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Showing posts from March, 2023

WHAT SHOULD ACCOUNTANTS DO TO IMPROVE ACCOUNTABILITY?

  In the financial sector, accountability means that the personnel department is held accountable for the performance of a specific function. In an ideal world, they are responsible for the correct execution of a specific task even if they are not performing that task. Another party will rely on the task being completed, and the responsible party is the one whose head will roll if the action is not carried out.  Accountability  is one of the most serious issues, with significant implications for accountants. For example, the auditor responsible for reviewing the company's financial statements would be held accountable and legally liable for any fraud. Accountants must be cautious and knowledgeable in their work. Accountants have access to highly sensitive financial information due to the nature of their job. Because that work also entails difficulties in interpreting monetary methods and regulations. Accountants must make judgment calls about how to handle and report financial meth