In depth analysis of Financial Statements BP

Topics: Auditing, Audit, Corporate governance Pages: 3 (1156 words) Published: October 3, 2014
Question 1
1. ceo
The corporate leadership team consists of individuals at the highest level of the organization who have executive power and have a great deal of responsibility. -the ceo: responsible for the entire operations of the corporation -reports directly to the chairman of the board of directors

-implements broad decisions and maintains a smooth operation of the firm -develops annual objectives
-ensures efficient acquisition and effective allocation of assets or company resources -ensures appropriate and timely disclose of material information with respect to the corporations business and affairs -specifically writes the ceo letter

-must have a vision and provide leadership
2. Financial statements
Financial reporting: presenting financial data of a company with respect to its operating performance, position and fund flows for an accounting period. It’s a set of documents prepared by firms at the end of their accounting period. Many people play a role in this including: the CEO

A track record of the company’s performance during the year -shows how well the company did, any CSR initiative
-gives shareholders a look into the firm
-those prepared for external purposes give investors/potential investors and other users a look into the firm’s activities -those prepared internally allow the firm to manage itself better Should reflect a true and fair view of the business affairs of the organization. 3. IFRS

Ifrs is designed as a common global language for business affairs so that company accounting is understandable and comparably across international boundaries -enables comparability & the true view of the financial position of the organization -allows companies to use a template that allows understandability - since the rules are all the same, then it is easier for everyone to be on the same playing field The rules to be followed by accountants to maintain books of accounts which are comparable, understandable, reliable and relevant as per users...
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