week 1 Essay

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Craig Schiff is a pioneer in the Business Performance Management space. As a founding member of IMRS/Hyperion Software (which became Hyperion Solutions and is now part of Oracle) he helped create and define the space, known first as analytic applications, then Business Intelligence, and now BPM. Schiff spent 16 years at Hyperion and as its Senior Vice President ran the 500 person Products and Services Group. Most recently he co-founded OutlookSoft (now part of SAP). While at OutlookSoft he was President and CEO and oversaw the delivery of the first unified, web-based Business Performance Management solution.
Prior to Hyperion and OutlookSoft he project managed the custom development of financial reporting systems for customers of GE Information Services Company including American Express and AMF. Schiff has published dozens of articles, spoken at numerous BPM conferences to thousands of business leaders, appeared on WOR Weekend Business Report, and was interviewed by Al Haig on World Business Review. Currently Schiff contributes to several publications, is responsible for the BPM expert channel and blog on the Business Intelligence Network/TechTarget, and develops the annual BPM Buyers Guide for Business Finance. He is a recipient of the prestigious Ernst & Young Entrepreneur of the Year award. Schiff holds a B.S. from S.U.N.Y and an M.B.A. from Fordham University. Business finance is a term that encompasses a wide range of activities and disciplines revolving around the management of money and other valuable assets. Business finance programs in universities familiarize students with accounting methodologies, investing strategies and effective debt management. Small business owners must have a solid understanding of the principles of finance to keep their companies profitable.

A financial audit, or more accurately, an audit of financial statements, is the verification of the financial statements of a legal entity, with a view to express an audit opinion. The audit opinion is intended to provide reasonable assurance, but not absolute assurance, that the financial statements are presented fairly, in all material respects, and/or give a true and fair view in accordance with the financial reporting framework. The purpose of an audit is to provide an objective independent examination of the financial statements, which increases the value and credibility of the financial statements produced by management, thus increase user confidence in the financial statement, reduce investor risk and consequently reduce the cost of capital of the preparer of the financial statements.
In accordance with the US GAAP, auditors must release an opinion of the overall financial statements in the auditor's report. Auditors can release three types of statements other than an unqualified/unmodified opinion. The unqualified auditor's opinion is the opinion that the financial statements are presented fairly. A qualified opinion is that the financial statements are presented fairly in all material respects in accordance with US GAAP, except for
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