Providers of funds, Auditing

Providers of Funds

A further point to note is that modern companies can be very large with multinational activities. Preparing accounts for such a group becomes a very complex operation that could involve bringing together and summarizing the accounts of subsidiaries with differing accounting systems. All accounts are required to conform to very detailed and complex requirements of the Companies Act (CAP 486) and also to the requirements of the many International Financial Reporting Standards (IFRSs). Taking these points into consideration therefore, it becomes necessary that to give credibility to the accounts an independent qualified expert be appointed to objectively investigate the accounts and then report his findings to all interested parties, primarily the shareholders as required by the Companies Act, but also to other providers of funds and relevant regulatory authorities.

  •     The directors who produce them;
  •     The shareholders to whom traditionally they are addressed;
  •     Lenders and debenture holders;
  •     Potential investors;
  •     Employees;
  •     Customers;
  •     Suppliers;
  •     Accountants;
  •     Stock-brokers;
  •     Credit rating agencies;
  •     Financial Journalists;
  •     Trade Unions;
  •     Statisticians;
  •     Competitors;
  •     The Government, including the Tax Authorities and the;
  •     Ministry of Finance for Economic Policy Decisions;
  •     The general public.
Posted Date: 12/3/2012 4:34:47 AM | Location : United States







Related Discussions:- Providers of funds, Assignment Help, Ask Question on Providers of funds, Get Answer, Expert's Help, Providers of funds Discussions

Write discussion on Providers of funds
Your posts are moderated
Related Questions
Advantages and Disadvantages of a Continuous Audit Advantages: The regular or continual attendance of the auditor might act as a deterrent to scam; Weaknesses in the

should your test for unrecorded liabilities be affected by the fact that a letter is obtained in which a responsible management official certifies that to the test of his knowledge

Skills and Objectivity of Expert The skills and competence of the expe rt Whether planning to require the work of an expert, so the auditor should assess the professiona

How do internal auditors add to the credibility of financial statements?

Government has recently set up a parastatal body responsible for waste management in Mauritius. The management is unsure as to the need for an audit and the setting up of an intern

audit procedure for shares or common stock

Party Disclosures used by IAS 24 IAS 24 utilized the following related party disclosures that 1. Nature of relationships between subsidiaries and parents, even whethe

Debtors - Audit Process Considering that what we have gone by on the other assets the audit work to check the figure of trade debtors should be follows as: 1) Get a schedul


How would you value the Goodwill