It’s a reality that incompetent accounting staff can virtually destroy a business.
Accounting practices have evolved over the last decade due to unprecedented market pressures including commodity-based pricing and increasing costs from training, technology, and litigation (Eilifsen, Knechel & Wallage, 2001). A number of accounting scandals in the early 2000’s (e.g. Arthur Andersen and Enron) fuelled the revision of key accounting practices and highlighted the damage that can be done to an organisation’s reputation and livelihood when accountants and auditors act improperly, incompetently, or do not recognise or respond effectively to strategic risks.
Errors in financial statements can occur as a result of mistakes, omissions, or lack of knowledge of Generally Accepted Accounting Principles (GAAP). The pace of change in the business world means that principles learned during an accounting or bookkeeping course may be outdated once an applicant enters the workforce or changes jobs. That’s why it’s important to ensure your accountant or bookkeeper possesses the required knowledge and skills to manage your accounts and protect your organisation.
Our Accounting Knowledge Testing Program (AKTP) measures the general accounting principles that every accountant and bookkeeper should know, and has basic, intermediate and advanced levels so that it can be used for all levels of accounting professionals, from accounts payable/receivable clerks to internal auditors. Our MYOB assessment, which measures accounting professional’s knowledge of the popular and widely used accounting information system, MYOB was developed in partnership with accredited MYOB professionals to help businesses ensure that their accounting and bookkeeping staff’s MYOB knowledge is adequate.
Contact-us today and protect your business.
References
Eilifsen, A., R., Kneche, R. & Wallage, P. (2001). Application of the business risk audit model: a field study. Accounting Horizons, 15, 198-215.
