Roland Wick joined the consulting staff at McNew & Associates, Inc, a federal government contracting and audit compliance firm. Wick was previously a senior supervisory auditor for the Defense Contract Audit Agency. He will provide support in the areas of accounting system compliance, government pricing support, proposal compliance review and associated DCAA audit requirements. Carrie Lanning joins Griffis/Blessing Commercial Property Services Group as management assistant. She is responsible for administrative, organizational and special projects for a portfolio of office, industrial and retail properties.
Order in the Courts! - Enterprise resource planning supports Court Accounting and Reporting System
In an effort to address some of the common criticisms of the peer review program and determine how it should best be run, the New York State Society of CPAs formed the Quality Enhancement Policy Committee (QEPC) in August 2004. The QEPC's goal in this whitepaper is to outline the tenets of an ideal quality-review system which will promote consistency of quality throughout the accounting profession, and upon which the public can rely. The QEPC began with an in-depth examination of the AICPA peer review program, which the Society currently administers in New York State as an agent. In light of the information gathered, the QEPC chose to focus its efforts on addressing, at a conceptual level, the attributes of an alternative peer review model instead of following the AICPA peer review mode...
The Colorado Department of Revenue installed what it described as a "new, updated system" last year designed to automate its tax- return review process. Today, that system is under fire by a number of leading accounting firms who complain about delayed refunds and, in some cases, notices from the state demanding payment of penalties and interest along with the repayment of refunds that had been larger than expected.
Outside the US, the failures of Enron and Arthur Andersen remain puzzles. How could the accounting and audit failures associated with Enron and Arthur Andersen happen in the US where auditing is sophisticated, accounting principles are strong, and disclosure is emphasized? This is a teaching case for persons outside the US to review the financial reporting and auditing issues related to Enron and to explain the regulation of accounting and auditing in the US. It has broad implications for corporate governance and accounting regulation in other countries as well. Enron was a massive failure, partly because of its size, partly because of its complexity, partly because the controls to protect the integrity of capital markets failed, and especially because of the massive greed and collusion...
...In Part II, the government and legal system of the US, and the regulation of financial reporti...
We are nearing the end of our discussion with regard to the fourth area of the five areas that make up every business in the world. As you know, this fourth area is billing. The other four areas are that make up every business in the world are: Clients or customers; Administration; Getting the work done; and Collecting. You cannot finish talking about billing without saying what you do with the information you get from the billing. You need to have available information with regard to your accounting system that allows you to easily review the important parts of your business from a financial point of view so you can properly manage your business. Remember, the most successful law firm down to the least successful law firm is still only a business that provides services.
The article "North Haven audit idea gains steam" indicated that I was opposed to conducting a forensic audit. I have never indicated I was opposed. Rather, I was responding to Selectwoman Janet McCarty's question as to whether I was referring to a forensic audit when I was discussing the need for an in-depth review of the financial controls in place within the Finance Department and all town departments and agencies. There appears to be a great deal of misunderstanding as to what constitutes a forensic audit. In my experience in public accounting, as well as creating internal audit functions for major national corporations, and having conducted several forensic audits, I can say that it is not an in-depth review of financial system procedures and practices. A forensic audit is a detaile...
The balanced scorecard is a strategic performance measurement system developed by Robert S. Kaplan and David P. Norton to help organizations achieve breakthrough results by embedding strategy at the heart of the organization. Developed 12 years ago, the concept was significantly different from any existing performance measurement system and generated considerable excitement. A variety of applications and variations of the balanced scorecard have emerged since its inception. It was received and used so enthusiastically and effectively that the Harvard Business Review labeled it in 1997 as one of the 75 most influential ideas of the 20th Century. Early on, a navigation metaphor was used to illustrate the need for additional performance measures. Over time, the navigation metaphor expanded...
Poor accounting led debt-saddled West Penn Allegheny Health System to overstate its assets by $73 million, hospital leaders announced Monday after conducting an internal review. Dr. Christopher Olivia, the CEO since March, told employees the adjustment will lead to "substantial operating losses" for the region's second-largest hospital system. The review was conducted to "verify that the growth in accounts receivable that has occurred over the past nine months is accurate," West Penn said in financial documents filed in March.
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