IT Audits

The article introduces the concept of collaborative effort between IT Auditors and financial accounting statements Auditors and how the IT Auditors can be a source of audit evidence especially when they test the system access controls which could minimize the risk in ERP and increase the effectiveness and efficiency of the financial statements audits since most companies have complex IT infrastructure.
I think IT audits are extremely important to the organization because they ensure the effectiveness of the internal center system and the minimization of risk.
Moreover, IT audits improve the quality of the information and the audit results. The collaboration between these two professions is definitely an advantage because almost every single business has some form of IT infrastructure that helps its different departments (including accounting department) to progress when it chooses the most appropriate business model to fit its IT infrastructure.

The engagement between the two professions requires mutual understanding and cooperation for the organization to succeed and progress in its business environment.
IT Auditors can strengthen their accounting and accounting information systems knowledge and their skills by taking some accounting classes and training and by becoming more involved in knowing the basics of the accounting profession. The accounting Auditors can also do the same by trying to improve their understanding of the IT basic knowledge and by having the expertise that will help reach and achieve the organization’s ultimate goals. To read the article, follow this link
http://www.allbusiness.com/professional-services/accounting-tax-auditing/11705661-1.html

Powerpoint Porter 5 Forces

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Powerpoint Porter 5 Forces

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Microsoft Dynamics AX

Microsoft Dynamics AX is flexible business management software that provides users with the business tools needed to make educated decisions and produce superior results. Because this business system operates much like other Microsoft programs, users are able to focus on achieving their business goals, rather than learning how to operate a new technology. It successfully combines people, processes and technology throughout the world, resulting in increased productivity and efficiency and driving greater success for your business.You can use Microsoft Dynamics AX to automate your financial, customer relationship management (CRM), business services, human resource (HR) and supply chain processes.
It looks and operates similar to other Microsoft programs, making it easy for users familiar with Microsoft products to learn and navigate.
It enables you to define links to forms and applications for each user and provides instant access to them via individual screens.
It is highly customizable and scalable so that your business needs are met as your company grows and develops.
I think Microsoft Dynamics AX is an excellent opportunity for businesses.
http://www.2020software.com/products/Microsoft_Dynamics_AX.asp

Oracle Enterprise Taxation Management 2.2.0

Oracle has announced the availability of Oracle Enterprise Taxation Management 2.2.0, the newest version of the tax-specific, commercial off-the-shelf software application that enables tax and revenue authorities to optimize revenue collection.
Providing a configurable alternative to custom-built systems, the application enables local tax collection authorities to optimize all aspects of the revenue collection process and respond to tax law and regulatory changes, said Oracle.
According to the company, the software provides tax authorities with an integrated system to enable near-term functional improvements, while providing the adaptability and flexibility needed to address future challenges as well. It is built on Java Enterprise (J2EE) and service-oriented architecture industry standards.
John Andrus, vice president and general manager for Oracle tax global business unit, said: "Oracle Enterprise Taxation Management 2.2.0 demonstrates that tax authorities no longer need to rely on costly custom systems. Its standards-based platform and pre-built integrations allow for easy configuration to meet unique requirements and helps ensure the application will meet the needs of tax authorities today and in the future."
I think Oracle Enterprise Tax Management 2.2.0 will help tax authorities a lot by saving time and cut cost because it is pre-designed to meet the tax requirements.
http://enterpriseapplications.cbronline.com/news/oracle_launches_new_version_of_tax_specific_software_application_080409

Forensic Auditing

Forensic accounting is the specialty practice area of accountancy that describes engagements that result from actual or anticipated disputes or litigation. "Forensic" means "suitable for use in a court of law", and it is to that standard and potential outcome that forensic accountants generally have to work. Forensic accountants, also referred to as forensic auditors or investigative auditors, often have to give expert evidence at the eventual trial. All of the larger accounting firms, as well as many medium-sized and boutique firms, have specialist forensic accounting departments. Within these groups, there may be further sub-specializations, some forensic accountants may, for example, just specialize in insurance claims, personal injury claims, fraud, construction, or royalty audits.
Forensic accountants utilize an understanding of business information and financial reporting systems, accounting and auditing standards and procedures, evidence gathering and investigative techniques, and litigation processes and procedures to perform their work. Forensic accountants are also increasingly playing more proactive risk reduction roles by designing and performing extended procedures as part of the statutory audit, acting as advisers to audit committees, fraud deterrence engagements, and assisting in investment analyst research.
I think that Forensic accounting is a very interesting and unique subject that is worthy of studying.
http://en.wikipedia.org/wiki/Forensic_accounting

Business Intelligence

Business intelligence (BI) refers to skills, technologies, applications and practices used to help a business acquire a better understanding of its commercial context. Business intelligence may also refer to the collected information itself.
BI applications provide historical, current, and predictive views of business operations. Common functions of business intelligence applications are reporting, OLAP, analytics , data mining business performance management, benchmarks, text mining, and predictive analytics.
Business intelligence often aims to support better business decision-making. Thus a BI system can be called a decision support system (DSS).
Often BI applications use data gathered from a data warehouse or a data mart. However, not all data warehouses are used for business intelligence nor do all business intelligence applications require a data warehouse.
I happened to write a research paper on BI,data marts and data warehousing last semester. I learned a lot. I wanted to share part of that knowledge with you by posting a thread on BI.
http://en.wikipedia.org/wiki/Business_intelligence

PROCAS Accounting System

PROCAS Software was Specifically designed to:• Comply with Federal Acquisition Regulation (FAR) Part 31• Satisfy the audit requirements of the Defense ContractAudit Agency (DCAA).
PROCAS was the first to offer a hosted solution and has been doing so for more than five of the company's ten-plus years of service. it is used for:
Indirect rate calculations, job cost ledger and automatedbilling, Automatic drill down from high-level summary information totransaction level details, Web-enabled employee timekeeping and expense reporting, More intuitive; significantly easier to implement and operate than other systems, Flexible license and hosted options, Safe and secure information transmission. It is Cost effective; easily scalable from start-ups to multi-segmentorganizations, Implemented and supported by specialists in government contract accounting and information systems.
I think that PROCAS software is really such a useful program to use to cut cost and improve productivity.
http://www.accountingsoftware411.com/Downloads/Request.aspx?dlid=1019