The Importance Of Reports In Wells Fargo

In accounting there is much to be learned, about the financial aspects of a business. In the past five weeks I have learned the importance of financial reports and how they relate to the success of an establishment. These reports may include balance sheets and income statements, which help accountants and the public grasp the overall financial condition of a company. The information in these reports is really significant to, managers, owners, employees, and investors. Managers of a business can take and deduce financial

The questionable issue close by is Wells Fargo has discovered phony records that were made without buyers having any information that the records were being made. The underlying examination led uncovered that out of nighty-three point five million records audited around two point one million were resolved to be phony (McCoy, 2017). The optional examination uncovered that out of one hundred sixty-five million records inspected near three point five million are sorted to be unapproved accounts. The organization has chosen to organize its picture

According to the more than 5300 Wells Fargo’s former bank staff, direct cause of fraud is the bank directly linked employee compensation and sales performance. To face the difficulty of matching the sales aim, they had no other choices but to take a risk, and ultimately will inevitably damage to the interests of customers as the

Over the few decades, Wells Fargo had built up a reputation detaching itself from the likes of Wall Street by putting their customers first before money. However, one cannot help but think that Wells Fargo put money before customers as their aggressive sales goals led to the opening of unauthorized accounts without customer knowledge. During this fiasco, which dates back to 2011, Wells Fargo employees had opened as many as 2 million of false accounts in real customer’s names without the proper consent. An integral part of the problem were senior executives and management staff involved. Either they overlooked this growing scandal by turning a blind eye, or partook in it themselves, but both ways there is responsibility to be claimed, and guilt to be measured here.

Bruce worked for Wells Fargo for five years where he began as a Loan Document Specialist and moved up to Loan Servicing Specialist. He is very passionate about working in funding and finance and is looking for a position where he can continue to grow and learn in the industry. Any gaps in employment history have been due to job seeking.

I agree with Madelynn Owens when she mentioned that Stumpf did a good job persuading the viewers that Wells Fargo is still the same reliable and credible company that they have been for years. Stumpf mentions that in the future, the company will be changing the way they work to make sure nothing like this past incident happens again. Stumpf said,” We will be getting rid of product sales because getting rid of this will help lower our chances of risk.” By making this change, the employees will no longer feel pressured to meet their quotas.

Wells fargo has been on a roller coaster of up and downs but yet it is still considered a good stock to buy. We have talked about the different controversies this company has been through. These events have caused lots of consumers to lose trust in wells fargo. The main focus for the near future will be trying to regain our customers trust. This can be achieved by making a fresh start and cleaning house. It would be in Wells Fargo best interest to fire middle level managers that were involved as well as the ceo. The new management team once in place must prove to stockholders that there won't be sneaky lies or hidden agendas. In addition to the stockholders Wells Fargo needs to make this right with the people they ripped off. A settlement that

Financial information is seen to be relevant is it has ‘confirmatory value, predictive value, or both’ (Maynard, 2013, pp14). There are also four enhancing characteristics, which improve the usefulness of financial information. One of these characteristics is understandability which means that the information in an annual report should be ‘classified, characterised and presented clearly and concisely in order to make it understandable’ (Maynard, 2013, pp16). Other characteristics include comparability, verifiability and timeliness (Appendix 1). As there are many characteristics to satisfy in order to meet the demands of the users, the annual report is said to obscure important information and include ‘clutter (which) undermines the usefulness of annual reports and accounts’ (Financial Reporting Council, 2011). This then gives an unclear understanding of the issues a company actually faces, and raises the question as to whether these characteristics are right, as relevant information becomes more difficult for users to analyse a company’s progress.

Accounting standard-setters have an expectation that the readers of general purpose financial reports have a ‘reasonable knowledge’ of accounting. Specifically, the IASB Framework states that ‘users are expected to have a reasonable knowledge of business and economic activities and accounting and a willingness to study the information with reasonable diligence’. Hence, there is an expectation that financial statements are not tailored to meet the needs of people

Have you ever wondered exactly how major corporations manage their earnings and spendings? Each company needs to be able to keep track of the flow of their money, whether it is coming in or going out. They also need to have it documented and provide it to certain individuals. This report is a summary of their financial performance, comprised of every revenue, expense, asset, liability, and equity that company made over the past year. They provide this report to their shareholders, it is a very important tool of communication between manager and owner, and it is used for tax purposes. In order for corporations to account for their financial transactions, they need to prepare three things; an income statement, a balance sheet, and a statement of cash flows.

Accounting reporting criteria includes many factors and covers many elements. From Fundamental Financial Accounting Concepts, “accounting is so important that it is often called the language of business. In fact, accounting affects not only individual businesses but also society as a whole” (Edmonds, Edmonds, McNair, Olds, & Schneider, 2006, p. 4). Global business requires added consideration in the way of accounting reporting criteria. With heightened consumer protection becoming increasingly important, regulation of American reporting criteria such as The Sarbanes-Oxley Act (SOX) is common to hear or the Security Exchange Commission’s (SEC) requirement of management submitting a financial statement in

The most common flaw in reports made in business organizations, whether in written or oral form, is that they are too linear. That is, they are organized in a pattern reflecting the process the investigator (s) followed in conducting the study. You’ll want to write instead for readers who want their concerns emphasized, and not be

Reports help in making the decision making process of owners and managers of an organization more productive and efficient. Be it measuring the quality of the products coming off an assembly line or the timelines of a software project implementation, proper reports on such performance indicators can

Financial reporting being my last module in this course has been quiet rewarding and beneficial as it provides comprehensive guidance for the acquisition of requisite knowledge and skill to appraise my current role as an accountant. The theories, concepts and ideas introduces new areas otherwise would not have been exposed to, for example, potential uses and limitations of Extensible Business Reporting Language (XBRL). It laid solid foundation for the application of financial accounting, financial reporting and corporate governance in the course of my career as well provides a platform to enhance my understanding and competence in areas of financial reporting.

preparers of financial reports should make sure that they provide reliable and meaningful information for users. The purpose is to identify both sides of issues, and evaluate and give conclusion about whether cutting the clutter.