Ch _1 PPT & Intro Comments

Ch _1 PPT & Intro Comments - Trust, But Verify....

Info iconThis preview shows pages 1–6. Sign up to view the full content.

View Full Document Right Arrow Icon
“Trust, But Verify.”
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Accounting – “The Language of Business” Sender of the Message (Management) Receiver of The Message (“USERS”) F/S
Background image of page 2
Potential “Users” of F/S Investors – stockholders and creditors (actual or prospective) Major business “partners” Employees Customers Suppliers Competitors Regulators (such as the SEC, FTC, etc.) Management itself – this is the focus of “managerial accounting”
Background image of page 3

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Accounting – “The Language of Business” Sender of the Message (Management) Receiver of The Message (“USERS”) F/S Q: Should the “users” evaluate management’s performance with information that management itself has prepared? What needs to be added to enhance the reliability of management’s financial statements?
Background image of page 4
Connotations of “Auditing” Financial statement audits (associated with independent CPAs) Compliance ” audits (e.g., IRS, etc.) Operational ” audits (sometimes called “efficiency” audits, usually associated with
Background image of page 5

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Image of page 6
This is the end of the preview. Sign up to access the rest of the document.

This note was uploaded on 04/22/2011 for the course ACCY 360 taught by Professor T during the Spring '08 term at Northern Illinois University.

Page1 / 13

Ch _1 PPT & Intro Comments - Trust, But Verify....

This preview shows document pages 1 - 6. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online