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Author Archives: Article Manager

Finally, Business Talks the Same Language… XBRL

Just as English is the universal language of commercial pilots, so XBRL soon will be the lingua franca for all business reporting—from issuing financial statements to banks and shareholders to uploading business information onto a Web site. The development surely will revolutionize how business data are reported, used and calculated.

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Ethics and Your Career

In the wake of recent corporate scandals and increased regulation of accounting practices, ethics has become one of the hottest buzzwords in accounting. And organizations aren't just paying lip service to this trend, they're taking concrete steps to ensure they abide by a strong set of values, such as creating a code of ethics or hiring an ethics officer.

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XBRL Leaders Push for Global Acceptance

With standards of corporate reporting under intensifying scrutiny, Extensible Business Reporting Language (XBRL) is the silver lining in the cloud hanging over the corporate world, leaders of the financial community were told at an investment industry forum.

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Internal audit and review reports

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.

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An accountant wants nothing to do with the sales department

“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 importance of working capital

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.

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Contract Auditing: Strategizing for success

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.

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The audit profession: Center stage

Auditing, in general, has received mixed reviews in light of last year's series of corporate failures. Although internal auditors have not been specifically implicated in any of the recent financial- reporting incidents, these events have nonetheless put somewhat of a damper on our reputation in the minds of clients and the general public.

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To whom it may concern

A key skill in accounting is the ability to clearly communicate information to management. Consequently, it is a skill that examiners expect candidates to demonstrate in answering examination questions.

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