To whom do a company's financial statements belong: management, the audit committee, or the auditor? Explain and
Question:
To whom do a company's financial statements belong: management, the audit committee, or the auditor? Explain and discuss why the ownership issue is important.
Financial StatementsFinancial statements are the standardized formats to present the financial information related to a business or an organization for its users. Financial statements contain the historical information as well as current period’s financial...
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 62% (8 reviews)
Management is responsible for issued financial statements From a financial r...View the full answer
Answered By
Saikumar Ramagiri
Financial accounting:- Journal and ledgers, preparation of trail balance and adjusted trail balance Preparation of income statement, retained earning statement and balance sheet Banks reconciliation statements Financial statement analysis Cash flow statement analysis (both direct and indirect methods) All methods of Depreciations Management Accounting:- Ratios Budgeting control Cash budget and production budget Working capital management Receivable management Costing:- Standard and variance costing Marginal costing and decision making Cost-volume-profit analysis Inventory management (LIFO, FIFO) Preparation and estimation of cost sheet Portfolio management:- Calculation of portfolio standard deviation or risk Calculation of portfolio expected returns CAPM, Beta Financial management:- Time value of money Capital budgeting Cost of capital Leverage analysis and capital structure policies Dividend policy Bond value calculations like YTM, current yield etc International finance:- Derivatives Futures and options Swaps and forwards Business problems Finance problems Education (mention all your degrees, year awarded, Institute/University, field(s) of major): Education Qualification Board/Institution/ University Month/Year of Passing % Secured OPTIONALS/ Major ICWAI(inter) ICWAI inter Pursuing Pursuing - M.com(Finance) Osmania University June 2007 65 Finance & Taxation M B A (Finance) Osmania University Dec 2004 66 Finance & Marketing. B.Com Osmania University June 2002 72 Income Tax, Cost & Mgt, Accountancy, Auditing. Intermediate (XII) Board of Intermediate May 1999 58 Mathematics, Accountancy, Economics. S S C (X) S S C Board. May 1997 74 Mathematics, Social Studies, Science. Tutoring experience: • 10 year experience in online trouble shooting problems related to finance/accountancy. • Since 6 Years working with solution inn as a tutor, I have solved thousands of questions, quick and accuracy Skills (optional): Technical Exposure: MS Office, SQL, Tally, Wings, Focus, Programming with C Financial : Portfolio/Financial Management, Ratio Analysis, Capital Budgeting Stock Valuation & Dividend Policy, Bond Valuations Individual Skills : Proactive Nature, Self Motivative, Clear thought process, Quick problem solving skills, flexible to complex situations. Achievements : 1. I have received an Award certificate from Local Area MLA for the cause of getting 100% marks in Accountancy during my Graduation. 2. I have received a GOLD MEDAL/Scholarship from Home Minister in my MBA for being the “Top Rank student “ of management institute. 3. I received numerous complements and extra pay from various students for trouble shooting their online problems. Other interests/Hobbies (optional): ? Web Surfing ? Sports ? Watching Comics, News channels ? Miniature Collection ? Exploring hidden facts ? Solving riddles and puzzles
4.80+
391+ Reviews
552+ Question Solved
Related Book For
Auditing A Business Risk Approach
ISBN: 978-0538476232
8th edition
Authors: Karla Johnstone, Audrey Gramling, Larry Rittenberg
Question Posted:
Students also viewed these Auditing questions
-
What is BDCC management's responsibility with respect to the company's financial statements? Do the financial statements belong to management? the auditor? the board of directors? shareholders?
-
Multiple Choice Questions 1. The base account for a vertical analysis of the income statement is: a. net income. b. income before taxes. c. net sales. d. operating profit. 2. A horizontal analysis of...
-
Assume that Mason Corporation has a subsidiary company based in Japan. Yen______ Assets ........................... 410,000,000 Liabilities ....................... 145,000,000 Stockholders' equity:...
-
A company has the following results for the three years to 31 March 2021: Assuming that the trading loss is carried forward and that maximum loss relief is taken as soon as possible, calculate the...
-
Can you please help to explain. Cash Flow to Creditors The 2009 balance sheet of Annas Tennis Shop, Inc., showed long- term debt of $ 1.34 million, and the 2010 balance sheet showed long- term debt...
-
Explain what is meant by objective setting and describe the four types of objectives used in ERM.
-
Why should we think in terms of "failing to reject" the null rather than just accepting it?
-
The Great North Woods Clothing Company is a mail-order company that processes thousands of mail and telephone orders each week. They have a customer service number to handle customer order problems,...
-
Suppose the amounts presented here are basic financial information (in millions) from the 2025 annual reports of Nike an Nike adidas Sales revenue $18,455.5 10,493.0 Allowance for doubtful accounts,...
-
Ashley Stamper opened a medical practice. During July, the first month of operation, the business, titled Ashley Stamper, MD, experienced the following events: Jul. 6 Received a contribution of...
-
Knechel, W.R. and Willekens, M. (2006). The Role of Risk Management and Governance in Determining Audit Demand. Journal of Business Finance & Accounting: 33(9) & (10), 1344-1367. i. What is the issue...
-
What characteristics should audit committee members possess?
-
The company purchased the following securities during Year 1: In Year 2, the company reclassified both of these securities. Security A was reclassified as available for sale; the fair value of...
-
In algebra, a quadratic or 'square' equation is any equation that can be written as , where x represents an unknown value while a, b, and c represent the known coefficients of the equation where a #...
-
Use the Record templates available in Moodle T2 for giving evidence of the activities described above. Do not forget to complete all your record forms and submit in Moodle : Goods receiving form...
-
Carryless Arithmetic is basic arithmetic but with the carry from each column ignored. For example, using carryless multiplication, 4 * 4 = 6 but 3* 3 still equates to 9. Below is an example using...
-
identify the financial statement impact of each entry. The financial statements are automatically generated based on the journal entries recorded. December 1 On December 1, Nina Miller forms a...
-
Enter the trial balance on a worksheet and complete the worksheet. Cash Accounts Receivable: Supplies Account Titles Equipment Accumulated Depreciation Equipment Accounts Payable Unearned Service...
-
You are given one 200 resistor and two 100 resistors. What total resistances can you obtain by connecting some, none, or all of these resistors in various combinations?
-
Refrigerant-134a enters an adiabatic compressor as saturated vapor at 120 kPa at a rate of 0.3 m3/min and exits at 1-MPa pressure. If the isentropic efficiency of the compressor is 80 percent,...
-
In August 2010, Michael Dell, Dell Inc.'s CEO and chairman of the board, was reelected to Dell's board of directors by Dell's shareholders. However, not all of the shareholders were happy with Mr....
-
Obtain a copy of the PCAOB's report titled "Observations on Auditors' Implementation of PCAOB Standards Relating to Auditors' Responsibilities with Respect to Fraud." You can use any search engine or...
-
Select either a public company or a company that is near your university and perform a preliminary review of its corporate governance. Identify all the sources, including Internet sources, of...
-
1. Identifield and explain 3 causes of stress and 3 techniques to overcome stress ? 2. examine worksite stress management programmers more likely to be effective.
-
Bright Books is a bookstore chain established 10 years ago in northern Michigan. Bright Books has had great success in Michigan and Ohio and is beginning to expand into other states. Most recently,...
-
Design a synchronous counter using D flip-flops such that the count sequence of the counter follows the digits in . Each state must be 4-bit. Follow the steps below: (i) (ii) (iii) (iv) 137836...
Study smarter with the SolutionInn App