Effect of Risk Management on Accounting Practices in the Public Sector - Research Paper Example

What is the Effect of Risk Management on Accounting Practices in the Public Sector? Student’s Name: Instructor’s Name: Course Code & Name: Date of Submission: Abstract The current risk management practices in the public sector have attracted academicians and stakeholders in understanding how risk management affects accounting practices in the public sector. Interest in this area has developed due to the public call for better accountability and transparency in Australian public sector enterprises. That is why a study of the effects of risk management on accounting practices in the public sector is of great importance. This study tries to explore, analyze and understand the effects of risk management on accounting practices in the Australian public sector. The study collected its data from the secondary sources in order to understand the effects of risk management on public sector accounting practices. The study begins by undertaking a background study on risk management and accounting practices in Australian public sector. The study then reviews the literature on the area and then comes up with methods of collecting data. Finally, the study analyzes the effects of risk management on accounting practices in the public sector. The study finds out that risk management in accounting practices makes the Australian public sector enterprises to deliver quality and efficient services. Moreover, it ensures that the public sector enterprises observe accounting standards and this makes them to be accountable and transparent to the public hence improves their reputation. Table of Contents Abstract 2 Table of Contents 3 1.0 Introduction 5 1.1 Background of the Study 5 1.2 Objectives of the study 6 1.21 General objective 6 1.22 Specific Objectives 6 1.23 Justification of the study 7 2.0 LITERATURE REVIEW 9 2.1 Introduction 9 2.2 Theoretical Framework 11 2.21Efficiency and Effectiveness 11 2.22Accountability and transparency 11 2.23 Ethical behaviour 12 2.24 better decision making 12 2.25 Accounting standards 13 2.26 Accounting regulations 14 2.27 Reliability 14 2.28 Quality Standards 15 2.29 Achieving their objectives 15 2.210 Minimizing financial risk 16 3.0 Research Methodology 17 3.1 Introduction 17 3.2 Research design 17 3.3 Data collection and Analysis 17 4.0 Findings and Analysis 18 4.1 Risk management in Australian Public Sector 18 4.2 Australian Public Sector Accounting Practices 20 4.3 Effects of Risk Management on Accounting Practices in the Public Sector 21 5.0 Conclusion 23 References 25 1.0 Introduction 1.1 Background of the Study Public and private sectors are permanently faced by risk hence the need to manage it in order to achieve success in their activities. According to Turea and Stefanescu (2009, p. 210) the public sector entities are required by the public to provide quality services while at the same time to observe strictness in relation to their performance and transparency. The existing legal requirements governing the public sector and the limitation of expenses expose the public sector to a collection of different risks. Therefore, managing risk in public sector accounting practices is important in order to ensure efficient delivery of public services hence create reputable public sector entities. The public sector entities are required to develop and implement risk management practices which ensure that the entities objectives are attained in a consistence and transparency manner. The need to manage risk in accounting practices by the public sector entities arises due to the need to protect the public funds from fraud and misuse hence ensure accountability and effective utilization of the public funds. Risk refers to the exposure to uncertainty in which that exposure has an ability of producing negative consequences on an entity (Delaney & Whittington 2011, p. 376). In public sector risk means a set of challenges that public sector administrators may face while making some key decisions. The challenges arise because many public sector entities do not concentrate on achieving excellence in their operations hence this prevents them from achieving their objectives. Risk in public sector accounting can make the public entities to incur excessive cost in their operations and activities. Moreover, risk can interfere with the public entities ability to achieve financial goals hence make them to fail. Turlea and Stefanescu (2009, p. 211) argue that the risk exposed to public sector accounting can affect the plans of the public entities hence affect its ability to meet its financial objectives. The accounting risk represents a financial threat which can prevent the public entity to successfully achieve its public goals. Quiggin (2004, p.54) states that the risk exposed to the public sector entities can create a negative effect regarding to their image hence the need to manage the risk. Public entities must manage their financial risks in order to ensure that they provide quality services to the citizens. Moreover, managing the risks associated with their accounting practices makes sure that that public entities are able to finance their operations effectively hence satisfy the public needs. Metcalf (2004, p. 1) argues that risk management in public sector accounting practices ensures that the public entities are accountable to the public. This ensures that the public corporations perform in accordance to the needs of the citizens. Furthermore, risk management provides the public sector administrators with a means of carrying vigorous monitoring and management of their entities accounting practices. Managing the accounting risks enables the public sector administrators to reduce public complains and to create a disciplined accounting system. Therefore, it is evident that risk management is important in public sector accounting practices. Thus, the purpose of this essay is to identify the effects of risk management in public sector accounting practices. 1.2 Objectives of the study 1.21 General objective To find out the effects of risk management on accounting practices in the public sector. 1.22 Specific Objectives i. To evaluate risk management practices in the public sector ii. To evaluate accounting practices in the public sector iii. To determine the effects of risk management on accounting practices in the public sector. 1.23 Justification of the study Public sector accounting is of paramount importance towards enabling the government to meet it objectives. According CPA Australia (2012, p.6) the reforms advocated in public sector accounting require public entities to implement accounting risk management processes and procedures in order to enable them to meet the needs of the public. Thus, determining the effects of risk management on accounting practices is of paramount importance as it determines the ability of public sector enterprises to meet their objectives. Furthermore, the fact that the public sector is facing greater focus and scrutiny requires it to evaluate the effectiveness of its policies and strategies. Therefore, evaluating the effects of risk management on accounting practices is of vital importance as it ensures that the public sector entities are more transparent and accountable to the citizens. Risk management in the public sector is aimed at governing the risk faced by all entities in the public sector and it includes the important responsibilities and roles required to manage risk. Thus, analysing the effects of risk management on public sector accounting will enable the public sector enterprises to determine the effectiveness of the roles and the responsibilities adopted in order to manage accounting risk. Moreover, analyzing the effects of risk management on public sector enterprises will enable the public sector administrators to identify ways of enhancing the public entities accountability to the public. Furthermore, the fact that there are few studies on risk management and accounting practices in the public sector means that this area has not been widely pursued. Thus, this study will be important to academicians as it will contribute and expand the existing literature in this field. The study will also act as a motivator to future academicians interested in the area. 2.0 LITERATURE REVIEW 2.1 Introduction CPA Australia (2012, p.12) notes that risk management enables accountants to avoid dysfunctional behaviour which involves making accounting decisions based on self interests and underestimation of risks. Dysfunctional behaviour in accounting practices can cause the public sector enterprises to fail in implementing their strategies. Dysfunctional behaviour includes bias and dishonesty. A study conducted by ACCA (2012, p. 5) indicated that accountants frequently adopt dysfunctional behaviours by underestimating costs, overestimating the potential benefits associated with a decision and making important accounting decisions that were biased towards their personal interests. Dysfunctional behaviour in the public sector accounting practices can lead to misinterpretation and misrepresentation of financial data relating to the public entities (Collier & Ampomah 2008, p. 56). This can in turn lead to misallocation of budgets, manipulation of financial information and creative accounting hence this can have a negative effect on the performance of the public corporations. Risk management involves making everybody in an entity to be aware of the means of dealing with the risks that surround their tasks. Therefore, risk management enables accountants to change their dysfunctional behaviour in public sector accounting practices hence this makes sure that they provide reliable financial information to the public as well as to the policy makers. Risk management provides public entities with a means of isolating the risk they face from their activities. This means that the employees must be accountable and responsible of their actions. Thus, the accountants are forced to embrace ethical behaviour in order to minimize the risk faced by their entities. Managing risk eliminates risky behaviour in accounting practices in the public sector (ACCA 2012, p. 7). According to the Securities Industry Association, Compliance & Legal division (2005, p. 14) public entities have been accused of using the public funds improperly. These accusations have forced public corporations to come up with strategies of regulating their accounting practices in order to improve the behaviour of their employees. A study conducted by ACCA (2012, p. 7) indicated that public corporations fail in implementing their strategies because the accountants in the public sector make biased financial decisions in order to suit their personal needs. The study indicated that unethical behaviour in managing public funds made the entities in the public sector to fail to implement their strategic plans effectively. Unethical behaviour arises in public sector accounting due to staff difficulties in meeting their financial needs, accountants fear relating to the future of their jobs and due to deliberate dishonesty as well as due to planned abuse of responsibilities. Risky behaviour arises due to uncertainty in decision making and this encourages accountants to adopt unethical behaviours. Risk management enables the public sector entities to eliminate unethical behaviours in accounting practices. Managing risk provides a means through which entities in the public sector can control the risks exposed to their accounting practices hence this makes sure that unethical behaviour is controlled before it materialises. Moreover, risk management provides administrators in the public sector with means of avoiding the risk of unethical behaviour from occurring. This is because risks in accounting practices fail to be managed effectively due the unethical behaviour of the accountants. Risk management enables the public entities to be aware of the risks in their accounting practices hence this makes it easy for them to manage and avoid the risks. Identifying the risk is important as it facilitates the process of acting upon them and this enables the accountants to eliminate biasness in accounting practices. Furthermore, managing risk requires the accountants in the public sector to have a greater level of care hence this forces them to be ethical in their profession. 2.2 Theoretical Framework 2.21Efficiency and Effectiveness Chapman, Hopwood and Shields (2009, p. 1391) state that risk management practices are aimed at facilitating effectiveness and efficiencies in public sector activities and operations. Risk management enables public corporations to enforce their internal control systems hence ensure effective accounting practices. 2.22Accountability and transparency Through risk management public entities are able to come up with risk based control systems. These systems are important in regulating accounting practices in the public sector entities and this ensures greater accountability and transparency. Securities Industry association, Compliance & Legal Division (2005, p. 11) emphasizes that through risk management the responsibilities of the administrators in the public sector are enhanced. This requires them to have a greater concern in supervising their entities accounting practices hence this improves their accountability to the public. Managing risk in the public sector involves providing guidelines for the administrators. The guidelines ensure that accounting decisions and actions are geared towards meeting the needs of the public hence this enables the public enterprises to have a better management of their finances. 2.23 Ethical behaviour According to ACCA (2012, p. 3) risk management plays an important role in influencing the behaviour of employees in the public sector entities. Managing risk influences accountants in the public sector to adopt ethical behaviour and this is important in creating a positive image about the public sector enterprises. The risk management process enables accountants in the public sector to identify the possibility of various consequences and outcomes based on specific decisions and actions. Moreover, through risk management, accountants are able to identify the financial risks that could affect the public sector enterprises operational and strategic operations. Furthermore, managing risk enables public sector accountants to utilize financial resources effectively by targeting public projects that are characterized by low risk. Risk management process makes sure that the accountants understand the risks faced by new projects. Therefore, through risk management accountants in the public sector are made aware of the risks facing public entities and this enables them to realize that their tasks are important in managing risk in their entities and thus the need to adopt ethical accounting practices. The fact that accountants provide decision support requires them to be ethical in their accounting practices. This ensures that they do not provide risky decisions after undertaking the risk management process. 2.24 better decision making Risk management in accounting enables public entities to apply proper judgement in accounting figures hence this ensures efficient project management (Mawji 2004, p.54). Through risk management, public entities are able to come up with new risk measuring systems and techniques that are able to provide more information regarding discrepancies in financial information. This enables the public entities to manage their funds more effectively and thus make appropriate decisions regarding the financing of public projects. Furthermore, managing risk provides public corporations with information relating to the level of uncertainty in relation to costs to be incurred in developing and managing public projects. This means that the amount of cost to be incurred is determined with greater accuracy hence eliminating financial decisions made on cost estimates. Therefore, making financial decisions using accurate estimates reduces the chances of fraud that public corporations are exposed to while using estimates to make their financial decisions. Metcalf (2004, p.3) notes that risk management offers solutions to public entities by providing them with well determined estimates of the costs to be incurred in financing public projects. Stakeholders of public corporations demand for better governance through accountability hence through risk management expenses are accurately determined and this minimizes the chances of fraud that may arise by using financial estimates. 2.25 Accounting standards Risk management in the public sector ensures that the accounting practices are fair, transparent and meet accountability requirements (Keating 2011, p.8). Enterprises in the public sector are required to be accountable by the treasury and the public. This requires their accounting practices to display transparency by ensuring that they observe high accounting standards. Managing risk exposed to public funds ensures that the funds are used economically efficiently and effectively by making sure suitable accounting practices are adopted. Risk management enables public entities to identify areas through which public officials may use in order to waste and misuse public funds. Furthermore, risk management facilitates the improvement of internal control systems hence this makes sure that the accounting practices are monitored more effectively. Therefore, risk management improves corporate governance in the public sector by ensuring greater accountability through effective monitoring processes hence this ensures that the public is satisfied with how their funds are utilized. Metcalf (2004, p. 6) notes that risk management makes sure that principles of dealing with public funds are set hence this ensures that the accounting practices adopted by the public sector are of high standards. 2.26 Accounting regulations Securities Industry Association, Compliance & Legal Division (2005, p. 14) states that effective compliance with accounting practices and regulations require public sector entities to identify and control the risks that can lead to the violation of accounting laws. This makes sure that the public sector entities meet the public needs hence improve their reputation. Risk management provides information regarding the accounting practices to be observed by the public entities in order to avoid the risk exposed to them. This means that the accountants must comply with the accounting practices required in order to eliminate the risk and thus enable the public entities to comply with regulatory requirements. Complying with the accounting regulatory requirements makes the public entities to be more accountable hence this improves their public reputation. 2.27 Reliability Jorge (2009, p. 317) notes that the public sector is characterized by the need for transparency, integrity and reliability. This requires the administrators of public sector entities to come up with policies for managing risk that is exposed to public funds. Good management of public funds ensures that public decisions on financial matters are made with reliable information. Thus, managing risk in relation to the accounting practices in the public sector provides the public with a means of safeguarding their funds and this enables decision makers in the public sector to base their financial decisions on reliable information. Furthermore, managing risk in public sector accounting makes sure that the public entities observe strict technical and professional tools so as to ensure accountability to the public. Managing risk assists in provision of reliable documents which can be easily compared. It is important for public entities to compare their financial results throughout their operating period due to the need to satisfy the citizens need for transparency. 2.28 Quality Standards Risk management is an important aspect of Quality Control Standards and Procedures in the public sector (Metcalf 2004, p. 1). The need to ensure accountability in the public sector requires public sector managers to implement risk management practices in order to eliminate the risk that their departments may be exposed to. According to Turlea and Stefanescu (2009, p. 211) increased globalization has led to increased complexities in the public sector entities and this has exposed them to more risks. Therefore, managing accounting risk in the public sector entities enables them to create best practices in their activities and operations. Moreover, the entities are able to offer quality services to the citizens. Wynne (2004, p. 2) notes that public sector accounting practices are characterized by accrual based accounting which presents many financial risks to public entities hence the need to manage this risk. The accrual accounting concept exposes the public enterprises to the risk of fraud and other accounting irregularities. 2.29 Achieving their objectives According to CPA Australia (2012, p. 9) public sector enterprises should set accounting responsibilities, practices and procedures as well as policies in order to ensure that they achieve their objectives. This requires them to manage the risks associated with their financial resources in order to ensure that they are used responsibly and with accountability. Good accounting practices in the public sector ensure that the public sector enterprises are responsible to the public. Moreover, good accounting practices facilitate the improvement of performance in the public sector entities and enable them to comply with the regal requirements. Managing risk in the public sector accounting practices ensures that financial risks are identified and managed effectively. This makes sure that the public sector entities are financially accountable to both the tax payers and the public. 2.210 Minimizing financial risk Managing risk involves making objective analysis and measurements in order to make appropriate decisions (ACCA 2012, p. 9). Good quality decisions reduce the financial risk exposed to the public entities and this leads to good accounting practices. Public sector accounting practices contribute to the risk exposed to public sector enterprises. These risks arise in managing public accounts, financial forecasting, budgeting control and in providing support during the decision making process. However, risk management provides accountants with information on how to avoid these risks and this ensures excellent performance in the public sector accounting practices. Moreover, observing good accounting practices enables the accountants to avoid unethical behaviours, create a culture based on good ethics and eliminate fraud in issues relating to the use of public funds. Implementing good accounting practices enables the public to develop a positive altitude and perception about the public sector. Furthermore, effective accounting practices provide reliable decisional support to public sector administrators and this leads to the delivery of better services to the citizens. Therefore, risk management promotes good accounting practices in the public sector and this enables the public sector to meet its objectives. 3.0 Research Methodology 3.1 Introduction This section discusses the methods adopted by the study in collecting and analyzing data. It involves all the methods and procedures used in evaluation of data in order to determine the effects of risk management in public sector accounting. The section covers data collection methods and procedures used to analyze the data. 3.2 Research design The study adopted was a case study research on the public sector in Australia. This research design was suitable for the study because it allowed for the collection of information about risk management and accounting practices in the public sector. 3.3 Data collection and Analysis The study collected its information mostly from the secondary sources. This includes journals, books, reports and magazines. The data collected from the secondary sources was then comprehensively analyzed in order to understand the effects of risk management on accounting practices in the public sector. 4.0 Findings and Analysis 4.1 Risk management in Australian Public Sector According to Commonwealth Secretariat (2005, p. 88) risk management has gained increased focus in the Australian Public Sector due to the shift in Australian culture. Risk management in the Australian public sector aims at coming up with a risk averse system that is process driven in order to achieve the sectors strategic objectives. The Auditor General (2005, p.2) notes that risk management is aimed at guarding the performance of the Australian public sector hence this will enable it to achieve its goals. Risk management framework assists the public sector to take advantage of opportunities and thus facilitate it to deliver better services to the citizens. The objectives’ of risk management in the Australian public sector is to provide a general strategy for managing risk. In addition it aims at influencing public sector managers and staff to develop techniques, processes and systems for managing risk which are suitable to the Australian public sector operating system. Risk management in the agency facilitates the development of a risk programme and policy which spells out the responsibilities of all departments at all levels. The risk management policies require all the public sector entities to satisfy public needs by undertaking continuous scrutiny of their activities in order to identify the risks that may impede their performance. This ensures that the Australian Public Sector is accountable to the citizens and to the parliamentary committees. According to Commonwealth (2008, p. 20) risk management is aimed at enabling the Australian public Sector to achieve its strategic goals and to also assist in management and in the decision making process. Managing risk facilitates better integration between the Australian Public Sector and its operating environment. Managing risk allow the agency to make careful plans towards enabling it to meet its objectives. Australian public sector risk management policy is formulated with an intention of providing better accountabilities in managing risk, process and public resources. It includes a set of objectives that shape and guide risk management initiatives and sketches out the means through which the objectives can be measured and evaluated. Commonwealth Secretariat (2005, p.97) emphasizes that risk management facilitates the integration of risk with management practices in the public corporations. This enables the public sector to provide a rationale in applying the risk management practices in its activities. Moreover, integrating risk management in the public sector management practices facilitates more effective and efficient use of public resources and assists the agency in providing greater assurances to the citizens because of the fact that its risks have been properly managed. Risk management in the public sector is aimed at providing better accountability and responsibility for managing risk (Drennan & McConnel 2012, p. 234). Risk management provides an opportunity for the public sector to assign roles and responsibilities to their staff members hence this ensures that the agency is able to achieve its objectives. Moreover, assigning responsibilities facilitates better coordination and communication in issues relating to risk management. ACCA (2012, p. 21) states that the Australian public sector risk management practices are focused at creating a positive risk culture. This is important as it enables the agency to emphasize the need to manage risk in order to achieve its objectives. 4.2 Australian Public Sector Accounting Practices According to Davies (2010, p. 61) the Australian Public Sector (APS) adopts accrual based accounting. The accrual based accounting produces timely records hence this enables the APS to provide financial records that reflect reality. APS uses accrual accounting in both budgeting process and in financial reporting. Champoux (2006, p. 2) states that the accrual accounting system identifies economic activities when they occur rather than when money is actually received or paid out. This system recognizes revenues when goods and services are delivered while expenses are recognized at the time when liabilities are incurred and assets are used in creating revenue. The APS favours the accrual accounting method because of the fact that transactions involving public services are not necessarily concluded within one accounting period. Godfrey and Chalmers (2007, p. 190) note that Australia adopted accrual accounting for APS as a means of reforming its public sector. The reforms were done in an aim of increasing the government efficiency and improving the country’s fiscal performance. To implement the change, the Australian government adopted the Budgeting management program and the financial management improvement program. In order to emphasize on performance of APS through government management system, the financial management and accountability act was passed in parliament. The shift to accrual based accounting enables the APS to improve its responsiveness and efficiency in delivering services to the citizens (McPhee 2006, p. 2). The accrual based accounting also improves APS use of public resources and enhances accountability. Furthermore, the accrual based accounting system enables the APS to provide timely financial information that meets the needs of the citizens. Uddin and Tsamenyi (2010, p. 248) notes that the accrual accounting practice enables APS to provide and reflect the basis of accountability for the extra flexibility provided to public sector administrators. Moreover, it facilitates APS to be more effective and efficient in managing their resources. According to McPhee (2006, p.3) the accrual accounting system practiced in APS provides long term goals that guide entities in the public sector in making their management decisions. Furthermore, the system improves APS accountability by expanding the concept of performance beyond the application and use of public funds. Additionally, it underpins APS objectives ensuring extra competitiveness in provision of public services. 4.3 Effects of Risk Management on Accounting Practices in the Public Sector Metcalf (2004, p. 11) states that managing risk in APS accounting practices enables them to comply with quality control management. This means that managing risk in public sector accounting makes sure that the APS implement and deliver quality and consistence services to the public. CIMA (2009, p. 52) emphasize that risk management in the public sector leads to elimination of fraud in accounting practices hence this ensures that the public corporations have adequate funds to offer continuous and quality services to the public. Risk management provides APS with a means of eliminating misuse and misappropriation of public funds through reckless accounting practices. This makes sure that the APS entities have sufficient financial resources that enable them to deliver superior services to the public. Risk management in public sector accounting facilitates long term and sustainable financial reporting by APS (CPA Australia 2012, p. 7). Managing risk in public sector accounting enables APS entities to meet their financial commitments hence their service delivery objectives both presently and in future periods. Risk management provides APS entities with an opportunity to focus on the anticipated environmental changes and how these changes can affect their accounting practices. Focusing and anticipating future changes enable the APS to plan their spending in order to ensure long term sustainability of their services to the public. Furthermore, managing risk in public sector accounting practices make it easy for APS entities to provide reliable financial information that ensures long term sustainability of fiscal policies. APS entities must present financial information that meets and satisfies the needs of the public. Moreover, the information should assist the government decision making process. Risk management provides public sector enterprises with a means of ensuring that their financial information meets the needs of the public as well as assisting the government to make its decisions. Therefore, managing risk in public sector accounting practices ensures that the APS entities provide reliable information to the public and to the government and this makes sure that the APS services are long term and sustainable. Risk management in public sector accounting makes sure that accounting standards are observed hence this facilitates the provision of quality financial statements. The process of managing risk ensures that the APS entities comply with accounting standards and policies. CIMA (2009, p. 18) argues that standards are important because of the fact that they ensure APS funds are protected from misuse and fraud and this ensures greater accountability and transparency. Furthermore, observing standards leads to the development of an ethics culture in public sector accounting practices. Managing accounting risk creates high ethical standards culture in APS and this has long term benefits to the citizens as it assures the public that they are dealing with a trustworthy public sector. Metcalf (2004, p. 2004) emphasizes that managing risk in accounting practices leads to the development of an entity that is governed by principles and standards of practice. According to Mawji (2004, p. 44) risk management in APS accounting practices enables them to develop indicators of controlling the accounting processes. The indicators act as means of monitoring the public sector accounting processes hence this is important in ensuring effective management of public resources. Risk management in accounting practices contributes to improved decisional processes especially in situations where uncertainty exists(Turlea & Stefanescu 2009, p. 26). Moreover, it enables the APS to provide efficient services and this contributes to the improvement of citizens’ value. Managing risk in accounting ensures better utilization of public funds hence this makes it possible for APS to deliver efficient services to the public. 5.0 Conclusion The importance of the study is that it provided a deep understanding on how risk management is related to accounting practices in the Australian public sector. Moreover, the study provided in-depth information pertaining to risk management and accounting practices in the Australian public sector. Risk management in public sector accounting practices enable the APS entities to deliver quality and effective services. This is due to the fact that risk management makes sure that the entities comply with quality control management practices. In addition, risk management in APS accounting practices ensures long term and sustainable financial reporting. Additionally, risk management in the public sector accounting practices assists the APS entities to observe accounting standards and this ensures that they produce quality accounting statements. Finally, managing risk in APS leads to the development of controls that ensure efficient monitoring of accounting practices. This in turn leads to elimination of fraud and development of a high ethics culture. Efficient monitoring systems ensure that APS meet their objectives and thus meet the needs of the public. The limitation of the study is that it collected data from the secondary sources. The secondary sources may not completely reflect the actual effects of risk management on accounting practices in the public sector. References ACCA 2012, ‘Rules for Risk Management: Culture, Behavior and the role of Accountants’, in Accountant for Buusiness, pp. 1-20. 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