0
What else can I help you with?
What is amending opinion?
An amending opinion is a formal statement issued by an auditor or a professional accountant when they find issues in the financial statements that do not comply with applicable accounting standards. This opinion typically indicates that the financial statements are materially misstated or misleading. It serves to inform stakeholders that the financial information may not accurately reflect the organization's financial position or performance. An amending opinion can impact the trust and credibility of the financial statements among investors, regulators, and other stakeholders.
Why is a regulatory framework necessary?
Regulatory framework is necessary for the preparation of Financial statements. - Financial statements are used by investors, lenders and customers (to name but few) and must be helpful for those stakeholders for making decisions. - Statements should be comparable and provide basic information.
Explain why a regulatory framework is necessary?
Regulatory framework is necessary for the preparation of Financial statements. - Financial statements are used by investors, lenders and customers (to name but few) and must be helpful for those stakeholders for making decisions. - Statements should be comparable and provide basic information.
Who are the people that are interested in the financial statements of a business?
the people who are interested in the business financial statement are : -- the BIR -- the business's prospective investors -- the management -- the owner of the company/business hope this answer helps you
What Objective of financial statements?
The objective of financial statements is to provide relevant and reliable information about a company’s financial performance and position to various stakeholders, including investors, creditors, and regulators. They aim to help users make informed economic decisions by presenting a clear picture of the company’s profitability, liquidity, and overall financial health. Financial statements also enhance transparency and accountability by adhering to established accounting standards.
What are two functions in the accounts office?
Two functions in the accounts office include managing financial transactions such as invoicing and bill payments, and preparing financial statements and reports for internal and external stakeholders.
What are the combined financial statement of a parent company and its subsidiaries is what?
The combined financial statements of a parent company and its subsidiaries are known as consolidated financial statements. These statements present the financial position and results of operations of the entire corporate group as a single entity, eliminating intercompany transactions and balances to provide a clear view of the group's overall financial health. Consolidated financial statements typically include a consolidated balance sheet, income statement, and cash flow statement. They are essential for stakeholders to assess the performance and financial stability of the parent company and its subsidiaries collectively.
How might changing one of the financial statements affect the other financial statements?
How might changing one of the financial statements affect the other financial statements?
What are limitations of financial management?
Financial Statements Are Derived from Historical Costs. ... Financial Statements Are Not Adjusted for Inflation. ... Financial Statements Do Not Contain Some Intangible Assets. ... Financial Statements Only Cover a Specific Period of Time. ... Financial Statements May Not Be Comparable. ... Financial Statements Could be Wrong Du
What are the roles played by directors in terms of the published statements of a company?
Directors are responsible for overseeing the preparation and approval of a company's published financial statements to ensure they accurately reflect the company's financial position. They also play a key role in ensuring the statements comply with relevant accounting standards and regulations. Additionally, directors are responsible for reviewing the statements for accuracy and providing assurances to shareholders and other stakeholders regarding the company's financial performance.
What are the limitations of management?
Financial Statements Are Derived from Historical Costs. ... Financial Statements Are Not Adjusted for Inflation. ... Financial Statements Do Not Contain Some Intangible Assets. ... Financial Statements Only Cover a Specific Period of Time. ... Financial Statements May Not Be Comparable. ... Financial Statements Could be Wrong Du
What are the main functions of an audit?
The main functions of an audit are to provide an independent examination of financial statements to ensure they are accurate and reliable, to assess compliance with laws and regulations, and to provide assurance to stakeholders on the organization's financial health and operations.
