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text 2018-07-06 12:39
Understanding the Accountant’s Role in Corporate Governance

 

Accounting Compliance 

What is Corporate Governance? 

Corporate governance refers to rules, regulations, practices and principles on the basis of which organizations are managed and controlled. It identifies individuals who have the power and authority to make decisions in an organization. In its truest form, corporate governance is a systematic process that enables the management and the decision makers of an organization to tackle the challenges associated with running the organization. It ensures a balancing act between the interests of companies’ stakeholders, including investors, shareholders, customers, suppliers, the government, the management and the community. Corporate governance offers a management framework for achieving a company’s business objectives, and it entails every management function, ranging from business planning and internal controls to corporate disclosure and corporate social responsibility. The most importance task of corporate governance is to ensure the industry-wide rules, regulations, controls and policies that dictate the corporate behavior of companies, are set in place. The corporate governance in organizations is usually managed by the board of directors who shoulder the responsibility of making the right calls for improved business functions outsourced bookkeeping services. 

Corporate Governance and Accounting 

Corporate governance and accounting walk hand in hand; one cannot function without the other. Good corporate governance has become the deciding factor that enables companies to maintain a strong financial position in their respective markets. Most corporate governance failures in events across the globe have usually found the  accounting and bookkeeping services department at fault. The accounting department is the gatekeeper of all corporate governance activities in organizations. Good corporate governance builds the faith of customers in companies, thereby leading to lower capital costs in investments. Accounting is the key enabler of good corporate governance and is considered an effective means of improving the corporate governance in organizations. Accounting professionals periodically compile data to report companies’ internal activities to stakeholders. However, all accounting processes in organizations are rigorously controlled and monitored by certain global standards and regulations. The industry-wide regulations make it mandatory for companies to disclose certain information to the general public. For instance, companies in the US have to strictly follow the SarbanesOxley Act (SOX) and the revised listing rules for the New York Stock Exchange (NYSE) and the National Association of Securities Dealers Automated Quotations (NASDAQ) to comply with the industry regulations on financial disclosures, committee and board nominations and auditing policies. Similarly, enterprises in the UK have to follow the rules mandated by the UK Corporate Governance Code that was published by the Financial Reporting Council of the UK. Over the past few decades, several instances of corporate dishonesty have surfaced, which have led to more stringent corporate governance norms and policies. For example, in Nigeria, Cadbury Schweppes, a major global player in the confectionery and beverages markets, was fined a whopping 21.2 million naira for presenting incorrect account details between 2002 and 2005. 

In cases such as these, accounting can help clear the picture for organizations by undertaking several tasks. It helps set up a clear code of conduct as per which the governance processes in organizations should be carried out. It is the role of the accountant to ensure a fraud risk management program is in place, conduct regular assessments of the company’s risk exposure and implement prevention techniques to avoid fraudulent activities and mitigate their impact, if any. The accountant should appoint an executive-level member from the management team who will be responsible for dealing and addressing the concerns related to frauds. The accountant should also identify security gaps in the organizational framework and formalize the roles and responsibilities of the board members, the audit committee and the personnel involved in fraud management and prevention. 

The Role of Accountants in Corporate Governance 

For an accountant, the scope of work in corporate governance is wide, and ensuring transparency and accountability in the everyday undertakings of companies is the most critical task. Accountants shoulder the responsibility of organizations in disclosing the correct information not only to the shareholders but also to the stakeholders. Accountants play a huge role in building the trust of stakeholders in a company’s brand. In corporate governance, the role of accountants is two-old. The first is to report the flow of capital in and out of various departments and monitor the undertakings carried out with the capital and where the capital is being invested. The second is to ensure a proper framework of accountability and transparency to address the interests of stakeholders. The role of accountants in corporate governance has been explained in details in the section below. 

Disclosure and Transparency Management 

The OECD principles of corporate governance mandate organizations to honestly disclose all information, including their financial status, performance and ownership, to stakeholders for maintaining transparency. Disclosures help improve the public understanding about a company’s structure and activities, its corporate policies and its performance. Disclosure requirements do not usually exert any unreasonable administrative cost burden on enterprises. Moreover, companies are not expected to disclose information that may endanger their competitive position, unless the disclosure is necessary to fully inform the investment decision-makers. Accountants facilitate the timely disclosure of all material developments that arise between the regular reporting intervals. They also support the simultaneous reporting of information to all shareholders to ensure impartial treatment. Accountants confirm high-quality standards are put in place to help stakeholders monitor the company performance, by providing increased reliability and comparability of reports and improved insights into the company performance, which, in turn, assures transparency. 

Planning 

Accountants come very handy while planning strategies for governance compliance. Companies can plan effective business strategies based on the information made available by accountants. They can decide how to function, where to invest, when to invest and how much to invest so that returns are good and stakeholders are also happy. Accountants can help companies make effective plans regarding their growth and operations. For instance, accountants can help identify areas that are incurring more costs than returns. On the basis of this information, companies can plan growth strategies in a way that not only complies with industry regulations but also ensures good returns. 

Public Accountability Management 

Companies are accountable to the public in several ways. Organizations should meet their obligations, such as paying taxes, to the public. Based on the financial status of organizations, stakeholders consider making investments. Accountants play a major role in ensuring the data reaching stakeholders is accurate and not misrepresented. Accountants also have to monitor processes to make sure companies are not indulging in unethical practices to present incorrect financials to the public. Accountants remind companies of the consumer demands, encouraging them to keep the public interests in consideration while formulating strategies. 

Shareholder Accountability Management 

As the name suggests, shareholders are entities who have bought at least one share of a company. Companies are directly accountable to their shareholders, as shareholders have financially invested in them and are also the part owners. It is the responsibility of organizations to provide complete and detailed financial information to the shareholders. Based on the information shared, shareholders can take further steps, such as increasing investments, disinvesting, or voting against certain undertakings that are resulting in losses. Accountants have the responsibility of carefully consolidating this financial information to present accurate figures to the shareholders. 

Cash Flow Management          

Accountants help companies not just plan long-term strategies, but they also help addresses short-term and the everyday necessities in organizations. Maintaining a healthy cash flow is one of the major responsibilities of accountants. They draw a clear picture of how much cash a company has in-hand, which helps priorities and take crucial financials decisions. Based on the information sourced by accountants, companies can make decisions regarding supplies, resources and equipment in a way that doesn’t overspill their in-hand cash. Accountants also help enterprises manage their line of credit and monitor all their short-term financial resources, which assists in avoiding unnecessary debt.  ‘ 

Financial Reporting and Management Reporting 

Though organizations have several departments that may or may not be interdependent, all of them are bound by a common thread called accounting. Financial reporting entails the reporting of company financials to stakeholders, whereas management reporting involves the internal management. Accountants have to manage both these processes and consolidate the company’s financial data to report accurate figures. Financial reporting helps stakeholders by offering valuable insights into the company financials, whereas management reporting offers the internal management of an organization detailed inputs and information about the state of affairs in the company. Accountants play a crucial role in helping organizations conduct both financial and management reporting. 

Conclusion 

Corporate governance is as much a social undertaking as a financial responsibility. Accounting walks alongside corporate governance, providing support in all its functions. Accountants help craft a vision for companies and assist in setting up proper controls, effective audit systems, proper fraud risk management solutions and accurate disclosures that comply with the international standards and best practices. It is the responsibility of the accountant to make corporate governance the priority of enterprises, thereby ensuring the auditing and accounting tools serve the overall governance functions in companies.     

 

Website: https://outbooks.co.uk 

London 

Suite 7, First Floor, Amba house, 

15 College Road, Harrow 

Middlesex - HA1 1BA 

Registration No: 10746177 

 +44 (0) 330 057 8597 

info@outbooks.co.uk 

 

India 

Gurugram 

Unit No.110-111, Spaze IT Park, Tower b4, Sohna Road, Gurugram, Haryana - 122001 

Rajasthan 

91-92, Jai Complex, Alwar, Rajasthan, India -301001 

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text 2018-06-07 10:19
Get the Quickest Services with Respect To Corporate Secretary ship!

Never worry about starting your company in Singapore! We are one of the service providers who offer exuberant and extraordinary services relating to the new company set up in Singapore. We undertake all the services by taking over a complete response to your corporate secretary services. It is very important to keep your paper works and other significant tasks confidential in line with the organizational objectives and we serve you better with most fantabulous ideologies and technologies. Register a company within the most stipulated time from us! It is very stupendous to achieve the great and best services from us with a very reasonable package.

 

We offer specialized services to our specialized teams who are appointed for specific needs and requirements as you wish. With great techniques and modern digitalization, we serve you better. We are known for our confidential accounting services which are done from time to time ensuring periodic submission for you. With this in mind, we ensure to offer the most accurate findings and suggestions which will be accessible to you wherever you are with modern means of digitalization. We are being renowned for ages with our professional services in this industry for years and years. We have established ourselves as one of the best service providers with our astonishing services with time. We serve all types and sizes of business concern with our services however our packages differ with the size of the business concern.

 

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text 2018-05-03 09:54
Make a Good Selection to Find Accounting Services for Small Business Singapore

In order to lead a smooth business operation, every small thing needs to be concentrated well. This would help to keep your business running in the right manner. You should be quite careful because every minute thing plays a fundamental role. When you look at the company’s growth prospects from a financial point of view, you have to find the best accounting services. You would be able to feel much safer with the best technical knowledge and advice. So, you should seek for the reliable source for accounting services for small business Singapore. This would really help in managing your business efficiently without fail. They would also provide the best guide to keep or store your documents correctly and in the right place. Well, finding such good and useful services is only possible at all 8Finity Pte. Ltd as our experts provides the right guidance.

 

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text 2018-01-31 10:27
Most Outstanding And Essential Services For Various Businesses In Singapore

The market of Singapore having a very great number of MNC’s and various other offices irrespective of the fact big or small are constantly in need of various services so that they can run their businesses in the most efficient manner. It is very much mandatory and a necessity that most of the business houses are always in need of the best service provider and at the most affordable rates in the market. Our company understands this very criteria and being in the market for many decades we have greatly been successful in providing the most successful and highly efficient services for our clients in the market and our services for corporate secretary Singapore is very high in demand. We greatly understand the high standard corporate sector and their demands and we ensure that the secretarial services we provide should be very much outstanding and with very high success rate. We never compromise with the quality of our services and all our services are made available at the most affordable rate in the market with excellent discounted packages and offers. We have also done our best in making our website very much competent in providing the service details and about our company in the best manner and our services can also be availed by giving us call.

 

 

As a recognized company with most efficient services in the market of Singapore we have also been very successful in providing our esteemed clients with the most trusted accounting and bookkeeping services Singapore. Being in the market of Singapore for many decades and ourselves being into business we understand the importance of maintaining the accounts through the most trusted and beneficial manner. We have always endeavored that every service we provide is relevant to the demands and requirements of our clients and gaining the trust in the market is our most essential need.

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text 2017-12-16 12:03
Get the Best Solution for All Accounting and Bookkeeping Needs

The most tedious part of accounting and bookkeeping process is recording data and figures. Accountants are supposed to manage the entire paperwork in electronic form. However, today there are many online accounting packages UK that help businesses in completing their accounting tasks easily and efficiently. They are responsible to maintain all the client’s accounts in a well organized manner so that the management can prepare a good report based on that. Online accounting package helps to maintain the loads of paper data in electronic form which is easy to handle, modify, edit and send to investors. Based on the reports and performance the company gets investors who believe that the firm is credible and they will get appropriate returns.

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Progress with Assure UK is one such organization that provides bookkeeping services UK and accounts management services to firms that are looking for it. They cover all accounting and compliances essentials that are needed by the firms to maintain their books of accounts. Progress with Assure UK customises its services as per the needs of the client organizations. They encourage their clients to take up their services and create a mix and match for a better experience. The core services of the firm include:-

· Online accounting package
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Progress with Assure UK has a team of professionals who strive towards helping organizations in their accounting and bookkeeping works. With Progress Assure UK, the client’s just need to put forward their specific demands for the services. This is what makes Progress Assure UK, an innovative online accounting solution and advisory service provider throughout UK.

To know more, please visit Progresswithassureuk.co.uk.

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