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Accounting for Managers - Assignment Example

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This paper "Accounting for Managers" discusses the modern markets that have given rise to agency conflicts among the minority shareholders and management. This has increased the role of external auditors as he becomes a link between the two parties through monitoring the activities of the company…
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Accounting for Managers
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Download file to see previous pages ii) In the audit report, the external auditors express their opinion about the fairness of the financial statements of the company and whether they have been presented as per the generally accepted accounting principles (GAAP) in the USA. The opinion can be unqualified opinion when no financial misstatements are discovered, Qualified opinion when there are one or two instances of non-compliance, Adverse Opinion when financial statements are found to be wrongly stated and Disclaimer when there are hindrances in performing audit (Credit Research Foundation, n.d.; The University of Michigan-Flint, 2003).

iii) The audit of external reports helps in evaluating the risk management policy and control procedures of an organization. It assures the investors about the efficiency of management operations in the company.

In the current markets, a business faces intense competition and has to continuously devise new ways of maximizing its customers. Any lapse, be it in terms of quality or non-fulfillment of social responsibility can impact its business adversely. This may lead to the loss of valuable customers. Nowadays, a business cannot merely act as a profit-making center but has to behave like a socially responsible entity. It must work towards the betterment of society by developing infrastructure; building schools, etc. This will help it in improving its image in the society. Considering today’s intensely competitive environment such practices will help it in getting approval from society. It will help the business in building up its image in the society. The people will become supportive of its practices and the general investors will feel confident about making an investment in the business. A trust will be build up between the business and society. This will enable it to overcome any obstacles. Once the business is able to establish good-will in the market its position will strengthen.  ...Download file to see next pagesRead More
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