Many accounting and accounting-related professionals are skilled in financial analysis; however, most are not skilled in manufacturing. This is especially true for process manufacturing environments (for example, a chemical plant or bottling plant). To provide professional accounting and financial services, an accountant must understand the industry, product, and processes. Accountants have an ethical responsibility to develop this understanding before offering services to clients in these areas.

For this conversation, please respond to one of the following:

• How you would approach providing financial services to a specific company, within a specific industry? Identify the industry and the products produced, and describe one of the manufacturing processes.
• What specific resources might you use to develop your knowledge? (e.g., professional journal or website, industry magazine, etc.?)
• What risks are associated with failure to build industry knowledge prior to taking on a client?