Writing Assignment 1

Writing Assignment 1 - the role of financial statement...

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Robert Garrett Intermediate Accounting I Ms. Nelson September 5, 2008 Writing Assignment 1 Financial accounting is an ever evolving field with technology and scandals. The main purpose of financial reporting is to honestly report how the company is doing. Also, it is used as a tool for correction assessment. The accounting profession’s responsibility for financial reporting is to make sure that all statements are honest and accurate. The accounting profession has failed in their responsibilities in several different ways. However, the main one of these are to report the earnings without negative stuff “such as losses expenses such as for restructuring charges, declines in values of assets, acquisition costs or whatever else seemed to be depressing earnings for a quarter” (page 389). Now,
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Unformatted text preview: the role of financial statement auditors is to analyze and critique companies with honesty and integrity. In addition, the role and responsibility of company management in financial reporting is having no corruption, put your company and employees first. Most of these errors can be related to a term called transparency. This is basically a lack in numbers being reported to investors that do not reflect economic reality (page 384). Politics also influence or attempt to influence financial reporting by either passing laws to make more rigorous standards or in a more corrupt manner get companies to falsely report to make the economy look better than it is. I feel Turners main concern is fear that the more scandals there are the more integrity the profession will lose....
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This note was uploaded on 09/08/2008 for the course ACCTG 353 taught by Professor Nelson during the Fall '08 term at Luther.

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Writing Assignment 1 - the role of financial statement...

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