The lean accounting movement seeks a shift from traditional cost accounting practices to methods that accurately measure and motivate companies implementing lean management.
CAMBRIDGE, Mass. (PRWEB)
November 20, 2017
A lecturer at the University of Vermont and a graduate student at Aalborg University in Denmark have won 2017 Excellence in Lean Accounting Awards sponsored by the nonprofit Lean Enterprise Institute (LEI).
Lecturer Joanne Pencak won for incorporating lean principles into courses she teaches on accounting, sustainable entrepreneurship, advanced managerial accounting, and master of business administration classes on financial and cost modeling.
She also is developing a lean model for studying internal controls and working with a local certified public accounting firm on adopting lean audit methodologies.
Henrik Nielsen’s PhD work shows that a greater use of lean principles by finance departments increases departmental performance. He is co-authoring with lean accounting pioneer Professor Larry Grasso of Central Connecticut State University, several research papers being reviewed for publication by accounting and finance journals.
The awards were presented October 25th by LEI Communications Director Chet Marchwinski at the annual Lean Accounting Summit, in Savannah, GA. The award recognizes teachers and students who attended a previous summit then applied what they learned.
Winners are selected by a panel of lean accounting thought leaders. The nonprofit Lean Education Advancement Foundation raises, manages, and distributes scholarship money so professors and students can attend the summit.
Improving Cost Accounting
Jim Huntzinger, president…