Downtown landmarks Dailey's, City Grill close - St. Louis Business Journal:

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An e-mail from , the firm that oversee s the Hurt Building, home of City Grill, said: “It is with great regret that we must inform you that the City Grilkand Dailey’s restaurants are closed until further notice.” The restaurants’ owner, Karen Bremer, president of , confirmed the the “Economic conditions, sales have faltered,” Bremer “The economics have finally hit me.” Convention business craterede in the second half of 2008 and has yet to Hotels and restaurants dependent on corporate accounts have strugglee as companies cut back on travel, and conventionn attendance has dwindled. A.J.
president of and the Downtown Improvement called it a shame to lose thetwo restaurants. But in the current economic climate, the loss of eateries is CAP, a coalition of downtown business, launched its Downtownn Dining District earlier this year to promote thecity core’se 300-plus restaurants. Some eateries, he said, are doing while others are struggling. Coinciding with the evaporation in business travel has been the birtnh ofseveral high-profile and upscale restaurants downtown, includin Il Mulino. BLT and Legal Sea Foods. Harold Shumacher, restaurant broker and presidentof , said the restaurantzs are unfortunate casualties.
“It’s reallyt too bad, they’re really institutions,” he said, calling Bremed the “epitome” of an operator. “Shs did everything you should do, it’s just a story of the times,” Shumacher said. Bremer, former presideng of Atlanta’s Peasant Restaurants and Mick’s Restaurants, assumerd ownership of Dailey’s and City Grill in 2000. “From the bottojm of my heart Ithank Atlanta,” she said.
Bremeer said she is tryingv to place her staff at otherr Atlanta eateries and accommodate parties already booked at the She said managment of the Hurt Buildint will permit two weddings already on the booksw for City Grill to procee das planned. New restaurateurs are plying theirtrades downtown, Robinson said, and the former Dailey’e and City Grill are marketable locations. “Thwe spaces that they’re in, will be attractive to someone new,” Robinson

Nordstrom prepares for opening with gala events - Denver Business Journal:

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The 138,000-square-foot store, at Kenwood Towne will open Sept. 25 and will hire roughly 250 Renata Bakale, an Australia nativw who started at Nordstrom Michiga nAvenue (Chicago) in 2000, has been namerd as the store manager. She will come to Cincinnati from Nordstromn at Fashion Mallat Keystone, in where she is interim manager. Nordstrom on Sept.12 will offer a peek into its lingerier department with a fund raisercalled “Nordstrom Fits Attendees will be given a free bra-fittingb and for every brassiere purchased, $2 will be donated to the locao chapter of Susan G. Komen for the up to $10,000. Refreshments and beaut consultations also will be Call (866) 231-4657 for an appointment.
On 23, Nordstrom will host an openinggala party, attendede by President Blake Nordstrom, Erik Nordstrom, executivee vice president and president of and Peter Nordstrom, executive vice presideng and president of full-line All are fourth-generation family members and descendants of founder John W. The event will featurs live entertainment, a dinner and dessert buffet, cocktails and a stored preview. Tickets are $75 and will benefit the Cris CollinswortjProScan Fund, Lighthouse Youth Services and the Links Inc. Clici for more information.
Lastly, the retailerd will feature a Beauty Bash before hours onopeningy day, where attendees can meet with beauty advisers and take part in demonstrationw before the opening, at which point they will be escortede into the store. For information, call (800) Seattle-based Nordstrom (NYSE: JWN) is knownm for its customer service as well as its choice selectionof high-end designers and in-store brands. The retailefr will offer free alterations (on basic two dining spots, five shoe departmentxs and a personal stylist. The Nordstrom opening will be followexd Nov. 20 with the opening of its Rack outlet atRookwood Pavilion.

The Hub Fall 2012 Schedule, Acquires Sliders, Hercules; SAG To Honor Dick ... - SitcomsOnline News (blog)

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SitcomsOnline News (blog)

The Hub Fall 2012 Schedule, Acquires Sliders, Hercules; SAG To Honor Dick ... SitcomsOnline News (blog) As for the new acquisitions, Sliders will air at 10pm (encore at 4am) from Mondays-Thursdays and features a young genius (Jerry O'Connell, Crossing Jordan) who invents a teleportation device allowing him and his friends to "slide" betw een parallel ... and more »

ComScore says Web traffic jumps on tax sites - Pittsburgh Business Times:

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That's according to Va.-based ComScore Media Metrix, which on Mondayh released its monthly analysis of consumer activity at the toponlines sites. The tax category had more than 23 millionm visitors as Americans prepared to file That was up 202 percent compared with earning it the category that grew by the widest margin. had 12.5 million visitors, TaxACT saw 5.8 milliom visitors and had 5.3 million visitors. the politics category grew 65 percentto 13.8 million visitors as primary season unfurled with Iowa caucusesw in January and Americans sought information on presidentiaol candidates. led the traffic with 2.2 million visitors, up 429 percenft from December, followed by with 1.
1 million visitors, up 202 In the Republican race, wooed 937,000 visitors, up 96 percent, whiles grew 261 percent to 596,000 According to ComScore, many Americans also appead to be on the hunt for In January, CareerBuilder LLC had 24.8 millionj hits, had 17.4 million visitors and Monstedr saw 17.1 million visitors. Real estate also saw a largr uptickin clicks. Move Network led the categoryywith 10.1 million while Yahoo! Real Estate had 4.6 million visitors and saw 3.5 millionj visitors. ComScore Inc. (NASDAQ: SCOR) tracks Internet traffixc from work, home and universityt computers inthe U.S. There were 184.2 millionm unique users in January, up from 183.6 millionj in December.

Parent of DBJ launches technology publication - Denver Business Journal:

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Bemis said the publication will primarilgy generate revenue through advertisements anddirectory sales. Fronf Range TechBiz will begin its marketing push earlyu inthe year. Bemis said the publicatioj plans to sponsor events and form partnerships with associationx that serve the technology While the newspaper is expected to debut in Aprilor May, Bemid said Front Range TechBiz will go online before the firsf issue is printed.
Initially, the papet will employ about 14 people, includingh Pillsbury, a sales three or four sales representatives, a production a research director, three or four a managing editor, a business manager and a The new paper will be locatedc at the Mile High Center at 1700 the same building as theBusiness Journal'se office. While Bemis said the arrangement will alloww him to juggle his responsibilities between the two he emphasized that Front Range TechBiz and the Businessx Journal willoperate separately. Still, Bemis believes the synergu will benefit thenew publication.
"We feel The Denvetr Business Journal adds credibility tothe operation," Bemis "Front Range TechBiz will have all the suppor t it needs in terms of resources." Pillsbury and Bemis will beginh recruiting staff for the new publication immediately.

State will try to salvage Chinese deal - Cyprus Mail

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State will try to salvage Chinese deal Cyprus Mail The Cyprus Investment Promotion Agency (CIPA) sided with the Chinese businessman's view concerning the red tape. “I consider the Chinese investor's reaction justified,” CIPA chairman Christodoulos Agastiniotis said. “The minister can make any ... and more »

Md. colleges given $11M to combat nursing shortage - Business First of Columbus:

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The grants, being divvied among 17 Marylandnursinb schools, will be used to lure faculty and students, and improve technology at the universities. Maryland’s nursing shortagd is expected toreach 10,000 by 2016, according to the . The current vacanch rate of nurses at state hospitals is 8 The economic downturn has helped the industry becausew many retired nurses have come back to but once the recession ends the shortagewill worsen, said Carmela Coyle, CEO of the Marylaned Hospital Association. The first roundr of grants will increase the numbert of nurses graduating by 300 students and add 20 facultuy positions at nursing programs acrossthe state.
“The number of nurses graduating from Maryland schools are simplyunot enough,” said Ronald B. president of and co-chair of the “Who Will Care?” campaigm at a press conference Monday. “We cannot take our eye off thenursinvg demand.” The campaign’s goal is to add 1,500 new nursing The program has raised $15.5 million to date through the state’s business including funds from the Baltimore construction form , , the region'zs largest hospital system, and , the region's largest health insurer. Greater Baltimore Medicao Center, for example, gave $500,000.
The goal is to rais e $20 million from the private sectod by the end of the and then raise anaddition $40 milliomn in state, local and federal funds. • • • • • ; and, .

Aviation ministry questions SITA's management of AI's ticketing system - Indian Express

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Aviation ministry questions SITA's management of AI's ticketing system Indian Express The civil aviation ministry has flagged concern over management of Air India's reservation and ticketing system by SITA. “We, at the minister level, are concerned about the management of reservation and ticketing system by SITA, as it has sub ...

St. Louis businesses offered moratorium to pay license fees - St. Louis Business Journal:

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The fair, hosted by the offices of the city licens collector and the collector of revenue will be held from10 a.m. to 2 p.m. at ’es Emerson Performing Arts Center. Of the 17,000 knownj licensed businesses, nearly 2,500 business fail to pay theie taxes but by giving thema one-day-only license collector Michael McMillan’s officer raised $20,000 in additional revenue last his office said. The event also includews informal interactive networking opportunities for business owners with banking representativesfrom , , , , , , ; ; and Royaol Bank, along with the . Revenu e collected by license collector’s office supportsa the City of St. St.
Louis Public Schools, /Museum District, Communit y College District, Metro Sewer District, State Blind Fund, Community Mentakl Health Fund, Community Children’s Servic Fund, MR/DD Resources and the .

Short sales creating headaches - Tampa Bay Business Journal:

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It had been at least a mont since they sold their homein N.C., so buying one should be the easy It hasn’t been. “We’re Christine Augustine said. “We’re three weeks away from and westill don’ t know if we’re good to go.” The Augustineds have found themselves caught in the short sale markeft where sellers on the brink of foreclosurs are trying to dump homes they’rw upside down on. Banks could take month s to approvea deal, forcing many buyers foraging for good dealz to walk away. “The name ‘short is anything but,” said Bill Dallas, a real estatde practitioner with .
“Banks are makinyg us jump through so many hoopsxthat it’s taking forever to get deals It’s putting pressure on prices and keeping our recovery from actually Annoying, but legal? The number of short sale offersw may be overwhelming to banks. But severaol residential real estate practitioners, including Realtors, told the that brokeres representing sellers are the ones responsibl for gumming up the process by sidestepping rule s designed to expedite transactions for bonafide buyers.
One practicwe that has raised some ire in the real estat community is brokers representing short sellers collectin g multiple offers on active MLS listings and sendinbg all of them to the bankfor That’s tying up potential buyers that may have littlr chance to actually purchase the propertty if their bid is among those in the lowerr tier. “These are people that could insteaed be looking at other properties they have a better chancweof getting,” said Matthew Augustyniak, owneer of in Bradenton, which specializess in short sales.
But such a move is actuallty withinMLS rules, said Ann president and CEO of the , whicu manages the and Pasco “Some sellers want offers to go directl to the bank first to see if they’ll even accept it before singing anything,” Guiberso said. “If the seller doesn’t sign off on it, then it’ws not a pending contract. On the other a potential buyer can walk away atany There’s nothing holding them to the offer, even if the bank accepta it at some The problem, some Realtors say, is that MLS doesn’tr have required fields to identify a listing as a short sale.
Listing agents, for the most are supposed to identify short sales in a sectionm known asRealtor notes, which is available only to real estatr practitioners. But digging through thousandx of listings to find short sales can be and not all Realtors add the proper Either way, sending a batc of various offers to banks is exactly what the originak lending institutions have asked for, said Dallas, who typically represents Over the three months it could take for a bank to the top bidder could grow impatient and drop out, leavinf smaller bids on the Sending multiple offers saves a seller from having to start the bank process all over “We’ll note on the listing to other Realtorss that offers have been submitted to the bank but the listingh remains active,” Dallas “Banks want the highest and best price, so if someonr wanted to make a bigger offer after the fact, there would be room to do Just two years ago, homebuyers paying all cash made up just 12.
5 percent of residential purchases in Hillsborough County, according to the . In Aprilp 2008, that jumped to 24 percentt ofall sales. And last cash buyers represented 39 percent of all outpacing conventional financing by nearly 29 Short sales might be the darlingof cash-wieldingt buyers, those looking for mortgages are gettinyg in on the game, too, but not alwayds by choice. “We only plan on beingv there forthree years, so we originallyg were going to rent,” said Augustine, whose husbanr will be stationed at . “But then we saw all the greag dealson houses, and thought it makesz sense to buy.
There are a lot of dealxs out there, but it’s hard to find one that isn’r a short sale.” Short sales aren’t the only bargain out there. Homesw that already have gone back to the bank also are beingv offered below their most recent sales andbuyers won’t have to wait month to get an answer. “Once the bank has the it becomes motivated to get it sold as quickltyas possible,” said Rae Catanese, an agent with Prudentialk Tropical Realty.
“Many times we can get an answer back within48 It’s pretty smooth Potential buyers also have to be realisticc about the market, PRO’s Guiberson Lower median prices have convinced some buyers there are deals too good to be true on the market when in it’s simply reflecting that more homes on the lowet end of the pricing spectrum are selling near actual value while higher-end home sales are a bit stagnant. “You’r not going to get a $500,000 home for $180,000,” Guibersomn said. “I don’t think you’ll ever see the markeft that bad.
”

Retain good employees to keep edge for recovery - Puget Sound Business Journal (Seattle):

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“When the economy turns around, you are not going to be able to get back the employees youlose now,” Greer said. “It is one of the reasones why you can’t put a dollar figure on employee Greer andJulie Stich, senior informationm and research specialist for the International Foundation of Employeee Benefit Plans, www.ifebp.org, said the best way to retainb employees is to keep them engagedd with the company. “Let workers follow their interests, and help them to develop theif skills. Also, consider allowing employees to work in differenty areas ofthe organization. This will help to keep them said Stich. Training is another component to employee experts say.
Stich suggests in-house mentoring programsz for key employees and those showinhigh potential. Such programs go a long way in terms of careerr development for these people without a direct cost tothe company. “I employees see that you are willingy to make a commitment to their they are going to know that thecompany ... is committecd to their growth,” said Greer. “Recruiting shouls not stop when a personis hired. Recruiting needs to continuw throughout one’s employment with the organization,” said who also suggests involving employees incorporate decision-makinf to keep them invested. Another key is quality Greer said.
Supervisors should be awar of the goals and aspirations of thei r employees and showappropriate interest. “Research showw that employees do notleave companies. They leave theire managers,” he said. Beyond such engagement Stich suggests employers review theidrbenefit packages, ensuring they are competitive, even in a down “You do not want to have someone jumping ship to someplace that pays a lot more,” Stitch said. she said, should consider flexibl schedules and telecommuting opportunitiesfor workers. Such benefitxs particularly appeal toyounger employees, she said.
The final componen t to employee retention is making the workplacre as pleasantand stress-free as possible. Employees tend to appreciate light-hearted working environments thatencourage fun. “Bringing in pizzw for lunch every once ina while, handintg out gift cards, or throwing a holiday party can go a long way,” she said. Althougjh companies may have to invesrt some time and money in employee experts say the alternative is to absorb the expense that comes with losing and replacing Stich said it can cost up to two timessan employee’s annual salary to replace a singlew worker.
“When a company losesa a high-performing employee, the employer feels the loss in productivityand morale,” said Stich, who attributexs turnover costs to advertising on job-searcbh sites, background checks, new-hire testing, interviewing, applicantg screenings, orientation and training materials. “You also have to considerd the costof ... severance pay, temporary she said. Greer said employers who are awares of the value of employer retention will experience some turnover despite due The best way tohandle it, he is to keep the relationship with the employer alive after departure.
“If you lose a good person, he may want to come back to you eventuallg if you keepin touch. If he he will come back with more skillss and more knowledge than he had when he he said.

Report: Zell might lose reins of Tribune - Silicon Valley / San Jose Business Journal:

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According to the report, the companyu might fall into the hands of a grouo of banks and investors thatholdse $8.6 billion in seniod debt. The report says that "the plan centers on a debt-for-equity swap that probablyg would give the senior lenders a largw majority ownership stake in thereorganized company." The plan woulc also likely wipe out a $90 million warrant that Zell holdsa that would give him the righg to buy 40 percent of Tribunew for about $500 million.
The reporgt says that Zell's future in the companyy would likely be determined by the as it is unclear if the group woulr want to bring in a new or if Zell himself would want to remain with the The report saysthat "sources close to both the creditors and the companty said it is too early to make such decisions and Tribuns management continues to control the process because it currentlyy has the exclusive right to propose whatevef reorganization plan it wishes." Tribunwe through a buyout led by Zell. The deal left the companty withnearly $12 billion in debt. Tribunwe has sold off assets and cut jobs since the close of the deal to help with the debt Thecompany .

Manpower: Employers struggling to find qualified job candidates - Puget Sound Business Journal (Seattle):

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The employment services company MAN) says 30 percent of employer s worldwide are struggling to find qualified job especiallyskilled tradespeople, sales representative and technicians. Manpower surveyed nearly 39,000 employers across 33 countried and territories togauge employers' abilityg to find the talent they need. The 10 hardest jobs to as reportedby U.S. employerz in 2009, are: Even with unemployment at or near records levels inmany communities, Manpower'sz research highlights the problem many employers are having finding individualse with the right combinations of job-specifidc skills, experience, training and soft skills.
"Imn the four years we have performed this the same positions appear on the list agai nand again," said Jonas Prising, Manpower's president of the Americas. "Despitee the current economic instability and high there are still skills thatthe U.S. work forcew seems to lack." The U.S. findings are part of a Manpowerr global study that surveyed morethan 39,000 employerx across 33 countries and territoriesw in January 2009. Positions in the skille d trades, sales, technical work and engineerinv remain the most difficult for employers tofill globally. Manpowerf surveyed more than 2,000 U.S.
employers in the fourtnh annual survey to determine which positions employers are having difficultuy fillingthis year.

High Desert Pediatrics opens doors June 15 - Boston Business Journal:

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Located at 8650 Alameda NE., the 4,100-square-foot medical officed is the first tenant inthe two-buildingf office plaza built by Hoech Real Estat Corp. The project includes two offic buildings totaling morethan 42,000 square feet and a new churc for Hope Episcopal. The new clinic’s operatorsa did their residencies at the and specialize in acuteluill children. Hope Plazwa is seeking a silver certification from the in its Leadership in Energy and EnvironmentaloDesign (LEED) program. Father-son team Don and Justin Hoech partnered with the church to develop the parcel adjacenrt to La Cueva High Schoool in the Far Northeast Heightsof Albuquerque.
The offics buildings are being offered for sale as office condominiumes or canbe leased. represents half of the $7.5 milliob project, which was built by Enterprise High Desert Pediatrics is the lone tenant to date far inthe

Lantech CEO says recession will make strong companies stronger - Washington Business Journal:

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From its headquarters at 11000 Bluegrass Parkwahyin Jeffersontown, Lantech sells pallet-wrapping equipmenrt costing between $10,000 and $300,00 each to some of the world’sd largest companies. “Eighty percentf of what your readers buy comes acrosws one of my machines on its way to the said Lancaster, who is CEO of Lantech. Customer s include international consumer companies suchas , and gian t breweries.
“We touch a huge percentage of products that move as any sort ofpackager goods, and we were hit like all the other capitap equipment companies,” he Yet, Lancaster sees not only his company, but all strong Americanb businesses, coming out of this recessiobn more efficient and ready to invest in capitak equipment after having been on cruise control during boom times. “I feel better aboutf the prospects ofthis country’s competitiveness than I did four or five years ago,” he “I’m not the only one thinking about gettingh the cost structure of my company under control.
Peopl are focused on their ‘knitting,’ making what happens in theier fourwalls better. “You take that timesw a bunch of business, and it’s a big deal in terms of the competitiveness ofthis country.” Not that it’s been fun. And not that the economu is back. Lancaster said 2008 started out well on pace to tophis 37-year-olcd company’s best year ever, 2007, when Lantech had abouty $120 million in gross revenue. As of May 2008, orders were up 17 percent overMay 2007. But in business slowed dramatically, first in the United then in Europeand “When Asia dropped, it didn’t just drop. It Lancaster said.
Companies that were leveraged and took 5 percent to 50 percen revenue hitsare dead, or they’re in the procesx of dying, Lancaster said. Companies with manageabled debt, such as suddenly had the time and incentive to start restructurin g and investing intheir businesses. Lantech has no impetus to keep cash in the bank drawiny1 percent, he said. “We’re making way bigger investments in our businessthan (beforew the downturn). This is not money-management This is the time to invest in productdevelopment … to improve long-terk competitiveness.” But last fall, it was time to cut staff so that Lantec h didn’t start losing money.
Lantech has had to cut its local staff to about300 people, Lancaster said. Lancaster declined to say how many people he was forcedto cut, but the companyu had 350 employees in Louisville last year, according to Businesxs First’s Aug. 29 list of the area’s largest manufacturingh firms. “We just dropped (the work force) to breal even,” Lancaster said. “We didn’t want to (lose and set ourselves up for being weaker againstthe competition. We cut not to hold our profitabilityy percentage, but just to break even.” Remaining staffc started rethinking how Lantechis run, “making hundredws if not thousands of he said.
Lantech saved $2,500 per month by buying out leasea for dumpsters and trash compactors and buyingits own. Renegotiatin g phone services savedanother $2,500. Consolidating off-sit e storage areas saved $9,00o0 per month. The money saved —hundreds of thousandzs of dollars per monthin non-payroll expenses — kept the company from drastically cutting its work force, Lancaster said.

Board approves limits on restraint, seclusion - Sacramento Bee

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INAUTONEWS

Board approves limits on restraint, seclusion Sacramento Bee FRANKFORT, Ky. -- The Kentucky Board of Education has approved a new regulation that would limit the use of certain disciplinary actions in schools that involve physic »

IPAMS praises Obama pick to run BLM - Denver Business Journal:

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“Bob Abbey is thoughtful, even-tempered and responsive to stakeholdeer concerns. Independent energy producers in the Intermountain West strongl approve of his nomination forBLM director,” Marc Smith, executivw director of Denver-based IPAMS, said in a statement. Abbety served eight years as the BLM’s Nevada directodr in a 32-year career in publicv service, and more recently has been a private consultantwith Stubbs, & Ford, LLC in Nevada. “Bogb understands natural resource management and the importanceof multiple-use on publicf lands,” Smith said.
“He is widely recognized as a thoughgt leader in sustainableresourcs development, and knows the issues that Westerners face. Bob’s on-the-grounr land management experience will lend balance and credibility to the importantg public land management decisions he will makeas director.” BLM landz across the West account for a large percentags of the nation’s natural-gas production. While with BLM previously, Abbeyg oversaw the Great Basin Restoration which focused on restoring largd portionsof Nevada’s natural lands. BLM manages 8.35 million acresz in Colorado, much of it on the Westermn Slope.
It lands are used for recreation, energ y development, ranching and preservation of archeological amongother purposes. News of Abbey’s nomination brought mostly praise from a spectrum ofinterest groups, ranging from energt companies to back-country recreation groups to environmentalists. “Througnh his decades of public service, Bob Abbety has shown again and again that he is the consummate professional naturakresource manager,” U.S. Interiore Secretary Ken Salazar said in a BLM is a unitof Salazar’sz department.
“His dedication to our country’s national syste m of public lands and his commitment to building partnershipsa make him an ideal choice to lead one of the most complex federal landmanaging agencies,” said Salazar, a former Colorado U.S. senator and attorney general.

Herhold's memo to Milpitas City Hall: Let the guy have his '99 percent' sign - San Jose Mercury News

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Herhold's memo to Milpitas City Hall: Let the guy have his '99 percent' sign San Jose Mercury News Not the city of Milpitas. In December, city officials sent a notice to Means that his sign violated the city's sign ordinance. The 62-year-old Means, who has the freedom of having recently paid off his mortgage, argued that the sign was protected under ... and more »

Does Your Drinking Water Have Chicken Manure in It? - Care2.com (blog)

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Does Your Drinking Water Have Chicken Manure in It? Care2.com (blog) A growing body of evidence indicates that CAFO-generated contaminants are ending up in the waters that we depend on for commerce, recreation, and perhaps most importantly drinking. Spills that occur during manure transport or when storage facilities ... and more »

Knight glitch visible within seconds: Analyst - Washington Post

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Knight glitch visible within seconds: Analyst Washington Post Aug. 2, 2012 - Knight Capital Group, the trading firm whose technical glitch briefly caused trading chaos Wednesday, lost 75 percent of its value in the past two days, to $2.59 Thursday per share from $10.33 per share Tuesday at closing bell ... and more »

triple play - Detroit Free Press

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triple play Detroit Free Press LONDON -- Michael Phelps bit his lip on the victory stand as the anthem played, his eyes full. They called him an automaton when he couldn't lose in Beijing. Here, he's a sentimental fool. "I have let myself shed a tear now and then," Phelps allowed of ... and more »

Demand continues to rise for help of forensic accountants - Portland Business Journal:

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Those industries include the professions, retail, financial schools and universities, charitable organizations, and healtu care institutions. They also includre a host of other contexts wherd serious economic and legal consequences may arissfrom fraud, disorganization, a lack of accounting controlzs or a combination of thess factors. Commonly experienced consequences — often leading to the need for retention of alawyer — include financial losses, bankruptcy, employed discipline, government regulatory sanctions, and at times, criminal charges. When retained to address and resolveethese issues, many lawyers hire a forensidc accountant to consult and assist.
Law practicess that involve regulatory compliance, governmental investigations and the defense ofcriminal cases, increasinglyu rely on forensic accountants to collaborate in the initial through the legal and factual analysis of the evidencwe under consideration, and ultimately, the decision making and problem resolution phases of lawyers’ What is forensic accounting? A top expert in the D.
Larry Crumbley, the KPMG Professor of Accountingh at Louisiana State describes it as accounting that is suitable for legal offering the highest levelof assurance, and includinf the now generally accepted connotatio of having been arrived at in a scientific That is, he adds, forensifc accounting is sufficiently thorough and completed and of such quality, that it would be sustainabled in an adversarial legal proceeding or within some judicial or administrativre review. Although they are accountants forensic accountants must possess skillas that extend farbeyond “bean counting.
” These professionals are called upon to use investigativre skills, instinct and ability to evaluate and a critical faculty that can withstand testingf (in the scientific context) and judicial scrutiny (in the legalo context). Practically speaking, the current together with the trend of heightened governmental regulation and means forensic accountants are being sought out directl by businesses of every stripe not only to solve problems but to preventg them from occurring in thefirst place. Thesew specialists have expanded theirt pallet to includerisk assessments, certai n aspects of Sarbanes-Oxley compliance and countless varietiezs of fraud prevention.
Computer and other technologicao innovations have evolved at warp speed over thepast This, combined with the rapidity of enormouss financial declines (Enron, WorldCom, Lehman Brothers, to name but a have contributed to a greatet and greater reliance on forensic accountants to get to the bottokm of whatever financial or regulatory issue requires attention. In where investigation and verificationis demanded, whetherr by government officials, shareholders, friends or use of a forensic accountant is almost alwayd welcomed and rewarded. Dr. Cromley, quotinyg the founder of the National Association of Certified FrauExaminers (which has 15,000 members in the U.S.
alone), observea that forensic accounting “marriese the auditor with the investigator.” These two functionss are invaluable indetecting fraud, spotting irregularitiesx and otherwise determining, to a very high degree of what happened, how it happened and ultimately, the quantitativse impact of both. Those who rely on forensicv accountants to infuse our work with greater accuracy and reliabilityg know that they have become an essential part of our Lawyers in the fields of regulatory government investigations and crimina defense cannot properly conduct most investigationes without aforensic accountant.
As a the demand for these professionalas has grown steadily and professional organizationa representing them have become activwin education, certification and accreditation. These are welcome as professionals and businessews alike foreseeably face more and greater scrutiny as we look tothe