1.To gain an insight into the many laws and precepts that governs the daily operations of Scotia Bank. 2.To unearth the legal, social, ethical and technological issues that affects Scotia Bank and their impact on its operations. 3.To come to a conclusion on the basis of the topic selected and to derive appropriate recommendations. 4.To help the researcher in endorsing investigative proficiencies. 5.To consent to the development of improved attitude and mind-set towards course works. 6.To assist in the development of the ability to identify suitable resource material and to facilitate a disposition for independent research.
The objectives of this School Based Assessment include to:
1.Justify the use of standards in Accounting;
2.Assess the impact of technology on Financial Accounting;
3.Assess critically the advantages and disadvantages of the various forms of organization; 4.Discuss the social and ethical issues in financial reporting; 5.Prepare financial statements in a form suitable for publication, using disclosure requirements and relevant legislation.
Data collection and analysis
The data accumulated was done through the mediums of both primary sources and secondary sources. A primary source is an original object or document - the raw material or first-hand information. They include the distribution of questionnaires, conducting interviews and by means of observations. Secondary sources are documents or recordings that relates or discusses information originally presented elsewhere. Secondary sources involve generalization, analysis, synthesis, interpretation, or evaluation of the original information, that is, the primary sources. The method of primary data collecting and investigation that was used to obtain information was by means of a questionnaire. A questionnaire is a series of questions asked to individuals to obtain statistically and theoretically useful information about a given topic. Questionnaires were chosen because they are inexpensive, and data was easier to analyze, versus that of an interview. This is so because the responses are gathered in a standardized way, so questionnaires are more objective, certainly more so than interviews. Additionally, this method of investigation guaranteed confidentiality of respondents since no name was required, thus preventing discrimination. The secondary sources of data involved in this SBA ranges from internet sources, text books, newspapers and journals. This specific method of gathering information was chosen because the information gathered tends to be a bit more reliable and credible (in the case of Financial Statements etc). Due to the nature of the research being conducted, secondary source mediums were preferential in certain instances since it guaranteed accuracy and reliability.
However, limitations the researcher encountered doing the course of this research includes: The period taken for analyzing and interpreting responses was time-consuming and a bit tedious. The validity of certain information was found to be rather questionable and the means of validating such information was unforeseen. Therefore, a variety of information had to be omitted. Certain responses were found to be superficial.
It was proven to be difficult in actually scheduling an appropriate time for conducting the distribution of the questionnaire since the respondent was occupied most times. On the basis of recommendations, it was rather difficult to fathom suitable and/or appropriate recommendations since the objectives of the research being conducted did not lend itself to such.
The impact of technology on financial accounting
Technological networks and computer systems have shortened the lead time needed by accountants to prepare and present financial information to management and stakeholders. Not only has technology shortened the lead time required to present financial information, but...