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How to Ensure your Accounting System Complies

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If you were the CEO of a Fortune 500 company, how would you ensure that your accounting system is in compliance with regulations and best practices within the industry?

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Solution Summary

328 with a reference included explains how a Fortune 500 CEO can take steps to make sure their system complies with best practices.

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As the CEO of a Fortune 500 company, final responsibility of an adequate accounting system rests in my hands. I would develop an accounting system that is accurate, ethical, and always legal. In doing so, I would implement multiple systems of accounting and oversight. In focusing on accounting, there are two types of accounting I would ensure were implemented, managerial accounting and financial accounting.
In managerial accounting the CEO is involved in the process of identifying, measuring, analyzing, interpreting, and communicating information for the pursuit ...

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