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The “snarky tweet” honestly wasn't directed at you. But I am glad you came and had a look and found some stuff that you found engaging.

I started my career in audit in the early 1990's – before heading into corporate finance. It seems some of the key debates that existed as far back as my days in the space have not progressed as far as I would have expected.

I think you are 100% correct to be initiating the debate and providing a starting point. I hope some of the Big Four guys take up your challenge. I would expect however that the sharpest insights may come from those on the fringes – those that are prepared and able to think dangerous thoughts.

I will be watching how it plays out with interest.

Regards,
Mark Clare

The “snarky tweet” honestly wasn’t directed at you. But I am glad you came and had a look and found some stuff that you found engaging.

I started my career in audit in the early 1990′s – before heading into corporate finance. It seems some of the key debates that existed as far back as my days in the space have not progressed as far as I would have expected.

I think you are 100% correct to be initiating the debate and providing a starting point. I hope some of the Big Four guys take up your challenge. I would expect however that the sharpest insights may come from those on the fringes – those that are prepared and able to think dangerous thoughts.

I will be watching how it plays out with interest.

Regards,
Mark Clare

The transactions I have nothing against, it's the fact that representation of transaction is indirect and set up front (invoice, contract, sales slip) when transactions in real life and as defined by accounting rules are different: When a widget changes owner, when a thing is paid and arrives my warehouse (etc).

In other words transactions are process-data while all enterprise systems only produces and handles process-results-data that again will have to be interpreted to extract half-meaningful-and-always-late approximations of the actual transaction.

The only solution in my mind is to (as you know well) is to turn it all upside down and run all business processes using IT thus producing realtime and exact transaction data. (December sales could then be a query at the back end “Add up the value of all widgets that changed ownership from us to any customer in December”, or if you want another GAAP in parallel “Add up the value of all widgets that changed ownership from us to any customer, and that changed location from our warehouse to any customer, in December”).

That would also make system complexity far far less complex given one object representing the widget instead of a stack of transaction approximations (invoice, sales slip, etc) representing it indirectly – hence allowing any GAAP being used on same data in real time as well as the real time and true accounting. A triple whammy results-wise.

The transactions I have nothing against, it’s the fact that representation of transaction is indirect and set up front (invoice, contract, sales slip) when transactions in real life and as defined by accounting rules are different: When a widget changes owner, when a thing is paid and arrives my warehouse (etc).

In other words transactions are process-data while all enterprise systems only produces and handles process-results-data that again will have to be interpreted to extract half-meaningful-and-always-late approximations of the actual transaction.

The only solution in my mind is to (as you know well) is to turn it all upside down and run all business processes using IT thus producing realtime and exact transaction data. (December sales could then be a query at the back end “Add up the value of all widgets that changed ownership from us to any customer in December”, or if you want another GAAP in parallel “Add up the value of all widgets that changed ownership from us to any customer, and that changed location from our warehouse to any customer, in December”).

That would also make system complexity far far less complex given one object representing the widget instead of a stack of transaction approximations (invoice, sales slip, etc) representing it indirectly – hence allowing any GAAP being used on same data in real time as well as the real time and true accounting. A triple whammy results-wise.

But surely the debate about the big 4 is “supply side”. Perhaps the problem is that they have hijacked the profession – its become a classical monopoly supply problem. Not completely sure about that – but the divide between the general practitioner (who serves most of the market by volume) and the big corporate players (who serves most of the market by value) is wider – how on earth can the small practitioner keep up with Tweedie's ramblings and make a profit?

But surely the debate about the big 4 is “supply side”. Perhaps the problem is that they have hijacked the profession – its become a classical monopoly supply problem. Not completely sure about that – but the divide between the general practitioner (who serves most of the market by volume) and the big corporate players (who serves most of the market by value) is wider – how on earth can the small practitioner keep up with Tweedie’s ramblings and make a profit?