EXECUTIVE SUMMARY Lean accounting concepts are designed to better reflect the financial performance of a company that has implemented lean manufacturing processes. These may include organizing costs by value stream, changing inventory valuation techniques, and modifying financial reports to include nonfinancial information. Value stream management (VSM) is a
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TOPICS / MANAGEMENT ACCOUNTING
Strategy
More Perspectives on Audit Committees and ERM
We are offering additional commentary on the article titled “Rising Expectations: Audit Committee Oversight of Enterprise Risk Management” (April 08, page 44). I am an internal audit director and part-time NYU faculty member running an ERM consulting business in New Jersey, together with another practitioner and colleague in New York.
Audit Committees Should Lead by Example
The authors of “ Eight Habits of Highly Effective Audit Committees” (Sept. 07, page 46) have identified relevant recommendations. However, these recommendations are for an audit committee that is a new body in the governance of a company or one in a company where formerly the audit committee merely listened
Make Direct Marketing Pay Off
EXECUTIVE SUMMARY Direct marketing has become a popular and successful form of CPA firm marketing with the following potential benefits: The process encourages you to define a very specific target audience of prospects most likely to buy your services. The format enables you to develop a specific message
Headaches and Stretched Agendas for Audit Committees
A survey of 282 audit committee members—sponsored by KPMG’s Audit Committee Institute (ACI) and the National Association of Corporate Directors—reveals that while oversight of accounting judgments and estimates and SOX 404 compliance remain the top priorities of audit committees, the panels are increasingly focused on information technology risks. Only 15%
Eight Habits of Highly Effective Audit Committees
EXECUTIVE SUMMARY To ensure that your committee is up to its mission, you must first define the mission by drafting a strong charter that identifies audit committee functions, authority and responsibilities, along with the skills and experience its members must possess. Success is not automatic. Specify critical
Workshop Focuses on Future
Workshop Focuses on Future T he Institute’s Minority Initiatives Committee hosted the 13th annual AICPA Accounting Scholars Leadership Workshop in June in Peachtree City, Ga. About 90 accounting students from across the country attended the workshop, which had the theme “CPAs: Leaders in Action.” The committee was established in 1969
Tune Up for High-Performance Wealth
Each year, individuals and business owners should evaluate their wealth management initiatives to make sure they have the appropriate portfolio for their age and investment goals. Practitioners should emphasize the following key points to help clients maximize their saving potential. Maximize retirement plan contributions. The 401(k)/403(b) maximum
Ways Americans Spend Spare Cash
TOP 10 Paying off debts, credit cards and loans Savings Out-of-house entertainment New clothes Holidays and vacation Home improvements and decorating New technology Mutual funds and stocks Retirement fund Don’t know/Undecided (So it’s in the mattress?) Source: ACNielsen Online Consumer Confidence Study, www.acnielsen.com , 2006.
Data Point
200 Hours per year the average American spends commuting to and from work. Source: U.S. Census Bureau.
Talk Turkey
NUMEROLOGY $3.6 billion Value of turkeys shipped by U.S. poultry processors in 2002. Arkansas led the way with $581.5 million in shipments. Businesses that primarily processed turkeys operated out of 35 establishments, employing about 17,000 people. 7.3 billion pounds The total weight of turkeys produced in the United States in
Stay Warm, Safely
SAFETY TIPS When the weather begins to cool, many people turn to space heaters to add a little extra warmth where it’s needed. The U.S. Consumer Product Safety Commission ( www.cpsc.gov ) offers these tips for staying safe: Place the heater on a level, hard and nonflammable surface (such as
Preventing Flu at Work
ON THE JOB lu, which is in season from October to May, is a leading cause of employee absenteeism, costing employers millions of dollars. The single best way to prevent flu is to get a flu vaccination. The Centers for Disease Control recommends getting the vaccine by November, but says
The Focus Is on Employees in 2007
SURVEY SAVVY Half of all CEOs surveyed recently by the NYSE Group ( www.nyse.com ) planned to increase their employee education and retention programs. Eight out of 10 said operational efficiency, driven by employees, would be the greatest internal factor impacting profitability in 2007.
A Major-League Dream Come True
SPOTLIGHT As one of 10 children of a die-hard New York Yankees’ fan, Berna Greer, CPA, grew up in a house that revolved around baseball. But she never expected to make it to the Major Leagues. Still, there she was, throwing out the first pitch at the Detroit Tigers game
Take Control of Your Job Search
GOLDEN BUSINESS IDEA Attention CPAs at all levels. Well-meaning colleagues give you many tips about how to find your dream job. Here are four things not to do when conducting your search. 1 | Don’t rely on only one technique to land a job. Just 10% of all jobs are
Social Spending
SURVEY SAVVY eople who buy socially responsible mutual funds are more likely to use their wallets in other socially conscious ways as well, a February survey by TIAA-CREF ( www.tiaa-cref.org ) found. The company surveyed 1,002 TIAA-CREF customers, split evenly between those who invested in its Social Choice Account (SCA)
Edward W. Trott Quote
AS QUOTED “My hesitancy about fair value became outweighed by my desire to have financial statements communicate as much information as possible. I learned that there’s a better way.” —Outgoing FASB member Edward W. Trott
Keep Peace With Your Boss
GOLDEN BUSINESS IDEA Have a difficult manager? Try some of these coping strategies from CareerBuilder.com: Take a look in the mirror. Maybe you’re being a pain in the neck, too. Clean up your act, concentrate only on work and see whether things change. Focus on the boss’s needs. Employees who
Home Builders Have New Tax Credit
.S. home builders have new motivation to build energy-efficient homes. The Energy Policy Act of 2005 included many provisions regarding coal, natural gas, renewable energy and energy efficiency and distribution. It also enacted a new tax credit under IRC section 45L—the energy-efficient home credit—available to eligible contractors. Depending on
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FROM THIS MONTH'S ISSUE
Flip out with the latest Tech Q&A
The September Technology Q&A column shows how to create dynamic to-do lists with Excel's checkboxes and also how to set up multifactor authentication texts that don't rely on phones. Flip through both items and view a video walkthrough in our digital format.
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