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Task
To undertake a literature search for the project 'The Evolving
Role of the Finance Function. The emphasis of this task will be
on identifying and retrieving appropriate articles in academic journals
and ancillary 'grey' literature.
Scope
The scope of the project is defined as:
Those areas of activity and professional specialisation which are
likely to fall within the role of the accounting/finance function
of a commercial organisation or a quasi- commercial(1) organisation.
Typically these activities will be:
· financial accounting and reporting;
· management accounting;
· financing/financial management(2) as it relates to a non-specialist
role of acquiring and deploying funds within the organisation;
· regulatory/stewardship functions, including involvement
in matters of corporate governance but not the specialist roles
of a corporate secretary ;
· internal audit.
· liaison with external auditors
Notes:
(1) this may be within the public sector or the not-for-profit sector
but for the purposes of this project there is an assumption that
such an organisation's objectives will include the management of
funds so as to maximise the benefits (services delivered or financial
returns) to stakeholders and to do this by managing resources efficiently.
Thus, the management will have a need for accounting information
to support planning and control.
This definition would for example, cover the business of running
an accounting practice but not cover the accounting services supplied
to clients except where these might replace the traditional activities
of the finance function within the firm, say, through outsourcing
contracts.
(2) specialist Treasury functions will initially be considered
outside the scope of the project, for example, analysis and execution
of specialist financial instruments such as hedging, options, swaps,
etc., which for most companies are services purchased on an ad hoc
basis.
(3) it is anticipated that in many organisations, particularly
what might be described as small to medium-sized enterprises (SME),
senior members of the finance function can typically have additional
responsibility for a range of staff functions such as; information
technology, purchasing, property dealings, etc, etc. Whilst these
activities as separate specialisms are outside the scope of the
project, nevertheless, the nature of such ancillary activities are
important in understanding what accountants actually do, the pressures
upon them and the range of skills necessary to fulfill such obligations.
(4) also outside the scope of the project will be those accounting
specialisms which are normally the basis of services provided by
professional firms. This includes statutory attestation (audit)
work and specialist work such as taxation, forensic accounting,
insolvency work, etc.; except, where these activities are normally
undertaken within the finance function of a very large organisation.
Rating scale
The articles identified should be rated in accordance with the
following scale.
5* important and recent article -- typically one from a prominent
international academic journal backed by a clear methodology and
analysis.
4* of significance but perhaps not refereed - perhaps a report commissioned
by a consultant on an aspect of accounting or an otherwise unpublished
conference paper. Also might include less recent 5* articles.
3* professional journals such as ACCA's 'Accounting and Business'
2* topical articles in a variety of sources, for example, magazines
and broadsheet newspapers .
1* some periodicals where the exact sources cannot be verified or
where it is an excerpt from another source but where the contents
will add to the project on a 'sheer weight of evidence' basis.
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