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
list and explain four factors that influence the auditor''s judgement regarding the sufficiency if the evidence obtain

The following situations may or may not breach the ethical requirements of APES 110. You need to state whether they are or are not a breach of the ethical requirements of APES110 a

The Need for an Audit If you take an example of a modern large liability company, we can clearly distinguish between the providers of funds and those who control those funds. The

Method of corrercting evidence?

Following three frameworks/ concepts are an integral part of the ‘world of auditing' which may be used by auditors throughout their audit engagements. (i) Overview of the audit

Current Audit File The current audit file might include inter alia: a) A copy of the audited financial statements and any report prepared as a result of audit work carried out

Relevance The auditor obtains evidence either through compliance testing of the internal controls or through substantive tests of the information contained in the financial sta

Assessment Criteria Sheets Risk analysis report Subject Learning Outcome: To examine techniques used by auditors, including risk analysis, evidence collection and evaluation Below

Accounting Principles - Intangible Assets IFRS 3 prescribes the financial reporting through an entity whenever it undertakes a business combination. A business combination is

Explain The Difference Between Internal Audit And External Audit?        Ans) The internal audit is performed to help the management. The weakness of the management is disclosed