June 2005 - Journal of Accountancy

he new general manager of a small manufacturing company knew something was amiss. Each time he asked the chief financial officer for critical cost information he got the runaround. “We don’t have a cost accounting system that can produce that information,” the CFO would say. Or, “I’m sure we have

EXECUTIVE SUMMARY THE MAJOR OBSTACLE TO A PAPERLESS is not technology; rather, it’s resistance to re-engineering of business processes. Overcoming the mind-set requires the active cooperation of everyone from the CEO down to the clerical staff. JUST REDESIGNING A BUSINESS’S WORKFLOW, eliminating all the disconnects and redundant paper handling, will

EXECUTIVE SUMMARY PERIODIC FEEDBACK FROM PRACTITIONERS to faculty about the strengths and weaknesses of their graduates and their program can help to positively influence the accounting profession. CPAs ALSO CAN INSPIRE STUDENTS’ education by providing internship opportunities for accounting students, or serving as a guest speaker in class. MEMBERSHIP ON

Should I sell it or rent it out? How will you respond when your clients ask you that question when they’re moving out of a home? CPAs can provide a valuable service by helping clients think through this issue in a structured way. To help, we’ve created an Excel spreadsheet

PERSONAL FINANCIAL PLANNING hould I sell it or rent it out? How will you respond when your clients ask you that question when they’re moving out of a home? CPAs can provide a valuable service by helping clients think through this issue in a structured way. To help, we’ve created

EXECUTIVE SUMMARY ENHANCED BUSINESS REPORTING (EBR) WILL IMPROVE the quality of information companies provide so investors can make better decisions about a company’s situation and prospects. The EBR Consortium is leading the effort to improve the quality, integrity and transparency of nonfinancial information. MEMBERS OF THE EBR CONSORTIUM WILL DEVELOP

EXECUTIVE SUMMARY THE ASSESSMENT OF COMPANY-LEVEL CONTROLS is a critical part of complying with section 404 of Sarbanes-Oxley. The PCAOB says public companies must assess the design and operating effectiveness of these controls in addition to examining detailed process- and transactional-level control activities. COMPANY-LEVEL CONTROLS ARE THOSE THAT PERMEATE an

EXECUTIVE SUMMARY BLOGS (SHORT FOR WEB LOGS) are an information-sharing tool with many business possibilities. They offer commentary on a variety of topics with links to Web sites or other online resources. Low operating costs make blogging a great marketing and knowledge management option for small firms. A BLOG TYPICALLY

EXECUTIVE SUMMARY FANS OF OFFSHORE OUTSOURCING SAY it lowers labor costs; it’s efficient; and it lets firms accept new work during periods of peak demand. SOME LONG-TERM CONCERNS CPAs VOICE ARE: How will outsourcing affect the traditional CPA career path? How will it affect U.S. employees’ training? How will accountants