Will accountants be just in time?

Article Abstract:

Many academics have highlighted the shortcomings of traditional costing techniques in relation to modern manufacturing methods. Costing systems have three purposes: external reporting, operational control, and product costing. What has traditionally driven the design of costing systems is the need for external reporting, which leads to inadequate information for the purposes of decision-making. The introduction of just-in-time (JIT) manufacturing systems requires a new system of costing. In order to support JIT manufacturing, a number of emerging techniques have been developed including: the tool box approach which involves designing costing systems. Sample costing systems include: activity-based costing; target costing; improved standards costing; life style costing ; and improved investment justification. Accountants must view the introduction of JIT in light of its impact in the areas of auditing inventory, presentation of results, and compliance with Statement of Standard Accounting Practice 9, Stocks and Works in Progress.

Just in time inventory systems, Just in time systems

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A night at the club: a serious business

Article Abstract:

The accounting systems of UK clubs and associations are generally poor and are usually characterized by a lack of internal controls. Auditors can boost a clubs profitability by offering expert financial advice and implementing sound accounting systems and internal control procedures. Before commencing an audit, the auditor should obtain evidence copies of the club's member register and committee minutes. The constitution will show if a proposed borrowing is within club restrictions. The register of members will allow the auditor to verify subscriptions. Committee minutes will detail major financial decisions and identify major difficulties, including cash shortages major capital expenditures. The key to internal controls is a weekly finance committee meeting. The auditor can help the club withstand the heightened competition with the breweries, which are increasing their retail operations, by instituting sound fiscal policies.

Associations, institutions, etc., Associations, Clubs, Clubs (Associations)

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