Forensic Accounting Programs
Forensic accounting programs are different from traditional accounting programs in many ways, and this career path is definitely not for everyone. If you want an exciting career that is in high demand, though, this educational path might be well worth considering. As a forensic accountant you will be responsible for accounting, auditing and using your detection skills for the capture of white collar criminals, resolution of disputes, support of litigation and investigation of potential criminals. This career continues to become more necessary among many different industries as fraud in the workplace and other white collar crimes becomes more common.
The Basics of a Forensic Accounting Degree
A degree in forensic accounting will give you the skills to enter into this specialized career field. Some education and training is required for even the most entry level positions, and if you really want to get the best jobs, you’ll have to go for a master’s degree. Most forensic accountants have at least a bachelor’s degree, which is required before one can sit for the Certified Fraud Examiner (CFE) or Certified Financial Forensic Accountant (CFFA) exam, as well as two years of experience. There are some entry level positions, such as an assistant or technician working under a forensic accountant, which you may only need an associate’s degree or certificate for.
Your earning potential will increase, and you will qualify for the most desirable jobs, if you get a master’s degree. This will involve most of the same coursework as would be expected in a typical accounting master’s program, with a forensic investigation concentration. The best part about finishing a graduate degree in any field of accounting is that you can sit for the CFE, CFFA and CPA exams afterward. This means you will be eligible for all types of accounting jobs in addition to the forensic ones, so your career options will always be wide open.
There are many benefits that you will be able to enjoy after finishing one of these forensic accounting programs. This is a secure career choice, because the focus on information technology in our modern world has made white collar crime a big issue that must be tackled by specialized forensic accountants. The average annual salary for a forensic accountant is around $74,000, and there is potential to earn even more. There is much expected growth for this field, and it’s a job that can really take you places.
AccountingProgramsU.com offers detailed information about top accounting schools which are offering top forensic accounting degrees and courses in United States. Choose best accounting school in your preferred location and start your career in a rewarding field.
Centennial College’s Offers Reliable a Strategic Management Accounting Program
Many areas within the business sector require professionals who are trained in strategic management in accounting. These sectors include: financial institutions, government offices, public accounting firms, manufacturing industries, service industries, and small business. In addition, these professionals can operate through self-employment.
However, before one can enter any of these sectors, he or she must attend a post-secondary institution and participate in an undertaking such as Centennial College’s Strategic Management program. Designed specifically for students who have already taken an undergrad program, this offering only takes two semesters to complete and results in a Graduate Certificate. Those who are interested in applying must submit an official transcript demonstrating proof of successful completion of a post-secondary advanced diploma or degree in an accounting discipline. However, if applicants have a combination of partial post-secondary education and relevant work experience, they may also be considered. Other non-academic requirements include: an interview, transcript and resum review as well as an English and/or math skills assessment. English proficiency will also be considered.
Through the strategic management program, participants gain a perspective on the organizational techniques required for the effective execution of strategic decisions, and the critical role that managerial leadership plays in the viability and growth of the business. Students will continue to learn and deepen your understanding in the areas of financial accounting, management accounting, taxation and auditing.
The above is facilitated through a combination of academic learning and practical practice. Courses within the strategic management in accounting training include: Ethics and Stakeholder Management, Crafting and Executing Strategy, Contemporary Organizational Behaviour, Advanced Auditing, Operational Management for Product and Services and much more. Within these courses, practical training – case studies, simulations, hands-on practice with the latest technology applications in the area of management information systems, including ERP systems – plays an important role.
When students graduate from the strategic management program, they have a variety of options. First, they can go on to obtain an MBA, pursuant to the articulation agreement negotiated by the School of Business with other institutions. In addition, students can apply to CGA-Ontario, and depending on their academic background, may receive up to 4 levels of CGA transfer credits. The other option is for students to enter the workforce. Job titles upon completion of a strategic management program include: assistant controller or controller, accounting manager, accounting supervisor or business analyst. Each job description consists of different duties. There are, however, common tasks such as providing advice on financial decisions, preparing and maintaining financial reports, keeping financial records up-to-date, training and managing new accountants, performing daily banking requirements, and more. No matter which route they choose, students of Centennial College’s strategic management programs must meet some important graduation requirements.
[Top]From Bookkeepers To Cfo’s Small Business Progression & Growth
Eventually a small business owner must face the fact that they can no longer handle every aspect of their business. This inevitability means that they will have to begin hiring employees and building up teams that can help them maintain and grow their business. This point in time usually arrives quickly for business owners who handle all of their business accounting themselves. Unlike some other teams however, an accounting team should be made up of only the very best and most qualified professionals. Business owners need to ensure they hire only the highest quality people for their accounting team because an accounting team can make or break a business.
With a good team of accounting professionals in place a business owner can make good and informed decisions that will help them maximize profitability, handle cash flow, and provide competitive benchmarks. Most small business owners initially want to hire an accountant or accounting team simply because they no longer want to deal with things like payroll or don’t want to keep track of the ever growing and larger numbers within the company. Once a team has been put together however business owners quickly realize how much they were missing, didn’t know about, didn’t understand, and werent doing.
Not every small business operates on the same budget so it only makes sense that different companies will need to hire different types of accounting professionals. The smallest and newest companies will most likely want to start with a bookkeeper. A bookkeeper will help keep good financial records, handle all transactions, and produce financial statements. An experienced bookkeeper should be able to keep all financial aspect of a business in order for a long time, long enough for a business to hire an accountant.
When a business reaches the point where it becomes necessary to hire employees, it’s time to hire an accountant. An accountant handles much more than simple bookkeeping and can help with things like complicated payroll issues, the changing of a business’ structure/ownership, bank loans, and complex billing issues. Unfortunately successful businesses will eventually outgrow the need for an accountant and will then need to hire a controller.
Once a small business becomes a mid or large sized business, business owners must seriously consider hiring a CFO to handle and oversee all financial aspects of a business. Fortunately many CFO’s can be hired on a per project basis and on a part time basis in addition to full time making their services more affordable and accessible to all businesses. A CFO will be needed when a company begins to consider expansion as they can provide specific strategies for making a complex business stage a success.
Whatever a small business might need in terms of financial assistance, it’s important to remember that at some point all businesses will need it. Some businesses will hire an all in one type of bookkeeper or accountant while others will assemble a team. It’s important to remember however that in order for a small business to succeed and grow their owners must eventually hire someone to handle their finances.
[Top]Maximize Your Accounting Services’ Visibility Through Full Color Vinyl Banner Printing
Most local accounting services business owners think that just because the service they offer is specific to their locality, creating a big bang in advertising their services is inappropriate. Advertising and promotions is not specific to businesses. Promoting your services by just plainly being visible is promotion enough to create awareness for other local business owners as well as by passers that your accounting services exist. A business owner from the next town passing by your town and sees your vinyl banner can be a prospective client. A simple yet compelling full color vinyl banner can create that awareness. Below are tips in creating a captivating full color vinyl banner.
Tips on Creating a Highly Visible Full Color Vinyl Banner
1. Design. Your best bet for a successful marketing campaign to create the visibility you would want for your accounting services is your full color vinyl banner design. Your design is your representation as a company. It also would attract would be clients whether locally or from other places that this accounting service mean service. As banners are mostly used for announcements of events, design your vinyl banner in such a way that the design is simple yet unique for easy reading.
2. Compelling Headlines. Do you remember catchy slogan like Nike’s -Just do it-? Create slogans or headlines that does not only create the association of the slogan or headline to your local accounting services but is easily remembered. Remember that your target audiences are passersby who do not have time to stop and read the nitty gritty of your services. Conceptualize a headline that with just one look, you will be remembered.
3. Color and Fonts. Choice of color and fonts is important for full color vinyl banner printing. Mixing and matching of colors should be made for ease of reading. Fonts follow the same rule. Avoid complicated fonts and rainbow colors. Simplicity is the key.
4. Quality. Despite the first three characteristics, if quality were below par, impact would be lesser. Choose a reliable online printing company that could offer you the quality and value for your money. Some online printing companies offer proofs with no upfront payment. They also offer free paper samples so you would know what your banners are made of.
5. Location. Banners are displayed at locations where practically everyone sees it. Location of banner displays form part of your visibility campaign. Banners maybe displayed at the local school, church patio, clubhouse and if can be on highways or main roads. With these locations, visibility is at its best.
With the above tips, your visibility campaign will surely be a big success.
[Top]New Requirements Under Ssap 10r May Cause Significant Alterations To Your Companys Deferred Tax Cal
The NAIC approved SSAP 10R, a revised, temporary replacement of the income tax standard under SSAP 10. The revised standard is effective for year-end 2009 and year-end and interim 2010.
The NAIC revised this standard in order to be more in line with the Statutory Statement of Concepts of conservatism and transparency. The revisions are considered a change in accounting principle and will be accounted for as a cumulative effect adjustment to unassigned surplus as of December 31, 2009. If applicable and elected by company, these changes will require significant alterations to the companys deferred tax calculation under statutory accounting.
The main differences as a result of SSAP 10R are the concept of GAAP valuation allowance, reversal and carryback periods, increase in surplus limitation and additional disclosures.
GAAP Valuation Allowance Concept –
The addition of the valuation allowance concept applies to all companies. As under FAS 109 for GAAP reporting, the Company must consider if their gross deferred tax assets (DTA) will more likely than not (greater than 50 percent chance) be able to be realized. This concept must now be applied under statutory prior to the admissibility calculations.
Admissibility Changes
The most significant changes under SSAP 10R in admissibility are the following:
Eligibility If the company is subject to Risk Based Capital (RBC) requirements or files a RBC report then they may be allowed additional admitted DTA if their RBC level is above the following thresholds laid out in the new paragraph 10.d:
1.The risk based capital trend test (if subject to risk-based capital trend test); or
2.If not subject to risk-based capital trend test, the maximum risk-based capital level where an action level could occur as a result of a trend test (i.e. 250% for life/fraternal and 300% for P&C/health).
Reversal/Carryback Periods If the company is subject to RBC and meets one of the above thresholds, they may elect to follow paragraph 10.e to calculate additional admitted DTA. The calculation under 10.e starts with the net DTA from original SSAP 10 less any valuation allowance. The reversal periods now correspond with the IRS tax loss carryback provisions, not to exceed three years, based on the tax character of the temporary difference. For example, life companies are allowed to carryback tax losses three years so a life company would follow a three year reversal under paragraph 10.e.i (increased from the current one year reversal). Whereas a non-life company would follow a two year reversal. Capital tax items would use a three year reversal period since that is consistent with the capital loss carryback provisions. For purposes of the realization calculation and the with and without test, a three year period would apply regardless of character of temporary differences but can still only apply as the law allows (i.e. capital loss cannot offset non-capital income).
Surplus Limitation Increased The DTA admitted under 10.e.ii is limited to 15% of adjusted statutory capital and surplus, an increase from 10% under 10.b.ii.
Disclosure
SSAP 10R also requires several additional disclosures for all companies, regardless of whether the additional DTA admissibility applies.
The following are some of the additional disclosures required:
DTA must now be broken out by gross, adjusted gross, admitted and non-admitted;
DTA and DTL shown by tax character;
Statement as to if the company has elected to admit DTAs under 10.e;
Increased amount and change in amount of admitted adjusted DTA as a result of 10.e, by tax character;
Amount of admitted DTA, by tax character, calculated under each 10.a, 10.b.i, 10.b.ii, 10.c, 10.e.ii.a, 10.e.ii.b and 10.e.iii and the risk-based capital level used to determine if the company meet the required threshold; and
Amount of admitted DTA, admitted assets, statutory surplus and total adjusted capital used in the RBC calculation resulting from the calculation under 10.a, 10.b and 10.c and the increased amount of DTA, admitted assets, and surplus resulting from use of 10.e, if any.