Reliable accounting and financial reporting aid society in allocating resources in an efficient manner. Explain why audits are demanded by society? Support your answer from the Annual report of 2021 of Central Bank of Kuwait?
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9. Reliable accounting and financial reporting aid society in allocating resources in an efficient manner. Explain why audits are demanded by society? Support your answer from the Annual report of 2021 of Central Bank of Kuwait?
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- a. Discuss in detail about accounting standards. 1. History of Accounting standards (IFRS and GAAP) 2. Boards or organization associated IFRS. Structure of the board. 3. Process of developing IFRS or amending for existing IFRS. 4. Detailed discussion of any Two updated IFRS. b. Discuss about Regulatory authority for monitoring accounting standards and Financial Reporting in Oman and other GCC countries. c. Write a summary of IFRS 7, and 13 and show sample illustrations for measurement and de-recognition of financial assets and financial liabilities.Which of the following is/are primary sources of data? i. Data collected by a bank through telephone calls from the credit card customers to gain an insight on their satisfaction level. ii. Previous records of Commission received to be used to prepare forecasts for next year. iii. Data collected from Global Business review about recent market trends1- An external auditor analyses the financial information of a company and reports on finding. Elaborate the functions of external auditor and provide reference from report. Who is the external auditor of Central Bank of Kuwait?
- Make a critical assessment of the International Accounting Standard Board’s (ASB) Conceptual framework 2018. Discuss the key elements of the conceptual framework and their role in enhancing the relevance and reliability of financial reporting.Explain the audit report preparation process in Malaysian public sector and suggest two ways on how the government departments may prepare timely annual financial statements.Instructions: The audit profession is considered one of the important professions for society due to the number of users of financial statements who rely on it in making their economic decisions. The auditor of this data must obtain the confidence of the users of this data. Therefore, professional bodies have been formed to organize the work of the auditors, qualify them, and set their performance standards to achieve this confidence. Required: Talk about the international, American and Saudi professional bodies and their respective tasks and the standards they issue
- 19.The government regulates financial market and financial institutions for three main reasons. What are those reasons? I. To ensure the soundness of financial market and institutionII. To ensure the soundness of the financial systemIII. To increase the information available to the investorsIV. To increase the information available to the users.V. To improve control of the financial informationVI. To improve control of financial system. a. I, II, V b. I, III, IV c. II, III, IV d. II, III, VICRITICALLY EVALUATE THE BANKING CRISIS IN GHANA AND ASSESS WHETHER ACCOUNTING OR AUDIT HAD A ROLE TO PLAY IN THE CRISIS.GAAP provides rules for entities to follow when preparing financial statements which assist external users with: A.analysing owner's personal transactions. B.interpreting bank statements C.making comparisons between an entity’s budgeted and actual results. D.making comparisons between the financial information of different entities.
- Conduct an in-depth analysis of the Bank of St. Vincent and the Grenadines Ltd financial reporting practices and asset management strategies. Here is the report: BOSVG-Audited-Consolidated-Financial-Statements-FYE-December-31-2022.pdf (ecseonline.com) Using the report evaluate the following: Financial Reporting Analysis: a) Evaluate the company’s latest annual financial statements (balance sheet, income statement, and cash flow statement) and comment on the company's financial performance and position. In your response, use the requirements of IAS 1 as a guide. b) Identify and discuss key accounting principles and standards applied in the company’s financial reporting process indicating their reasons for choosing these and how they were applied. Comment briefly on the appropriateness of the choices made given the company’s industry, location and type (e.g. MNC, regional conglomerate, etc.) c) Critically analyze any significant accounting policies and estimates disclosed in the notes…The government of Ghana through a successful execution of the Public financial management project is seeking to develop and implement fully the Ghana Integrated financial Management information system (GIFMIS) using the oracle E- Bbusiness suite financial software Required :Describe the the nature ,scope and objectives of GIFMIS 2.Explain the role and responsibilities of parliament under the ACT.Discuss about Regulatory authority for monitoring accounting standards and Financial Reporting in Oman and other GCC countries.