...Introduction: The year-end financial statements is a picture reflect the "health" of the business If the accounting department makes an error in the year-end report, it led to manager has an incomplete or misleading insight into the financial statements. So when the chief accountant tells me that he has just discovered one error in the accounting system and needs about 5 days to correct them and to finish all the report. I certainly do not agree and ask the accounting department must urgently implement the following: Body: 1. Hold an emergency meeting of all accountants in the accounting department. I will ask Chief Accountant report exactly generated accounting error and his solutions. 2. After that I will request the chief accountant assigns his accountants work overtime to complete the reports within 2 days and of course company will pay overtime fee. 3. Ask the Chief Accountant provides some major items of management report that I can catch revenue situation: a. Number of Turnover b. Number of Profits and losses c. Number of stock d. Receivables debt and payables e. Bank payables f. Importing raw materials plans 4. I will closely supervise and urge the accounting department to work at full capacity to ensure the fulfillment of the report into 2 days. I also ask administrative staff buy food and drink for the accounting department when they work overtime and regular encourage their spirits. 5. After the accounting department completes the year-end report,...
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...(MIS). To Fran’s disappointment she was not welcomed at the company. Even worse she discovered that there was no vacancy for her in Cost accounting instead she had been assigned to management information systems (MIS). Peter Bruton is her new boss and Mike, Tom and Adrian are her colleagues. Her first assignment was the compilation of the monthly Management Report known as “Big Brother”. Fran found that her part was almost entirely One day the Chief Accountant called Fran to his office to tell her about an upcoming management workshop in Auckland on Performance Measurement. Rob suggested Fran to attend the workshop. Unfortunately her boss was away on two weeks leave at the time but Rob said he would talk with Peter. Fran enjoyed the workshop. She even wrote a detailed report on the workshop for the Chief Accountant. On her return to Hamilton however she found all was far from well. Fran’s boss Peter was furious on Fran for going to the workshop without any prior intimation to him. He also attacked her verbally. The Chief Accountant on listening to her complaint advised her for a transfer, as he did not feel there was much work for Fran with the MIS although he assured her of raising this issue at the company meeting. Fran was asked to submit a written report of the entire happenings. One afternoon Peter called on his staff to talk about the revision of “Big Brother”. Mike later told Fran that what Peter was describing was his revision plans, not his...
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...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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...Introduction There are many ways a systems analyst can go about getting information needed to prepare for a project. Information gathering plays a big part in knowing 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...
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...business for the fact that it produces and keeps pertinent financial information of business entities. The profession strives to protect its core values of integrity, competence and objectivity which remains the time tested building blocks for what has been a truly successful and honoured profession. For the study of accountancy in Africa, Nigeria is important for several reasons. Nigeria, the most populous country in Africa, has crude oil as her main export and she has remained a rentier state in terms of revenue generation. The need for legal regulations for exercising accounting profession came to reality on September 1, 1965 by the enactment of the Institute of Chartered Accountants of Nigeria Act (ICAN). Some decades later the Association of National Accountants of Nigeria was established by law. For the accountants to truly play a leadership role in their field, they must be proactive participants in the development process. Nigeria became independent in 1960 at the crest of a global wave of decolonization. Nigeria was born a giant. Economically it started out on a strong base, when its per capita income was higher than those of India, Pakistan and the Congo. She could feed her people and was a leading exporter of palm produce, cocoa, groundnuts, cotton and tin ore. Then came the oil boom, the explosion of international oil prices transformed the macroeconomic situation...
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...Institute of Chartered Accountants of Bangladesh (ICAB) is the national professional accountancy body in Bangladesh. It is the sole organization in Bangladesh with the right to award the Chartered Accountant designation. It has around 1,400 members. The Institute of Chartered Accountants of Bangladesh (ICAB) is the National Professional Accounting Body of Bangladesh established under the Bangladesh Chartered Accountants Order 1973 (Presidential Order No. 2 of 1973). Top of Form Bottom of Form Establishment: The Institute of Chartered Accountants of Bangladesh (ICAB) is the National Professional Accounting Body of Bangladesh established under the Bangladesh Chartered Accountants Order 1973 (Presidential Order No. 2 of 1973). ICAB's Administrative Ministry: The Ministry of Commerce, Government of the People's Republic of Bangladesh is the administrative Ministry of ICAB. ICAB's Vision: To meet the ever-changing global economic demands dominated by WTO regime, the ICAB is fast becoming a body of professionals whose expert services will be highly sought after- - To anticipate, meet and exceed the rising expectations of the society - To better use of opportunities to face the challenges of fiercer global competition - To recognize the changes in economy/ business and recognize the path to success by adopting changes in knowledge management and acquiring skills - To recognize its role as a regulatory body to equip its members (Chartered Accountants) with top-quality education...
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...Term Paper Kaplan University March 20, 2015 Regulations: Accountants Responsibilities Accountants have many responsibilities in different areas. They have responsibilities to clients, to thirds parties, and to the government. They have a responsibility to know the regulations, rules and laws that have been put in place for accountants. Lastly accountants have a responsibility to perform their obligations and duties by the code of conduct and to the code of ethics. We will start off with the client. The client by definition is the person who pays the professional or organization for services; the person who engages the professional for their advice or services they render. (Legal Dictionary) For these services the client must cooperate with the accountant in every aspect the accountant deems fit, within the scope of their profession. The accountants responsibilities to the client include to act with integrity, objectively, due care, competence, fully disclose any conflict of interest, maintain client confidentiality, disclose fees to client, and serve the public interest when providing financial services, (AICPA code of conduct) Accountants can also have fiduciary duties to a client if the accountant gives advice to a client involving taxes, assessing management or business consulting. Fiduciary is a legal duty to act solely in the best interest of the client. The case below involves an Atlanta-based accountant breaching his fiduciary duty involving client confidentiality...
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...A. OUR TARGET CUSTOMERS Being at the introduction stage of Product Life Cycle (PLC), stem cell storage business has a potential to appeal a large base of customers. To develop this business model into a blue chip stock, all which is required is proper awareness in the minds of people. This business model ensures sustainability and growth of revenue. A health secured future of the child is the aim of every parent. Keeping it a affordable cost and delivering a full proof security to the health, customer attraction towards this service is set to rise. As the business model is still mushrooming, entering the market at this stage is legitimate Our target customers are those families who have an average household income of above 0.5 million INR. Well, families earning below INR 0.5 million p.a. can also be bought in our coverage if the Government of India grants some relief in the form of subsidies, however the same cannot to predicted and hence such families are ignored in our other relevant projections drawn in this report. As we are launching our service at an affordable price of INR _____( FILL THE AMT), our service could be labeled as “affordable” and eventually we can grab the customers matching our criteria. It won’t be difficult to attract the urban crowd as people are more educated in such areas so a heavy initial promotion shall do our job. For growth prospective, some future events like stem cell curing a deadly disease of our patient, shall not only attract more...
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...PUBLIC SECTOR ACCOUNTING A. Institutional Framework for Public Sector Accounting 5. The institutional framework should include adherence to IFAC-issued International Accounting Standards. And it should support the groundwork for qualified accounting staff to provide the timely, relevant, and reliable financial information needed to support all fiscal and budget management, decisionmaking, and reporting processes. The diagnostic questionnaires that were used in this assessment collected information on the current arrangements and the apparent gaps in Maldives for accounting laws and regulations; education and training of public sector accountants; application of a code of conduct; and numbers and characteristics of public sector accountants. (1) Accounting Laws and Regulations 6. The Public Finance Act and the Financial Regulations are prescriptive about the maintenance and compilation of accounts but make no mention of International Accounting Standards. The Public Finance Act (see Annex C) should require conformance with International Public Sector Accounting Standards (IPSAS). However, under the Public Finance Act, there are proposed rules that would promulgate the allowance of IPSAS to be followed. The future accounts should be based on Cash Basis IPSAS with notes providing other information on assets, liabilities, and contingent liabilities as required by the Public Finance Act. Progression to accrual-based statements would occur as adequate computerized accounting systems...
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...INTRODUCTION Authorization Per your request, Career Selection Services has researched and prepared a breakdown analysis of two potential career choices with a recommendation of the more compatible of the two professions. My recommendation is based on a thorough investigation and analysis conducted on careers in accounting and legal administration. Purpose, Scope, and Limitations The evidence I have collected relates to the work environment, duties, salary, education, skills, and advancement opportunities strictly limited to careers in accounting and legal administration and examines the facts and evidence to determine which of the two chosen careers would best suit the individual. Sources and Methods I have examined the data instituted in the Occupational Outlook Handbook provided by the Bureau of Labor Statistics online and have analyzed the information provided online by the AICPA. Report Organization In this report, I will provide insight on the two professions – accounting and legal administration. The report will include a brief rundown based of each of the following criteria: work environment, education requirements, job duties, salary/earnings, and advancement opportunities for each profession. The report will conclude with my recommendation of an accounting career over that of a career in legal administration. ACCOUNTING Work Environment The work environment in accounting is generally that of a professional office setting. It is usually...
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...(SOX), a new era of stakeholder expectations was crystallized for the business world and particularly for the professional accountants that serve in it. The drift away from the professional accountant’s role as a fiduciary to that of a businessperson was called into question and reversed. The principles that the new expectations spawned and renewed resulted in changes in how the professional accountants are to behave, what services are to be offered, and what performance standards are to be met. These standards have been embedded in a new governance structure and in guidance mechanisms, which have domestic and international components. The influence of the International Accounting Standards Board (IASB) and the International Federation of Accountants (IFAC) will be as important as that of SOX in the long run. This chapter examines each of these developments and provides insights into important areas of current and future practice. Building upon the understanding of the new stakeholder accountability framework facing clients and employers developed in earlier chapters, this chapter explores public expectations for the role of the professional accountant and the principles that should be observed in discharging that role. This leads to consideration of the implications for services to be offered, and of the key “value added” or competitive edge that accountants should focus their attention on to maintain their reputation and vitality. Sources of ethical governance and guidance are...
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...are probably more affected by the new ways of technology. Just as mentioned before, it a business does not keep up with the advancing technology, then their future is not bright. With accounting, many of the same effects this profession. If they do not keep up with the changing times, their methods become outdated and slow. We can go back to when the abacus was invented. It kept track of calculations in the business. Then the calculator was invented. This allowed for more accuracy with the number (Pepe, 2001). However, accountants still had to keep track of the business’s functions on paper. The process of measuring, identifying, and communicating financial information was documented by paper records (Pepe, 2011). Then towards the end of the twentieth century, the accounting profession took on a new role. Computers and accounting software were being developed and brought about a new era to the accounting profession. Programs such as excel, gave the accountant an electronic spreadsheet that eliminated adding machines, ledgers, and pencils, their work became less tedious and there were fewer errors (Pepe, 2011). As the...
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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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...appointment should have already holds office as secretary, assistant secretary or deputy secretary of the company; or for at least three out of the five years immediately preceding his appointment held office as secretary of a public company; or is a barrister, advocate or solicitor; or is a member of any of the following bodies: the Institute of Chartered Accountants; the Association of Certified Accountants; the Institute of Chartered Secretaries and Administrators; the Chartered Institute of Cost and Management Accountants; the Chartered Institute of Public Finance and Accountancy; or is a person who, by virtue of having held any other position or being a member of any other body, appear to the directors to be capable of discharging the functions of secretary. The duties of company secretary include the following: ensuring that the company’s documentation is in order, that the requisite returns are made to the companies Registry, and that the company’s registers are maintained; taking minutes of meetings; sending notices to members; and countersigning documents. Powers of company secretary, the secretary is the chief administrative officer of the company and no matters of administration he has ostensible authority to make contracts on...
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...1. What are the relevant FACTS - Jason Tybell, who has been employed as a junior accountant by Rodgers & Philips for two years, received high evaluation from his seniors. Jason was complained by one of the clients that he served because he made inappropriate comments in meetings with the client personnel and made a controller furious. Because of the fact, Jason was not asked to work for the clients that he did work on during his first year. It is unsure how this incident affects his future career yet. 2. Frame the Ethical Issue – Is this really all Jason’s fault and he should be blamed for the incident? 3. Identify the Stakeholders and their obligations – Who are ALL the people/entities who will be effected by whatever decision is made? Jason Tybell---has a right to be treated fairly, evaluated by the firm and counseled by his mentor n an honest and open manner. He should serve respectfully. William Jackson---as Jason’s mentor, he should treat him fairly, and advise him how he should act to operate to perform properly. Jason’s senior--- should evaluate the performance prudently. The clients---have a right to expect high quality performance from auditors. Company---should prepare reliable evaluation system and give honest evaluations to every employee. 4. Identify the relevant accounting ethics standards - feel free to about how “due care,” “honesty,” “integrity,” “objectivity and independence” all come into play. Due care in carrying out...
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