Many accounting and accounting-related professionals are skilled in financial analysis, but most are not skilled in manufacturing. This is especially the case for process manufacturing environments (for example, a bottling plant or chemical factory). To provide professional accounting and financial services, one must understand the industry, product, and processes. We have an ethical responsibility to develop this understanding before offering services to clients in these areas.

Required:
Write an action plan, discussing how you would obtain an understanding of key business processes of a company that hires you to provide financial services. The paper should specify an industry, a product, and at least two selected processes.

Answer rating: 100% (QA)

Action Plan There is an important aspect of the audit planning procedure that is obtaining the understanding of the primary business processes and the environment of the company that hires you to prov... View the full answer