Posts tagged ‘accounting’

 

Internal Controls Are Key – But They Have To Be Challenged To Be Effective

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Hannaford Brothers Co. was a good place to work, as I said elsewhere on this blog. They had a strong commitment to good internal controls from the very top to the bottom of the ladder. But they also had a professional and effective internal audit function. STILL, fraud was occurring all the time. Sure, there […]

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Quickbooks Tips, Traps and Advice

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QuickBooks is probably the #1 selling small business accounting program in the world. Well, in the US, anyway. It does a great job automating and classifying transactions, and simplifying the processing and allows small business owners to take better control of their finances. Unfortunately, it does not come with a CPA certificate or a BA […]

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Towards a New and more Effective Consideration of Fraud in a Financial Statement Examination

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So what do I suggest if I think the triad of fraud “guidance” is a crock? Good question. In an accounting/auditing engagement, what would I recommend as guidance in considering the risk of fraud?   First, I would create at least 2 major and wholly independent categories of fraud.   Material, willful, financial statement fraud […]

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Small Business Accounting and Control Quiz

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Take this Test Score one point for each yes answer Cash Do you actually see a checking account reconciliation every month? Is this true – My checking account reconciliation never has an “Unlocated” or “Unidentified” amount listed? Do you compare the checking account reconciliation with the bank statement? Do you as owner sign all checks […]

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