|
Cover
Story
Auditor
: The New Sheriff --Kris
Frieswick
Auditors,
for long, have been contending that they are not responsible
to detect fraud. But with the public opinion at odds, they
are adding forensic capabilities to audit. As a result,
cost of audit is bound to go up.
© CFO Publishing Corporation 2003.CFO Magazine, July 2003 (www.cfo.com).
Originally published as "How Audits Must Change".
Reprinted with permission.
Leveraging
Internal Auditors' Knowledge
-- Audrey A Gramling and
Patricia
M Myers
With
increased responsibility on external auditors to detect frauds,
partnering with internal auditors would help in making informed
fraud risk assessment. As internal auditors are in the best
position to identify red flags, leveraging that knowledge
is the first step to detect fraud in financial reporting.
©
The CPA Journal, June 2003 (www.cpajournal.com). Originally
published as "Internal Auditors' Assessment of Fraud
Warning Signs: Implications for External Auditors". Reprinted
with permission.
Regulation
Sarbanes-Oxley's
Silver Lining for Internal Controls --Therese
Webb
The
Sarbanes-Oxley Act has increased internal control requirements
and many companies view it as a painful and costly requirement
with little benefit other than compliance. However, benefits
of going beyond mere compliance are huge, provided companies
rejuvenate their internal control systems.
©
Financial Executives International, July/August 2003 (www.fei.org).
Originally published as "Sarbanes-Oxley's Silver Lining".
Reprinted with permission.
Financial
Accounting
IAS:
Getting Ahead of the Curve --Phil
Arthur
The
proposed IASB standard on valuation of insurance contracts
using fair values is radical and can have huge implications
for insurers. The author discusses the issues relating to
embedded options and the potential volatility.
©
Ernst & Young (www.ey.com). Reprinted with permission.
SpotLight
Indian
BPO Sector: `Finance and Accounting' Outsourcing
--Ch
Rajeshwer and Sowdeepti A
Initial
boom in Indian BPO industry was largely limited to call centers
and other back office work. As India comes a long way to establish
itself as a quality service provider, the nature of
tasks is growing both in sophistication and volume. One such
promising area is Finance and Accounting outsourcing.
© IUP. All Rights Reserved.
By
Invitation
F & A Outsourcing : Challenges for India --Joe
Vales
Though
India is hailed as a preferred destination for finance and
accounting outsourcing, consolidation would be major
requirement to grow and capture the real BPO opportunities
in finance and accounting.
© IUP. All Rights Reserved.
Governance
and Ethics
Regulation
in India: Road Ahead --Amit
C Kamath
Although
India has not witnessed corporate collapses as a consequence
of corporate malfeasance of the order of America, there shall
be no room for complacency.
© IUP. All Rights Reserved.
Bridging
the Information Gap -- Andy Smith
As
traditional financial reporting is more attuned to the expectations
of the investment and financial communities, corporate
reporting needs to be revamped by providing information
relating to all other aspects of business, which the organization
thinks has an impact on its sustainability.
©
Accountancy SA, July 2003 (www.accountancysa.org.za). Reprinted
with permission.
Sustainability:
Quest for the Best Devils -- Andy Gillam and
Marc Newson
With
corporate misbehavior at an all-time high, social and environmental
issues are joining investors' agenda. With such a change in
investors' psyche, the triple bottom line has become a new
standard of performance.
©
2003 PricewaterhouseCoopers. All Rights Reserved. First Published
in Executive Perspectives on www.pwc.com. Reprinted
with permission.
Financial
Reporting
The
Annual Report of the Future --Rob
Holman andAdam
Bruce-Gardyne
It
may sound surprising; yet, increased size and detailing in
the annual report have left the investors uninformed. A meaningful
report should enable the investors to understand the performance,
address their differing needs, deal with complexity and most
importantly, help evaluate tomorrow's value creation.
©
Ernst & Young, CrossCurrents Issue Three 2002 (www.ey.com).
Reprinted with permission.
Case
Study
Forensic
Accounting : The Padding That Hurts --Joseph
T Wells
Expense
accounts are breeding grounds for abuse. If an executive cheats
on expense account,even if it is immaterial,it is definetly
a red flag. It is logical to conclude that they would do the
same when something material is at stake
@Joseph
T Wells. This article orginally appeared in the February 2003
issue of The Journal of Accountancy.Reprinted wth permission.
|
