A treasurer oversees the preparation of financial reports, direct investment activities, manages associated risks, implements cash management strategies, and supports a firm's expansion by dealing with mergers and acquisitions ("The Challenging Role Of The Corporate Treasurer."). Treasurers are the ones responsible for putting short- and long-term goals into place. To be a successful Corporate Treasurer, you must possess certain skills ranging from interpersonal and risk management skills to having a career plan ("The Challenging Role Of The Corporate Treasurer."). As you can see, a lot goes into being a successful Corporate Treasurer, and all treasurers have to be successful if they want the business that they work for to continue their operations. Treasurers are an important part of any business or organization, and are necessary to keep data in order ("Treasury Reporting Best Practice Guide.").
Having a career plan will go a long way as a Corporate Treasurer. You need a strategy so that you won't be exhausted with your work. This strategy should consist of planning ahead, setting goals, and achieving goals. A treasurer should always plan ahead; if they were to get behind, the whole company would be behind. They need to keep up with daily transactions, investments, and loans ("Corporate Treasurer: Job Description.”). As a Corporate Treasurer you should set goals for the company, and to successfully set company goals, you first need to set personal goals. These goals will help you stay on track, make progress, and be realistic when it comes to setting company goals. Setting goals allows you to stay on track and make progress. You will strive to improve your work and the company as much as possible, which, in turn, will cause you...
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"Interest Rate Risk." Investopedia. N.p., n.d. Web. 13 Feb. 2014. .
"Liquidity Risk." Investopedia. N.p., n.d. Web. 13 Feb. 2014. .
"Merger." Investopedia. N.p., n.d. Web. 13 Feb. 2014. .
"Operational Risk." Investopedia. N.p., n.d. Web. 13 Feb. 2014. .
"The Challenging Role Of The Corporate Treasurer." Investopedia. N.p., n.d. Web. 06 Feb. 2014. .
"Treasury Reporting Best Practice Guide." The Corporate Treasurer. N.p., n.d. Web. 06 Feb. 2014. .
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Donal E. Kieso, Wegandt J. Jerry, Warfield D. Terry. (2012). Intermediate Accounting. Hoboken, NJ: Wiley.
Romney, Marshal, and Paul Steinbart. Accounting Information Systmes. 10th ed. Upper Saddle River: Pearson Education, 2006. 193-195.
Starbuck, S. (2012). The not-so-odd couple: The CFO and sustainability. Corporate Finance Review, 17(2), 5-8, 10. Retrieved from http://search.proquest.com.proxy1.ncu.edu/docview/1434979666/fulltextPDF/22A89E19CB425DPQ/13?accountid=28180
Financial Accounting Standards Board. (1985). Statement of Financial Accounting Standards No. 86. Norwalk. Retrieved April 7, 2014, from http://www.fasb.org/cs/BlobServer?blobkey=id&blobnocache=true&blobwhere=1175820922177&blobheader=application%2Fpdf&blobheadername2=Content-Length&blobheadername1=Content-Disposition&blobheadervalue2=189998&blobheadervalue1=filename%3Dfas86.pdf&blobcol=url
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The remainder of this paper will address the findings of a study outlined in the noted case. It includes a discussion of the restrictions placed on the accounting profession and whether these restrictions eliminate any ethical concerns. This is followed by an examination of h...
According to the conceptual framework, the potential users of financial statements are investors, creditors, suppliers, employees, customers, governments and agencies, and the general public (Financial Accounting Standards Board, 2006). The primary users are investors, creditors, and those who advise them. It goes on to define the criteria that make up each potential user, as well as, the limitations of financial reporting. The FASB explicitly states that financial reporting is “but one source of information needed by those who make investment, credit, and similar resource allocation decisions. Users also need to consider pertinent information from other sources, and be aware of the characteristics and limitations of the information in them” (Financial Accounting Standards Board, 2006). With this in mind, it is still particularly difficult to determine whom the financials should be catered towards and what level of prudence is necessary for quality judgment.
The oversight responsibilities of the board, the CAE lacking of expertise or broad understanding of financial controls and responsibilities, and the understaffed internal audit functions lacking of independence and direct access to the board of directors contributed to the absence of internal controls. To begin with, the board should be retrained to achieve financial literacy to review financial reporting. Other than attending formal meetings, the board of directors should be more involved with the management. For the Audit Committee, the two members who were recruited as acquaintances to Brennahan need be replaced with experts who are more sufficiently knowledgeable about accounting rules beyond merely “financially literate”. Furthermore, the internal audit functions need to expand with different expertise commensurate with the expanded activities of the organization, testing financial reporting rather than internal controls from an operational perspective. The CAE should be more independent and proactive to execute audit plans, instead of following orders from the CFO, and initiate a direct and efficient communication between internal audit and audit
Solomon, J (2013). Corporate Governance and Accountability. 4th ed. Sussex: John Wiley & Sons Ltd. p.7, p9, p10, p15, p58, p60, p253.
Accounting has been described as the language of business and every successful CEO knows how important it is for successful business leadership. Strong knowledge in accounting will help every CEO to understand much quicker business problems and opportunities that arise from the analysis of financial documents. A good base in accounting will also allow the CEO to communicate more effectively with the finance staff about company investments. It is never late to master the knowledge in accounting and every CEO should make sure that he or she is up to date with the accounting rules and updates.
When I think of a financial manager, accountant quickly comes to mind. The role of accountant and financial manager are similar in several ways and often times they work closely together on various projects. The role of an Accountant is to ensure that their organization is run efficiently, make sure their records are accurate, and that their taxes are paid properly and on time. Accountants perform a broad range of accounting, auditing, tax, and consulting activities for their clients. They record and analyze the financial information of the companies for which they work. Other responsibilities include budgeting, performance evaluation, cost management, and asset management. “The role of the financial manager has expanded beyond traditional responsibilities related to company's finances. A financial manager, through his/her understanding of the company's financial health, the current market, and the goals of the company, helps set direction and guides decision making.” Financial managers perform several different task related to finance for their organization they normally oversee the preparation of financial reports, direct investment activities, and implement cash management strategies.
Before stating my career goals, I would like to mention my motivation in choosing accounting as my career path, the origin of which is elaborated in essay three. As a rigorous and responsible girl with strong rule consciousness, I will commit to providing more accurate and timely accounting information, in order to optimize the business management and help the public understand the operating condition better, thus defending social justice and contributing to well-being.
In laymen’s term’s, accounting is the action or process of keeping financial accounts, but there is much more to being an accountant than just that. An accountant will need to be adept at working with numbers, paying close attention to small details, and reconciling conflicting business reports. Accountant’s tasks include preparing net profit and net loss statements as well as preparing other accounting reports for your company or client, and also analyzing reports of other statements to determine the how profitable your company, or the client.
An accountant makes sure that the Nation’s firms are run efficiently, the public records are kept accurately, and that taxes are paid properly and on time (“Accountants and Auditors”). Accounting is the study of how a business tracks their income, assets, expenses, and many other things for a period of time. They also do many other things like quality management, tax strategy, and health care benefits management (“Welcome to Careers in Accounting”). An accountant is crucial to the success of a business, without one the business tends to fail.