Final Entry: A Distinguished CPA
D. Paul Regan, CPA, CalCPA’s 2009 Distinguished Service Award winner, is president and chair of Hemming Morse, Inc., and a director in the Litigation and Forensic Consulting Services Group in its San Francisco office. With his more than 35 years of experience in forensic accounting, Regan has written numerous white papers and taught a variety of courses within the profession, as well as been extremely active in his community as a politician, landing himself Citizen of the Year honors from the city of Hillsborough in 1995.
Being a forensic accountant, do you see yourself a crime fighter?
Sure. Many of our cases involve determining if someone has committed a crime (or caused economic harm) and, if so, to be able to present this finding effectively to a judge or jury. This is often very sophisticated crime fighting.
Will we ever see a ‘CSI: CPA’?
Why not? What could be more exciting than watching CPAs dig deep into ledgers, invoices, journal entries, check copies, payrolls, financial statements, footnotes, debits and credits?
You’ve worked on some major cases. Do you have a favorite?
Cases become among my favorites because of many factors, including great lawyers, the terrific ideas that we came up with to help solve the puzzles and present the findings, the hard-working and passionate people working on the forensic team, and colorful facts, people and companies that were involved in the underlying issues. However, to give your readers a hint of these cases, and without giving away any confidentialities, here are a few clues: Howard Robard Hughes, John DeLorean, Michael Milken, the space shuttle, Microsoft, Apple, SEC, FBI, Enron Corporation, Parmalat SpA, Larry Ellison, stock option backdating, earnings management, Guam (I testified at a trial there for six weeks).
Do you get nervous when you have to testify?
There have been times. It’s usually when there are “bet the company” issues with people’s careers and futures at stake while dealing with complicated issues and an aggressive opposing counsel.
You have been heavily involved in Hillsborough politics. Is it about service to your community or a secret career desire?
Absolutely no, no, no on any secret career ambition. I just believe that I can use my skills to help a great town with good people. My Jesuit training stresses being a “man for others.” That’s my political ambition.
Was it good to be the king … er, mayor?
It certainly brought changes and diversity to my life. In public accounting we don’t have hands-on involvement in decisions involving police, fire, water and sewer matters. And a town never sleeps; it’s a 24/7/365 world. If something significant happens in town, the mayor needs to be involved. There were meetings, telephone calls, e-mails, speeches, letters, appearances at all times of the day and night and weekends. All while I was running a forensic accounting practice. I lost a lot of hair during those years.
How are young CPAs and the profession different today than when you were cutting your teeth?
I believe young CPAs that do forensic work are much the same today as when I started. The biggest change in our world today is technology and the information and knowledge that it provides us. We can do so much more so much faster than we were able to do in the past.
How do you find the time to teach and write?
I enjoy my profession and my work very much, which leads to my spending a lot of time on these matters. I also have a great wife and three super adult children who support me.
What encourages you to give back to the profession?
A number of factors. I mentioned earlier my Jesuit education, together with my wife, Barby, who is so caring about others and giving of our talents to those who benefit from our help. I addition, I have been fortunate with my family and my career that I feel obligated to support this great profession that has given me so much.
What is your true passion?
People and ideas that I believe in. These include my family, my firm, my profession, my town and keeping my golf handicap as low as possible.
How would you sum up your 2004–05 term as CalCPA chair?
It was a time of transition. Unique events and circumstances enabled our board and key individuals at CalCPA to lead the organization through major changes that made it more efficient and effective. We merged the Education Foundation and CalCPA into a much more closely entwined entity. This transition was accomplished because we were faced with some tough issues that turned into a great opportunity.
What is an important lesson you learned as a dad?
Love your children. Teach them honesty and integrity by living those values yourself. Support their passions and good friendships. Remember that parenting never stops. Be forgiving and understanding, but always provide guidance and direction.
