1. International Financial Reporting Career Success Factors 1 Confidential Treatment Requested by PCAOB Pursuant to 17 C.F.R. 200.83 Greg Jonas Boston College April 22, 2014

2. Caveat The views expressed are my own views and do not necessarily reflect the views of the Board, its members, or other staff. 2

3. Two types of factors Confidential Treatment Requested by PCAOB Pursuant to 17 C.F.R. 200.83 3 TechnicalCareer

4. Confidential Treatment Requested by PCAOB Pursuant to 17 C.F.R. 200.83 4 Know your stuff Technical success factors Technical Skills Reporting Economics Incentives

5. Confidential Treatment Requested by PCAOB Pursuant to 17 C.F.R. 200.83 5 Know your stuff Technical success factors Have ideas Ideas = value Bad form: what now boss?

6. Confidential Treatment Requested by PCAOB Pursuant to 17 C.F.R. 200.83 6 Know your stuff Technical success factors Have ideas Think strategically Detail is important but dangerous. Don’t get lost in it!

7. Know your stuff Technical success factors Have ideas Think strategically Use sound judgment

8. Sound judgment? Confidential Treatment Requested by PCAOB Pursuant to 17 C.F.R. 200.83 8 ? Insightful Savvy Proven Right Avoids Mistakes Forward Looking Reasoned View

9. Use Judgment Framework, when it really matters Confidential Treatment Requested by PCAOB Pursuant to 17 C.F.R. 200.83 9 RationaleAlternatives EvidenceProof Facts Smart Money Persuasive

10. Know your stuff Technical success factors Have ideas Think strategically Use sound judgment Consider many sources

11. Use many sources for insight… Confidential Treatment Requested by PCAOB Pursuant to 17 C.F.R. 200.83 11 ReportingEconomicsIncentives 10-K Transaction Documents Staff Comment Letters Firm Pubs Authoritative Proxy S Forms 10-Q Contracts Sell-Side Research Rating Agency Reports Government Reports Business Press

12. Know your stuff Technical success factors Have ideas Think strategically Use sound judgment Consider many sources Keep a global perspective

13. Two types of factors Confidential Treatment Requested by PCAOB Pursuant to 17 C.F.R. 200.83 13 TechnicalCareer

14. Confidential Treatment Requested by PCAOB Pursuant to 17 C.F.R. 200.83 14 Be a team player Career success factors Team > Self Play to strengths Shore-up weaknesses Carry your weight Consult

15. Confidential Treatment Requested by PCAOB Pursuant to 17 C.F.R. 200.83 15 Be a team player Career suggestions Don’t be a fool in poker Illusion! Worldly! Skepticism! Incentives! Economics! Requirements!

16. Professional skepticism What it is… Questioning mindset Critical assessment Driven by evidence Neutral outcome What it is not… Pleasing mindset Confirming assessment Selection bias Hoped for outcome Confidential Treatment Requested by PCAOB Pursuant to 17 C.F.R. 200.83 16 Beware of Impediments! Excessive time pressure Fatigue Little incentive to find bad news Client service = yes

17. Confidential Treatment Requested by PCAOB Pursuant to 17 C.F.R. 200.83 17 Be a team player Career success factors Don’t be a fool in poker Communicate! Top down Don’t bury lead Points Pictures Simple language Concise

18. Confidential Treatment Requested by PCAOB Pursuant to 17 C.F.R. 200.83 18 Be a team player Career success factors Don’t be a fool in poker Communicate! Sell ideas Create 50% Sell 50%

19. Confidential Treatment Requested by PCAOB Pursuant to 17 C.F.R. 200.83 19 Be a team player Career success factors Don’t be a fool in poker Communicate! Sell ideas Make a good first impression 3 minutes! Practice! Few second chances!

20. Confidential Treatment Requested by PCAOB Pursuant to 17 C.F.R. 200.83 20 Be a team player Career success factors Don’t be a fool in poker Communicate! Sell ideas Make a good first impression Find a mentor Influential Critic Advocate Coach Time

21. Confidential Treatment Requested by PCAOB Pursuant to 17 C.F.R. 200.83 21 Be a team player Career success factors Don’t be a fool in poker Communicate! Sell ideas Make a good first impression Find a mentor Work under control

22. Confidential Treatment Requested by PCAOB Pursuant to 17 C.F.R. 200.83 22 Be a team player Career success factors Don’t be a fool in poker Communicate! Sell ideas Make a good first impression Find a mentor Work under control Learn to supervise, learn to lead

23. Confidential Treatment Requested by PCAOB Pursuant to 17 C.F.R. 200.83 23 Be a team player Career success factors Don’t be a fool in poker Communicate! Sell ideas Make a good first impression Find a mentor Work under control Learn to supervise, learn to lead Grow your asset

24. Confidential Treatment Requested by PCAOB Pursuant to 17 C.F.R. 200.83 24