Recognition of Cost Accounting As a Profession: Standard #5
Oct 02, 2014
Continuing educational requirements for the profession of cost accounting.
In my opinion, progressive professional accountants are constantly being encouraged and/or required to maintain and expand their technical knowledge. This includes both professional experiences in board certifications, as well as the need to take relevant continuing professional education related to the completion of their professional duties.
I do not believe any profession can maintain the confidence and trust of the business community and society, in general, without the need to constantly assure that the members are maintaining technical skills that are current with technical advancements in the profession. I do not believe it is enough to just have a general education, but that it is important to stay up-to-date within your own industry as far as technical advancements are concerned.
In my view, the CPE requirement will compel the oversight board to consistently review and update the diversity and technical relevance of courses offered. This will ensure members of the profession are constantly presented with options that are very relevant to their current work. Furthermore, I believe that the profession should pursue and employ the highest and best talent available in all possible technical areas. This will guarantee the development of new courses of study, as well as the advancement of technical achievement in one area or another.
Today’s advanced technologies allow for these courses to be offered in a variety of forms including online, self-study, and in-person courses. I believe the overall implementation and monitoring of this entire CPE requirement would be under the overall responsibilities of the oversight board formed for the profession. However, I feel that the CPE component should be a subcommittee reporting directly to that main oversight board.
This post concludes my series on recognizing cost accounting as a profession. I would enjoy hearing your feedback on any thoughts on this occurring and any ideas you may have.
Categories: Cost Accounting
Employee Dishonesty Coverage
Oct 02, 2014
Most dental practices have insurance policies that cover their employees, but is it enough? Does your practice have employee dishonesty insurance? This insurance protects the employer from financial loss due to the fraudulent activities of an employee or group of employees. The loss can be the result of the employee’s theft of money, securities (which includes checks) or other property of the insured. Of course, policy coverage may differ between insurance companies. The employer, the named insured on the policy, is the main entity insured. The “who” of coverage may also include all current or former employees, partners, members, directors, volunteers, trustees, seasonal employees and temporary workers at your direction or control. Employee dishonesty coverage is really a fidelity bond. The normal form of coverage is a blanket policy which will cover fraud committed by any employee.
If the practice has access to other customer’s money, securities or property, the policy can be endorsed to include third party coverage. With the third party endorsement coverage is extended to a customer or client with whom you are under contract to perform services. As an example, employees often have access to patients credit card numbers. Does your insurance cover you if an employee steals that credit card information and uses it? Employee dishonesty coverage can typically be added to another insurance policy, such as the property or the fiduciary liability policy. The coverage may be extended to include forgery or alteration, funds transfer fraud, computer fraud, credit card fraud, money order and counterfeit fraud.
With fraud and identity theft at an all-time high, you may want to review your policies and make sure you are covered!
Categories: Healthcare & Dentistry
Employee Dishonesty Coverage
Oct 01, 2014
Most businesses have insurance policies that cover their employees, but is it enough? Does your business have employee dishonesty insurance? This insurance protects the employer from financial loss due to the fraudulent activities of an employee or group of employees. The loss can be the result of the employee’s theft of money, securities (which includes checks) or other property of the insured. Of course, policy coverage may differ between insurance companies. The employer, the named insured on the policy, is the main entity insured. The “who” of coverage may also include all current or former employees, partners, members, directors, volunteers, trustees, seasonal employees and temporary workers at your direction or control. Employee dishonesty coverage is really a fidelity bond. The normal form of coverage is
a blanket policy which will cover fraud committed by any employee.
If the company has access to other customer’s money, securities or property, the policy can be endorsed to include third party coverage. With the third party endorsement coverage is extended to a customer or client with whom you are under contract to perform services. As an example, employees often have access to patients credit card numbers. Does your insurance cover you if an employee steals that credit card information and uses it? Employee dishonesty coverage can typically be added to another insurance policy, such as the property or the fiduciary liability policy. The coverage may be extended to include forgery or alteration, funds transfer fraud, computer fraud, credit card fraud, money order and counterfeit fraud.
With fraud and identity theft at an all-time high, you may want to review your policies and make sure you are covered!
By: Jenny Furey, CPA
Categories: Uncategorized
Recognition of Cost Accounting As a Profession: Standard #4
Sep 30, 2014
The creation of an oversight board.
Another component that occurs frequently in other professional organizations is the creation of an oversight board as part of the overall entity controlling the profession. In my opinion, the overall goal of an oversight board can be divided into three possible functions.
The first possible function of an oversight board would be to oversee the recognition of achievement. This would have to do with the professional certification, both as an initial applicant to the profession, and then as a subsequent member. I would suspect this would relate to both the achievement of financial obligations to the profession, as well as ongoing acceptable completion of the continuing professional education required by the profession of cost accounting.
Secondly, I also believe this board would be charged with the enforcement of the professional standards by its members. That is to say that if a member is proven to have ignored the professional standards, or materially misstated professional technical standards, then those failures to follow the guidance provided by the profession would result in some type of discipline. This discipline could be as severe as their removal from the profession, or possibly some form of corrective action required on their part to assure that such a violation will not happen again. This would most likely involve some re-education to confirm that they have the technical knowledge and background necessary to know what their obligations are and that they are willing to perform to fulfill those obligations.
Finally, the oversight board would also be charged with the function of assuring that the professional members of the organization are adhering to the personal code of conduct. This would be related to their willingness and ability to adhere to the standards of personal conduct related to ethics and their overall conduct of a professional life. This would most likely include disciplining members who perhaps were charged with other crimes related to moral aptitude, or having been convicted of some other crime that speaks to their integrity as individuals. Some examples would be intentionally not filing tax returns or being charged and convicted with fraud in their completion of their professional duties, etc.
It is important for the credibility of the organization as a whole to have a board that upholds the standards of the organization as well as continues to monitor the technical qualifications. This would assure a prestigious organization for the long future.
Categories: Cost Accounting
Don’t Miss Out on Ohio’s Workforce Training Voucher Program
Sep 26, 2014
The Ohio Workforce Training Voucher Program is now in its third year. This employer-driven program is targeted to provide direct financial assistance to train workers and improve the economic competitiveness of Ohio’s employers. The program is designed to offset a portion of the employer’s costs to upgrade the skills of its incumbent workforce and will provide reimbursement to eligible employers for specific training costs accrued during training.
This time around businesses will have a chance to claim a piece of $29.4 million. That’s the good news. The bad news however, is that you have to be quick if your business has a desire to claim any portion of these funds. Similar to round two of the program, a pre-application process is available. The period to complete this process began Sept. 15, and will continue until the application officially goes live on Sept. 30.
According to the state, the funds are to be made available on a first-come, first-served basis. Employers can apply for a credit that will reimburse them up to 50% of eligible training costs – which could mean the business could be reimbursed up to $4,000 per employee.
In order to qualify, training must have been performed between Aug. 1, 2014, and Dec. 31, 2015. Employers have the option to apply for vouchers for training that has already occurred.
Pre-application allows employers to enter as much information and specific details as possible. When the application goes live, all you need to do is log on to your account and submit it. We expect all funds to be accounted for within the first few hours of the application going live. We urge businesses to take time to complete the pre-application process as soon as possible.
What Is Considered Eligible Training? • Classes at an accredited education institution • Training that leads to an industry-recognized certificate • Training provided in conjunction with the purchase of a new piece of equipment • Upgrading computer skills (e.g. Excel, Access) • Training for the ICD-10-CM/PCS diagnostics classification system • Training from national, regional or state trade associations that offers certified training • Training for improved process efficiency (e.g. ISO-9000, Six Sigma, or Lean Manufacturing) • HR Certification – limited to HR staff only
What Companies Can Apply? For-profit entities located in Ohio and that operate in one of the following industries are eligible to apply for the Incumbent Workforce Training Voucher Program:
• Advanced Manufacturing • Aerospace and Aviation • Automotive • Bio Health • Energy • Financial Services • Food Processing • Information Technology and Services • Polymers and Chemical • Research and Development • Companies with a Corporate Headquarters in Ohio (with limited availability of funds)
Categories: Manufacturing & Distribution