external party use such as in the annual report‚ SEC Form 10-K‚ and prospectus. If “accounting is the language of finance” (Lasher‚ 2008‚ p. 9) then financial reporting is the “communication of financial information useful for making investment‚ credit‚ and other business decisions” (Wild‚ Shaw‚ & Chiappetta‚ 2009‚ p. 681) Such communications include general purpose financial statements such as income statements‚ balance sheets‚ equity reports‚ cash flow reports‚ and notes to these statements. Additionally
Premium Financial statements Annual report International Financial Reporting Standards
modified (but unqualified) report. It is also the duty for Mark to convince George about the financial position of his company’s going concern. Although George has past success involved in his retail business; however‚ he is not willing to accept the fact that the business is so much at a loss that it needs no going concern explanatory paragraph. Therefore it is the duty of Mark to explain to George the consequences of not including the explanatory paragraph in the report. He should also probably
Premium Auditor's report Auditing Audit
Learning Objectives After completing and discussing this case‚ you should be able to • Understand the difficulty of assessing the client’s going-concern assumption • Describe the “self-fulfilling prophecy” aspect of a going-concern modified auditor’s report • Identify factors that encourage objective auditor judgments despite the presence of friendly client-auditor relationships Background Mark glanced up at the clock on his office wall. It read 2:30 P.M. He had scheduled a 3:00 P.M. meeting with
Premium Auditor's report
This Report? • To gain an in-depth understanding of baby food market in India • To identify the on-going trends and anticipated growth in the coming years • To help industry consultants‚ distributors and dealers to align their
Premium Baby food Infant Annual report
audits. The following independent and material matters have come to your attention. 1. Food Fund Foundation‚ a charity‚ is a non-reporting entity. As in previous years‚ you have performed the audit in accordance with its constitution. The financial report is prepared by another firm of accountants on behalf of Food Fund’s board of directors‚ because Food Fund does not have the in-house expertise to perform his function. During your review of the internal control structure‚ you noted that the company
Premium Internal control Audit Auditor's report
card activities that occurred at the front desk. These data reflect the front office’s financial performance for the day. The night auditor summarizes and reports the results of the operations to the front office management. This accounting data can also be used by hotel’s accounting department for the generation of further statistical reports. The night auditor establishes guest and non guest account integrity by cross- referencing account posting with departmental source documentation. The
Premium Hotel Audit Auditor's report
Manage Budgets and Financial Plans ntroduction In this project‚ I will analyze the financial reports of commonwealth bank Australia. 1. To whom is this report disseminated and how this will be done? This report will be disseminated to; * Management * Shareholders * Investors * Creditors * Board of directors * Employees * Government This will be done in any of the following ways; * Through E-mail * Through post * Through newsletters * Through
Premium Management Finance Annual report
successfully or not. The report of the internal audit is used only by the management for the improvement of internal control system. The internal auditor carries out checking work throughout the year. Although‚ he is an employee of the organization but he is given some form of independence in order to perform his duties more efficiently. External Audit‚ These are the audit other than internal. They are performed by external auditors. The main purpose of this audit is to report on the true and fair view
Premium Auditing Audit Internal control
with financial information‚ so they can plan and budget accordingly. Owners and managers also require financial statements to make important business decisions that affect its continued operations. A financial report‚ also often referred to as financial reporting or annual report contains much more than mere financial statements though the basic purpose is to provide all relevant information about the company to all stakeholders. It is also a large collective document that summarizes the financial
Premium Financial statements Balance sheet Income statement
References: Ahmed‚ N. N. N. and Sualiman‚ M. (2004). Environmental disclosures in Malaysian annual reports: A Legitimacy theory perspective. International Journal of Commerce & Management‚ 14(1)‚ 44-58. Bhate‚ S. (2002). One world‚ One environment‚ One vision: Are we close to achieving this? An Explanatory Study of Consumer Environmental Behavior across
Premium Financial statements Sustainability Environmental law