Upon successful completion of this course, participants will be able to:

Chapter 1

• Identify the tasks and role of the accounting function
• Recognize the role of the controller, citing differences between a traditional controller and the controller of the present
• Recognize the importance that ethics play in the role of an accountant, noting the impact of ethics on the accounting role
• Identify the proper steps to take when confronted with ethical issues

Chapter 2

• Recognize the different functions that a controller is responsible for
• Identify the key tasks in the controller’s job description
• Specify the key elements in managing rapid growth

Chapter 3

• Recognize the new role the Chief Financial Officer (CFO) needs to take on in today’s business climate
• Identify the major tasks the CFO is responsible for
• Specify the key elements in communicating change within the finance department and the organization as a whole
• Identify important characteristics that help executive teams drive change

Chapter 4

• Associate the tasks of the accounting department to a specific job title
• Note the average time consumed to find and fix errors, identifying locations to spot errors as well as ways to correct those errors
• Recognize the tools used to determine if implementing a new best practice will be beneficial
• Identify the most common functions in the accounting department that get outsourced, citing the main concerns in creating contracts for each

Chapter 5

• Cite the purpose of cost accounting
• Identify different tools used to collect data
• Recognize the major differences between the main costing methodologies
• Recognize the three main cost variance categories, identifying the main causes of each of the major variances

Chapter 6

• Specify the importance of ratios used to analyze business functions
• Identify ratios used to analyze business functions, noting their characteristics
• Compute return on assets, cash flow return on assets, and return on shareholder equity given a set of circumstances
• Cite the factors that a controller should consider when analyzing ratios

Chapter 7

• Specify the uses and objectives of internal controls
• Identify members of a company with oversight of internal controls, including their order of responsibility
• Identify the common controls that are used based on financial statement groupings
• Recognize the general types of fraud and their identifying characteristics
• Identify the low/high level indicators a controller can use to uncover fraud
• Specify the actions that can be taken when fraud is discovered
• Recognize the components and requirements of the Foreign Corrupt Practices Act, identifying attributes a company’s controls must contain

Chapter 8

• Identify the different types of fast closes, noting the main differences between each type
• Specify the activities that can be done before the closing period ends as well as the activities that should wait until after the closing period ends
• Recognize ways to improve the speed of the closing process

Chapter 9

• Cite the rationale behind the different reporting relationships the internal audit function can have within a company
• Recognize the different characteristics a successful audit committee has
• Specify the different roles the audit committee is usually granted
• Identify eight internal audit objectives as well as the activities associated with accomplishing each objective

Chapter 10

• Note the components of the recruiting process, identifying the different sources to find new hires and the factors that lead to a successful hire
• Recognize the differences between horizontal and vertical promotion
• Cite the importance of low turnover, identifying ways a controller can reduce their turnover rate
• Identify the three different types of communication a controller should use in their day-to-day activities, noting the characteristics of each type
• Recognize the importance of motivating employees, citing the motivational factors in a multi-layered motivational system

Chapter 11

• Recognize the typical audience the investor relation function serves
• Identify the benefits and risks associated with disclosing company information to investors
• Specify financial market objectives

Chapter 12

• Recognize the five main tax saving strategies, identifying when each strategy would be the most beneficial