The social impact of accounting

Article Abstract:

Some sectors believe that the social and economic impacts of accounting should be central in the setting of accounting standards. The Financial Accounting Standards Board (FASB) standards for gas and oil accounting and foreign currency translation are unsatisfactory, because they are based on historical cost accounting. Any successful method of accounting should take into consideration the results of the expenditures allocated and give a consistent treatment to all assets by using current cost values. Accounting information should also be as neutral as possible. Satisfactory accounting standards are important because they have an economic impact and can change economic behavior such as reinsurance and hedging. Accounting standards can also be influenced by politics.

Social aspects, Accounting and auditing, Accounting, Foreign exchange

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Resignation or abdication - the credibility of auditor resignation statements

Article Abstract:

A study of the accountancy profession shows out of 340 auditor resignations almost all outgoing auditors report that there are not matters that should be brought to the attention of members or creditors. However the audit fees and reporting behaviour of incoming auditors suggest the credibility of auditor resignation statements should be questioned.

Ethical aspects, Auditors

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Questions to Ask when Selecting an Auditor

Article Abstract:

The type and extent of auditing services available varies greatly. A treasurer must decide what degree of auditor involvement is desired. Choosing an auditor who has a background in a given industry is of particular importance. Several CPA firms should be interviewed and compared as to costs, viewpoints, and qualifications.

Evaluation, Interview, Accountants

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