...As the internal accountant for XYZ, Inc. it is my responsibility to inform you that I do support the full financial review prior to submitting our bid to the United States government. I have provided four major reasons why we should have a full financial review. Each of these four reasons is listed below as to why it is important to take action and take advantage of a full financial review. 1) The impact of occupational fraud and abuse on the company. Occupational fraud and abuse can financially damage a company. The term “occupational fraud” is defined as “The use of one’s occupation for personal enrichment through deliberate misuse or misapplication of the employing organization’s resources or assets.” There are three common types: Asset misappropriation (larceny, skimming); corruption (kickbacks, extortion); and fraudulent statements (financial statements, employment credentials)” (Akron/Canton, 2012). Without the knowledge of occupational fraud and abuse a company’s bottom line could be seriously affected. Not only does occupational fraud and abuse affect a company’s bottom line, but it can also affect employee morale, and customer loyalty. Undetected fraud and abuse can and has destroyed companies in the past and we as a company should make sure this does not happen. 2) U.S. governmental oversight of accounting fraud and abuse and its effect on the company. The United States government has implemented rules and regulations to handle occupational fraud...
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...Recommendation for an Internal Accountant University of Phoenix ACC/544 Facilitator: Michael Meyer June 6, 2011 Recommendation for an Internal Accountant Internal Auditing is an independent, objective assurance and consulting activity designed to add value and improve an organization’s operations (What is internal auditing?, 2010). Internal accounting control is a series of procedures designed to promote and protect sound management practices, both general and financial that will increase the likelihood that: * Financial information is reliable, so that managers and the board can depend on accurate information to make programmatic and other decisions * Assets and records of the organization are not stolen, misused, or accidentally destroyed * The organizations policies are followed * And government regulations are met (Internal Accounting, 2011). It is important to have an internal accountant available to help instill these controls and ensure compliance with Generally Accepted Principles. Internal Accountants Management accountants and internal auditors are both imperative to a company to help with internal controls. Management accountants study and interpret business numbers, and decide on how money should be spent and advise management on key business decisions (Career: Management Accountants and Internal Auditors, 2011). Internal auditors check the records of management accountants to make sure they are accurate and that the controls are...
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...Recommendation Brief for an Internal Accountant 1 Recommendation Brief for an Internal Accountant Kelsy Fee ACC/544 April 13, 2015 Professor La Ron Roach Recommendation Brief for an Internal Accountant 2 In this recommendation brief the benefits of hiring an internal accountant will be discussed. Having an internal accountant would help fix an out-of-control system and the justification of taking advantage of one will be included in this brief. Along with those two items the brief will also explain how the background of a referred internal accountant benefits the client. Before discussing the benefits of hiring an internal accountant let us define what an internal accountant does. According to University of Phoenix Risk from the CEO and Board Perspective (2004), internal auditor responsibilities include risk management and control systems. They are expected to help management by handling issues that may arise and perform system audits to uphold the internal responsibilities. An internal auditor will evaluate the company’s performance and make sure they are not violating any laws or regulations. Policies and procedures will also be reviewed and made sure that they are in line with the mission and goals of the company ("The Benefits Of The Internal Audit", 2015). The benefits of hiring an internal accountant include the following: the protection of company assets, increasing the value of the company by improving performance and providing...
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...Recommendation Brief for an Internal Accountant Every business needs proper and adequate internal control to ensure success of the company. Internal control reduces the risk of financial fraud and financial misstatement. When a company has an out of control system, it is recommended to hire an internal auditor to perform internal audit. This report will briefly explain the benefit of using internal auditor and how the qualifications and background of the internal auditor will benefit the company. Benefit of Internal Auditor Internal auditing is designed to improve an organization’s operations. The opportunities of internal auditing within an organization involve effectiveness of operations, protection of assets, detecting and investigating error and fraud, consistency of financial reporting, and compliance with the laws and regulations. Internal auditors must be hired by the company to perform the internal auditing activity such as this. Internal audit highlights problems such as risk of lawsuit and company loss, in which it allows to correct any mistakes in a right time. Internal audit also make sure that the company policy are well organized and efficiently and effectively running. They review and evaluate company’s information systems and internal controls to verify if financial records are accurate and reliable. With adequate internal controls, internal auditors are confident enough that financial misstatement are prevented and detected on a timely basis. The scope...
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...Recommendation Brief for an Internal Accountant Lisa Tucker ACC 544 April 8, 2013 Fred Johnston Recommendation Brief for an Internal Accountant A client has an out-of-control system that is in need of change to get it back into control. Internal controls are an important part of a company. The role of internal controls is to keep mistakes from occurring as much as possible. It also aids in preventing individuals from being dishonest. The system the client is using is out-of-control and it is highly recommended that the company hire an internal accountant. The internal can provide information to managers to limit any problems and audit the system internally. Implementing internal audits will help build credibility within the company and keep violations from occurring that would violate laws and regulations. An internal auditor would work with management and owners to analyze important areas of the company’s performance. These areas that would be analyzed would include assets, accuracy of financial information, and ensuring that government and industry standards and regulations are being followed. Another point that the internal auditor would confirm is that the policies and procedures are aligned with the company’s goals. An internal auditor would add security and be an asset to the company. The first step an internal auditor would initiate would develop a plan to evaluate the current control system that is in place. Any deficiencies...
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...Recommendation Brief for an Internal Accountant Auditors are hired to look beyond the apparent and find the true underlying of an organization, either good or bad. Currently Customer XYZ has an out-of-control system and hiring an internal auditor can help to remedy the issue. Auditors are beneficial because they are subject matter experts on multiple levels. According to Louwers, Ramsay, Sinason, and Strawser (2007), auditors must not only have a substantial knowledge of accounting rules but also play the roles of business advisor, industry expert, and detective. The accounting aspect of the auditor position entails the individual being able to ensure the client records complex transitions correctly (Louwers et al. 2007). As the business advisor the auditor can help clients establish strong internal control within the organization (Louwers et al. 2007). As the industry expert the auditor can help ensure that employees and members of management understand the environment in which the organization is operating (Louwers et al. 2007). The detective piece means that the auditor is making sure that clients are not trying fool the auditors or others through fraudulent reporting (Louwers et al. 2007). When company XYZ is looking to hire an internal auditor a number of factors should be considered so that the right person for the job and organization is hired. Management within Company XYZ will want to closely examine the company’s culture and hire a person that will align with the culture...
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...Recommendations for an Internal Auditor Employees in a business must understand the organizational culture. Internal auditors, especially must understand the culture and all the attributes to the organization. The auditor must understand all employees and the organization’s operation and financial process. “Effective internal auditors must be excellent listeners, accurate translators of information, convincing presenters and credible reporters” (Chambers, 2010). While working with management the auditor will need to establish a plan of action to evaluate the design of the controls old and new and their effectiveness. Tests are run to discover whether the controls are operating as they should or in this case discover the deficiencies. An operational audit will evaluate the efficiency of the organization’s processes. With examination they can decipher the organization’s financial information process. The auditor will run compliance audits to evaluate compliance with laws and regulations and organizational policies and procedures. The auditor will help the organization meet compliance with Committee of Sponsoring Organizations internal control standards. COSO has developed wide-ranging internal controls for organizations in the Guidance on Monitoring Internal Control Systems. The guidance provides objective assistance with the development and monitoring of internal controls. “The current guidance re-emphasizes that internal controls are an operational necessity for every...
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...Opdracht 4 Welke zoektermen heb je gebruikt en waar in het document heb je deze gezocht? MIS, Accountants, Internal control, BIV, Accountancy, Controller & Audit Wat was je definitieve zoekstrategie (kopieer de formule die boven in de balk staan, zie onderstaand voorbeeld)? (accountants) AND (internal control structure) AND audit AND MIS Hoeveel artikelen levert deze zoekstrategie op? 1046 Hoeveel artikelen zijn gepubliceerd in peer reviewed journals? 364 Hoeveel artikelen hiervan zijn een studie? 239 Hoeveel artikelen zijn gepubliceerd tussen 2000 en nu? 272 Beantwoord dmv de artikelen de hoofdvraag (met bronvermelding) De accountant stelt een onderzoek in naar de administratieve organisatie en de interne controle binnen de onderneming. Tijdens een dergelijk onderzoek kan de accountant steun hebben aan een handbook voor de administratieve organisatie. De Richtlijnen voor de Accountantscontrole (2000) geven in Richtlijn 400 aan dan een accountant voldoende inzicht in de administratieve organisatie en interne controle (AO/IC) dient te hebben. Accountants dienen zich vooral op dat onderdeel van de Interne Beheersing te richten, dat betrekking heeft op de toereikendheid en de betrouwbaarheid van financiële rapportages. Door gebruik te maken van wat er binnen een organisatie al gedaan wordt aan de beheersing van bedrijfsprocessen kan de accountantscontrole doelgerichter en efficienter worden uitgevoerd. Accountantskantoren worden aanbevolen om hoge prioriteit...
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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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...Accountant Track record of initiatives, analyses, and insights that contribute to the company’s bottom line. Skilled in financial reporting, expense reporting, cost accounting, G/L, financial closing, balance sheet analysis, bank reconciliation, Excel report building, annual and project budgeting, variance analysis, inventory analysis and reporting, cost estimating. Team player and articulate communicator. Versatile, detail oriented, and effective. Professional Experience , Dover, DE. June 2012- Present Accountant II- Responsible for the accounting and financial analysis of Chesapeake Utilities electric division including monthly closing duties and analysis of financial statements. • Perform all monthly cash posting and reconciliations for all Florida Business Units. • Responsible for all monthly closing activities including but not limited to journal entries, account reconciliations and analysis of financial statements related to the electric business unit. • Oversee accounting of Capital Expenditures and Retirement of Assets. • Responsible for all public filings for the natural gas and electric divisions including the FERC 1 and 2 forms and Statistical data filings • Leader of quarterly physical inventory counts at each location at ensure that all materials are accounted for and valued correctly within the Inventory System. • Involved in the drafting and reviewing of the SEC 10-Q and 10-K filings. Independence...
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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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...identify the potential users of accounting information. 5. use information to make simple economic decisions. 6. understand the role of accounting information in the decision-making process. 7. understand the differences between accounting for management and accounting for external users. 8. understand how the accounting profession is organised in Australia. 9. identify the different areas of the economy in which accountants work. 10. understand the importance of ethics in business and accounting and how to recognise and handle ethical dilemmas as part of the decision-making process. 1 Chapter 1 STUDY TIPS FOR CHAPTER 1 1. This is an important chapter because it lays the foundation for all topics that will follow. 2. Make sure that you understand each new term as it is introduced. 3. Pay particular attention to the significance of accounting information for decisionmaking processes. 4. Identify the types of activities that are carried out by a professional accountant working in Australia. CHAPTER REVIEW 1. The nature of decisions and the decision-making process Decisions have to be made by all individuals every day. Decision making arises because of the need to choose between alternatives. Careful consideration must be given to all information available at the time because of the long-term consequences a decision...
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...many different purposes for forensic accountants. Forensic Accountants are highly in demand during periods of financial crisis, and soaring bankruptcy rates (Chiang, 2013). The recession has generated a high demand for this type of accounting. Today we have decided to write about the two different types of forensic accounting, who they are employed by, and finally, how forensic accounting is emerging, and had changed over the recent years. “Forensic Accountants are often called upon to analyze, interpret, and present complex issues” (Forensic accounting.com) Forensics may also have refined computer programs that help with the process, while they assist in legal proceedings (Chiang 2013).Firstly, there are two different types of Forensic accountants; Litigation Support and Investigative. The nature of litigation support corresponds with economic damages (Forensic Accounting.com); this may include partnership disputes, criminal investigations, medical malpractice claims, personal injury, and loss of breach of contract (Chiang, 2013). Another type of Forensic accounting is investigative (Chiang, 2013). This type of forensics deals with professional negligence, business and/or employee fraud, embezzlement, theft, internal auditing, observing employees, etc. (Chiang, 2013). The list for investigative accounting is quite large. Secondly, in order for forensics to participate in law they must understand the law in its entirety. Forensic accountants are employed by lawyers, law firms...
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...Regardless of the term accounting in forensic accounting, the discipline isn’t related to simply reading financial statements that are available to the public or dealing with other accounting issues; the usual accountants, portfolio managers, investment analysts, and etc. already do the regular financial tasks. Instead, forensic accounting scrutinizes the financial documents that are internal which aren’t readily available to the public; these documents are usually considered in litigation affairs. Generally, the field of accounting was undergoing a major overhaul; before the recent economic crisis that has devastated some parts of the western world, the accounting scandals regarding WorldCom and Enron pushed the field towards change. Accounting in general was put under scrutiny as a result of increasing white collar crime and the economic crisis pushed that process even faster and further. Ergo, there was an increasing need to have forensic accountants and the field in general needs proper development in its education system and practice for it to be effective. Overall, the laws of the developed world favor the ones who commit white collar crimes rather than a person robbing a convenience store with a gun. The problem with policymaking in the current democratic regimes is that it’s a paradox that allows white collar crimes like WorldCom and Enron to get away or only end up with a milder outcome than the robbers who may physically go out and do it with a gun. Of course, debating...
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...Yekaterina Romanovich American Intercontinental University Unit 1 Individual Project Acct 310- Managerial Accounting February 17, 2013 The importance of a managing accountant to document and understand current spending as well as the cash flow. Reading future money patterns to know where and when to spend while still making money for the company. Using accounting information for managers within organizations, to provide them with the basis to make informed business decisions that will allow them to be better equipped in their management and control functions. The knowledge to look forward and correct predict cash flow. Managing accountants aid companies in direct monitoring as well as measuring the efficiency of their accounting operations. While also focusing on limiting abuse or fraud by employees, managing accountants provide owners and managers with equitable assurance that the company’s financials are in order and there is room for profitable growth in the future. While managers plan the fiscal expenditures for a company, they need to acknowledge current expenses and limit said monies to remunerate back into the company. (Shanker, 2013) Owners and managers can use internal controls to limit the number of individuals who have access to the company’s accounting information. In doing so, they limit the opportunity for abuse of the sensitive information. Although both managerial accounting and financial accounting are crucial to a company’s success, managerial...
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