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COVER
STORY
Auditor's
Independence : A Goal Difficult to Achieve
-- Manabendra Sekhar Bhadra
Auditor's independence is playing vital role in today's
scenario of financial accounting. An auditor should neither
favor the client nor promote his own interest while performing
his duty. This article talks about the importance of auditor's
independence and factors affecting it. A few cases of audit
failure in the context of Enron and WorldCom are also mentioned.
© 2007 IUP . All Rights Reserved
RESPONSIBILITY
ACCOUNTING
Responsibility
Accounting : The New Way of Cost Control and Performance Measurement
-- Ashok Kumar Panigrahi
One
of the most important and difficult tasks that every organization
has to perform is the effective measurement of the performance
of each employee. Responsibility Accounting is a technique
which helps in measuring as well as improving the performance
of employees, which ultimately helps the organization in controlling
and reducing the costs.
© 2007 IUP . All Rights Reserved
INDIAN
ACCOUNTING
Indian
Accounting Standards and IFRS : A Comparison
-- P Krishna Prasanna
A
single set of accounting standards across the globe would
facilitate efficient working of Multinational Companies (MNC)
and globally distributed work systems. In India, the Institute
of Chartered Accountant of India (ICAI) made progress in ensuring
the convergence of Indian accounting standards with international
standards. This article presents a comparison between Indian
standards and international standards.
© 2007 IUP . All Rights Reserved
BUSINESS
ENVIRONMENT
Corporate
Governance : From Compliance to Competitive Advantage
-- Pankaj M Madhani
Corporate
governance is a priority for firms because it presents opportunities
to manage risks and add value. Focus of corporate governance
is shifting from mere obligation and compliance with laws
and listing standards, to a business imperative for many firms.
Corporate governance significantly influences the firm's performance.
Good corporate governance is a key driver of sustainable corporate
growth and long-term competitive advantage. This article highlights
the meaning and scope of corporate governance. It focuses
on OECD principles of corporate governance. It also explains
objectives of corporate governance system.
© 2007 IUP . All Rights Reserved
BUSINESS
ENVIRONMENT
Resource
Consumption Accounting : A Conceptual Framework
-- JK Pattanayak and Bhagaban Das
Resource
Consumption Accounting (RCA) is a management accounting concept,
evolved as an integration of German Cost Accounting (GPK)
method with the American Activity-Based Costing (ABC) approach.
RCA has a ripple effect throughout the entire management process
of an enterprise. RCA is typically applied as part of an Enterprise
Resource Planning (ERP) system effort to achieve the best
combination of cost management principles implemented in an
integrated fashion.
© 2007 IUP . All Rights Reserved
INFORMATION
SYSTEMS
Reducing
the Threat Levels for Accounting Information Systems : Challenges
for Management, Accountants, Auditors and Academicians
-- Deborah Beard and H Joseph Wen
In the wake of recent scandals at Enron and WorldCom and
Tyco, the US Department of Homeland Security had to develop
a familiar color-coded alert system in which different colors
denote different threat levels. Red color indicates Severe
Security Alert Level while blue indicates Guarded Security
Alert Level. This article also talks about the threats to
accounting information systems which come from a variety of
sources.
© 2007 The CPA Journal. This article first appeared in the
January issue of The CPA Journal with permission from the
New York State of Certified Public Accountants. Reprinted
with permission.
AUDIT
COMMITTEE
Have
the New Rules Improved Boards
-- Ellen M Heffes
There is a decidedly new tone in most US boardrooms-and
an enhanced seriousness and attention to details. Have the
rules improved boards or merely added to directors' responsibilities
and worries?
© 2007 Financial Executives International. This article was
first published in the May 2007 issue of Financial Executives
International. Reprinted with permission.
SPEECH
The
Euro and the Dollar: Pillars in Global Finance
-- Kathleen L Casey
This speech is about how technology and innovation continue
to dismantle geographic barriers, why issuers and investors
seek cross-border investment opportunities, how regulators
and policymakers have come under increasing pressure to harmonize
regulatory frameworks and remove unnecessary regulations that
hinder the free flow of capital.
© 2007 US Securities and Exchange Commission (www.sec.gov).
Speech by Kathleen L Casey, Commissioner, US Securities and
Exchange Commission, Conference organized by the Federal Reserve
Bank of New York and the European Commission, NewYork April
17, 2007. Reprinted with permission.
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