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Yes, financial statements of non-profit entities should be subject to regulation to ensure transparency, accountability, and trustworthiness. Regulation helps protect donors and stakeholders by providing accurate information about the organization's financial health and how funds are utilized. Additionally, it can prevent fraud and mismanagement, promoting responsible stewardship of resources intended for public good. Overall, regulatory oversight enhances the credibility of non-profits and fosters public confidence in their operations.
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Who are those entities which are subject to commission on audit?
Entities subject to the Commission on Audit (COA) in the Philippines include all government agencies, instrumentalities, and government-owned and controlled corporations. This also extends to local government units (LGUs) and other entities that receive government funds or resources. The COA is responsible for ensuring transparency, accountability, and proper financial management within these entities. Additionally, it audits any private entities that manage public funds or resources on behalf of the government.
What is a contextual statement?
A contextual statement provide general information on a given subject.
Explain the word Book keeping?
The term book keeping is related to maintenance of books of accounts for both financial as well as inventory aspect. Maintaining of books of accounts is subject to the approval of auditors for certifying the accounts as per the regulation of the appropriate authority like Govt. or companies act
How financial information presented?
Financial information is usually presented to board members at every board meeting. It is presented in writing, and subject to board approval. Typically, a balance sheet and a profit and loss against the budget with variances and the last year's year to date information is presented. As requested, a scorecard or a cash flow statement may be presented as well.
Why is misstatement of inventory one of the most common means of finanancial statement fraud?
Misstatement of inventory is a common means of financial statement fraud because it directly impacts a company's cost of goods sold and overall profitability, making it easier to manipulate reported earnings. Inventory is often subject to subjective judgments regarding valuation, obsolescence, and estimation, providing opportunities for intentional misrepresentation. Additionally, the complexity of inventory accounting and the potential for pressure to meet financial targets can lead management to engage in fraudulent practices. This misstatement can significantly mislead stakeholders about a company's financial health.
What has the author Simon Gleeson written?
Simon Gleeson has written: 'Personal property law' -- subject(s): Personal property 'Financial services regulation' -- subject(s): Banking law, Financial services industry, Law and legislation 'International Regulation of Banking'
What has the author Peter D Spencer written?
Peter D. Spencer has written: 'The structure and regulation of financial markets' -- subject(s): Capital market, Finance, Financial institutions
What has the author Jeffrey Carmichael written?
Jeffrey Carmichael has written: 'The development and regulation of non-bank financial institutions' -- subject(s): Financial institutions, Insurance companies, Securities
What has the author Clyde P Stickney written?
Clyde P. Stickney has written: 'Financial Statement Analysis' -- subject(s): Accounting, Financial statements 'Financial accounting' -- subject(s): Accounting, Contabilidade gerencial, Contabilidade, Accountancy
What is Malaysia financial reporting standards?
The Malaysia financial reporting standards include a framework for annual periods. It started on January 1, 2012 with the exception of entities subject to the application of MFRS 141 on agriculture.
Who are those entities which are subject to commission on audit?
Entities subject to the Commission on Audit (COA) in the Philippines include all government agencies, instrumentalities, and government-owned and controlled corporations. This also extends to local government units (LGUs) and other entities that receive government funds or resources. The COA is responsible for ensuring transparency, accountability, and proper financial management within these entities. Additionally, it audits any private entities that manage public funds or resources on behalf of the government.
In the Code of Federal Regulations which section explains to subject to the regulation and under what circumstances?
In the Code of Federal Regulations (CFR), the sections that explain who is subject to a particular regulation and under what circumstances are typically found in the introductory sections of each regulation, often referred to as the "scope" or "applicability" sections. These sections outline the entities, individuals, or activities that fall under the regulation's purview and specify any exceptions or specific conditions that may apply. For precise information, one should refer to the specific title and part of the CFR relevant to the regulation in question.
What government entity began to regulate both Blue Cross and Blue Shield?
The Blue Cross and Blue Shield programs began to be regulated by state insurance departments. In the 1970s, these programs were increasingly subject to oversight to ensure compliance with insurance laws and to protect consumers. This regulation aimed to standardize practices and ensure the financial stability of these non-profit health insurance entities.
What has the author Alan D Stickler written?
Alan D. Stickler has written: 'Financial statement presentation requirements and practices in Canada, 1977-78' -- subject(s): Disclosure in accounting, Financial statements
What has the author Hugo Nurnberg written?
Hugo Nurnberg has written: 'The cash flow statement' -- subject(s): Accounting, Cash flow, Financial statements
Where can someone find information on SFAS 157?
The SFAS 157 is the Statement of Financial Accounting Standards 157, which was issued in 2006 by the Financial Accounting Standards Board (FASB). Wikipedia has a lengthy in depth article on the subject.
What has the author Rory J O'Brien written?
Rory J. O'Brien has written: 'Inadequacies in international regulation of financial services' -- subject(s): Bank of Credit and Commerce International, Case studies, Commercial crimes, Financial institutions, International, Financial statements, Misleading, International Financial institutions, International finance, Misleading financial statements, Tax havens
