What must be done to improve ethics in finance and corporate governance using the internet resources.© BrainMass Inc. brainmass.com October 24, 2018, 9:11 pm ad1c9bdddf
Financial Accounting is the information accumulation, processing, and communication system designed to meet the decision-making needs of external users, including actual and potential investors, creditors, employees, and the general public. Thus, it is not surprising that information assurance is an integral part of the discipline of accounting. For example, the accuracy and integrity of information is critical to accurate financial reporting and the generation of timely and relevant internal accounting reports for decision-making. Additionally, accountants, including auditors, have responsibility for ensuring proper internal controls are in place to protect the key strategic asset of information. External independent auditors have the responsibility of commenting on the fairness of accounting information and their actions are subject to a code of ethics.
These day accounts are faced with great responsibility for compliance with all manner of financial reporting. After the Enron scandals, it has shaken investor confidences. Financial managers and accounts must maintain and enhance their decision making skills within a value driven environment or they may suffer the consequences of their failure to do so. It seems to very important to increase accounts knowledge about accounting principles and rulers. With knowledge they will make better decisions.
Financial manager's accountability is not only for please the needs of a client they have also have to think about public interest. They play essential role in society, employers, creditors and other part of the business community. Public rely on financial managers for accounting reporting and effective financial management. Financial managers must follow certain principle, such as be honesty in perfuming professional services, be fair and do not allow bias influence of others to override objectivity. Know the accounting duty to keep knowledge and skills at a level needed to make certain that clients get the benefits of expert professional services.
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When looking to improve ethics in corporate governance and finance, what must be done? Please describe with a few references.View Full Posting Details