Environmental Accounting(EA) goes beyond recording and measuring because it deals with decision making and steps in conservation of resources Environmental accounting (EA) is seen by corporate managers and environmental advocates alike as a necessary complement to improved environmental decision-making within the private sector. Whether the goal is pollution prevention, or some broader notion of "corporate sustainability," there is a widespread belief that sound environmental accounting will help firms
through serious accounting scandals due to flaws in their corporate governance. SOX was enacted as a reaction to these scandals. The other reasons are: 1. For protecting the investors 2. To detect fraud easily by resorting to practices like internal auditing 3. To build up the public confidence in public accounting as well as securities traded publicly 4. Make people more aware and accountable which in turn
functions being performed by the profession of accounting are found to be important in the growth and stability of financial market both at the domestic level and international level (Ruhnke & Schmidt, 2014). An audit can be defined as the examination of financial statements of an organisation by the independent professional (an auditor) considering the attestation of financial report reflecting
Management: The management of the business is greatly interested in knowing the position of the firm. The accounts are the basis, the management can study the merits and demerits of the business activity. Thus, the management is interested in financial accounting to find whether the business carried on is profitable or not. The financial accounting is the “eyes and ears of management and facilitates in drawing future course of action, further expansion etc.” iii. Creditors: Creditors are the persons
organizations ever since these highly publicized corporate fiascos. Regulations have been brought in most countries around the world to improve the running of audit committees as an apparatus to reinforce good corporate governance in order to avoid future accounting scandals. Indubitably, it can be perceived that only an audit committee
reputations and it is necessary for leaders to look at the past and present in order to figure out the faults and most importantly, their strategic plans for their future. On the other hand, the article, “Market Overreaction to Product Recall Revisited—The Case of Firestone Tires
Stella Omusa is another interesting case study. As she pursued early schooling, Stella never had any idea of her orientation. Even her parents and peers could not help Stella on the same. Luckily, as a bright student, it was not difficult to secure admission into a public university. However, it is not clear whether Stella pursued a degree in bachelor of commerce, accounting option by choice or just as a matter of natural flow of events. Most likely though, it was the course she was selected to
been prepared to cover the assessment requirements of AAT unit ‘Internal Controls and accounting systems’. 1.2 The aims of this report are to; •analyse the payroll system of Chic Paints Ltd so as to identify weaknesses and threats. 1.3 •to make recommendations for improving the system. 2 METHODOLOGY • This report is based on an analysis of the accounting system of Chic Paints Limited which was a case study provided by AAT. Through the analysis weaknesses were identified and recommendations
COST ACCOUNTING INNOVATION AND TWO OF ITS IMPACT (Impact of cost accounting on financial and management decision) ABSTRACT This research contains the information’s and findings about the cost accounting evolution, about how it started from being an accounting itself through the birth up to the development of cost accounting. And the main purpose of this research is to discuss the two of its impacts, and also their benefits and implications. It also includes the objectives of cost accounting. And
managers of Enron, the auditors of Enron, the bankers of Enron and the Bush administration among other players. The Economist (2002) further stated that “the only missing ingredient on the scandal so far is sex”. The Enron showed the need to reform the accounting and Corporate Governance environment in the USA. It also highlighted loopholes of leadership and ethical quality in the business environment of USA. The key issues which caused the problems at Enron also included the following; • Conflicts