Recently, Practical Accountant, a prominent magazine in the accounting industry, published an article that featured accounting firms making significant changes in the way their firms approached an organization s audit. Taking advantage of the latest technology and using operational and strategic, as well as financial information obtained to better understand the client s business, these firms have been able to assist their clients in facing many of their overall business challenges. The following excerpts reflect our efforts in providing a more valued audit product. It is company oriented in contrast to financial statement oriented. We require a true understanding of the industry and the company, from the internal control environment and systems processes to information flow including the computerized end.
Most people think of e-commerce as retail sales, but it is obviously so much more.
It s wholesale purchasing, wholesale selling, distribution channels, all sorts of things where the Internet can be functional. The team works to address the issues that are unique to that particular company, which produces a better understanding of how a client operates within its industry. Kraut explains how his firm is designing and utilizing effective analytical procedures. They ve always been around but they are getting much more sophisticated. Maybe they shouldn t be getting the same margin because now there is less than a truckload and they are most likely paying a higher freight cost.