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Accounting Business Skills “The What”. Business perspective Organizational focus Bias for action Communication excellence People proficiency. Financial Management Guidelines “The How”. C c KTT MBWA R ƒ R 3. Human Relations Issues. General people techniques Due professional care

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accounting business skills the what
Accounting Business Skills “The What”
  • Business perspective
  • Organizational focus
  • Bias for action
  • Communication excellence
  • People proficiency

Operational Auditing--Fall 2006

financial management guidelines the how
Financial Management Guidelines “The How”
  • Cc
  • KTT
  • MBWA
  • R ƒ R3

Operational Auditing--Fall 2006

human relations issues
Human Relations Issues
  • General people techniques
  • Due professional care
  • Hostile management approaches
  • Dealing with external auditors
  • Participative approach w/auditees

Operational Auditing--Fall 2006

general people techniques
General People Techniques
  • Promote the “wanna”
  • Foster feedback
  • Adopt a consultative approach
  • Use the “Will Rogers’ Approach”

Operational Auditing--Fall 2006

due professional care
…Due Professional Care
  • Be fair but don’t whitewash
  • Avoid surprises
  • Go for the win-win
  • Have the guts to go to the top

Operational Auditing--Fall 2006

hostile management approaches
Hostile Management Approaches
  • Select the right time for discussion
  • Remain flexible in your conclusions
  • Avoid emotion; sometimes even logic won’t work
  • Don’t corner yourself or the other party
  • Listen to the other party
  • Help the other guy “to be right”

Operational Auditing--Fall 2006

dealing with the external auditors
Dealing with the External Auditors
  • Different objectives
  • Different accountability
  • Different qualifications
  • Different activities

Operational Auditing--Fall 2006

cooperation
Cooperation
  • Economy
  • Efficiency
  • Effectiveness
  • Advantages for the external auditor
    • Increases external auditor client insight
    • Improves client relations
    • Rotates emphasis
  • Advantages for the internal auditor
    • Improves training
    • Source of additional work
    • Increases professional knowledge
    • Independent appraisal source
  • Compliance with SAS 65 and SAS 99

Operational Auditing--Fall 2006

sas 65
SAS 65
  • Defines roles
  • Defines function
  • Discusses competency & objectivity
  • Considers nature of the work
  • Discusses coordination
  • Guidelines for evaluation
  • Role of direct assistance

Operational Auditing--Fall 2006

sas 99
SAS 99
  • Auditor’s responsibility to detect fraud

Operational Auditing--Fall 2006

typical int audit assistance
Typical Int. Audit Assistance
  • Design of control systems
  • Reduction of risk assessment
  • Reduction of substantive testing

Operational Auditing--Fall 2006

create a cooperative bridge
Create a Cooperative Bridge
  • Coordination
  • Risk assessment alert
  • Control system disclosure
  • Common sampling tools
  • Pooled IT knowledge
  • Different perspective
  • Constant general communication

Operational Auditing--Fall 2006

participative approach
Participative Approach
  • Joint goals
  • Consultation
  • Joint authority
  • Open discussion re: findings
  • Open review of reports

Operational Auditing--Fall 2006

coso control objectives
COSO Control Objectives
  • Economy & efficiency of operations
  • Reliable financial and operational data and reports
  • Compliance with laws and regulations

Operational Auditing--Fall 2006

control objectives
Control Objectives
  • Reliability and integrity of info
  • Compliance
  • Safeguarding of assets
  • Economical & efficient use of assets
  • Organizational attainment of goals & objs.

Operational Auditing--Fall 2006

types of control
Types of Control
  • Preventive
  • Detective
  • Corrective
  • Directive
  • Compensating

Operational Auditing--Fall 2006

methods of control
Methods of Control
  • Organizational
  • Operational
  • Personnel
  • Review
  • Facilities

Operational Auditing--Fall 2006

threats to control
Threats to Control
  • Management override
  • Open access to assets
  • Form over substance approach
  • Conflict of interest

Operational Auditing--Fall 2006

coso approach to achievement
COSO Approach to Achievement
  • Sound control environment
  • Sound risk assessment process
  • Sound operational control activities
    • Are the processes working
  • Sound info & communications system
  • Effective monitoring

Operational Auditing--Fall 2006

control environment
Control Environment
  • Culture of integrity, ethics and competence
  • Overall mgt. philosophy
  • Proper authority & responsibility
  • Proper organization of resources
  • Proper training and development
  • Senior mgt. attention & direction

Operational Auditing--Fall 2006