accounting: December 2006

accounting

We have Financial Reporting Standards, regional and international. We have to face competition for every trade and financial reports and ratios are vital for CEOs of SMEs to manager their business. Accountants have to deal with standards, e.g. SME-FRS (HK), GFRS (Macau), data protection etc. They need the right tool to perform efficiently. All are the basic for my project, UFASS (USC Foresight Accounting Standards Systems).

About Me

Name: F. H. Tong

Location: Hong Kong, Hong Kong

I have been working as an accountant for over twenty years. Major reason to start working with software is during my accounting experience, there were no suitable software to meet my needs. Starting with custom software developing, now I am developing product style custom system like UFASS to meet the latest standards and requirement of SME in Hong Kong and Macau.

Monday, December 18, 2006

What is audited reports?

SOX, FRS, ethics etc. bother all of us.

We may blame ENRON etc. because of their wrong doing.

But, there are cases like this one, Fannie Sues KPMG Blaming Former Auditor For Huge Restatement, that give us something to consider.

What is audited reports? Does audited mean something bad. Can we trust audited report again?

Be honest, any mistake that summed up to billion would never be any typing or careless mistake. We do not need specialists to tell us about this.

Someone said, in face of huge money, everyone would be a prostitute. But there is a great difference, we never trust prostitute so we never be cheated.

That means, someone with status might not be compared to a prostitute in term of morality.

One truth we can learn nowadays. Ethic is only for those who had done nothing wrong and have to share the burden.