Accountant Responsibility

Accountants Responsibility Introduction The restrainers primary feather role is to verify the in divisionation in the pecuniary statements in accordance with the principally Accepted Auditing Standards (GAAS) and to train that they conform to Generally Accepted Auditing Principles (GAAP) which are both provided by the American add of Certified Public Accountants (AIPCA). The controller is oblige for validity of the monetary statements. The controllers as well as have a nonrecreational business to resolve the public with integrity, objectivity and with due diligence. Accountants also have a office to detect and report two-faced and illegal activities their clients whitethorn be engaged in. Apart form ensuring the correctness of the financial statements, the accountant also has a responsibility to ensure that an arrangement has strong and effective internal controls (Securities and reciprocation Commission, 2008). Accountants Responsibility Responsibility to thirdly parties trey party entities such as potential investors, creditors and banks will normally commit on the financial statements prepared by the accountants to drum closings. The accountants report provides assurance that the financial reports can be relied on.

Generally, the accountant is not liable in start out with a third party as at that place is not contract between the accountant and the third party. However, the accountant has a statutory liability to investors and other third parties who affirm on the reports the accountant may have prepared to make their investment decisions. though hired by the management, his or her responsibility! extends that of the management to those who rely on the financial statements in their decision making (John, 2003). at that place are three rules that are usually applied in relation to accountants responsibility to the third party. for the first time is the ultramares privity rule where the accountant is only responsible to the client. Secondly, is the foreseeability approach where the accountant...If you fatality to get a full essay, auberge it on our website: BestEssayCheap.com

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