Accounting and tax integrity
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Key ingredients to ensure your accounting and taxation are maintained for the benefits of your business sustainability
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This document discusses how small and medium accounting practices can transform themselves during economic downturns. It suggests that practices become more significant and meaningful to clients by providing services like financial reporting, budgeting, and cash flow management. The document also recommends that practices reconfigure their value proposition, business models, and processes. It emphasizes investing in people and leadership. Additionally, it advises practices to partner with other businesses and consider new financing options like crowdfunding and peer-to-peer lending. The overall message is that economic challenges provide an opportunity for transformation.
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The document discusses the Audit Oversight Board's 2015 annual report. It notes that the increasing number of registered individual auditors and decreasing partnerships with less than two partners indicates improved commitment to capacity building and succession planning among audit firms. This reinforces the firms' ability to take on more complex clients. The report also discusses promoting high quality auditing practices, including issues with the effectiveness of the engagement quality control review process at major firms and other audit firms. It provides examples of enforcement actions taken, including reprimands and registration revocations.
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This document discusses financial reporting, professional judgment, and professional skepticism. It provides principles for preparers and auditors when exercising professional judgment in financial reporting. Preparers and auditors must gather and analyze all relevant information, assess accounting guidance, and properly document their judgments. Auditors must also appropriately assess and challenge the client's judgments. Regulators review financial statements and auditor documentation to evaluate the professional judgments made. The document concludes with case studies that illustrate issues like a lack of management assumptions verification, risk of management override of controls, and unreliable evidence provided by management.
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This document discusses key financial concepts for entrepreneurs including business models, strategic risks, working in vs on the business, business life cycles, sources of capital, profitability, cash flow, and returns. It provides examples of calculating unit costs, gross profit, break even point, cash flow statements, and equity value. The main points are that financial management capabilities are important for entrepreneurs, tools like understanding costs, margins, and cash flow are essential, and focusing on projections rather than just historical performance can help manage risks and make the business more competitive.
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Accountants perform various financial and compliance roles across corporate, SME, public, and non-profit sectors. Their responsibilities include linking business and financial data to decision making, financial reporting, management accounting, regulatory compliance, financial management, capital raising, budgeting, cash flow management, governance, risk management, and internal controls. Accountants work in finance functions, auditing and assurance, taxation, advisory, and transaction services. They support strategic decision making, ensure regulatory compliance, and provide financial insights. To become an accountant requires obtaining degrees from accredited institutions, completing professional programs and competency assessments, and gaining relevant work experience under supervision.
Innovation And Change For Business Sustainability
Innovation and change are necessary for business sustainability in a competitive global economy. To remain relevant, businesses must shift to new economic models based on innovation, creativity, and high-value activities. This requires moving the economy up the value chain through greater value-add in manufacturing, services, and agriculture. It also means raising knowledge and innovation capacity through improved education and nurturing research capabilities. Ensuring business sustainability further requires appreciating strategic risks and mitigating risks proactively in an increasingly interconnected world where the business landscape is constantly changing.
Collaboration Between Academicians And Practitioners In Enhancing Accounting ...
This document discusses collaboration between academicians and practitioners to enhance accounting knowledge through network-centric approaches. It outlines principles of wikinomics and network-centric competition that emphasize openness, sharing, and leveraging global networks. Examples are provided of how companies like Boeing, Salesforce, and Li & Fung create value through networked partnerships. The document argues that academicians can add value across all aspects of the value creation process for companies. Applying a network-centric model to accounting knowledge development could involve academicians providing expertise to address real-life issues while practitioners provide feedback to enhance teaching. Successful collaboration requires understanding each other's motivations and constraints.
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- 1. Accounting and Tax Integrity 8 November 2018
- 2. What will happen to the share price of a company if the board announces that they will follow all the laws? - Andrew Fastow, former CFO, Enron
- 3. The case for integrity in the finance function Finance function Accounting system Reporting and compliance Management accounting Treasury Setting up appropriate accounting system Covers both financial and non- financial data and information Preparation of financial and management reports for decision making Ensure compliance with various laws and regulation Annual budget Costing Break-even point Performance assessment Capital budgeting and decisions Cash flow management Short and long term investment Capital structure
- 4. Better business decisions and risk management Relevant information and reports for decision making and compliance with regulation Knowledge integrity System integrity Data integrity People integrity Effective check-and- balance Organisational culture set by the tone from the board and senior management
- 5. Personal liability Reputation Risks Denied business opportunities Risks if integrity is compromised Nilai Business disruption
- 6. It makes business sense to maintain accounting and tax integrity: • Reliable data, information and reports for effective business decision making • Reduced risks on non-compliance and penalties which could disrupt business operation • Enabled business to capture opportunities and enhanced return to shareholders