1 444 JOURNAL Vol. 10 ( 4). December 2011 P u b l i c a t i o n o f T e r n o p i l N a t i o n a l E c o n o m i c U n i v e r s i t y Microeconomics Nataliia ZARUDNA MODERN REQUIREMENTS FOR ACCOUNTING MANAGEMENT FOR PROVISION PROCESS Abstract The following article deals with the issue of accounting management for provision process and its main requirements, in compliance with high technologies. The background, stages and tasks are determined, to be met within the process of accounting management. The model of organization of the provision process accounting is constructed based on the system-wise approach. Key words: Accounting management, provision process, system-wise approach, document flow, electronic document management system. JEL: M41. Nataliia Zarudna, Zarudna Nataliia, Ternopil National Economic University, Ukraine.
2 J O U R N A L December Problem statement: At any enterprise the issues of accounting procedures are under the jurisdiction of its owner (owners) or an authorized body (office holder) according to the legislation and constituent documents, therewith an accounting management of a separate segment consists in a targeted harmonization and improvement of the mechanism, structure and procedure of accounting. In addition to the series of publications regarding an improvement of accounting management of provision process, further research of certain areas is needed to improve and completely adopt the accounting to the current economic environment. The correct task solution of operational and qualitative drawing of an electronic document s execution control, their elaborated preservation, search and usage take not the last place in ensuring the enterprises management effectiveness. An electronic document flow is an exclusive electronic document-centered mechanism implementing the paperless records management. It is going to be considered in some detail in the present article. Analysis of the latest researches and publications: A great deal of scientists conducted research in the accounting management, but just a few of them covered the detached issue of accounting processes management, carried in certain enterprises, including the provision process. O. Bondarenko, I. Farion, I. Perevozova, O. Kovalenko, covered just some facets of the provision process in detached sections, treating the stock accounting management and trade creditors issues. Setting objects of the article: The present article is aimed to carry the study of the issue mentioned and to elaborate the model of the accounting management of provision process, based on the system-wise approach in modern conditions meeting the requirements set before managers by changes in architecture of financial and economic relations between enterprises, technical progress, etc. Besides, the background and stages of the accounting management of provision process should be specified. Content statement: A specified regulation of accounting records maintenance in departments and authorities, a subjection of an accounting system to fiscal purposes (i.e. revenue authorities) restrict the scientific researches and limit the development of an accounting process, capable to provide information requested to make day-to-day and strategic management. According to M. Pushkar, a strict accounting regulation is a manifestation of conformity and consequence of former planned economics [1, p. 144]. On the other side, however, business entities independence enlargement stipulated the company s rights and capacities extension. In the meantime, the risk regarding the final results of their activity and an administrative machine responsibility for consequences of enterprises economic activity increased. That is why an option for any
3 446 N a t a l i i a Z a r u d n a Modern Requirements for Accounting Management for Provision Process aspect of accounting management of material values should be made in a balanced manner, with due consideration to advantages and disadvantages of each option; at that, a high responsibility of every particular official for decision making is needed. At the present stage of enterprises economic development of relations between them in the provision area, the accounting management should meet not the standard and common operativeness, analyticity and accuracy, but the principle of complete practicability. According to M. Pushkar, an economic effect, obtained by information usage, serves as a criterion of expediency of information gaining. Up to the present day, an accounting system delivered services to the authorities past events, looking forward to a profit and ability to predict future on the basis of this information. It was possible, however, to get the glimpse of the future, based on these statistics, only extrapolating the past . To make a strategic management of an enterprise in general and of its certain processes in particular, the basically new data base is needed consisting of terms of trend indexes in internal and external environment of an enterprise. To acquire such information on the enterprise s activity in the area of production assurance of economic resources, the management of provision process accounting should be rationally organized. To effect it, an availability of following preconditions is of the utmost importance: serious in-depth study of the production structure, technology and management; implementation of the accounting relations between separate enterprise structural subdivisions and account department (i.e. purchasing department, stock house, transport department, etc.); assessment of the volume of accounting work; equitable distribution of accounting work among accountants and employees in structural subdivisions; regular monitoring of the current developments in instructional and statutory materials and statutory materials regarding record keeping; antecedent highlight recording of provision process accounting in the Accounting Policy Statement. Proceeding from the implications indicated, it is reasonable to examine the accounting management of incomings provision process in brewing enterprises within the terms of following aspects: organization for financial, management and tax accounting of incomings and settlements with creditors; organization for accountant work management, concerning the incomings accounting (accountants, supply office employees, storekeepers, accountable people, etc.);
4 J O U R N A L December permanent documentation issue on material values availability and settlements with creditors; management of material values accounting at the place of their storage and use (stock houses, storerooms, segments, etc.) and settlements with creditors; correct valuation of material values; accounting management for ordering costs; management for synthetic and analytic values incoming accounting in the account department (ledger, sub-ledger and tertiary account determination, account registers assessment, etc.). The following stages forming the model building blocks are illustrative to organize an accounting management for provision process, based on the system-wise approach (figure 1). As is evident from the model developed, the accounting management system includes three stages: management for ledger accounting, current accounting and record balance management, each of which, when completed, provides certain information - source, current and net information respectively. Only with the electronic document management system implemented, the top management could have the relevant information just in time, promptly and in full. As it was also noted, one of the questions of utmost importance regarding accounting management for provision process is organization for managerial accountants work, which includes, beside accountants, materially responsible people and provision department employees, Assets Logistics employees, and department managers, effecting the values accounting. In the very early stage of the management for values accounting, the chief accountant needs to make out, adjust and approve with authorities the lists of people, accessory to the values accounting process. These lists are to be renewed yearly, before the assertion of the Decree «On the enterprises fiscal policy», and during the year when needed (when entering people in the list or excluding from a list). To make the work of these employees effective, the duty regulations and the schedule of document flow should be elaborated, pointing the responsible people across all the stages of movement of the documents filled in . As for incomings accounting management, the model of stock accounting should be primarily specified: whether it is perpetual or periodic. While organizing stock accounting according the periodic system, an accounting period is needed to be determined, i.e. frequency of physical inventory taking in order to determine an ending cash balance. In this context, the accountant s obligations are to assure the observance of incomings uniform methodological assets, management for incomings booking and settlements with creditors, to guarantee the state at stock account checking-up, and to take part in drawing up of documents on deficiency, inadequacy, and indemnification for inadequacy, perishability of material values of the company.
5 448 N a t a l i i a Z a r u d n a Modern Requirements for Accounting Management for Provision Process Figure 1 Model of accounting management for provision process based on system-wise approach І stage Logging in the system ІІ stage Process within the system: ІІІ stage Logging out: Ledger accounting management primary observation, perception, valuation based on quantities or cost accounting, provision process recording on a certain driver, which is a document Current accounting management carrying out operations on registration of the values in the accounting records (according the program of accounts, authorized at the enterprise); taxation; bucketing in corresponding account registers, which are account books, logs, tickets, sheets, etc; data casting, verification and processing to collect next operating rates of an enterprise Record balance management data summarizing (management of current data via fabrication of various financial, statistical accounting, management accounting for outside- and inside-customers Source information Current information Net information Cash order, consignment note, supplier s account Sheet of material values inflow, inventory turnover sheet, ordering costs sheet, comparative inventory sheet Turnover balance sheet of ledger accounts, and subaccounts, ledger # 5 (5-А), general ledger E lectronic docume nt management syst e m of elec tronic c irc u l at i o n of document s
6 J O U R N A L December On the other hand, it should be kept in mind that an accounting management in stocks makes provision for completing the following tasks: assured effecting of the «acceptance-storage-distribution» process; operational control of stock condition (i. e. all stocks real-time inspection: what is in stock, from where, when, and what is the price, what is amount of values and where they are laded; this information should be provided to employees in other departments); financial analysis of material inventory (backlog turnover determinants and balances, if rationed, are usually put under control). All the activities as for inventories flow in the stock are controlled by the manager (storekeeper), which is usually accountable for assets. Whereas he obtains the enclosures (shipping documents, sales-invoices, etc.) along with inventories, he should book their influx in the log book and in the database program of the storage electronic system. During the acceptance process actual inventories arguments reconciliation is effected, which comes with enclosures. It permits to actualize information about quantitative and qualitative representation of delivery lot through its identification. The identification can be made in terms of textnumeric information on labels, or barcode read out with portable readers or in other ways. Later, the due attention should be given to the fitting location of material values in the stock, for it is an indispensable condition of management of stock inward section. Granting the wide range of goods, kept in stocks, the right location could permit to create the adequate conditions and conservation regime, to cut down spending, increase the floor space capacity, allow to search promptly values requested, to keep accurate accounting records of their availability, receipt, expenditure, to ensure their quality protection, etc. To make a rational storage, the allocation schemes, economically and technologically justified, should be developed. In allocation schemes, the permanent storage spaces are usually kept for material values of certain groups, subgroups, and item names. The item name code (reference, item ordinal, symbol, etc.) is assigned to each storage space with usage of different coding devices. They are marked by bright paint on the shelve stands, sections or on the floor. Section coding can be alpha-numeric or numeric, each symbol of which contains certain information. Codes for storage spaces are the required elements of the automated retrieval system, which are based on the corresponding databases. In this case they are used when supplies are arriving and are included into material control sheet (route card). One of the basic elements needed to ensure an efficiency of managerial scheme of document provision, or electronic document management system. Modern technology permits to manage paperless flow of documents, but, as a matter of practice, electronic documents duplicate only the papers. As for management for inventories document turnover, the major task is to optimize the transmit channels and channels of communication of executing accounting offices. These channels include procedures from registering each medium (i. e. document) till generalizing characteristics of information flow (accounting reports). The point is that, while effecting accounting, documents are often surrendered from one operation to another not distinctly, but in blocks. That s why car-
7 450 N a t a l i i a Z a r u d n a Modern Requirements for Accounting Management for Provision Process rying out the rational media management should meet such requirements: minimum lag time between accomplishment of transaction and getting the data requested for enterprise s managing body; use of advanced methods and means of collection, passage and processing of certain accounting information; advanced planning and further administration; observance of date of performance. The most common and widely applied method is a graph method of media turnover management. Nevertheless, the descriptive (textual) method can be also used in some cases. It is also appropriate to use table-driven graphics. In tabulated graphics only the capital ways of document circulation are planned, from operating executives to accounting department and remitting to the archives. Tabulated graphics are generally drawn in the economy field, according the topological feature (accounting of stocks, law value items, goods, etc.) and by subjects (supplies inflow and issue). The schedule of document management is drawn diagrammatically or in terms of enumeration of creation, audit and processing activity, executed by each enterprise subdivision, and by executers, specifying their relationship and terms of work execution. Employees draw and exhibit source documents, which are of their field, according the schedule of document circulation. To perform this, each executor is given an extract from the schedule. Documents included into everyone s duty, terms of their exhibition, and enterprise subdivisions, accepting the documents are listed there . Monthly, accountable employees draw up a report on material values flow, based on source documents, in duplicate and forward it to the accounting office along with profit and expenses documents. After a corresponding examination the duplicate is given back to an accountable person. Data on stock receipt and consumption, as well as data on the remainder of stock are to be basically written in numerical terms only. An accounting department carries out taxation (evaluation) and summary within the terms of value. The general accountant performs control of document circulation according to the schedule. The general accountant s requirements as for documents exhibition to the accounting office or to the computing devices are essential for all departments and segments of the enterprise. Thus, the schedule of document management at the enterprise is due to determine the optimum quantity of departments and executors every accounting provision process source document passes through, to define its minimum sojourn in a department (stock, purchasing department, Assets Logistics, planning section, accounting department, etc.), to encourage the improvement of accounting work, intensification of statutory accounting controlling function, to raise a level of its mechanization. In view of general mechanization of all processes at the enterprises, the issue of document circulation is of the utmost interest, which means sequence of processes of creation, handling, departure, lodgment, receipt, saving, usage and
8 J O U R N A L December destruction of electronic records, effected along with the usage of integrity check and confirmation of the fact of document receipt, if needed . Electronic document management systems ensure the process of creation, access management and distribution of large volume of documents in computer networks, as well as document flow control. These documents are often kept in special holds and file systems. Such systems support different file types: text documents, image data, spreadsheet, digital audio, video data and Web documents. An electronic system s implementation has for main purpose creation of an effective management shell and successful operation of business. General capacities of electronic systems include creation of documents, access control, data conversion and data security software. Therefore electronic document management systems have a number of advantages: Implementation of the electronic document management system permits to enhance an enterprise efficiency by means of rational organization of document management; Available opportunities for teamwork on documents (which is impossible in case of paper documentation) and computerizing business processes, related on information interchange between executives; Great enhancement of document search and digesting (on different parameters); Decrease of risk of information leakage and data security software due to impossibility of the work of unauthorized workstation in the electronic system, but certain responsibilities are assigned to every user as to information access; Increase of preservation of documents and their saving convenience, for they are hosted; Improvement of document creation control, resulting in increase of transparency of enterprise activity and its manageability, capacity to come to balanced and operative decisions, based on current information. Electronic document management system implication would permit, while effecting the provision process management, to profit from the integrated document base and general electronic base of correspondence or contacts, to make the computerized testing of agreements (and accounts), to carry out orders execution, to carry on work with counterparts and manage the counteragents documentation, to maintain order in documents and give safe access for accounting people, for a warehouser, storekeepers, etc., to find all information requested as easily and quickly as possible.
9 452 N a t a l i i a Z a r u d n a Modern Requirements for Accounting Management for Provision Process For today, there is a great variety of software products, ensuring the electronic document management system at the market, and they can be divided into two groups: «constructor software» and «packaged software». The packaged solution connotes the standard version, matching to the main part of organizations. It can already meet the customer s requirements. As for the constructor, it consists of different modules and is set in a greater degree to the company s demands, which permits to take account of specific customer s requirements more completely. Despite certain advantages of the constructor it should be noted that setting up and tuning such a system is complicated enough, as, almost always, it requires involvement of experts from Software Company. In some cases even the partners of this company are not capable to set it up, satisfying all the requirements of the customer. Besides, the project of this system implementation will be much more expensive in comparison with generic solution. For the enterprises with traditional record management and flow of documents the packaged solution is more suitable, as this solution is tested by many customers, it takes account of customer s wishes and corrections. It is always completed with detailed documentation and common mistakes list. It also costs less . Nevertheless, the development and usage of electronic document management system has got certain deterrent conditions. The typical situation occurs when two organizations (often located in different places) exchange electronic letters in the process of contract preparation and agreement. In a number of instances after an agreement is made at the electronic level, parties start working on the common project, while contract signed by one party is sent by courier. The implementation of paperless document circulation is also restricted by the necessity of putting in additional security services. Besides, electronic document management requires the solution of a number of legal issues. The contractorscontent providers can participate in the electronic surrender of documents. Provider s part in the electronic document management system requires solution for issues of his rights and obligations, responsibility for failure in duties, etc. It is rather important to determine the level requested of the system reliability. Application of cryptography funds requests obtaining special permission. Consequently, a complete excluding of paper documents from document circulation will not occur soon: a set of points should be settled to make it possible, related on admitting the legal validity of electronic document, producing the mechanism of electronic signature, which could expressively solve the problem of document s identification and authentication, and ensuring the availability of special ITsecurity services and modern electronic communication methods. Summary: Summarizing all above-mentioned it may be concluded that the issue of the accounting management for provision process at the enterprises is of exceptional importance and it requests some great attention. The managers, who have at their command the strictly organized accounting system and the electronic document management system, have an opportunity to get information requested on the provision process and to make corresponding decisions as for
10 J O U R N A L December further manufacturing process and sales process, etc. Taking into consideration the due accounting process in Ukraine, it is required to put more emphasis on the management for the cost accounting provision process. The developed model of accounting management for provision process endorses the need to bring in the electronic document management system into wide use. It can reduce the time of information flow from source document to net information (managerial decision adoption), and therefore, favors dynamic response to the developments in the provision process. Bibliography 1. Пушкар М. С. Філософія обліку / М. С. Пушкар. Тернопіль : Картбланш, с. 2. Бондаренко О. М. Організація обліку: навч. пос. / О. М. Бондаренко, А. С. Нельга. К. : Вид-во Нац. авіац. унів. «НАУ-друк», с. 3. Фаріон І. Д., Перевозова І. В. Організація обліку, контролю й аналізу: Навчальний посібник. / За ред. д.е.н., професора І. Д. Фаріона. Тернопіль : Економічна думка, с. 4. Кавторєва Я. Документообіг: організація та ведення. 6-те вид, перер. і доп. / Я. Кавторєва. Х. : Фактор, с. 5. Коваленко О. В. Методологічні аспекти організації обліку на промислових підприємствах України : Монографія / О. В. Коваленко. Запоріжжя : ЗДІА, с The article was received on November 3, 2011.
10-1 Auditing Business Process Auditing Business Process Objectives Understand the Auditing of the Enteties Business Process Identify the types of transactions in different Business Process Asses Control
Wisetime Ltd is a Finnish software company that has longterm experience in developing industrial Enterprise Resource Planning (ERP) systems. Our comprehensive system is used by thousands of users in 14
CHAPTER FOUR Procedures & program of auditing assets Section one Procedures & program of Auditing Fixed Assets 1. Record and inspection 1-1 Examining due procedures of the properties of fixed assets. 1-2
INTERNATIONAL STANDARD ON AUDITING (UK AND IRELAND) 501 AUDIT EVIDENCE ADDITIONAL CONSIDERATIONS FOR SPECIFIC ITEMS CONTENTS Paragraph Introduction... 1-3 Part A: Attendance at Physical Inventory Counting...
SRI LANKA AUDITING STANDARD 500 AUDIT EVIDENCE (Effective for all the audits carried out on or after.) CONTENTS Paragraph Introduction 1-2 Concept of Audit Evidence 3-6 Sufficient Appropriate Audit Evidence
King Saud University College of Administrative Science Department of Accounting Accounting information systems and business process : part 1 Chapter 4 Prepared By: Eman Al-Aqeel Professor : Dr: Suliman
REVENUE REGULATIONS NO. 9-2009 issued on December 29, 2009 defines the requirements, obligations and responsibilities imposed on taxpayers for the maintenance, retention and submission of electronic records.
Internal Control over the followings is included in the syllabus: INTERNAL CONTROL OVER SALES INTERNAL CONTROL OVER PURCHASE INTERNAL CONTROL OVER INVENTORY INTERNAL CONTROL OVER CASH PAYMENTS INTERNAL
Approved by Resolution of General shareholders meeting of Open Joint Stock Company Russian Insurance People s Company ROSNO «19» April 2005 Minutes 24 PROVISION on Auditing Committee of Open Joint Stock
Table of Contents Overview...2 Introduction...2 Effective management system...3 Maintenance versus value...3 Cost reduction...3 Policy...4 Inventory records...4 Considerations for agencies with large inventories...7
SESSION 7 AUDIT OF NON CURRENT ASSETS AND CURRENT ASSETS Learning objectives: Understanding the importance of audit of assets. explain the purpose of substantive procedures in relation to financial statements
Performing Audit Procedures in Response to Assessed Risks 1781 AU Section 318 Performing Audit Procedures in Response to Assessed Risks and Evaluating the Audit Evidence Obtained (Supersedes SAS No. 55.)
96 Chapter 7 Accounting System 1. General The Romanian accounting system underwent continuous reform in the past years with the aim to improve, simplify and at the same time increase the accuracy and comprehensibility
Nature and scope of Accounting ACCOUNTING FOR MANAGERS MBA/DCC 102 Accounting may be regarded as an art of recording, classifying and summarizing of money transactions and events Accounting may be regarded
HKSRE 2400 Issued June 2005, Revised December 2012 Effective upon issue Hong Kong Standard on Review Engagements 2400 Engagements to Review Financial Statements 1. HKSRE 2410, Review of Interim Financial
ERP Areas and Modules / Trading These modules reflect the multi national character of the SoftBASE Business Suite. They support multiple languages, currencies, and adapt easily to cultural differences.
Audit Evidence 1859 AU Section 326 Audit Evidence (Supersedes SAS No. 31.) Source: SAS No. 106. See section 9326 for interpretations of this section. Effective for audits of financial statements for periods
INTERNATIONAL STANDARD ON REVIEW ENGAGEMENTS 2400 (Previously ISA 910) ENGAGEMENTS TO REVIEW FINANCIAL STATEMENTS (Effective for reviews of financial statements for periods beginning on or after December
Questionnaire of Internal Audit: Inventories Physical Control Yes/No Comments 1 Is there adequate safeguarding of all inventory to protect against: - damage from the weather - other accidental damage -
for Sage 100 ERP General Ledger Document 2012 Sage Software, Inc. All rights reserved. Sage Software, Sage Software logos, and the Sage Software product and service names mentioned herein are registered
Issued June 2005 Effective for audits of financial statements for periods beginning on or after 15 December 2004 Hong Kong Standard on Auditing 501 Audit Evidence Additional Considerations for Specific
EXPOSURE DRAFT ED 3/05 (August 2005) Proposed Auditing Standard: Audit Evidence (Re-issuance of AUS 502) Prepared and Issued by the Auditing and Assurance Standards Board Commenting on this Exposure Draft
The Beginners Guide to ERP for Food Processors Technically, ERP stands for Enterprise Resource Planning software, but really it could stand for Everything Right & Profitable or Easier Realized Profits.
TRANSFERRING INTERNAL CONTROL KNOWLEDGE FROM LEGISLATION TO SCHOOL MANAGEMENT: THE CASE OF SLOVENIA Tatjana Horvat International School for Social and Business Studies, Slovenia firstname.lastname@example.org
Description of functionalities of ERP Kartell Main functionalities of the ERP Kartell: I. Accounting II. Fixed Assets III. Payment System IV. Commercial System V. Price Policy VI. Warehouse VII. Stocktaking
BUSINESS POLICIES AND PROCEDURES MANUAL PROPERTY 20.53.1 OVERVIEW Area deans, department chairs, and/or directors are responsible for inventory control of merchandise and/or consumable inventories. Inventory
Internal Audit Audit of the Inventory Control Framework June 2010 Table of Contents EXECUTIVE SUMMARY...4 1. INTRODUCTION...7 1.1 BACKGROUND...7 1.2 OBJECTIVES...7 1.3 SCOPE OF THE AUDIT...7 1.4 METHODOLOGY...8
184 AUDIT PROCEDURES RECEIVABLE AND SALES Ștefan Zuca Abstract The overall objective of the audit of accounts receivable and sales is to determine if they are fairly presented in the context of the financial
Accounting as a profession and Accounting Information System Pr. SAMLAL Zoubida, MBA, CFA & PHD candidate for HBS program ACCOUNTING INFORMATION CHARACTERISTICS OF ACCOUNTING INFORMATION Accounting information
AccSoft ERP Mid-market ERP Solution AccSoft ERP AccSoft ERP is an integrated mid-market Enterprise Resource Planning software to handle all key financial & business applications of a company in an all-inclusive,
Introductory Governmental Accounting Part I For State and Local Governments FINANCIAL MANAGEMENT CERTIFICATE TRAINING PROGRAM INTRODUCTORY GOVERNMENTAL ACCOUNTING PART I COURSE OBJECTIVES Upon completion
10. Bureau of Information Technology Act 6634 (a) There is established within the Office of the Governor, a Bureau of Information Technology (BIT). The Bureau shall be administered by a Director, who shall
Connecting the dots: IT to Business Jason Wood, CPA, CISA, CIA, CITP, CFF April 2015 1 Speaker Bio Jason Wood Over 18 years of international business experience in planning, conducting, and quality reviewing
FABRICS Intech s Textile Software Overview The FABRICS package is a complete inventory and distribution system, designed specifically to handle the unique requirements of distributors of Textiles, Floor
INTERNATIONAL STANDARD ON AUDITING 501 AUDIT EVIDENCE ADDITIONAL CONSIDERATIONS FOR SPECIFIC ITEMS (This Standard is effective, but contains conforming amendments that become effective at a future date)
Chapter- 1 Overview of Computerised Accounting System Introduction A Computerized Accounting System is now a basic necessity and no longer a luxury among businesses of whatever orientation and size. In
Accounting Research Manager - Audit Private Accounting Research Manager Miller Interpretations and Other Resources Knowledge-Based Audit Procedures Chapter 15: Accounts Payable and Purchases Chapter 15:
Answers Fundamentals Level Skills Module, F8 (IRL) Audit and Assurance (Irish) June 2008 Answers 1 (a) Prior year internal control questionnaires Obtain the audit file from last year s audit. Ensure that
Manarahnet Modern Software Co. MMS Software Solutions Almanarah Accounting Software (MMS School Accounting) Everything you need about financial & accounting software (MMS School Accounting) that provides
Analysis of Inventory Management in China Enterprises JIAO Jianling, LI Kefei School of Accounting, Hebei University of Economics and Business, China, 050061 email@example.com Abstract: Inventory management
Purpose This document provides guidelines for conducting annual physical inventories, and is applicable to all units that hold inventory for resale to external or internal customers. Annual physical inventories
1 Chapter 7 Special Journals and Subsidiary Ledgers 2 Learning objectives 1. Explain the purpose of special journals 2. Explain the purpose of control accounts and subsidiary ledgers 3. Journalize transactions
CHAPTER 14 INFORMATION TECHNOLOGY CONTROLS SCOPE This chapter addresses requirements common to all financial accounting systems and is not limited to the statewide financial accounting system, ENCOMPASS,
INTERNATIONAL STANDARD ON AUDITING 500 AUDIT EVIDENCE (Effective for audits of financial statements for periods beginning on or after December 15, 2009) CONTENTS Paragraph Introduction Scope of this ISA...
EXPOSURE DRAFT ED 5/05 (August 2005) Proposed Auditing Standard: Existence and Valuation of Inventory (Re-issuance Prepared and Issued by the Auditing and Assurance Standards Board Commenting on this Exposure
International Review of Business Research Papers Vol. 3 No.4 October 2007 Pp.317-326 Regulation of the Accounting in the Czech Republic Jiri Strouhal* This paper deals with the evolution of the regulation
Answers Fundamentals Level Skills Module, Paper F8 (IRL) Audit and Assurance (Irish) December 2007 Answers 1 (a) Audit procedures procurement and purchases system Procedure Obtain a sample of e-mails from
FUND MANAGER CODE OF CONDUCT First Edition pursuant to the Securities and Futures Ordinance (Cap. 571) April 2003 Securities and Futures Commission Hong Kong TABLE OF CONTENTS Page INTRODUCTION 1 I. ORGANISATION
11-1 CHAPTER 11 COMPUTER SYSTEMS INFORMATION TECHNOLOGY SERVICES CONTROLS INTRODUCTION The State Board of Accounts, in accordance with State statutes and the Statements on Auditing Standards Numbers 78
Auditing Module 7 June 2009 Suggested Solutions 1 Question 1 1. Tests of control are tests carried out to obtain assurance about the operating and effectiveness of controls. An example of such a test would
Quality Management System Manual This manual has been reviewed and approved for use by: Jack Zazulak President, Aurora Machine Limited March 07, 2011 Date - Copyright Notice - This document is the exclusive
INTERNAL CONTROL POLICIES 2701 Internal Control Policy 2701.1 Addendum Internal Control Standard #1 Payments Cycle 2701.2 Addendum Internal Control Standard #2 Conversion Cycle 2701.3 Addendum Internal
DEVELOPMENT OF INFORMATION SERVICES AND PRODUCTS IN UZBEKISTAN DURING GLOBALIZATION Feruza Khayrullaevna Sidikova * Bobur Abbasovich Shermukhamedov Abstract The main purpose of the article is investigation
Inventory Management Introduction Aspects of Inventory Management Meaning, Definition, Characteristic of Inventories Types and Functions of Inventory Motives for holding Inventories Factors Affecting Volume
Accounting 408 Test 3b Name Section Row Multiple Choice. (2 points each) Read the following questions carefully and indicate the one best answer to each question by placing an X (do not circle) over the
SAGE ACCPAC Sage Accpac ERP General Ledger Getting Started 2008 Sage Software, Inc. All rights reserved. Sage Software, Sage Software logos, and all Sage Accpac product and service names are registered
THE LAW OF THE REPUBLIC OF ARMENIA ON ACCOUNTING CHAPTER 1. GENERAL PROVISIONS Article 1. The purpose of the Law This Law defines the uniform basis for the organization and execution of accounting, the
CHAPTER THE EXPENDITURE CYCLE Part I Businesses need resources in order to conduct their business to produce and sell a product or to provide a service. The expenditure cycle is concerned with the acquisition
ORACLE PROJECT COSTING KEY FEATURES EXPENDITURES Enter expenditure batches through online entry, data import, or Microsoft Excel Vary labor rates based on employee, job, organization, work type or location
POSTING RCT AND VAT TRANSACTIONS ON COMPUTERISED ACCOUNTS SYSTEMS A GUIDE FOR ACCOUNTS PERSONNEL 1 CONTENTS TAS Menu Page Introduction 3 Section 1 TAS SETUP 1. Set up VAT and RCT NOMINAL CODES 111 5 2.
SCAD V: Parts 2 and 3 - Assessing Control Risk I. Part 3: Understand Client s Internal Control System (IC pages 1 and 2) A. Gather Information 1. Flowcharts 2. Documents/walkthrough 3. Identify controls
FASTER ICT Financial and Accounting Seminars Targeting European Regions WP3 E-modules & Educational Products Module 2 Anna Bánociová (TUKE) Module 2: Accounting Plan Accounting Legislation in the Slovak
Oracle Payables Oracle Payables improves margins, instills corporate and fiscal discipline, and optimizes business relationships. It is the cornerstone of Oracle s Procure to Pay and Travel & Expense Management
Do You Need ERP? A Cost-Benefit Analysis of ERP with Respect to Small and Medium Business Enterprises Compiled by the Database Services Division of The Magnum Group What is ERP? Today s business scenario
INVENTORY MANAGEMENT CLOUD Oracle Inventory and Cost Management in the Cloud Empowering the Modern Supply Chain Copyright 2014 Oracle Corporation. All Rights Reserved. Inventory is a major asset for many
Chapter 18 Production Planning and Control In any manufacturing enterprise production is the driving force to which most other functions react. This is particularly true with inventories; they exist because
BEVERAGE SERVICE STANDARDS Army Catering & Club Operations BEVERAGE CONTROLS Controlling is the management process of comparing actual performance with established standards and, when necessary, taking
NASAA Recordkeeping Requirements For Investment Advisers Model Rule 203(a)-2 Adopted 9/3/87, amended 5/3/99, 4/18/04, 9/11/05; Amended 9/11/2011 NOTE: Italicized information is explanatory and not intended
Items Needed for Internal Audit [Audited as of Date] The following items should be available in preparation for your internal audit: 1. General ledger for the last complete fiscal year and year to date
RECORDS RETENTION GUIDELINES We are often asked about how long specific records should be kept. Discarding records that should be kept poses a wide range of potential tax and legal problems. Keeping them
Corridor Elementary School Parent Teacher Organization Fiscal Policies Approved by Board of Directors on March 1, 2013 FISCAL POLICIES Table of Contents Table of Contents 2 Introduction 3 Key Financial
Case 15-8c: Controlling Revenue Page 1 Case 15-8 Controlling Revenue An engagement team is planning the audit of Always Better Care Company (ABC or the Company ), an SEC registrant that develops, manufactures,
Auditing Derivative Instruments 1915 AU Section 332 Auditing Derivative Instruments, Hedging Activities, and Investments in Securities 1 (Supersedes SAS No. 81.) Source: SAS No. 92. See section 9332 for
U S I N G D A T A A N A L Y S I S T O M E E T T H E R E Q U I R E M E N T S O F R I S K B A S E D A U D I T I N G S T A N D A R D S A C a s e W a r e I D E A R e s e a r c h R e p o r t CaseWare IDEA Inc.
Accounting Upper Secondary Syllabus Papua New Guinea Department of Education Issued free to schools by the Department of Education Published in 2008 by the Department of Education, Papua New Guinea Copyright
Internal Control Guide & Resources Section 5- Internal Control Activities & Best Practices Managers must establish internal control activities that support the five internal control components discussed
INTERNATIONAL STANDARD ON AUDITING (UK AND IRELAND) 330 THE AUDITOR S PROCEDURES IN RESPONSE TO ASSESSED RISKS (Effective for audits of financial statements for periods beginning on or after 15 June 2006)
CaseWare Analytics is an industry leader in providing technology solutions for audit and finance professionals, with over 400,000 users worldwide. Better Business Through Data Analysis & Monitoring 469
EFP ROTENBERG, LLP 280 Kenneth Drive, Suite 100 Rochester, NY 14623 Ph: (585) 427-8900 Fax: (585) 427-8947 Visit us at www.efprotenberg.com Control Cycle Audits of Buildings & Grounds and Record Retention