The Chief Financial Officer (CFO) of your company has asked you to help her develop a cost control report to be distributed within the company. She wants your input concerning what she should think about before developing such a report. Discuss the significant points, in detail, the CFO should consider before the cost control report is prepared
In addition to identifying the Why, Who, What, and When of the report, students should address the specific points that need to be considered under each topic.
Why: What is the purpose of the report? Is the intent to report on total costs or is the report going to be concerned with specific costs? Are the costs being considered for the entire company or for specific segments of the company?
Who: Who is going to receive the report? Is it going to specific line managers or to someone higher up in the company or to both groups? In other words, is it going to individuals actually incurring the costs or to individuals that are just familiar with the costs being reported?
What: Can the information needed to prepare the report be obtained from existing source documents and other sources or not? How will the information be presented? As columnar data, as charts and graphs, as dollar amounts, as percentages, as year-to-date costs, as actual compared to budget, as actual this year compared to actual last year, or some other way?
When: How often will the report be prepared? Daily, weekly, monthly, quarterly, annually? Is the report going to be used to influence current operations or future operations?
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