When it comes to budgeting, accountants should stop presenting the numbers and letting others analyze what those numbers mean. If accountants don’t change, warns consultant Steve Player, CPA, CGMA, they’ll lose relevance and possibly lose jobs. “It’s our process that’s broken,” Player said. “We’ve got smart people in finance doing
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Management accounting
Six key components of analytics-based performance management
As companies face a thinning margin for decision error, the ability to use business analytics effectively—everything from correlation, segmentation, clustering, regression analysis, as well as forecasting and predicting outcomes—is becoming mission-critical. There is now a strong need to gain insights, foresight, and inferences from the treasure chest of raw transactional
A nontraditional approach to finance management
Tom Steiner would like to get CFOs to stop thinking so logically all the time. He contends that the world is emotional, not logical, and that “linear, logical people that concern themselves with numbers” are too focused on tasks instead of the people performing those tasks. Steiner, nicknamed “Dr. Tom”
How can diversity be improved in the CPA profession?
Even as members of the recently created National Commission on Diversity & Inclusion work to improve opportunities for under-represented minorities in the CPA profession, they are reminded of just how much work needs to be done. During a panel discussion of commission members held Monday at the AICPA Council meeting,
SOX compliance costs rise for many companies, report finds
New developments associated with the Sarbanes-Oxley Act of 2002 (SOX) have companies changing their compliance processes more than a decade after the law was enacted, according to a new survey report. Organizations reporting rises in SOX compliance costs and external audit fees in 2012 vastly outnumbered those reporting decreases, according
Newly released COSO framework a fresh look at internal control
An important development in the internal control landscape was completed Tuesday with the release of an update to the integrated framework of the Committee of Sponsoring Organizations of the Treadway Commission (COSO). COSO’s popular original internal control framework, released in 1992, was accepted by the SEC as a framework for
8 steps to update internal control
Here is how organizations can implement the newly updated, principles-based internal control framework of the Committee of Sponsoring Organizations of the Treadway Commission (COSO), which was released May 14 (visit ic.coso.org). The original 1992 framework has been sharpened and refreshed to reflect the current business environment. Create a team and
Key factors cited as discussion of audit quality indicators nears
An effective definition of audit quality should encompass two key factors, the Center for Audit Quality (CAQ) told the PCAOB in a comment letter dated May 13. The CAQ, which is affiliated with the AICPA, has been working over the past several months to develop perspectives that could help define
AICPA provides guidance on auditing conflict minerals reports
Recently implemented federal rules on disclosure of conflict minerals have mandated new audit requirements for some U.S. issuers. The AICPA Conflict Minerals Resources webpage provides background and other useful information about the use of conflict minerals, which are gold, tantalum, tin, and tungsten. In addition, new Questions and Answers have
How audit committees can meet risk management oversight challenges
Risk management oversight is one of the most challenging areas for audit committees across the globe, according to a new report issued Tuesday by the Center for Audit Quality (CAQ), the Federation of European Accountants (FEE), and the Institute of Chartered Accountants in Australia (ICAA). The report summarizes the results
CFOs most crave these 2 nonaccounting skills
General business knowledge and IT expertise are the nonaccounting skills CFOs in the United States are seeking most from finance and accounting job candidates, according to a new survey. One-third of 2,100 CFOs surveyed by specialized staffing service Accountemps said general business knowledge is the attribute or area of expertise
Time to recruit talent
Millions of Baby Boomers will leave their jobs in the next 10 to 12 years. This exodus of talent will place extraordinary pressure on every U.S. organization’s talent recruitment and retention efforts. Consider these strategies to help your organization compete in an unprecedented people cycle: Ensure your HR leadership
Analyzing liquidity using the cash conversion cycle
A good assessment of a company’s liquidity is important because a decline in liquidity leads to a greater risk of bankruptcy. FASB describes liquidity as reflecting “an asset’s or liability’s nearness to cash” (Statement of Financial Accounting Concepts No. 5, Recognition and Measurement in Financial Statements of Business Enterprises). Creditors
From CGMA Magazine: Delayed retirements slow career progression
Retirement seems like more of a distant goal for a significant number of CFOs—and that might be a problem for those who are looking to move up. According to a Robert Half Management Resources survey of more than 1,400 U.S. CFOs, 38% are more uncertain about when they’re going to
Integrated reporting takes a big step with international framework draft
The release of a highly anticipated proposed framework Tuesday heralded a new chapter in the evolution of corporate reporting. The International Integrated Reporting Council (IIRC) made public a framework consultation draft—a blueprint for how the group hopes businesses will communicate with stakeholders. Developed with input from business, investors, standard setters,
SEC describes how social media can be used to distribute company info
U.S. public companies can use social media to make company announcements as long as they inform investors of the channels they will use to distribute the information, according to a new pronouncement by the SEC. The SEC on Tuesday released a report that makes it clear that companies can use
From CGMA Magazine: Flexing the strategy muscles
Finance teams have long been tasked with gazing into the past. They were the ones with the answers about how the company has performed over time, how it did in the past month, and how it just did compared with how it used to do. But now finance professionals are
Conflict minerals rule poses compliance challenge
To get an idea of how complex and far-reaching the new “conflict minerals” rule is likely to be for manufacturers, consider Hewlett-Packard. HP estimates that about 1,000 suppliers in its chain ultimately provide a product to HP that may contain one of the conflict minerals, said Jay Celorie, who coordinates
CAQ educational guide describes internal control process
A new guide released Thursday by the Center for Audit Quality (CAQ) is designed to educate investors and the general public on a process that reinforces reliable financial reporting at U.S. public companies. The CAQ’s Guide to Internal Control Over Financial Reporting describes how companies enhance the reliability of their
Eagerly anticipated COSO framework set for May release
The wait for the eagerly anticipated update of a popular framework for internal control is almost over. The board of the Committee of Sponsoring Organizations of the Treadway Commission (COSO) has approved its updated Internal Control—Integrated Framework and expects to issue it May 14, according to a news release distributed
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How to find the right CAS clients
The key to success with CAS is selecting the best clients. Tools like ideal client profiles (ICPs), buyer personas, and even artificial intelligence can help identify the businesses that best fit each CAS practice.
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