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Accountancy
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Issue # 029 June 06, 2003 |
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Poll Results |
ICAP's recent decision to set
up a specified paper to test the competence of ACCA/ CIMA qualified
students in certain areas has been met with a mixed response in the
accounting circles. Some are of the opinion that ICAP has no right to
do such a role reversal in the first place after allowing exemptions
to ACCA/ CIMA qualified students for such a long time. Others are
advocating that ICAP's taking away the exemptions was the correct
thing to do but this specified paper is a step back from that stance.
And others say that the specified paper is the most appropriate
solution to this issue which should wash away the grievances of all
parties. We asked our viewers for comments
regarding this situation and this is how our readers
have responded uptil now.
Setting up of Module-F Specified paper for ACCA/ CIMA qualifieds
is...
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a good decision by
ICAP |
33% |
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a bad decision by ICAP |
58% |
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Specified paper.. whats that?!! |
10% |
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Any audit that
involves either billings from or billings to third parties
falls into the category of contract auditing. Audits of
contracted activity help ensure the success of business
transactions, as many organizations harbor significant
contract administration problems, resulting in potential
monetary loss and unmitigated risk. Questions such as, "Were
all contract obligations fulfilled? Were billings prepared
accurately and in accordance with the terms of the contract? 
Read
the full article |
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“It is a truth universally
acknowledged, that an accountant in possession of a good
fortune, wants nothing to do with the sales department.” So
might Jane Austen have said. And so might many think. But it’s
notable that the misquote comes from Pride and Prejudice, and
so might the age-old antipathy between accounts and sales be
similarly based.
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the full article |
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| Many organisations
that are profitable on paper are forced to cease trading due
to an inabilty to meet short-term debts when they fall due. In
order to remain in business it is essential that an
organisation successfully manages its working capital. Too
often however, this is an area which is ignored. This article
will look at the items which comprise working capital, and
using live examples will consider the level of working capital
required by businesses operating in different industries.
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the full article |
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| Internal auditors,
external auditors, and consultants who perform internal audit
and review engagements provide reports to management (internal
audit reports). These reports are important because they
provide documentary evidence of the work performed, the
conclusions reached and the recommendations made.
Read
the full article |
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