external report Essay

Submitted By parisxu90
Words: 485
Pages: 2
Open Document
Research Report 2: Stakeholder Communications

The aim of this assessment task is to: critically reflect on factors that influence the quality of external reporting

The following Institute of Economic Affairs (IEA) study questions whether accounting regulation, and specifically the increasing amount of accounting regulation, has been effective in protecting the interests of users:

REQUIREMENT:
If we accept that the regulation of external reporting (i.e. in the form of accounting standards) is a political process
To what extent does regulation (in the form of accounting standards) and the “attributes of a profession” assist in the generation of external reports that might considered neutral and representationally faithful as the Conceptual Framework would suggest? Please explain the basis of your opinion.

Notes:
1. This assessment item requires you to form and explain an opinion (i.e. in your view). Marks are not awarded for a correct/incorrect answer. Marks are based on your ability to form and explain an opinion that is logical in its construct.
2. Although it is your opinion, your opinion should be informed from material covered in class and other pertinent reference material (appropriately referenced).
3. At a minimum, it is to-be-expected that your opinion will include reference to the following:
a. Define neutral and representationally faithful
b. Objectives of external reporting
c. The ‘political process’
d. Arguments for and against regulation
e. Relevant ‘attributes of a profession’
f. Implications for the quality of external reporting

4. You are not required to discuss other forms of regulation on financial reporting (such as ASX or Corporations legislation)

5. There is no specified audience for this report and a 'loose' reporting format can be adopted. Nevertheless, marks will be awarded in accordance with your ability to demonstrate sound professional written communication skills.
Note: This assessment is not about Enron or WorldCom (referred to in the
Show More

Related Documents: external report Essay

Essay on easyJet report external assessment fi

Comparison of EasyJet with the entire industry An external assessment of the entire airline industry is needed to compare and analyse easyJet’s position with regard to the overall industry. Constant technical improvements present opportunities for airlines and the aviation industry is growing as financial investors are getting more interested by its overall growth; on the longer-run, the emerging markets and new technological improvements will lead to the increase of the number of fleets and their…

Words 4687 - Pages 19

market communication Essay

Who Is an External Auditor? External auditors are usually public accounting firm employees brought in under contract to review the accounting and financial books of a company. This task is performed quarterly and annually, consistent with the reporting cycle for public investment companies. The external auditor is under the fiduciary burden to make sure that the public and shareholders can be comfortable with the reports issued by the subject company. The external auditor's third-party opinion is…

Words 463 - Pages 2

Description Of Swipe Security Badge

Importance level: High Primary Actor: Legislator Short Description: This use case handles the legislator swiping their security badge after payment of a meal in the canteen. Trigger: Legislator decides to purchase food from the Senate canteen Type: External / Temporal Major Inputs Description Source Major Outputs Description Destination Legislator ID DGS Police Security Swipe Authentication Proximity Reader Badge Payment Legislator Badge Authorization Network Major Steps Performed Information…

Words 1094 - Pages 5

Audit interrelation ship Essay

of Enron and Parmalat, both of them are discovered to manipulate data displaying a fake promising financial performance to public, which resulting huge loss. According to Porter’s audit trinity, she considered audit committee, internal audit and external audit as the key components for performing auditing (Porter, 2009). In this essay, we would analyze functions of each other and interrelation among them. 2. FUNCTIONS 2.1 Audit Committee An audit committee is a standing committee of the board of…

Words 3374 - Pages 14

Stakeholders' and Financial Statements Essay

companies are doing well and which are almost down in the dumps. Banks, lending facilities, and/or external stakeholders are greatly interested in seeing where companies are in the market compared to their competitors. These companies take the most risk by investing their monies into entities that are not started, maintained, or organized by themselves. There are many factors that come into play when external stakeholders are looking to make a decision on where to place their money. Those factors include…

Words 2118 - Pages 9

Auditing Assignment1 Essay

Vincents Ltd should carry out the audit of P & M Pty Ltd? 3 4.0 Company Profile. 3 4.1 Advertising 4 5. Propose Audit fee 4 6. Conclusion 4 7. Appendix……………………………………………………………………………………….....5 1. Introduction The purpose of this report is to analyse the given case study and make a desicion on main issues regarding auditing of the company. There is a situation where Mary and Peter’s parthnership has been converted into P&M Pty Ltd; hence, their financial statements needs to be…

Words 953 - Pages 4

Economics: Monetary Policy and Short-term Debt Zooms Essay

comfortable limits. The total external debt also rose to $295.8 billion at the end of September , up 12.8% from $262.3 billion at the end of March. “As of now it is within our comfort zone,” said Sunil Sinha, head of research and senior economist with ratings agency, Crisil . “The increase is partly a reflection of the large foreign institutional investment in debt that we have experienced since March.” The share of short term debt in total external debt stood at 22.3% at the end of September…

Words 843 - Pages 4

Financial Statements Essay

financial statements. In this paper it will describe the four basic financial statements and the purpose of each of the four financial statements. It will also discuss how internal and external users are able to use the financial statements and what it would benefit. In general accounting provides internal reports for a company so it may see where it is from a financial perspective. The four financial statements are balance sheet, income statement, retained earnings statement, and statement of…

Words 750 - Pages 3

1511pb Business Studies Assessment 1 Essay

total. The task has two parts: Part A - Oral Presentation is worth 10%, Part B - Inquiry and Research written report is worth 10% Outcomes to be assessed: P 2.1: assesses the role, importance and interdependence of key business functions in the operation of a business P 2.2: discusses the relationship between business planning and business operations P 4.2: describes the internal and external factors contributing to the success of failure of business P 5.2: plans and conducts an investigation into…

Words 444 - Pages 2

Auditing Essay

Jones has an obligation for fairness to the owners, management, and creditors who may rely on the report. Because of the financial interest in whether the bank loan is granted to Boucher, Jones is not independent in either fact or appearance with respect to the assignment undertaken. 3. The auditor must exercise due professional care in the performance of the audit and the preparation of the report. 3. This standard requires Jones to plan and perform the audit with due care, which imposes…

Words 1410 - Pages 6