1. Which financial ratio indicates the percentage of profit that is paid out as dividends?…
An accountant's job is to record, analyze and report a company or individual's financial status. The accountant functions as an advisor. The client reviews the bookkeeping services and what accountant is telling them about their financial state to make adjustments as needed. More specifically, an accountant keeps accurate…
The purpose of accounting is to accumulate and report on financial information about the performance, financial position, and cash flows of a business. This information is then used to reach decisions about how to manage the business.…
The rare skills of a forensic accountant are in much demand, not only for potential prosecution purposes, but also because they are instrumental in developing solid preventative internal controls.…
According to industry partner’s presentation, that accountant has variety roles in the verification field. The auditor should ensure financial statements are not materially misstated and be able to giving a true and fair view. The auditor should demonstrate professional scepticism---being able to form an opinion. The auditor opinion is intended to provide reasonable assurance for financial statement and adding the value and credibility of the financial statement produced by management. Consequently increase the user confidence in rely on the financial statement and reduce investor’s risk. Accountant work in a professional firm as an auditor should Mitigating risk and acting as a third line of defence for clients. Using their knowledge of management accounting to help the client in controlling and minimising the risk of business, ensuring the operation of finance are in a right track. There are much more requirement for accountant working in auditing fields such as being compliance with regulatory standards, working in a collaborative team, be able to build a relationship with the client and other internal people.…
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Forensic accounting is science of examining the organizations, people and money and their relationship. In other terms, applying specialized knowledge and investigative skills to collect, analyze, and evaluate a financial situation, then communicate those findings in a courtroom, boardroom, or other venue.…
a. Establish higher standards for corporate governance and accountability, create an independent regulatory framework for the accounting profession, enhance the quality and transparency of financial reports, develop severe civil and criminal penalties for corporate wrongdoers, and establish new protections for corporate whistleblowers.…
Information technology knowledge and skills are necessary tools of the forensic accountant in a world filled which paperless crimes. At minimum, forensic accountants must know the point at which they should contact an expert in computer hardware or software. Examples of ways that forensic accountants use information technology skills to quarantine data, extract data through data mining, design and implement controls over data manipulation, accumulate baseline information for comparison purpose, and analyze data.…
Forensic accounting/accountant (FA) involves the application of accounting concepts and techniques to legal problems (Davis, Farrell, & Ogilby, 2009). “Initially, forensic accountants were used by government agencies, such as the CIA, the FBI and the IRS, to uncover and investigate fraud” (Ramaswamy, 2005, p. 2).With the recent economic downturn the profession of forensic accounting has seen a 200% increase since the Enron and WorldCom accounting scandals (Davis, Farrell, & Ogilby, 2009). In 2009 Davis, Farrell and Ogilby…
The purpose of this course is to understand the objectives and responsibilities of the independent accountant in the examination of financial statements. This will include the audit process, legal and ethical issues in auditing, planning the audit, the study and evaluation of internal controls, designing audit programs, and preparing the audit report.…
In the simplest terms, the role of the accountant is to keep track of the financial situation of a company, with the two most basic concerns being the solvency (the ability of a company to pay its employees and other costs of operation) and the profitability. (2) To remain in business a company must be able to pay its payroll and its bills- this has to do with making sure the business has adequate cash on hand at any time to pay the expenses required for ongoing operation. The main goal of most businesses is to make money- so the accountant’s role includes analysis of business activities from the point of view as to how they contribute to the ability of the company to show a profit.…
As an auditor it is my job to ensure to the best of my ability that the financial statements are not materially misstated due to fraud. In order to prove a fraud has occurred, the auditor has to do more than just show that money was lost, taken, or financial data misstated. They have to prove that there was intent. This involves more than just a investigation into the books and the numbers. This process is referred to as fraud examination. Many people in this line of work are both CPA's and CFE's. They must have understanding of criminology, investigative techniques, and the law in addition to tradition accounting knowledge. As an investigator, it is not uncommon to be accused of various wrongdoing yourself during the investigation process. This includes but is not limited to invasion of privacy, libel and slander, and public disclosures of facts. This makes knowledge of the criminal side and investigative techniques even more valuable because the fraud examiner must sometimes defend him/herself. For this reason, a fraud examiner always assumes at the start of an investigation that at the end it will result in litigation. There is an accepted approach for these types of investigations called the fraud theory approach. It contains four sequential steps.…
As an Assistant accountant in the Organisation the value I have added is to a greater extent in my first 3 weeks of placement. When doing the General administration things such as filling, customer service and customer handling I have been able to reduce the workload from my senior accountant. He is able to use this time for the completion of some other task instead. I have been managing the internal needs of the company, which has resulted in a smoother operation of the organisation as a whole and has resulted in higher customer satisfaction for which the Organisation has received some compliments. I helped my Manager prepare budget for the month of November-Dec as the Organisation prepares budgets every 2 months. The value that I added was by using the Advanced Management Accounting theories, which helped my manager create a budget that was feasible compared to the budgets created in past due to many reasons. I used the theory of participative budget where the Managers of the Sales department and the lower level team were also involved to discuss the budgets, which was suitable for everyone. An efficient budget meant my input was very useful for the Organisation.…
Public Accountants usually offer three kinds of services Auditing, Taxation, and Management Advisory Services. Ricchiute defines Auditing as a systematic process of objectively obtaining and evaluating evidence regarding assertions about economic actions and events to ascertain the degree of correspondence between those assertions and established criteria and communicating the results to interested users.…
