Word: audition
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Dates: during 2000-2009
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...freshman planning to take government courses and found an anthropology course, a philosophy course and a psychology course during my first “shopping period,” all courses that I ended up taking that fall, and in addition I found a second philosophy course to audit...
Palepu says he is optimistic that as companies are forced to find financial experts for their audit committees, they will also start to think more carefully and creatively about all their board seats. Instead of fixating on CEOs, they will tap the likes of venture capitalists, retired partners in accounting firms and retired investment bankers. Rising pay will help generate interest. Until recently, outside directors of publicly traded companies typically received $45,000 to $150,000 a year in cash and stock, based largely on the size of the company and the number of committees a director joined. As directors...
...company, started in 2000 by former broker supervisor David Tilken, sells Broker Audit, software that automatically tracks client-account activity and alerts in-house compliance officers to suspicious doings. As Tilken, 48, politely puts it, the idea is to prevent "accidents"--everything from long-term neglect to mistyped trade orders to ill-advised portfolio strategies to outright fraud...
Competition for Protegent will increasingly come from suppliers of order-management software, the kind that handles the actual execution of trades. Publicly traded SunGard Data Systems, for instance, with more than $4.2 billion in annual sales, is adding broker-compliance screening to its products. Tilken says Broker Audit's toughest competition will be in-house software developed by brokerages. That's probably truest of the largest houses, which might find it less expensive to write their own code than to pay a per-broker fee month after month...
Over time, though, it could be the hassle and expense of adapting to ever changing regulations that drives customers to Protegent's door. Even before the federal Patriot Act took effect last April, for example, Broker Audit was ready to handle new anti-money-laundering tracking requirements (like watching out for unusual wire transfers in and out of brokerage accounts). Coming up: tracking of unnecessarily high mutual-fund commissions, based on selling inappropriate types of shares to certain investors--a measure that will be required by the National Association of Securities Dealers later this year. So many opportunities for mischief...