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

[BostonGuy]

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.

I agree that Pacquaio shouldn't let just one person oversee all his income generating activities. There should be a small accounting staff that has some seggregation of duties and multiple layers of review. He should also have an independent auditor come in and audit or, at least, review the books...

I'm sure Bob Arum has a reputable and competent CPA firm even if it's not one of the Big Four....

[TheSurgeonMDMPH]

The strangest thing in this forum is not the dumb shyt that pacq continually does but, a "***** who aint in the ******, on welfare, and smoking crack". Pacq fans must regroup!

pacq fan: "you are just an e-accountant. u have too much time to have an education and important job."

These past 2 years have been just as sad as watching a kid being told the truth about santa claus, the easter bunny, and the tooth fairy.


hahahahahahahahaha! This shyt is like giving coumadin to a cirrhotic! Keep em backpedalling guys. The gay and racist posts can only hide so much hurt and frustration. lMAO.................

[Gino Ros]

I agree that Pacquaio shouldn't let just one person oversee all his income generating activities. There should be a small accounting staff that has some seggregation of duties and multiple layers of review. He should also have an independent auditor come in and audit or, at least, review the books...

I'm sure Bob Arum has a reputable and competent CPA firm even if it's not one of the Big Four....

Therein lies the problem: manny should use someone "independent" as you said. I HOPE and PRAY that he doesn't use Arum's accountants. Manny should have his OWN.

Here's an example: Manny's accountant should access the SHO revenue stream to understand how many PPV buys there really were. CBS is a publicly-traded firm, and that will be in their 10-K.

Then, Manny's accountant should audit the gate revenue to ensure that the MGM numbers, the NSAC numbers and the TOP Rank numbers all synch (tie). If they do NOT, why not?

Then Manny should review the corporate sponsorships. How much was paid to TR?

Manny's accountant should request the site fees paid by the MGM Grand (NYSE: MGM) to see how much Top Rank received.

Then, the same thing for foreign rights, the same thing for....

See what I'm saying? I do not trust VisionQwest (who can't spell check their own website and who are trying to make money by getting visas for nurses) to do this. DO YOU?

[OpaiSoma]

Finance is seperate from Accounting. I work for PWC as an AIS, and I know accountants that is just as good or better than the ones im currently working with.

I find it funny that you mentioned Big 4, because a majority of them recruit people in the Philippines.

[RajahBell]

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...

After going to the Visionqwest website, they have people holding Philippine CPA licenses and licensed to work in America. This is appropriate to the case of Manny Pacquiao because they are "experts" in Philippine Accounting Standards and knowledgeable in American Accounting Practices. Probably more on the Philippine side then American.

I do agree with the TS, Reputation wise, that it would have been better if Manny worked with "the Big Four" especially when they have affiliates all over the world. Then again, I would have agreed that Arthur Andersen is more reputable before the Enron scandal. Visionqwest may not be the best but I think they are adequate in handing Pacquaio's finances. Like the steriod issue, I'm giving them the benefit of the doubt unless proven otherwise.

[Gino Ros]

Finance is seperate from Accounting. I work for PWC as an AIS, and I know accountants that is just as good or better than the ones im currently working with.

I find it funny that you mentioned Big 4, because a majority of them recruit people in the Philippines.

Big Four auditors work all over the world. Of course there are Philippines-based auditors.

In fact, i have clients who have (or are in the process of) offshoring their shared services to a manila operation.

I know University of Maryland grads who are smarter than some harvard grads I know. But on average...

But the fact remains that VisionQwest is NOT a reputable firm, and it isn't licensed by Cali to attest.

[Gino Ros]

Finance is seperate from Accounting. I work for PWC as an AIS, and I know accountants that is just as good or better than the ones im currently working with.

I find it funny that you mentioned Big 4, because a majority of them recruit people in the Philippines.

What city?

?

[OpaiSoma]

What city?

?

I dont stay in one place. I was hired in San Francisco, but working for San Jose in Almaden Blvd?

[Gino Ros]

I dont stay in one place. I was hired in San Francisco, but working for San Jose in Almaden Blvd?

You got mail.

[The Gambler1981]

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.

Manny's operation has never been good, that is why Arum was/is so appealing to him because even if Arum is taking his slice he is still way better than who he normally deals with or dealt with in the past, but that is kind of dangerous because he is Bob Arum and given liberties he would do the exact same thing King did to Tyson.

That said, it is still the best option for him because breaking free would be an absolute disaster even if the number were bigger they would be going out the door faster~