four. For example, small firms don't do SEC work, they are unlikely to know FAS 109 or FIN 48.

You might find a former Big 4 senior or manager who moved to a smaller firm for quality-of-life reasons. Better work/life balance. But since he isn't doing that work, his skills/knowledgewill quickly erode.

[Gino Ros]

The is the really bad part about having a large circle, no matter how cool or generous or how good a judge of character a person is, there will always be a certain percentage of crooks, the larger the circle the more crooks it is inevitable

Always need to look out for number one, and Manny seems to be far to comfortable with having others look after his affairs. That is a hard lesson to learn~

I guess this is what Biggie meant: "I got lawyers watching lawyers so I don't go broke".

Manny's big mistake was what they will teach you in basic audit: segregation of responsibilities.

He had one or two guys who had too much (and too broad) authority. Guys like Gacal and Koncz should have LIMITED authority, and you should need cross-signing authority to get things done.

Floyd and Manny are good sized businesses. Manny is a business that generates hundreds of millions of dollars per year.

...you don't get the local H&R Block guy to do taxes for a firm of that size.

The same guy shouldn't be doing taxes for both Manny and Armando the Neighborhood Plumber.

[BostonGuy]

I called and asked

"Do you perform attestation"?

Three people transferred and none knew what that was.


No. A small firm is HIGHLY unlikely to have the talent base to perform the same work quality as Big Four. For example, small firms don't do SEC work, they are unlikely to know FAS 109 or FIN 48.

You might find a former Big 4 senior or manager who moved to a smaller firm for quality-of-life reasons. Better work/life balance. But since he isn't doing that work, his skills/knowledgewill quickly erode.

How does SEC, auditing and knowledge of GAAP pertain to Manny Pacquaio? He needs a good tax accountant and financial adviser/planner...

Btw, FASB 109 and FIN 48 are not in effect anymore. The FASB codified the standards and the particular topic you noted is now known as ASC Topic 740 Accounting for Income Taxes...

[BostonGuy]

Edit: Pacquaio should also have a good CPA keeping his books who has audit experience (not necessarily SEC audits though)...

[Gino Ros]

How does SEC, auditing and knowledge of GAAP pertain to Manny Pacquaio? He needs a good tax accountant and financial adviser/planner...

Btw, FASB 109 and FIN 48 are not in effect anymore. The FASB codified the standards and the particular topic you noted is now known as ASC Topic 740 Accounting for Income Taxes...

Most folks are converting to IFRS.

SEC doesn't apply to Manny... but it's indicative of the skill level that you will find in Big Four.

An Associate at Big Four will have greater exposure and training than someone at a five-person firm.

[Gino Ros]

Edit: Pacquaio should also have a good CPA keeping his books who has audit experience (not necessarily SEC audits though)...

Where will a young accountant get the BEST training?

Big Four + 2.

Even if he isn't doing public company work, he will have the oversight and training (and management resources) that wil enable him to be a better accountant.

Anybody that I hire needs to have a Big Four background.

[Gino Ros]

Edit: Pacquaio should also have a good CPA keeping his books who has audit experience (not necessarily SEC audits though)...

Moreover, if Manny had an auditor who advised him to have more of a "Sox compliant" approach, it would be better for him.

manny has movie income, boxing income, congressional salery (?), endorsements, real estate investments, etc. All this across multiple countries.

It's crazy to me that Knocz is allowed to oversee all that.