Rick Elam

Continuous auditing: the audit of the future

Technological advances (e.g. e‐commerce and the Internet) have changed business practices and the process of recording and storing business transactions. Extensible Business Reporting Language (XBRL) will soon be built into accounting and reporting software which would allow on‐line real‐time preparation, publication, examination, and extraction of financial information. Thus, outside, independent auditors should use continuous, electronic auditing when most financial information exists only in electronic form under real‐time accounting systems. Continuous auditing and its implications for independent auditors, including internal control considerations and audit procedures, are described and analyzed.

Emerging ISO 14000 environmental standards: a step‐by‐step implementation guide

Recently, a number of environmental laws and regulations have been enacted to hold organizations more accountable for their environmental responsibilities. The International Standards Organization (ISO), issued ISO 14000 environmental standards to assist entities worldwide in managing their environmental requirements and to ensure that their environmental policies and practices conform to their missions and goals. ISO 14000 environmental standards are divided into six categories: (1) environmental management systems; (2) environmental auditing; (3) environmental performance evaluation; (4) environmental labeling; (5) life‐cycle assessment; and (6) environmental aspects in product standards. These standards assist entities in preparing step‐by‐step implementation plans to adopt an adequate and effective environmental management system, conduct proper environmental audits, and successfully become registered to ISO 14001. This article presents a 15‐step process which accountantsshould suggest to their organi...

Library resources for studying accounting history: A research note

The University of Mississippi offers many resources for studying the history of the accounting profession around the world. The accountancy library holdings are the largest of any library in the world, including virtually everything published in English during the past century, and many earlier items. In addition to tens of thousands of books and over 1,000 accounting and finance journal titles, there are tens of thousands of pamphlets, speeches, committee reports, photos, and courtroom documents that exist at no other library in the world. There are also hundreds of archival collections of old business records that serve as primary resources for all kinds of accounting research. The J.D. Williams Library at the University of Mississippi is truly the international center of accounting research, and many of its resources are available on the Internet to anyone within reach of a computer. The purpose of the article is to describe the various accounting library collections with particular emphasis on the research resources available internationally through the Internet.

Electronic-Commerce Education: Insights from Academicians and Practitioners

Abstract The e-commerce marketplace is creating tremendous career opportunities, and business schools and accounting programs nationwide are redesigning their curriculum to provide adequate e-commerce education for accounting/business students. This study gathers opinions of both academicians (accounting faculty) and practitioners (practicing CPAs) regarding the importance, relevance, and delivery of e-commerce education. Results reveal that (1) the demand for and interest in e-commerce education is expected to increase; (2) more universities are planning to provide e-commerce education; and (3) the majority of the 36 suggested e-commerce topics should be offered or required for accounting majors in one or a combination of ways: (1) required core curriculum, (2) optional specialized courses, and/or (3) e-commerce degree programs. Only minor differences of opinion were found regarding which of 36 e-commerce topics should be covered in e-commerce education.

THE CULTURAL SIGNIFICANCE OF ACCOUNTS–THE PHILOSOPHY OF DR SCOTT

DR Scott was an economist, historian, philosopher, and accountant. Most of all he was a scholar who merged some of the most up-to-date ideas of the 1920s into his book The Cultural Significance of Accounts. He concluded that our culture was in a time of relative turmoil because the market was no longer the primary controlling force within our institutions. Accounting as the vehicle of the scientific method would replace the market as the synthesis of institutions which make up our culture.