Many accounting and accounting-related professionals are skilled in financial analysis, but most are not skilled in managerial or cost analysis. This is especially the case for process manufacturing environments (for example, a bottling plant or a chemical factory). To provide professional accounting and financial services, one must understand the industry, its product, and its processes. As accountants, we have an ethical responsibility to develop this understanding before offering services to clients in these areas.
For this week’s discussion, select a company with which you are familiar. Discuss how you would obtain an understanding of key business processes of a company that hires you to provide financial services. Include in your answer, steps to follow to gather your information. Be sure to use at least one reference from a professional journal or industry magazine.