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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--Spring 2005


Financial management guidelines the how
Financial Management Guidelines “The How”

  • Cc

  • KTT

  • MBWA

  • R ƒ R3

Operational Auditing--Spring 2005


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--Spring 2005


General people techniques
General People Techniques

  • Promote the “wanna”

  • Foster feedback

  • Adopt a consultative approach

  • Use the “Will Rogers’ Approach”

Operational Auditing--Spring 2005


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--Spring 2005


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--Spring 2005


Dealing with the external auditors
Dealing with the External Auditors

  • Different objectives

  • Different accountability

  • Different qualifications

  • Different activities

Operational Auditing--Spring 2005


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

Operational Auditing--Spring 2005


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--Spring 2005


Typical int audit assistance
Typical Int. Audit Assistance

  • Design of control systems

  • Reduction of risk assessment

  • Reduction of substantive testing

Operational Auditing--Spring 2005


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--Spring 2005


Participative approach
Participative Approach

  • Joint goals

  • Consultation

  • Joint authority

  • Open discussion re: findings

  • Open review of reports

Operational Auditing--Spring 2005


Coso control objectives
COSO Control Objectives

  • Economy & efficiency of operations

  • Reliable financial and operational data and reports

  • Compliance with laws and regulations

Operational Auditing--Spring 2005


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--Spring 2005


Types of control
Types of Control

  • Preventive

  • Detective

  • Corrective

  • Directive

  • Compensating

Operational Auditing--Spring 2005


Methods of control
Methods of Control

  • Organizational

  • Operational

  • Personnel

  • Review

  • Facilities

Operational Auditing--Spring 2005


Threats to control
Threats to Control

  • Management override

  • Open access to assets

  • Form over substance approach

  • Conflict of interest

Operational Auditing--Spring 2005


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--Spring 2005


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--Spring 2005


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