Task: How would you describe the roles of accountants and finance managers in your own country? You should give a preference and justification for the role you would prefer to have. You should also consider the ethical foundations for the accountant’s role.
Your response to the task
Accountants and finance managers both playing vital roles in any corporation. Accountants are practitioners of accounting which is a system that does the research of financial activities and collects, analyzes and summarizes financial information that helps leader to make decisions. Finance managers are in charge of accounting departments. They lead and organize accounting work. This essay aims to describe the different roles of accountants and finance managers in China and to give a justification for why I would like to be a finance manager.
First, let us see the primary responsibilities of accountants in China. Chinese accountants need to prepare weekly, monthly, quarterly and annual financial statements, maintain the implementation of the accounting system and analyze and re-examine budgets and expenditures. Also, they need to make sure that the accounting and related reports are accurate and complete by using financial data bases from automated and manual systems. The information must have the ability to influence decisions through predicting future events or confirming past events (Arrill, A. and Mclaney, E., 2008). If the corporation is a listed company, it needs to disclose its income statement, balance sheet and cash flow statement quarterly and the reason why the financial situation of company has changed so much if necessary. There is an external auditing each year and accountants should work with the auditors in order to complete the audits well. Providing external assurance reports is also one of accountants’ roles and the need for assurance processes is evident (The Institute of Chartered Accountants in England and Wales, 2004). To become a good accountant, there...
Bibliography: Arrill, A. and Mclaney, E., 2008. Accounting and Finance for Non-specialists. Prentice Hall.
Oyson, J.,2007. Accounting for non-accounting students. Prentice Hall.
The Institute of Chartered Accountants in England and Wales, 2004. Sustainability: the role of accountants.
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