Activity: As a new manager in the finance department responsible for the financial accounting operations, (recall the primary purpose of financial accounting is to provide useful financial information, generally historic in nature, about an organizations financial activities and affairs) you are interested in learning the level of performance, readiness, education, and training of the department staff as it relates to their knowledge of the accounting cycle operations.
In order to obtain an accurate understanding, a meeting with the Chief Financial Officer was requested. With the meeting set for Monday morning (plan on 45 minutes), there are a number of items that will need to be considered as you reflect on the experiences learned at your previous employer.
Prior to giving notice and submitting your letter of resignation with your previous employer, the outside auditors as part of their standard procedures were in the process of issuing a letter to management regarding their findings and concerns on the monthly closing process and production of the monthly interim financial statements. According to the draft of the letter, the auditor’s concerns focused on the accuracy of the monthly financial statements, lack of internal control and ethical conduct in the office. Because of the restriction placed on the scope of the audit, incomplete documentation, missed closing entries not revealed to the auditors, and the general climate of disorder among the accounting staff that a qualified opinion along with a going concern comment was recorded in the draft letter. This letter in final form untimely led to the dismissal of the Chief Financial Officer and the resignation of the Treasurer of the Board of Directors.
Question: Develop an interview agenda for the meeting with the Chief Financial Officer. Be certain to consider not only your prior experience as you make a list of your questions (10) relating to the accounting cycle at the organization but also a careful ear and eye for hints of the type of problems present with your new employer as they affect the accounting cycle process. Also, develop for each question the Chief Financial Officer’s response and appropriate reference citations in APA format. In addition to the standard approach to agenda development (list of topics, estimate of time for each item to be discussed, and any written material that you would like to have the Chief Financial Officer review prior to the meeting) be aware of the meeting time and the politics of the office.
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