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The specific research question this study investigates is whether or not model-based earnings forecasts utilizing COMPUSTAT's country specific geographic segment data produce more accurate earnings forecasts than model-based forecasts utilizing data from actual geographic segment footnotes. This study compares the accuracy of earnings forecasts from models using the geographic segment information in actual geographic segment footnotes to the accuracy of earnings forecasts from models using the geographic segment information in the COMPUSTAT business segment tape. Evidence collected in this study indicates that geographic segment data provided in the COMPUSTAT business segment data base appears to make it possible to more accurately predict sales than does the geographic segment data provided in the same companies' actual geographic segment footnote.Accounting research often involves the use of computerized data bases such as those compiled by the Center for Research in Security Prices (CRSP) and Investors Management Sciences (COMPUSTAT). Because of their importance to accounting research, these data bases have themselves been closely examined. For example, studies that have relied on computerized data bases have been criticized (McElreath and Wiggens, 1984) because it has been shown that these types of data bases (i.e., CRSP and COMPUSTAT) may contain incorrect data and inconsistent use of definitions. The purpose of this study is also to investigate accounting data bases, but with a focus on the enhanced geographic segment information on the COMPUSTAT business segment data base. Specifically, this study compares the accuracy of earnings and sales forecasts from models using the information in actual geographic segment footnotes to the accuracy of earnings forecasts from similar models that instead use the enhanced geographic segment information in the COMPUSTAT business segment tape.

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Conducting an environmental audit means both responsibilities and opportunities for the chief financial officer (CFO). The authors explain how to conduct such an audit, while avoiding potential pitfalls and problems. They also include a comprehensive internal control questionnaire that the CFO can tailor to a specific firm's potential exposures. © 1999 John Wiley & Sons, Inc.