Experience Definitions - Management Advisory

Management advisory includes the assessment of the performance and the management of a program against objective criteria. It also includes an assessment of best practices and other information that is intended to improve program operations. Management may seek help in selecting new computer hardware and software or suggestions on how clients can improve their operations. For example, improvements in the design and installation of an accounting system, the electronic processing of accounting data, inventory control, or budgeting. A CPA candidate's experience in management advisory services may include participation in preparing and/or advising on:

• Ethics and Responsible Business Practices - a service that helps clients address the sources of internal wrongdoing and eliminate barriers to responsible business practices;
• Evaluation, design and implementation of:
  • Internal accounting and financial reporting controls;
  • Financial reporting policies and procedures; and
  • Effectiveness of an entity's internal control over compliance with specified requirements;
• Evaluation, design and implementation of management and business controls over various business functions such as management reporting systems, research and development, etc.;
• Business Fraud and Investigation Services - helps companies identify, manage and minimize integrity risks, such as suspected management or alleged employee fraud;
• Benchmarking of best practices including business and financial reporting practices;
• Reengineering of business processes including:
  • Manufacturing processes;
  • Research and development processes;
  • Review of spending levels (e.g., for general and administrative expenses);
  • Plant layout design;
• Review of manual processes that feed into computerized information systems; and
• Staff reduction programs.

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