Essay on Theories for the Accounting Department of an Organization

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Introduction There are numerous departments that come under the ambit of an organization and among them, the name of accounting and finance department is one of them, which has its own significance and importance in particular. Management of accounting is an important aspect from the viewpoint of an organization (Chernev, 2012). Management is a synergy of four things, which particularly are planning, organizing, leading and controlling and all of these provisions are important for the sake of an organization. In order to effectively increasing the financial belongings and strategic capabilities of an organization consideration of the things are more than important for them. It is observed that organizations always made to earn economic…show more content…
Accounting department is held responsible for the management of transaction of the company and it is one of the most important departments from the viewpoint of a company (Philip Kotler, 2011). There are number of theories which have been associated with the accounting department and among them, the name Accounting Theory is one of them, which is quite important for the sake of an organization and for the sake of organizational productivity in particular. There are certain tools which used by the companies to mitigate their risk. Risk is the name of chances of occurrence in particular and with the help of effective strategies, organizations can decreased the association of risk. Among numerous things and models, the name of COSO ERM is one of them and all of the ERM based analysis would have been done accordingly. There are certain sections, which have to be complete in this particular section of literature review, like importance of the ERM and its applicability as well in particular. Enterprise Risk Management (ERM): An Overview The essence of internal control means different things to different people. This will cause confusion among businessmen, legislators, regulators and others (BEREND AUTOR WIERENGA, 2000). Cause misunderstanding and lead to different expectations of internal problems. When the word, if there is no explicit provision was written into the laws, regulations or rules exacerbate the problem. Senior managers have been seeking
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