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

Intuit Indian Products

Intuit will focus on developing products for the Web and mobile devices that solve problems for both consumers and small businesses for indian companies. These products will help consumers manage money, track expenses, and assist with their taxes. Other solutions will help small business owners find and retain customers and grow their businesses.“This is the right place and the right time for global expansion,” said Smith 'Intuit president and chief executive officer'. “Consumers in India will benefit from new products developed by people who live and work here. We expect the combination of Intuit and India to revolutionize personal and small business finance here as it has in the United States.”
It also announced that it will establish a presence in India for its Global Business Division. The division will lead efforts to introduce Intuit’s unique approach to customer-driven innovation in India, with plans to expand into major emerging markets in the Asia-Pacific region to pursue global growth opportunities.
I don't think it to be a bad idea to try to do more business on a global scale.
http://www.accountingsoftware411.com/Press/PressDocView.aspx?docid=10748

Intuit Online Payroll System

The move addresses customer need for an easy and affordable way to manage their payroll with confidence. New service offerings will be available as early as spring 2009.“Whether you are a small business owner or an accountant, using a Mac or a PC, Intuit Online Payroll will be at your service—anytime, anywhere,” said Cameron Schmidt, director of marketing for the Intuit Payroll Division. “With more than one million customers, Intuit Payroll has been a trusted partner to small businesses, helping them save time and money. We are excited to extend the benefits of Intuit Online Payroll to even more businesses and accountants through this expansion.”Customers soon to benefit from Intuit’s Online Payroll service include:
AccountingProfessionals: In spring 2009, Intuit Online Payroll for Accounting Professionals will bring accountant specific functionality designed to make it easier, faster and more profitable for accountants to manage payroll for their clients. The service will help accountants be more productive through Direct and Easy Export to QuickBooks,Consolidated Client Task List and Save and Make Money. Mac Users : Mac users can simply enter employees’ hours and with just a few clicks, Intuit Online Payroll automatically calculates earnings, payroll taxes and deductions.
Instantly Pay Payroll Taxes: Intuit Online Payroll instantly calculates federal and state payroll taxes for the user.
Confidently Handle Tax Forms: Intuit Online Payroll automatically fills in the latest federal and many state payroll tax forms a user need just print, sign and mail, or E-File select state forms at no additional cost.
Banks and Credit Unions: Intuit will also empower financial institutions to provide small business payroll services as a key component of their online banking offering.
In my opinion, this software is a huge success. it is convenient,easy, fast and affordable.
http://www.accountingsoftware411.com/Press/PressDocView.aspx?docid=10702

CISA

Certified Information Systems Auditor (CISA) is an audit professional certification sponsored by the Information Systems Audit and Control Association (ISACA). Candidates for the certification must meet requirements set by ISACA.
Candidates for a CISA certification must pass the examination, agree to adhere to ISACA's Code of Professional Ethics, submit evidence of a minimum of five years of professional IS auditing, control, or security work, and abide by a program of continuing professional education.
It was established for the following reasons:
1)Develop and maintain a tool that could be used to evaluate an individuals' competency in conducting information system audits.
2)Provide a motivational tool for information systems auditors to maintain their skills, and monitor the success of the maintenance programs.
3)Provide criteria to help aid management in the selection of personnel and development.
The first CISA examination was administered in 1981, and registration numbers have grown each year. Over 60,000 candidates have earned the CISA designation.
I think CISA is definitely helpful especially for managers as it can help them choose the best resources.
http://en.wikipedia.org/wiki/Certified_Information_System_Auditor

Grunt Worx Technology

GruntWorx(TM), was presented with a 2008 Tax & Accounting Technology Innovation Award by The CPA Technology Advisor magazine. The company was spotlighted at the California Accounting and Business Show & Conference in Los Angeles. GruntWorx was recognized for its breakthrough technology that delivers the highest levels of accuracy in an affordable solution for scanning and organizing tax documents. GruntWorx automatically scans, identifies, organizes and bookmarks client documents so tax professionals can prepare returns faster and more accurately. The web-based application delivers the highest levels of accuracy and security in an affordable solution that makes it easy for firms of any size to increase productivity.
I think web-base applications are always beneficial to the firms.
http://www.redorbit.com/news/technology/1435204/copanion_wins_cpa_technology_advisors_2008_tax__accounting_technology/

ERP cost savings

WAYNE, PA – March 17, 2009 – Jay Deakins, president of Deacom, Inc., recently presented the webinar "Break Free from IT: How Fully Integrated ERP(Enterprise Resource Planning)Software Can Provide the Roadmap for IT Independence," in conjunction with Paint and Coatings Industry (PCI) Magazine. The free event discussed the software selection and implementation process of manufacturer American Inks and Coatings, and explained how using integrated ERP manufacturing software can help manufacturers of paint, coatings, adhesives, and sealants reduce their reliance on IT support and cut down its associated costs. Prior to selecting a new ERP software solution, American Inks and Coatings used three customized software systems and more than a dozen servers to manage its business. System communication breakdowns left the manufacturer of high-volume ink and coatings at the mercy of a remote IT manager - the only person who knew how to "un-stick transactions." After evaluating several best-of-breed replacement systems, American Inks and Coatings chose the DEACOM Integrated Accounting and ERP System. DEACOM was the only software solution that could combine all its business processes, including sales, purchasing, production, formulation, inventory control and lot tracking, regulatory reporting, and accounting, in a single system. In one year, American Inks and Coatings more than paid for its ERP system through savings on former business process and IT impediments. For example, the IT department previously required eight TI lines running in and eight TI lines running out. DEACOM replaced that "with point-to-point communication that reduced their communication costs by a factor of about eight," Deakins said. "It was a huge savings just in simplification." The hour-long webinar also included a detailed discussion of key functionality to look for in manufacturing ERP software, as well as a participant Q & A Session. An archived recording of the webinar is available at www.pcimag.com.To learn more about the DEACOM Integrated Accounting and ERP Software System or to schedule an online demonstration, call 610-971-2278 ext. 15 or visit www.deacom.net. About Deacom, Inc. Headquartered in Wayne, PA, Deacom, Inc. is the producer of DEACOM, a complete accounting and Enterprise Resource Planning (ERP) system for building component and process manufacturers with difficult-to-handle requirements. The DEACOM System seamlessly links all departments within a manufacturing company, providing a comprehensive view of the entire operation. By making complex issues simple, Deacom helps streamline manufacturing business processes to maximize productivity and profitability.
I think ERP is a great idea and it saves businesses a lot of money that can be invested elsewhere. http://www.accountingsoftware411.com/Press/PressDocView.aspx?docid=10713

Colligo workgroup edition 4.0

Colligo networks developed Colligo workgroup edition 4.0, which enables mobile workgroups to collaborate through a simple process of discover, connect and interact. Colligo’s instant networking software allows WiFi-enabled notebooks, tablet PCs and PDAs to create “server free” direct connected adhoc networks with a single button click. Users can then share data and interact with each other using common or corporate applications in a secure and reliable environment, regardless of whether they have access to the internet or corporate servers.
In my opinion, this is going to improve the way business is perfomed because of the easy access to information.
http://www.cpatechnologyadvisor.com/web/online/NEWS/Top-Technologies-for-Accounting-and-Tax-Professionals-Recognized/1$1186

Outsourcing Professions

http://money.cnn.com/2003/12/30/pf/offshorejob/
New York (CNN/Money) - If a tax preparer gets you an unexpected refund this year, you may have an accountant in India to thank.
That's because accounting firms are joining the outsourcing trend established years ago by cost-conscious American manufacturers.
In fact, companies in a number of unexpected industries are now sending work overseas. From scientific lab analysis to medical billing, the service-sector workforce has gone global.
CPA firms are just one example. In the 2002 tax year, accounting firms sent some 25,000 tax returns to be completed by accountants in India. This year, that number is expected to quadruple.
The reason lies in the numbers; accountants in the United States typically earn $4,000 a month. In places like India it's closer to $400, says David Wyle, CEO and founder of SurePrep, a tax-outsourcing firm based in southern California that's employed more than 200 accountants in Bombay and Ahmedabad, India.
"We've estimated firms will save between $40,000 to $50,000 for every 100 returns that are outsourced," adds Wyle, whose firm expects to do 35,000 returns in the coming year. That's up from 7,000 last year.
Xiptax, of Braintree, Mass., is another tax firm that's moved much work overseas for "a whole number of reasons," besides money, says CEO Mark Albrecht.
"Most CPAs do between 45 to 50 percent of their work in two months out of the year. It makes for an extremely stressful time," says Albrecht, who adds that accounting firms must then "strain" to find qualified staffers to help fill in during the crunch.
By hiring full-time staff in India, CPA firms like SurePrep and Xiptax don't have to worry about finding staff here.
Instead, they simply send tax information to a permanent team of qualified accountants in India. American accountants then review the returns before signing off on them.
"The real important part of returns isn't taking a number off a W-2 form and putting it in Box No. 1," notes Albrecht. "The real value is what's retained within the CPA firm -- the tax planning and the review."
I think outsourcing jobs especially professions benefits corporations but hurts us people.

Computer readable tags(XBRL)

In spite of the enhanced efficiency it has proven to deliver, a new accounting technology, known as XBRL or Extensible Business Reporting Language, is failing to attract the support expected, according to reports. Referring to it as a 'revolutionary technology', Reuters suggested the technology has the capacity to standardize the way corporate results are reported and speed up trading decisions but has yet been unable to stimulate any real interest in the business community.
The technology works by labelling financial information with computer-readable tags so regulators, investors, managers and other stakeholders can make like-for-like comparisons in financial statements.
Though it has been around for eight or so years, has secured the support of approximately 400 organizations, and boasts the endorsement of US Securities and Exchange Commission Chairman, the wider investment community appears reluctant to entertain the new technology.
Critics of the technology, however, have insisted it is an unpopular choice because it is complicated and lacks simple-to-use software.
But while the technology is still being espoused by some of Wall Street's major players, it is surely too soon to disregard the potential for a future revolution in accounting technology.
In my opinion, labelling financial information with computer readable tags will save time ,reduce cost and increase the efficiency of the organization that uses it.
http://www.cbronline.com/news/new_accounting_technology_failing_to_catch_on