Qualitative Results Of The Ncdmb's Financial Accountability

The Importance of Accountability is so my chain of command knows where everyone is so if they need a soldier for something they will know where to find them. It is also necessary to have accountability to make sure everyone in my class, platoon, or unit is safe and to make sure they are where they are supposed to be.

Please note that although the testing of the bank reconciliation provides further audit evidence over management’s

As Canadian Coalition for Good Corporate Governance indicates that the good governance of a corporation is essential to creating long-term sustainable value and reducing investment risk. In other words, the high quality performance of board directors plays a key role in the success of a corporation. We evaluate it based

These different stakeholders consider financial information available to them from slightly different perspectives to meet their own needs (Carlon 2016).

One important principle is the ability to have a strong annual budget in which goals are being achieved, and when goals are not being met, expenses are reconsidered. Other principles involve maintaining a sustainable amount of cash flow, being able to build a reserve, and hiring adequate staff. Moreover, the board plays an important role in organizational finances, therefore it is important for executive directors to provide the board with accurate financial information which leads to effective decision making. In the end, executive directors do not manage the everyday financial activities of the organization, but as leaders they must be able to assess, plan, and communicate the financial situation of their

In the healthcare industry accountability displays responsibility, honesty, and hard work. Employer’s count on employees to display these duties everyday in order to have an productive organization accountability must be instilled within every employee. Throughout the healthcare field there are several patients that need attention employees must be able to provide this as well as take responsibility for their mistakes which often happens when working in healthcare. This paper will discuss a few points about accountability such as the importance of accountability in healthcare, how are employees

Prior to the advent of the Sarbanes-Oxley Act of 2002, referred to herein as “SOX,” the board of directors’ pivotal role was to advise senior leaders on the organization’s strategy, business model, and succession planning (Larcker, 2011, p. 3). Additionally, the board had the responsibility for risk management identification and risk mitigation oversight, determining executive benefits, and approval of significant acquisitions (Larcker, 2011, p. 3). Furthermore, for many public organizations, audit committees existed before SOX and provided oversight of internal processes and controls. Melissa Maleske (2012) advised that the roles and responsibilities of the board were viewed “…from a perspective that the board serves management” (p. 2). In contrast, Maleske (2012) noted that SOX regulations altered the landscape “…to a perspective that management is working for the board” (p. 2). SOX expanded not only the duties of the board and the audit committee, but also the authority of these bodies (Maleske, 2012, p. 2).

In large corporations the success or failure of the company is the responsibility of the board of directors. According to Richard DeGeorge, “The members of the board are responsible to the shareholders for the selection of honest, effective managers, and especially for the selection for the CEO and of the president of the corporation.” (p. 202). The board members have a moral responsibility to ensure the corporation is run honestly, in respect to its major policies, and to ensure the interests of the shareholders are satisfied. The next responsibility within a corporation is the responsibility management has to its board of directors. DeGeorge writes, “It must inform the board of its actions, the decisions it makes or the decisions to be made, the financial condition of the firm, its successes and failures, and the like.” (p. 202). The management of the corporation is morally obligated to

An important decision for any shareholder is deciding whether or not to do business with that company. When a business is audited, the operations are reviewed to make sure that nothing is being hidden. An auditor will review the company’s financial statement and practices to confirm that each are direct and correct. The financial statements are the business’s way of representing them and showing that they are following the Generally Accepted Accounting Principles. The audit process is an important one because it provides a platform for the auditor’s opinion concerning the financial statements of the company. As part of the audit process the auditor will conduct an audit plan that outlines a number of actions that he or she will be perform while also detailing the reason for those actions. With every audit, the business’s management is in charge of handing over the financial statements that the auditor will review; while the auditor will review the statements for any material or immaterial misstatements.

| Attempt made to analyse a financial issue incorporating discipline knowledge and theory, but only minimal understanding of the issue is evident; Analysis addresses some aspects of the issue, but key elements are not

The AICPA (American institute of Certified Public Accountants) identified that most corporations increased using fund statements in their annual report. The theme of the use of fund statements is creating confusion when it came to preparing and interpreting them in the annual reports. The fund statements have been used over the past 100 years and have been incorporated in today’s practices . They are supposed to report all the items that have not been disclosed by the balance sheet, retained earnings statement, and the income statement. This means all changes in the form of liquidity; inter-entity transactions, and any form of different perspectives is reported. I think in order to avoid all the confusion and compromises in companies and organizations, accountants should request for the adoption of two or more reports to be used instead of the funds statement.

The strategic allocation of resources for an organizations goals must both be short term, and long term. It must take into consideration costs of employment, costs of service, costs of insurance, costs of resources for operation, timetables for the managment of these costs and (last but not least) sources of revenue. Of course, accurate ways of measuring the effectiveness of funds (i.e. are the funds our organization allocates for project-X yielding the successful results-Y that we are looking for) are also indispensible aspects of financial management, crucial to any organization. This, too, implies an ability to keep accurate records of where financial resources go in an organization; the more detailed and up-to-date, the better. (Already, we begin to see how, within financial managment, information management becomes important).

The policy should also include how the board members disclose their personal and financial interests and how they should deal with gifts or other incentives made to them in the course of their role on the Board. All Board Directors can declare all material facts or Financial Interests1 concerning the existence and nature of a potential Conflict of Interest and the relationship of any ‘Interested Director’.

The general purpose of creating financial reports are to assist board members and other stakeholders in decision making, in addition to providing accountability and transparency in organizational leadership. Taking internal control measures are an integral part of organizational health and wellbeing. For all intensive purposes, “boards of directors should know the true cost of services as part of their fiduciary responsibility” (McLaughlin, 2009, p. 99). There is great value in supplying detailed information in an attempt to simplify the financial statements when conducting a board meeting.

Historically, the Nigerian oil and gas sector like that of many other developing countries, has been dominated by the powerful IOCs resulting into a massive outflow of resources for the payment of training and procurement