Question 1

I believe Charles Tollison was qualified for a partnership position in his firm. To begin with, Tollison had worked in this firm for more than 13 years. This means that he was very knowledgeable on matters that involved the firm given the long working experience.  This is evidenced by the way he was the go-to person in the firm when the other employees were having a difficult time with technical accounting issues. His work ethic was also on point. Tollison sacrificed his time to ensure that the affairs of the firm prevailed. He even went to the extent of missing important events like his daughter’s birthday party. His micromanaging aspect might not have been desirable, but let’s face it, even the best partners in the largest audit firms tend to have one or two weaknesses, and this does not compromise their position in the firm. His technical and practical skills would come in handy while in a partnership position.

Question 2

Tollison’s firm did not treat him fairly. Everyone in the firm including the partners is aware of his capabilities and the contributions that he brings. He is an aggressive individual with a determination to perform well in any engagement that he is involved with. He is usually the first person to be consulted in technical matters; even before the audit partners. Giving him a partnership position would have been a good way of showing appreciation and ensuring that the firm kept him for as long as possible. Basing the criteria of making partners only on the number of clients that an individual brings is not fair. The clients might be there, but if they are not satisfied with the work being done, will they remain with the firm? No. Putting this into consideration, it is important to put other factors into perspective.

Question 3

The criteria that I believe large international accounting firms should use when evaluating individuals for promotion to partner include but not limited to individual achievements, professional skills, personal expectations, behavior, and aggressiveness. Technical competence is important since it ensures that as a partner, the individual can be able to detect anomalies before they become detrimental to the firm. Aggressiveness enables a partner to make sacrifices for the firm since they are determined to see it succeed while behavior is paramount since it shows whether the individual might put the firm at risk while in that position or not. People with questionable behavioral records ought not to be trusted with such positions.

Question 4

The “up or out” promotion policy has both advantages and disadvantages.

Advantages

Motivates employees to work extra hard to ensure that they maintain they jobs.

The firms retain people with high potential to help move it forward.

Disadvantages

It might lead some employees sabotaging their colleagues to help them remain relevant.

The policy could also affect the emotional well-being of the employees due to the pressure emanating to work-related stress hence affecting performance in the long-run.

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