Shortcomings And Weaknesses Of The Mazars Report

If a risk has been identified then it needs to be acted upon so as to minimise the level of risk involved. If this is not done then there is a higher level of risk and more chance of a negative outcome.

The issue of adoption of international financial reporting standards (IFRSS) in Australia has been controversial issue since the first time Australian Financial Reporting council (FRC) announced the policy in 2002. Many believe that IFRSS adoption will lead to great advantages such as enhance financial report comparability, improve quality of financial reporting, attract more foreign investor, and other significant advantages. However, some also believe that the adoption merely result in disadvantages and cost for Australian business, accounting profession and even Australian government.

Regardless the feedback and the flexibility in the time to complete the assignments, most of them were unfinished. The low quality of Ms. Fetzko work product was also reflected on the difficulty to make the documents available (password protection), the overall disorganization that reflected a lack of understanding of sequential analysis, the multiple copies of the same report with unsubstantial changes, the unrelated comments and recommendation, and the failure to coordinate a webinar for managers, and to create an organized PowerPoint

Check to see that the report is in the agreed format and that it can be understood easily by anyone involved

As the business environment grows and companies find new ways to expand into their respective - or even new – markets, it is important that reporting standards stay up to date with changes and continue to assist companies in providing their users with useful accounting information. Information is labelled as being useful when it meets the

When we delve into the word 'risk ', we find that it has a multitude of meanings, and that it is nowhere near as clear and precise as the advocates of traditional risk assessment assert, for example Hansson (2002) identifies five different common uses for the word risk, and Ekberg points out a "proliferation of risk definitions" and a whole range of different understandings of risk (2007 p345).

Fetzko did not have the develop the basic skills and minimum knowledge to collect, analyze and report information in a congruent manner. The principal problems in these areas are also documented in Table 2. Performance Follow-up Timeline. These problems were: lack of significant improvement in the MS Excel and MS Word programs, which are the programs utilized to collect, analyze data and to create reports; Ms. Fetzko consistently repeated the same mistakes in her reports despite the feedback and training owing to lack of understanding of instructions and technical requirements, lack of attention to detail, incapacity to handle more than one assignment at the same time, poor technical writing and grammar, limited ability to interpret information and formulate meaningful conclusions and recommendations, limited time management skills, incapacity to do basic data analysis and the limited capacity to learn new skills regardless the training. In conclusion, for nine months, Ms. Fetzko did not show substantial progress or

Our aim in this paper is to analyse and justify the facts that support and object the main issue of whether the mandatory adoption of International Financial Reporting Standards have in fact increased Financial Reporting Quality.

• A further weakness is that the accounting department issues reports that only indicate how each area operates, rather than evaluating the performance of each area, which would prevent a constriction in cost efficiency. These weaknesses prevent JDCW from accurately accessing its true costs.

However, due to the lack of information in the case study, the limitation of the report and its recommendations might be appeared.

Indubitably, the Financial Accounting Standards Board (FASB) and the International Financial Reporting Standards (IFRS) create and are sets of, respectively, governing bodies in today’s business world. FASB and IFRS both are constantly updating to meet and accommodate the ever changing world presently. Changes are not easy, but necessary to keep up with reform and accommodate a setting of efficiency and meet the demand of prosperity. Such reforms are prudent in order to better harmonize the accounting world and create less conflicts in reporting issues. FASB main focus is to help create generally accepted accounting

• A further weakness is that the accounting department issues reports that only indicate how each area operates, rather than evaluating the performance of each area, which would prevent a constriction in cost efficiency. These weaknesses prevent JDCW from accurately accessing its true costs.

Revised and optimized the reporting structure, the purpose is to have a clear reporting structure to make a effective communication, no overlap

The other negative point in administrative reports is that some readers only read the end part – the summary, conclusion, and recommendation. It may sometimes end up the reader asking questions, instead of reading the whole paper.

With complete notion and awareness of how each country has their set of rules, “the goal of IFRS is to provide a global framework for how public companies prepare and disclose their financial statements” (Rouse, 2011). This view is meant to provide general guidelines, as well as international comparisons through conventional and edifying means. To bring broader and vivid objectives, IFRS replaced IAS, the older standards, in order to bring a more comprehensive and simplified accounting procedures.