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Hi, I am looking for someone to write an article on audit and accountability issues Paper must be at least 1750 words. Please, no plagiarized work!
Hi, I am looking for someone to write an article on audit and accountability issues Paper must be at least 1750 words. Please, no plagiarized work! The auditors are very important components for the financial institutions. It is the responsibility of the auditors to see and ensure that the financial statements of the firm are true and are prepared by authentic people by referring to the correct numbers. But many allegations received explained that the auditors failed in performing their responsibility. The auditor studied the financial reports of banks approving their financial reports, but the same banks collapsed just a few days after that (FSA, 2012).
Auditors study the financial books of firms to check that all the firms are on a financially sound condition. So due to these activities of the auditor, they come across various strategies and business models of the company. This information that the auditors have sometimes might be useful for the FSA. This would help the FSA for supervising the firms and also help to ensure financial stability. It is the duty of the auditor to perform all those functions which are in the interest of the people but they also have the duty to maintain the confidentiality of their client’s records. So in order to maintain loyalty with the clients the auditor sometimes has to ignore the other side. The auditors might know the financial condition of the bank but the bank authority might not want to tell it, anyone. The FSA has the authority, under section 166 of the Financial Service and Markets Act, to ask for such reports and information on any account from the auditor of the banks. However, these powers are used rarely.
There are a few financial information which has been reported by banks do not form a part of the audited accounts, such as the regulatory capital ratios. Firstly, it is suggested that the scope of studying these disclosures can be granted. Secondly, it is stated that from the year 2009, the banks have to disclose their risk position in greater detail. The FSA considered that they would not require auditing these.
