An accountant is the backbone for each business and they are the greatest asset to the running, day to day legality and future success of any business. Accountants are qualified and specialist of accounting that led all the business daily transactions and entries. Nowadays the accountant playing the biggest role in managing and making decision in firms in fact either small or big business need to have accountant to avoid any losses and flow with right direction by using accounting systems. Accounting is a systematic recording the financial statements for each business in a specific way. There is more than one way to show and provide a figure of the performance, financial position and cash flow of the business.
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The implementation of the function is based on giving advice to the company, its divisions and employees on matters of law and legal protection. There will be a lot of legal issues which require qualified advice from lawyers and legal Advisors. This is about giving advice for resolving such issues in almost all the departments and divisions of a company.
As accountant ethics and integrity is main important theme in the accounting field. Working in accounting department means that all accountants are fully responsible for each work they produce and the report they give to their managers that shows the financial statement for each period. Accountants should follow the law and the basics of accounting ethics and their function, to avoid legal and financial trouble and be legally defensible in case the auditor comes to check the accounts that had been entered in the system and check if the accountant are following the ethics procedures and working legally. If the business didn’t hire a professional accountant who collect and presents data in the clearest and most accurate way possible to show it to the government if needed. “My accounts, which I can swear to have kept faithfully, I have, indeed, never got audited, still less accepted, still less paid and settled” (Previts, 1976). These quote show that accountants are honest in following their morals and …show more content…
Planning directs an organization 's strategic and long term goals; supports organizational reviews to identify strengths and weaknesses and to evaluate operational effectiveness; and it gives advice for recommendations based on emerging trends, expansion opportunities and internal business process improvement. Accounting are one of the departments that run the business. They prepare or review budgets for expenditures and income, resolve accounting entries and manage monthly closing activities for the businesses for future planning. They do this to know the budget limit and the expected profit for certain
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The entire faculty Senate of a Christian college in Massachusetts has stepped down after a pro-LGBT professor was denied a promotion over her criticism of the school’s policies on homosexual behavior. Gordon College implements a Life and Conduct Statement which prohibits any sexual activity --- including those between individuals of the same sex --- outside of marriage. The school also adheres to the biblical teaching on marriage, Christian News details. Margaret DeWeese-Boyd, who works as an assistant professor of sociology at the Christian college, recently complained to the Massachusetts Commission Against Discrimination that she was denied a promotion because she has been speaking against the school’s policy in the last four years. She has also hosted training sessions and events focusing on homosexual rights.
When being placed in the role of a manager, it is important to understand the finances of the organization and how to read and understand the recording of finances. It is also important to understand how all the different parts of the records fit together to give us the knowledge of where the business is financially. Knowing also the different responsibility centers related to financial recording and how they function is important as a manager. Once a manager understands what and where items belong on a balance sheet, they will better understand the state that the business is in. “It provides you with a picture of the financial health of your practice or organization on a certain date.”
The job of an accountant is to prepare, analyze and present financial reports to his/her leaders. In addition, all of the data entered into the records must be accurate and up to date. As the director of accounting, I'm will be able to finalize the work of my subordinates, to make sure that everything is accurate, to find ways to reduce cost, and to improve profit of the company by 10%. Furthermore, I’m good with numbers. I
[Year] [Type the author name] [AUDITING AND ASSURANCE STANDARDS] Answer to Question no 1 (1) The audit threat identified in the said situation is the threat to compliance with the essential principles of auditing. As per this there is an obligation on the auditor to perform only those activities which he is competent to perform being a Member in Public Practice. Thus in this case the fact that Geoff is required to give a speech in the seminar held by LTH so as to secure more investors is acceptable but the fact that it will help Geoff to secure the audit of LTH would create the above mentioned threat. However the best possible way to overcome the said which may create a conflict of interest thus threatening the very independence of the auditor is by making it very clear to the client that he would not speak up anything that is not true and fair.
Introduction to Budgets and Preparing the Master Budget Budgets and the Organization Many people associate the word budget primarily with limitations on spending. For example, management often gives each unit in an organization a spending budget and then expects them to slay within the limits prescribed by the budget. However, budgeting can play a much more important role than simply limiting spending. Budgeting moves planning to the forefront of the manager's mind. Well-managed organizations make budgeting an integral part of the formulation and execution of their strategy.
Since the client is well known for taking legal action against threat actors, it is the responsibility of the investigating team to be prepared to provide testimony against the threat actor. Therefore, the investigating team should ensure that the collection, preservation, examination, and documentation of the digital evidence has been done utilizing proper procedure for admissibility in court. As a result, the forensic team lead will be responsible for preparing the team to provide expert testimony in court. The forensic team lead will ensure that documentation from commencement of the investigation until the final report is written, will be completed according to procedures.
The stock market crash of 1929 brought attention to the accounting professions to exams the adequacies of financial reporting ( Finkler,2013). The bankrupt companies were the result of arithmetic errors and undetected fraud cases, therefore, the SEC was formed to require public companies to present a financial report annually to stockholders. The SEC specifically required auditors to comply to arithmetic accuracy, fair representation, utilize clear and stabilized a set of accounting practices( Finkler, 2013) . In order to acknowledge the main area of risk and concern, the auditor begins a planning process such as meetings with auditing staff, senior management and administrative staff.
According to Averkamp (2016), “accounting is the recording of financial transactions plus storing, sorting, retrieving, summarizing, and presenting information in various reports and analyses”. Therefore knowing how to carry out these tasks
The professional judgement required is influenced by some professional traits such as the auditor’s experience and capability of the auditors training. In additional to the professional traits influencing the auditor’s judgement, the auditors is also influenced by behavioural and ethical traits. Auditors have a responsibly to ensure that ethical standards are upheld, ensuring the social exceptions of auditors
The accounting profession has been and will continue to be on the front lines of the challenge to provide investors, managers, directors, regulators, and others with up-to-date, reliable, and comparable financial reporting information, while the demands placed on the profession are. We expect financial statement preparers to apply judgment in the preparation and auditors to apply judgment in the audit of financial statements in a professional manner. This involves applying relevant training, knowledge, and experience within the context provided by relevant professional and technical standards, as applicable, in making informed decisions about courses of action that are appropriate in the circumstances. Confidence in the profession and in both rules- based and principles-based standards require demonstrating collectively that, as professionals, auditors must be capable of making sound judgments, because it is vital for the future of the
These scandals have made the morality of accountants and businesspeople. The main contributors of business ethical standards are the accountants. The accounting profession has a duty to play so as to reduce the corporate scandals. They should make sure that there is proper financial management, quality audit, ethical standards improvement and that the governance regimes are strengthened
This data can be used to preparing the accounting statement and reports. (Fontinelle, 2017).Accounting Information System is used for to produce the external stories related to the financial statement, supported through routine activities, Decision Support and Planning and Control, Implementing internal control. Accounting Information roles are classified into External Auditor, Tax Accountant, Consultant and Internal Auditor, Business Analyst, Budget analysts, Financial Analyst, controller and Accounting Clerk. It is discussing the future, and current role of Accounting Information system is analyzing by accountant responsibility and financial
The main important purpose of the accounting information system is to promote the activity of the enterprise and to form a reliable and real picture of it. In addition, the accounting information system promotes the activity of the enterprise effectively by preparing up-to-date information statements, providing as much information as possible so that the data should be understandable all users not only for the experts(bookkeepers) and tracking liquidity. Nowadays accounting software is a programme which makes accounting work processes easier and faster and which makes it possible to meet the information demand of the management. It also can support the accountants’ work, helping to compile reports by in helping to compile reports by recording and processing the events concerning the
Ethics Program for 2015 Task 2 Erica Young Western Governors University – Missouri Table of Contents Code of Ethics…………………………………………………………………… .03 Acceptable Use of Electronic Mail………………………………………….. 03 Acceptable Use of the Internet ……………………………………………... 03 Acceptable Employee Conduct …………………………………………….. 04 Acceptable Dress Code ……………………………………………………..