The primary duty of a CPA is to protect the assets of their organization. This requires an increasing understanding of the key functions of the business, the overall environment and expanded and improved analytical techniques. When a firm fails, it is usually due to several identified problems. However, these problems often result from a small number of poor practices that infect the entire organization. They can include such items as reliance on inappropriate or inaccurate data/measurements, lack of understanding of long-term costs, the absence of a functioning asset allocation process and/or plan, inaction, an inability to identify and thus manage risk, etc. In numerous instances an organization will repeat a bad practice across the enterprise. Too often, such activities are not detected until significant damage has been done. This course identifies practices, techniques and analytical tools, and relates them specifically to key tasks/functions of CPAs and other financial professionals. These activities include: general analysis, decision making, cost management, selected accounting practices, budgeting, forecasting, measuring and reporting. In addition, the course provides insights on managing through a business cycle and redefines some ideas about risk management. Examples and exercises, using actual companies and/or events, are included.
Objectives
Upon completion of this course, participants will be able to:
• Employ a series of practical steps and tools to improve their analysis of a variety of situations
• Isolate cost drivers and trends
• Assist management in preparing for, and navigating the organization through, the business cycle
• Improve budgeting and other resource management processes
• Better identify and manage risk
Highlights
• Development of practical tools to improve analysis, set priorities and focus on key drivers (causes) of events
• Examination of the actions of companies to learn from their successes and failures
• Describe actions/practices that can increase an organization’s competitiveness
• Review selected traditional accounting practices as to their benefits and potential limitations/problems, and discussions of alternatives
• Provide a framework to uncover and manage hidden risk
Who Will Benefit
• Owners, CFOs, controllers, financial officers, and other financial and non-financial managers in companies or divisions
Level: Intermediate
Instructor: Ron Rael
Developer: AICPA
Area of Study: Finance
CPE Credits: 4
Prerequisite: Management responsibility in finance, accounting or operations
