FORENSIC ACCOUNTING – BA 124 – Fall 2011 Advanced Cost Management Session II: The Organizational Role of Management Accountants (ORMA)

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Presentation transcript:

FORENSIC ACCOUNTING – BA 124 – Fall 2011 Advanced Cost Management Session II: The Organizational Role of Management Accountants (ORMA)

STRATEGIC COST MANAGEMENT - BA122B – Fall 2011Slide 2-2 Mgt. Acctg.--Strategic Implications n Management accountants that use BP in their business decisions better meet “customer” needs. n M/A’s that use BP are more cost efficient and cost effective. n M/A’s that use BP provide more timely results and excel at their own time mgt.

STRATEGIC COST MANAGEMENT - BA122B – Fall 2011Slide 2-3 IMA’s M/A Roles n Business and strategic partner n Provider of strategic business understanding n Participant in problem solving n Team member n Provider of information n Process facilitator n ….yet, companies are often unwilling to support this behavior…why is that?

STRATEGIC COST MANAGEMENT - BA122B – Fall 2011Slide 2-4 From Scorekeeper to Player n Role change driven by: n Information technology n Global competition n Two models for management accountants n Corporate cop--evaluator n Business advocate--enabler n Dual accountability & org. structure n Solid vs dotted-line relationship

STRATEGIC COST MANAGEMENT - BA122B – Fall 2011Slide 2-5 Business Partnering-- Attribute Implications n BP provides broad operations oriented technical insight to an organization. n The BP approach drives behavioral changes in day-to-day activities. n The BP approach changes the attitudes of non-financial people towards the finance/accounting team.

STRATEGIC COST MANAGEMENT - BA122B – Fall 2011Slide 2-6 Ethics n Lack of ethics--everyone loses n South Florida Bermuda Triangle of Ethics n Tyco n W.R. Grace n Bausch and Lomb n Sunbeam n Enron, World-com, Health-South, Adelphia

STRATEGIC COST MANAGEMENT - BA122B – Fall 2011Slide 2-7 Ethics and You n You will face an ethical challenge n It could impact n Your job n Your family n Your relationships n Your financial stability n Your physical well-being n You have only ONE reputation...

STRATEGIC COST MANAGEMENT - BA122B – Fall 2011Slide 2-8 Accounting Business Skills “The What” n Business Perspective n Organizational Focus n Bias for Action n Communication Excellence n People Proficiency

STRATEGIC COST MANAGEMENT - BA122B – Fall 2011Slide 2-9 Financial Management Guidelines “The How” n Cc: Communication vs. control n KTT: Know the territory n MBWA: Manage by walking around n R ƒ R 3 : Respect is a function of… n responsiveness n reliability n relevance

STRATEGIC COST MANAGEMENT - BA122B – Fall 2011Slide 2-10 Just Say “No” to... A B C Things we do to ourselves!!!

STRATEGIC COST MANAGEMENT - BA122B – Fall 2011Slide 2-11 Scarlet Letter of Accounting Lacks Reality Distraction Lacks Cost Mgt.