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Financial Reporting Key components of financial reporting Audit report Types of audit report Creative Accounting Is creative accounting an evil? Limitations of financial statements
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Confirming the existence and value of assets and liabilities.
Verifying whether all the statutory requirements are fulfilled or not.
Proving true and fairness of operating results presented by income statement and financial position presented by balance sheet.
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Checking arithmetical accuracy of books of accounts, verifying posting, costing, balancing etc.
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Confirming the existence and value of assets and liabilities.
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- 2. Table of content • Financial Reporting • Key components of financial reporting • Audit report • Types of audit report • Creative Accounting • Is creative accounting an evil? • Limitations of financial statements
- 3. What is financial reporting? • Financial reporting is the process of communicating an organization's financial information to external stakeholders, such as investors, creditors, regulators, and the general public. • The primary purpose of financial reporting is to provide relevant and reliable information about the financial performance and position of the company, enabling stakeholders to make informed decisions.
- 4. Key Components • Financial statements: 1. Balance Sheet 2. Income Statement 3. Cashflow Statement • Notes to financial Statements • Audit Reports
- 5. Audit Report • An audit report is a formal document issued by an independent auditor after conducting an examination of an organization's financial statements and related processes. • The purpose of the audit report is to provide an opinion on whether the financial statements are presented fairly in accordance with the applicable accounting standards. • The report is a critical element in providing assurance to stakeholders, including investors, creditors, and regulatory authorities.
- 6. Types of audit reports • Unqualified Opinion • Qualified Opinion • Adverse Opinion • Disclaimer of opinion
- 7. Creative Accounting Creative accounting refers to the manipulation of financial information by companies to present a more favorable picture of their financial position and performance than what it is in actual. Examples of Creative accounting: • overestimating revenues • lowering depreciation charges • delaying expenses
- 8. Is creative accounting an evil? While creative accounting is legal, it can lead to accounting fraud, which is illegal Whether creative accounting is considered "evil" depends on the intent and consequences of the practices involved Creative accounting can lead to the issues of ‘ethical concerns’ and‘damaging of trust’
- 9. Limitations of financial statements Historical Information: Financial statements primarily provide historical information about a company's performance which may not necessarily predict future performance. Estimates and Assumptions: Financial statements often include estimates and assumptions, such as depreciation methods, bad debt provisions, and useful life of assets. Qualitative Factors: It ignores qualitative factors such as employee morale, quality of management, market conditions.
- 10. Cont’d Window dressing/creative accounting: Companies may involve in creative accounting and manipulate the data which can affect the transparency. Ignoring Inflation: Traditional financial statements may not fully account for the impact of inflation on the value of money over time, particularly in periods of high inflation. Complexity for Non-Experts: Interpreting financial statements requires a certain level of financial education. Non- experts can find it challenging to understand the complex accounting principles and financial jargon.
- 11. Thank You!