What Skills Should A Controller Have? Controlling Cost. … Knowledge of Internal Controls and Compliance. … Improving Financial Reporting and Adding Value to the Business. … Strong Understanding of Corporate Transaction Processes. … Excellent Corporate Knowledge. … Looks for Ways to Improve Efficiency. … Driven by Analytics. What makes a good controller? A good controller
What Is An Example Of A Significant Deficiency? An example of a significant deficiency, as stated by the SEC, would be if a company’s accounting function reviews significant or unusual modifications to the sales contract terms but does not review changes in the standard shipping terms. What is considered a significant deficiency? A significant deficiency
Who Developed GAAS? Originally developed and issued by the American Institute of Certified Public Accountants (AICPA) in 1972, the current GAAS comprises 10 standards with which AICPA member auditors are required to comply. Who came up with GAAS? The Auditing Standards Board (ASB) of the American Institute of Certified Public Accountants (AICPA) created GAAS. Who
Why Do You Prepare Journal Entries? What Is the Purpose of a Journal Entry? A journal is a record of transactions listed as they occur that shows the specific accounts affected by the transaction. They provide important information that are used by auditors to analyze how financial transactions impact a business. What is a journal
How Do You Spread Financials? Spreading financing statements means using percentages to forecast future financial statements. Each financial statement is spread differently. The income statement is based on a percentage of total sales or revenues. The balance sheet is based on a percentage of total assets. Why do we spread financial statements? To summarize, spreading
Which Qualitative Characteristic Requires That Financial Information Should Not Influence Decision Making? Fundamental Qualitative Characteristics Relevance requires financial information to be related to an economic decision. Otherwise, the information is useless. Financial information is useful if it has predictive value and confirmatory value. Predictive value helps users in predicting or anticipating future outcomes. Which qualitative
What SFAS No? FAS 117: Financial Statements of Not-for-Profit Organizations. FAS 117 Summary. This Statement establishes standards for general-purpose external financial statements provided by a not-for-profit organization. What is SFAS? What Is a Statement of Financial Accounting Standards (SFAS)? Statements of Financial Accounting Standards (SFAS), published by the Financial Accounting Standards Board (FASB), provided guidance
Who Has To Adopt IFRS? Adoption. IFRS Standards are required in more than 140 jurisdictions and permitted in many parts of the world, including South Korea, Brazil, the European Union, India, Hong Kong, Australia, Malaysia, Pakistan, GCC countries, Russia, Chile, Philippines, Kenya, South Africa, Singapore and Turkey. Why is it important to adopt IFRS? IFRS
Who Uses Accounting? Users of accounting information are internal and external. External users are creditors, investors, government, trading partners, regulatory agencies, international standardization agencies, journalists and internal users are owners, directors, managers, employees of the company. Who are the users of accounting? Owners/Shareholders. Managers. Prospective Investors. Creditors, Bankers, and other Lending Institutions. Government. Employees. Regulatory
Who Has The Responsibility For The Financial Statements? Who Prepares a Company’s Financial Statements? A company’s management has the responsibility for preparing the company’s financial statements and related disclosures. The company’s outside, independent auditor then subjects the financial statements and disclosures to an audit. Which party has the primary responsibility for the financial statement? The