...Power and Light In search of what I want to do with a business related degree, I have struggled to decide on whether to go the accounting or finance direction. To ensure I make the right decision, I decided to take a few courses from each. Though this may be a waste of time to some, I find it very valuable when it comes to making a decision for my future. My passion has always been with numbers. Math is what I am good at and what I enjoy the most. Assuming this would lead me toward finance, I was quickly awoken when accounting seemed to come much more naturally. After graduating, I plan to land a job somewhere in the accounting field and work toward becoming a CPA for my own private firm. Due to the direction of my future, I decided to interview an individual who is a licensed CPA. John Francisco is an intelligent, determined, and hardworking individual who works for Inland Power and Light as Chief of energy Resources. He has been working for this company since he graduated twenty years ago. Inland is a rural electric cooperative serving 39,000 meters in thirteen countries within Eastern Washington and North Idaho. The company currently has ninety-six employees and approximately sixty-five million dollars in annual revenue. For the fairly minimal area that Inland Power covers, the company is highly successful. The industry John works in is electric distribution, in which they provide electricity, build, and maintain the lines that distribute electricity to homes and businesses...
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... The purpose of my paper is to explore Forensic Accounting and the many aspects surrounding the field. I will determine the skills necessary to be a forensic accountant and its application to business operations. I will also describe the role the forensic accountant plays in a courtroom environment and the role played by the forensic accountant in the litigation process. I will also provide case examples where forensic accountants are used and have provided vital evidence in the case. Today, forensic accounting is a rapidly growing segment of the accounting practice, and the current demand for forensic accountants far outstrips the current supply. Determine the most important five (5) skills that a forensic accountant needs to possess and evaluate the need for each skill. Be sure to include discussion regarding the relationship between the skill and its application to business operations. Have you ever been cheated, robbed or financially hurt by actions of others? Well, out of those feelings civil lawsuits arise based on the desire to reclaim what one perceives he/she has lost unjustly. Financial loss isn’t always easy to define or measure. So, the important task of investigating and quantifying the financial loss normally requires the expertise of a forensic accountant. A forensic accountant is a professional who uses a unique blend of education and experience to apply accounting, financial analysis and investigative skills to uncover truth, assist in financial...
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...of a chartered accountant to disputes and investigations. Fraud is usually hidden in the accounting systems of organizations and that’s where forensic accountants play a critical role. Forensic accountants are contacted by companies when they need to figure out where a fraud was committed in their company. The accountants interview witnesses, analyze evidence such as email traffic between all parties involved. They will also freeze bank accounts if needed. They are hired to find out what happen and who was involved. If the case goes to trial they can be called to testify. The key skill of the forensic accountant is communicating complex financial transaction or data in a concise manner using images, graphs and languages that can be easily understood by non-accountants, the judiciary, and juries. With the growing complexity of business related investigations, Forensic Accounting professionals are increasing and the need is as well for investigations of business and financial issues. Forensic Accounting Practices Forensic Accounting has been in exist for many years, today there have been an increase in the need for this type of profession. Forensic accounting is the practice of integration of accounting, auditing and investigative skills. The accountings provide a court with an accounting analysis on the basis for discussion, debate, and dispute resolution. They are trained to look beyond the numbers and deal with the reality of the situation. Most accountants work in major...
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...about the accounting field and an informational interview was conducted to learn more about this occupation from a professional accountant. In this paper, results of the search and the information gathered from the informational interview will be discussed. The aim of this paper is to provide and present this information to Hira, to help her decide whether she would like to further explore the field accounting herself. Nature of Work According to the Occupational Outlook Handbook, accountants prepare and examine financial records. They confirm...
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...Abstract Creative accounting, as a matter of approach, is not objectionable by itself. However, when unethical elements make intrusion, the resultant accounting details become anything but true and fair. Creativity in such context is like referring to a half glass of water as half-full instead of describing it as half empty. While both statements are factually correct, they paint different picture and thus convey different images. Creativity in company accounting may arise under at least three different financial market conditions. The first is when a company floats its shares to attract investors to subscribe to such shares either at par or at a premium, depending on the financial market evaluation of the company’s future prospects. The second is when the company whose shares are already listed in a stock exchange, wants to paint an attractive picture of its financial conditions so that the shares may be quoted at a premium. Finally, a company having its shares listed in the stock exchange may declare and pay high dividends based on inflated profits through overvaluation of assets, undervaluation of liabilities and change in systems of stock valuation that may boost the image of the company at least in the short run. Unethical considerations in creative accounts have developed to such depths that terms like fraud audit and forensic accounting have gained currency and are becoming new professions. Accounting practitioners and auditors are increasingly required to appear...
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...large company by New Zealand standards. The case focuses on events in the Accounting Department at head office which is organized into two sections, Cost Accounting and Management Information Services (MIS). Fran, the New Graduate: Fran Hayden is in the final year of her Bachelor of Management Studies (BMS) degree at the University of Waikato where she has proved to be a high achiever. Fran was interested in a position with Dairy Engineering because of the opportunity to gain practical experience, the higher starting salary compared to the industry average, and that her boyfriend lived in that community. Fran sent her resume to the company and two weeks later was invited to an interview with the Chief Accountant. She was surprised at the end of the interview to be offered the position of Assistant Cost Accountant. Fran said she would like to think it over. Two weeks later when she had still not replied she received a telephone call from Rob asking if she was going to take the position. Still not totally convinced, Fran decided nonetheless to accept the offer. The First Day at Work: Like many of her peers, Fran was glad to be leaving university after four years of study. She was looking forward to making money to spend; as well as, reducing her student debt. In order to „look the part‟, she had gone further into debt to buy new „corporate clothing‟. On reporting to the Accounting...
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...your customer, their existing system, and what they are looking to accomplish. In the first portion of this assignment, we’ll make some decisions as to how to approach a client, picking an interview structure, and selecting questions for an interview. The second portion of this assignment will cover explaining to a customer why the information gathering technique known as Prototyping is a viable option, and how it can actually aid in users understanding and expressing their own needs. Part 1 – Interviewing the Chief Accountant The first step to approaching an interview is undoubtedly preparation. I would read as much information about the background of the company as I could from any number of sources. Some good suggestions on where I can find some of this information are places such as an annual report, a corporate newsletter, press releases, or even the internet (Kendall and Kendall, 2012). The better prepared I am, the more at ease I will be during the interview. I’m a firm believer that the more intelligently you can speak to someone about their products or company, the more at ease they become with you. For my interview approach, I have decided to use the funnel structure, beginning with some general, open ended questions, and then getting more detailed as the interview progresses. My reasoning behind this; top executives in a company, in my opinion, are very adamant about who’s in charge. They did not get to where they are by letting people step all over...
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...Malaya 50603 Kuala Lumpur, Malaysia sarif51@um.edu.my, mazni@um.edu.my ABSTRACT Forensic accounting may not be a new field in accounting. However it becomes so important recently and has been an interest to various stakeholders, from the government, investors, and practitioners to regulatory bodies. Corporate failures like the often cited Enron and WorldCom cases have placed forensic accounting into the limelight. The objective of this study is to present the views of practitioners regarding forensic accounting and its current development in Malaysia. For the purpose of this study, practitioners from the big and medium accounting firms and regulatory bodies in Malaysia were interviewed regarding the subject matter and unstructured interviews were used in the study. Keyword: Forensic Accounting, Auditing and Investigation. INTRODUCTION Corporate financial scandals like the often cited Enron and WorldCom cases of the last few years is a wake-up call to the accounting profession and has rejuvenated the interest in forensic accounting. Increasing government regulations and pressures from other stakeholders has made businesses acutely aware of the consequences of employees’ misdeeds and inadequate internal controls. Companies are now beginning to be more determined than ever to ensure their operations are above board and in no way connected with illegal activities. This resulted in a steadily growing demand for professionals trained in the art of detecting, correcting...
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...Malaysia Keywords Accounting profession, Malaysia, Standards Abstract This paper offers insights into the conflicts and tensions within the Malaysian accounting profession and the power struggle therein to dominate the accounting standard setting process, within the context of a rapidly developing country. It shows how interest groups and parochial interests, along with issues of self-protection, affected the process of standard setting, which was controlled by different interests over the period under study. At one time the profession dominated. But far from being a monolithic body, it was in turn split according to various interests: the Big Six behind the Malaysian Association of Certified Public Accountants (MACPA) and the smaller firms behind the Malaysian Institute of Accountants (MIA). At other times big business prevailed. These conflicts and power struggles are revealed through an analysis of the case of the Goodwill Accounting Standard. Selvaraj D. Susela 358 Introduction This paper offers an understanding of the struggle within the accounting profession for control of the standard setting process, in the context of a developing nation. The focus on standard setting is specially geared to reveal the impact of that process on the profession, market, state and community, and vice versa. Susela (1996) illustrates that because standards clearly impact on practitioners (the profession), it is hardly surprising that they develop ``interests'' around standard setting...
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...so important recently and has been an interest to various stakeholders, from the government, investors, and practitioners to regulatory bodies. In public sector, the increment in frauds, money laundering, corruptions, illegal or unethical acts and other wrongdoings are the main factors to support the needs of forensic accounting skills in public sector working environment especially in public sector accountants. The need for forensic accountant has been ascribed to the fact that the audit system in an organization had failed to detect certain errors in the system.Demand for Forensic Accountants (FAs) is growing fast because of the use of information technology to commit crimes, growing corruption, and harsh economic times that are making some workers to steal from their employers or assets of organization. In more recent years, Accountants (FAs)who worked in public practice were often called after owners suspected that fraud had been committed.This research is to study the needs of good forensic skills in public sector working environment especially within public sector accountant. | Problem Statement | The public sector constitutes the largest sector of the economy of any nation, It employs the largest population of the labor force and controls the bulk of financial resources of any country. It therefore calls for a proper financial resources management to ensure proper use of public funds.However, in public sector in Pakistan, there has been public...
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...Career Comparison for Accountants and Financial Analysts Prepared for Sara Ray Prepared by Career Consultant June 16, 2013 LETTER OF TRANSMITTAL Sara Ray 123 Brookside Dr. Holbrook, NJ 75486-1256 June 21, 2013 Dear Sara, Here is the report you requested on June 1st for a comparison between of a career as an accountant and a financial analyst. Based off our conversation, we took your interests and previous work experience into consideration as we compared specific criteria between these two careers. While working for your previous employer as a junior accountant, you show your ability for detail and organization. An accountant must possess these skills as well as the ability to work independently. I also gathered from our conversation that you are not one to handle a tremendous amount of pressure well. As a financial analyst, this is a skill that is required. You could be faced with many deadlines that could be very stressful. Your education course of study was also included to compare to the education requirements of each career and even though there are many similarities between the two, there are many differences. For example, both careers require good written and oral comprehension but an accountant needs to have excellent mathematic skills and be able to choose the right formula to solve a problem. This skill is not as important as a financial analyst as is the ability to develop solutions to complex problems that need to be solved....
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...INTRODUCTION The learner brings an accumulation of assumptions, motives, intentions, and previous knowledge that envelopes every teaching/learning situation and determines the course and quality of learning that may take place Biggs’s understanding of the determining influences students may have on the teaching/learning environment . and it said to be that assumptions, motives, intentions, and previous knowledge that the students have may influence student success. Many students face considerable difficulty in successfully completing accounting. The amount of material typically covered is substantial and the course requires of the student a significant increase in motivation, analytical ability, and academic effort over the usual principles. Factors that are beyond the control of students but may affect their academic performance include institutional issues such as fast changing environment, large class size and heavy teaching load for the instructor. There may also be limited availability of supplemental instruction or tutoring assistance. All of these factors may adversely affect the probability of student success in understanding accounting. The purpose of this study is to investigate some of the factors that may influence student academic performance in accounting. Identifying the factors that are positively related to performance should enhance faculty understanding of the problems related to student failure in accounting. In addition, identifying these factors...
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...it is to that standard and potential outcome that forensic accountants generally have to work. Forensic accountants, also referred to as forensic auditors or investigative auditors, often have to give expert evidence at the eventual trial. There are several organizations worldwide that provide continuing education and certification for forensic accountants. There has been a growing need for this specialized field with recent company scandals that have occurred. Forensic accountants utilize an understanding of business information and financial reporting systems, accounting and auditing standards and procedures, evidence gathering and investigative techniques, and litigation processes and procedures to perform their work. The main goal of their engagements is to provide the answers to the how, where, what, why, and who committed the alleged allegations. They will use the same basic procedures for obtaining evidence of the crimes that they investigate. They will examine records and interview suspects to determine the answers to these questions. Forensic accountants are also increasingly playing more proactive risk reduction roles by designing and performing extended procedures as part of the statutory audit, acting as advisers to audit committees, fraud deterrence engagements, and assisting in investment analyst research. Most companies will not publicize that they have used the services of a forensic accountant because they do not want the public to know that something...
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... 05/19/2013 05/19/2013 forensic accountant CONTEMPORARY BUSINESS forensic accountant CONTEMPORARY BUSINESS 125/19/20135/19/20135/19/2013 fraud busters In today’s world, it is knows by everyone that different developments were taken place in the last periods. Our globalized world in a state of continuous technological change and innovations has been challenged by new generation criminology risk factors. From business, government, regulatory authorities, and the courts evidence indicates that a higher level of expertise is necessary to analyze current financial transactions and events. Forensic accounting is a specialized area of an accounting practice that describes engagements which results from actual or anticipated disputes or litigations. Forensic accounting has been defined as accounting analyzers that can uncover possible fraud that is suitable for presentation in court. A Forensic accountant needs accounting, law, finance, investigative and research skills to identify and prevent fraud. Forensic accountant uses her/his knowledge of accounting, law, and criminology to uncover fraud, as well as gather any evidence and present it to the court....
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...keeping. Also, it causes increase accuracy in accounting process, to shorten the time of providing reports, to decrease cost of gathering information, to improve reports in management accounting and to provide a background for executing techniques of costing. Technology has affected accounting profession in a great extent, in the sense that they need to acquire new skills like as applied software’s of accounting, excel and access. Also as it reduces book keeping and saving time, an accountants participation need to increase in the processes, planning, analyzing management. Therefore, it can stated that if the use of technology applied effective, it will be provide a better background for improving accounting profession and role-creating more suitable accountants in organizations. TABLE OF CONTENT INTRODUCTION BACKGROUND OF THE STUDY Technology over the last few decades has drastically changed the face of the accounting profession. For accountants, new technology is always trying to figure a more efficient way to do the same simple process of input, process and output (Bagranoff, Simkin, & Norman, 2008). The greatest step forward in processing systems data was the computer. Information technology (IT) created programs that crafted reports and produced information far quicker than by hand. Originally AISs were only concerned with accounting data and were created to...
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