School had started...
1st Module - Audit & Assurance
What is audit? Audit is to provide the following,
1)add reliability to financial statement.
2)provide a true & fair view on the company's f/s.
3)verification of assertions made.
4)review company's approach on internal controls, risk management, goverance & business model in accordance to the law.
How about assurance?
Well... they are to assure the following,
1)protect stakeholders' interest
2)enforcement of FRS & Fr law.
3)detecting errors or irregularities which can impact FR.
2nd Module - Financial Reporting
Why the need for financial reporting & regulations?
1)to enable investors to make the informed decision
2)increase efficiency in allocationg funds to capable firms
3)to prevent company from manipulating favourable reports to themselves.
That is all for now. I got to go ... bye
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