Introduction Background The Irish Auditing and Accountancy Supervisory Authority (IAASA) based at Millennium Park, Naas, Co. Kildare was established pursuant to the provisions of Part 2 of the Companies (Auditing and Accounting) Act, 2003 .The provisions of the act provided for a significant change in the regulatory regime in Ireland. The accounting profession in Ireland was usually self-regulated up until the late 19th century where in light of multifarious corporate collapses and accounting scandals, the government took measures to safeguard public interest due to political pressures arising as a result of globalization, the exigencies of international financial markets and the local media (O'Regan, P.2010). IAASA is a State initiative, with the role of overseeing the accounting profession in Ireland as an independent statutory body. It came into being after a report by a review group on auditing chaired by a prominent independent senator . Accounting practices and initiatives in Ireland were often influenced by practices in Britain (Clarke, P. (2006) . Role The role of IAASA within the Irish Statute is to support and augment public confidence in the accounting profession, financial reporting and to provide a consistent high standard of service to all stakeholders. They make sure that IAS (International Accounting Standards) and local standards are adhered to. The role of IAASA within the context of international financial reporting is to collaborate with all approved bodies in Ireland. Such as; • The Irish Association of Investment Managers • Irish Stock Exchange • Central Bank of Ireland • Office of the Director of Corporate Enforcement Etc. IAASA also works in collaboration with a plethora of local and international monitori... ... middle of paper ... ...hanged pension provision? A review of the evidence. Accounting & Business Research (Wolters Kluwer UK) [serial online]. June 2, 2009;39(3):255-267. Available from: Business Source Alumni Edition, Ipswich, MA. Accessed November 30, 2013. Ligand Pharmaceutical http://www.lexisnexis.com.remote.library.dcu.ie/uk/nexis/results/docview/docview.do?docLinkInd=true&risb=21_T18754653738&format=GNBFI&sort=RELEVANCE&startDocNo=1&resultsUrlKey=29_T18754653742&cisb=22_T18754653741&treeMax=true&treeWidth=0&csi=362627&docNo=2 Rolls Royce http://www.lexisnexis.com.remote.library.dcu.ie/uk/nexis/results/docview/docview.do?docLinkInd=true&risb=21_T18754653738&format=GNBFI&sort=RELEVANCE&startDocNo=1&resultsUrlKey=29_T18754653742&cisb=22_T18754653741&treeMax=true&treeWidth=0&selRCNodeID=137&nodeStateId=411en_GB,1&docsInCategory=694&csi=335987&docNo=1 . Last Accessed 30th November 2013.
The non-profit professional organization, American Institute of Certified Public Accountants (AICPA), was founded in the United States of America. The organization was founded in 1887, to help ensure that the accounting profession would gain the same respect as the other prestigious occupations had received from the public. The accounting profession, similar to the medical, legal, and engineering professions, is characterized by “…rigorous educational requirements [150 credit hours], high professional standards, a strict code of professional ethics, licensing status [Uniform CPA Examination], and a commitment to serving the public interest” (AICPA, 2016). These five characteristics
Throughout the past several years major corporate scandals have rocked the economy and hurt investor confidence. The largest bankruptcies in history have resulted from greedy executives that “cook the books” to gain the numbers they want. These scandals typically involve complex methods for misusing or misdirecting funds, overstating revenues, understating expenses, overstating the value of assets or underreporting of liabilities, sometimes with the cooperation of officials in other corporations (Medura 1-3). In response to the increasing number of scandals the US government amended the Sarbanes Oxley act of 2002 to mitigate these problems. Sarbanes Oxley has extensive regulations that hold the CEO and top executives responsible for the numbers they report but problems still occur. To ensure proper accounting standards have been used Sarbanes Oxley also requires that public companies be audited by accounting firms (Livingstone). The problem is that the accounting firms are also public companies that also have to look after their bottom line while still remaining objective with the corporations they audit. When an accounting firm is hired the company that hired them has the power in the relationship. When the company has the power they can bully the firm into doing what they tell them to do. The accounting firm then loses its objectivity and independence making their job ineffective and not accomplishing their goal of honest accounting (Gerard). Their have been 379 convictions of fraud to date, and 3 to 6 new cases opening per month. The problem has clearly not been solved (Ulinski).
The stereotypical image correlated to the account mirrors that of a public accountant. An individual working as a public accountant can expect to work as an independent third party to a multitude of companies. As this third party it is their duty to oversee financial transactions to ensure that the statements of not only the company, but also its’ supporting companies, correctly correspond and match up to the position, results and cash-flow of the clientele. This general quota outlining a public accountants job description is not the same for a private accountant. The main difference between a public and private accountant is that unlike the public and its handle on a multitude of accounts, a private accountant specializes with a certain company or field. With this specialization, a private accountant tackles setting up a system that records the transactions within the business. The recordation of the transactions is then generated into statem...
What is IFRS, and what is its significance in the world market? In 2001 the International Accounting Standards Board, or IASB, was created to develop a set of standards by which global financial statuses could be reported. According to financialstabilityboard.org, this set of standards, known as the International Financial Reporting Standards, or IFRS, falls under the jurisdiction of the IFRS Foundation, which is a non-profit, private and independently run entity that exists for the public interest, is based on four principle objectives. The first is to develop a single set of international financial reporting standards (IFRS). This set would be high in quality, readily understandable, easily enforceable, and acceptable world-wide. The second objective is to encourage the use of this set of standards in the international business world. Thirdly, the ISAB would like to monitor the needs of different sizes and types of businesses in different settings. The fourth objective is to promote the adoption of the IFRS by converging national accounting standards wit...
Olusegun Wallace, R. 1996. The Development of Accounting Research in the UK. In: Cooke, T. and Nobes, C. eds. 1997. The Development of Accounting in an International Context. London: Routledge, pp. 218-254.
Accounting Theory: Conceptual Issues in a Political and Economic Environment (6th edition ed.). South Western College Pub.
Accounting is basically a service activity. Its purpose is to provide quantitative information that principally used by the managers, investors, tax authorities, and other decision makers to make the financial decisions within companies, organizations, and public agencies. Accounting is also widely known as the “language of business.” An accountant measures, communicates, and interprets financial activities. They prepare financial statements or reports for individuals, businesses, government agencies, or other non-profit organizations. They use the accounting systems to categorize the expenses and income to the typical groups. They also keep tract of the money received or paid out to see if the transactions are accurate and complete. Accountants are familiar with the computer operation. They use the computer...
It is highly essential for accountants and business professionals to maintain a standard of ethical conduct in the workplace as the nature of their work places them in position of trust. (Senarante, 2011). Accountants have the responsibility to ensure that their duties are performed in accordance with the five fundamental principles set out in the Code of Professional Ethics such as integrity, objectivity, professional competence and due care, confidentially and professional behaviour (Cunningham et al. 2014). Accountants are expected to be reliable and trustworthy. Thus they are required to act ethically in relation to their clients, employers and the general public in order to provide quality services in the best interest of the society (Eginiwin & Dike, 2014). The International Federation of Accountants (IFAC) have established a code of ethics for accountants, allowing each specific country to add their own national ethical standards to the code to reflect cultural differences. The code provides emphasis on the five fundamental principles as well as resolution of ethical conflicts. In Australia, professional accounting bodies such as CPA Australia, Institute of Chartered Accountants in Australia (ICCA) and the Institute of Public Accountants (IPA) adopt the Australian Professional and Ethical
AASB, Australian Accounting Standards Board, Statement of Accounting Concepts SAC4 ‘Definition and recognition of the elements of financial stat
The International Accounting Standards Board, (IASB), began life as the International Accounting Standards Committee (IASC) in the 1973. The IASC was created in June 1973 as a result of an agreement by the accountancy bodies of Australia, Canada, France, Germany, Japan, Mexico, the Netherlands, the United Kingdom and Ireland and the United States. These countries constituted the Board of IASC at that time.
Accounting has been a living part of history since the Neolithic period and remains a prevalent and ever-evolving profession still to this day. This essay therefore proposes to look at the significance and role of history specifically related to the accountancy field. In order to substantiate this claim of the importance of accounting history, numerous benefits of accounting history will be presented. Factors such as the use of historical research and its availability thereof to constantly develop accounting policies will be discussed as well as how historical accounting practices can be used to understand current practice and assist in the training of individuals in the accounting field. Lastly, the importance of history in the development
Have you ever wondered why accountants are very important? Or how they can be an impact on society? Accountants have contributions that are very important to make the debate surrounding Corporate Social Responsibility. For many years now, accounting academics have been at the leading edge of research and argument on social and environmental accounting. Accountants have an important improvement to make to the Corporate Social Responsibility. Traditionally, it has been financial accountability that is the compensation of accountants. Professional associations and others find this topic very interesting. Accountant’s interest in Corporate Social Responsibility is much more unconditional than simply an interest in the financial impacts on society.
Auditing has existed since the beginning of human society. Auditing was used mostly for the detection of fraud and was done through extensive detailed examination from ancient times until the late nineteenth century (Lee, 1988). Fraud was a great concern during the early history of auditing, because internal controls were not used or not used effectively until the twentieth century. The late nineteenth century was a turning point in auditing history, when laws like the English Companies Act of 1862 were enacted.
An Accounting Information System (AIS) can be defined as software that helps accountants to collect data and process it to create information ((Bagranoff, Simkin and Norman 2010)
The failure of adequate board accountability has indicated strong adverse effects on corporate performance including, the bankruptcy of various public companies, thereby casting serious doubt on the credibility and efficacy of board accountability. For example, Lehman Brothers scandal, the largest bankruptcy in U.S history, Northern Rock was a large failure of a financial institution in the United Kingdom (Hull 2015:16). In Ireland, the Anglo-Irish Bank created a huge bubble that plunged the state into economic recession. In September 28, 2008, the Irish Government signed into law, the “bank guarantee” which provided with immediate effect a guarantee arrangement to safeguard all deposits in retail, commercial, institutional and interbank transactions, covered bonds, senior debt and dated subordinated debt (Lenihan 2008). Banks in Ireland clearly needed yet more capital from the State (Irish Times 19 November 2011) and this underscores the need for the government’s bailout