We Can't Count On The Fed To

Mandatory Auditor Rotation Is Designed To Address A Potential Conflict Of Interest Between A Public Company And Its Auditor. Because An Auditor Is Hired And Paid By The Public Company It Audits, The Auditor's Desire To Maintain A Good Relationship With Its Client Could Conflict With Its Duty To Rigorously Question The Client's Financial Statements.

From The Law Firm's Perspective, Billing By The Hour Has A Certain Appeal: It Shifts Risk From The Firm To The Client In Case The Work Takes Longer Than Expected. But From A Client's Perspective, It Doesn't Work So Well. It Gives Lawyers An Incentive To Overstaff And To Overresearch Cases.

You Have Various Institutions Like Law Firms And Accounting Firms Which Bill By The Hour. I'm Really Against That. You Have An Incentive To Go Slowly, Be There As Long As Possible, To Over-research Things And Over-staff.

No Matter What Your Career Aspirations Are, You Should Begin By Thinking Carefully About Why You Are Engaging In Any Activity And What You Can Expect To Get Out Of It.

I've Seen People Spend Days, If Not Months, Researching And Gathering Data, But Only At The End Did They Finally Figure Out What They Were Really Looking For; Then They Have To Redo A Lot Of Stuff. If After A Day Or So You Force Yourself To Put Together Your Tentative Conclusions, Then You'll Have Guidance For The Rest Of Your Research.