The information challenge

Article Abstract:

Accounting professionals have two choices in dealing with the challenges presented by information technology (IT). They could either do nothing and leave matters to be determined by market forces, or position themselves as information experts. Many are choosing the second approach. There have been several attempts to address this issue, including the formulation of reports by the CICA Task Force on Information Technology and Inter-Institute Vision Task Force. Both reports recommend role definition, pre- and post-qualification education, development of IT as a specialty area and investigation of alliances.

Telegraph & other communications, Specialized Telecom Services, Wired Telecommunications Carriers, Accounting & Auditing Services, Accounting, Tax Preparation, Bookkeeping, and Payroll Services, Management, Equipment and supplies, Internet services, Accounting, Information technology

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Look up from the ledger

Article Abstract:

Auditors can prevent business failures by focusing more on CEOs and senior management and less on the review of financial statements. Usually, any sign of trouble can be detected from CEOs because they provide information to boards of directors, guide senior management and interact with internal control officers and with government agencies. Most of the time, CEOs do not frankly and honestly convey prevailing unfavorable financial conditions until it is too late to save the business. Accountants should report their observations of CEOs' non-disclosure to preclude bankruptcy.

Evaluation, Prevention, Chief executive officers, Business failures

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A chink in our armour?

Article Abstract:

The client share enjoyed by chartered accountants (CAs) is constantly being challenged. Certified management accountants (CMAs) and certified general accountants (CGs) have been using political means to get a big slice of the market controlled by CAs. In Alberta, Canada, a past ruling by the Alberta Securities Commission (ASC) required firms to have their financial statements audited only by CAs. However, a new ASC policy no longer considers membership to specific accounting groups as a prerequisite to the admissibility of financial statements.

Regulation misc. commercial sectors, Laws, regulations and rules, Accounting and auditing, Alberta. Securities Commission

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