Improving the audit process

Article Abstract:

Audit processes must be reinforced through cost-justified improvements in accounting methods and auditing techniques. An alternative audit procedure is outlined which assumes that: audit activity should benefit society, audit focus should be on derived benefits and incurred costs, and that audit parties are willing to work in the public interest. The proposed procedure groups audited enterprises into pools, with a mini-audit performed on each one. Organizations failing the mini-audit are chosen for a full audit. A random sample of remaining firms is also subjected to complete audits. Additional fees are assessed on firms undergoing complete audits, and still higher fees for those who fail the audit. Additional audit fees would then be remitted in part to auditors and in part to the group which establishes mini-audit guidelines. The fee and penalty structure encourages companies to keep proper records.

Methods, Accounting, Auditing, Accountants, Malpractice

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Flexible benefits work at smaller companies, too

Article Abstract:

Michigan Spring Co (MSC) is a small manufacturer of precision metal parts for electrical and mechanical devices, machines, and equipment. MSC updated its employee benefits package in order to meet differing employee needs, increase employee awareness of benefits' costs and their value as a part of overall compensation, anticipate future cost increases, keep benefit costs variable, discourage unionization, and educate employees regarding general economics of the industry, the company's position in the marketplace, and the employees' relationship to both. MSC developed five benefit plans, incorporating old and new provisions: productivity sharing, profit sharing, pension, flexible benefits, and a trust fund to cover health care costs. Employees chose essentially the same benefits as before, but in different combinations.

Analysis, Human resource management, Finance, Labor relations, Employee benefits, Clarcor Inc. Michigan Spring Div.

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