Reporting on internal controls: should editors report on the adequacy of internal controls?

Article Abstract:

Auditors are competent and knowledgeable enough to report on the adequacy of internal controls. However, generally accepted accounting principles are the standards by which accountants and auditors perform their jobs particularly in preparing financial statements. A number of auditors today are already enhancing their skills and specialties so that they may be able to respond to various clients' needs and provide value-added services. On the other hand, the statistics on adequacy and effectiveness provided by chartered accountants should still encourage professionals into developing and making a serious commitment in upgrading their skills in this field of expertise.

Accounting Methods NEC, Standards, Management, Accounting, Auditors

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Cash flow yardstick

Article Abstract:

In the last decade, the cash flow statement has replaced the income statement in importance for evaluating business success. The cash flow statement has the advantage of attempting to reconcile profit flows with cash flows. However, even the cash flow statement has created controversy concerning its format and other factors. A cash flow format developed by Professor Almand Coleman is now starting to be used in annual corporate reports. The format is composed of 4 sections which relate to daily management of profitability and liquidity and lead to a figure for cash internally generated (CIG).

Analysis, Accounting and auditing, Cash management, Cash flow, Reserves (Accounting)

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