A new Excel tool can help auditors comply with the SAS No. 99 minimum requirements for financial statement analysis in audits. Improvements that can be made with Excel to transform the financial statement analysis into a powerful fraud-fighting tool are presented. Step one is automating financial statement analysis. Users can download the complimentary free tool developed by Bi3.Net from their Web site, www.bi3.net. A few examples of Excels auto-calculation tools, as developed in this free tool, are vertical BS, current asset chart, horizontal IS, and cash flow statement. Three auto-calculating worksheets are fictitious revenue, timing differences, and one time gains.
It's vitally important to management accountants and senior executives that financial disclosures adequately represent the performance, financial condition, and prospects of a publicly traded company -- especially now, given the certification requirements of the Sarbanes-Oxley Act of 2002. Financial statement analysis involves exploring a company's numbers in search of explanations for past performance as well as telltale signs about the future. Like a detective, the analyst is seeking the key to unravel a mystery or patterns to help organize a vast array of numbers. Financial analysis also has been influenced by a number of more recent developments. In 2007, Walmart was the world's largest company by sales and the world's largest private-sector employer with about 1.9 million on its pa...
During the week of September 13-September 17, NACM headquarters again played host to credit professionals striving for their Credit Business Fellow designation with the certificate session . The course focuses on understanding what is behind the numbers of financial reports by standardizing and organizing ratios. The session works from a return on equity view, then targets the three most important aspects of a financial statement: margins, turnover and leverage. They touch the class as a top-down learning tool, where they talk about the components that drive them to get to a credit decision, said instructor George Schnupp, CCE, Anixter Inc. Schnupp is a favorite among credit professionals for his approac...
Private colleges and universities can benefit from financial statement analysis despite the latter's focus on profit-making potential and future cash flows. They need a financial ratio model that enables valid ratio analysis and allows inter-school comparisons. The model should include a standard set of financial statement values incorporated in a data dictionary and compiled in a spreadsheet program.
While legislation in the wake of high-profile fraud cases has reduced the occurrence of financial fraud, many companies still use what are called "creative accounting techniques" to improve their appearance and more easily secure financing, much to the chagrin of B2B vendors. Despite the information and structure of US generally accepted accounting principles, accounting for a company's assets and liabilities is still a very vague science. This is one of those areas where one of the biggest issues today is that managers are very much judged by their quarterly numbers, said D.J. Masson, PhD, CTP.
Financial reporting of organizational performance is facilitated primarily through financial statements and the related supplemental disclosures found in the annual report or Form 10-K. Standardized financial statements, such as the income statement, balance sheet and statement of cash flows, are mostly uniform in format and thus provide for inter-firm comparisons of various financial metrics. This "boilerplate" format provides for simple "net income" or "current assets" comparisons between firms given the uniformity of the content contained within each financial statement; however, there are supplemental disclosures contained within these reports that should provide additional information to illuminate and thereby enhance the financial statement content.
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