Accuracy in financial reporting

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Reference no: EM13922483

Discussion: Accuracy in Financial Reporting

A sale is a sale, and a profit is a profit, right? Not always. While an organization's financial statements should fully and transparently reflect the organization's actual financial situation, sometimes they do not. Sometimes there is intentional deception or fraud. Yet, even when an organization uses legal and accepted accounting practices, financial statements may fail to present risks or explain unusual costs, profits, or assumptions.

To prepare for this Discussion, think about a time in your professional experience when a decision was made based on inaccurate financial information or unethical behavior resulting in fraudulent financial information. If you do not have professional experience directly related to accounting and decision making, research a situation where inaccurate or fraudulent financial information was provided by a company. Consider the outcomes of utilizing fraudulent financial information for decision making and research how to avoid such situations.

Post by Day 3, the following:

• Describe the situation from either your professional experience or your research.

• Explain the steps you would take to address unethical behavior and remedy the situation of utilizing the inaccurate or fraudulent financial information you described and why you would take these steps.

• Explain the steps that you, as a manager, might take to ensure that all financial information you review accurately reflects the organization's true financial situation and why this is important to prevent unethical behavior and the use of inaccurate or fraudulent financial information.

• Comment on the scenarios and remedies presented by your colleague, providing your insights based on your experience or knowledge.

• Suggest additional steps that managers might take to ensure accurate data and provide examples of when such steps have been taken, including the resulting outcomes.

• Ask a probing question of your colleague, based on your readings from the week and/or your experience. You should be sure to include the context for your question and why it is important to address.

• Compare your colleague's situation with the one you presented and share any insights you gained.

Reference no: EM13922483

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