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Hi, need to submit a 250 words paper on the topic Accountability in Reporting Memo.
Hi, need to submit a 250 words paper on the topic Accountability in Reporting Memo. ACCOUNTABILITY IN REPORTING MEMO ID: Non-financial audience 14th January Demand for Accountability
Some years back, the public was not acutely sensitive on accounting reports for non-profitable organizations and governmental entities. This is because non-profitable organizations were assumed to be honest in financial reporting. People also assumed that the money donated to non-profitable organizations would be used appropriately because the organization had no intention of benefitting itself. The same case applied to governmental organizations whereby, people assumed that people who worked in governmental entities used government funds specifically for developing a country. However, that was not the case for either of the two entities. Over the years, the press has helped to expose the corrupt and malicious behavior and activities that go on in these organizations. Some of this behavior includes people bribing managers in order to be employed or be given contracts and discrimination in terms of ethnicity, gender and tribe (Mishra, 2005). The activity that has raised the greatest outrage from the public is embezzlement of government funds by top executives and employees. These activities caused the public to demand accounting information from government entities and non-profitable organizations. The public became keener in the activities carried out by these organizations and how funds are used. It became mandatory for governmental entities and non-profitable organizations to adjust their financial accounting policies so as to satisfy the demand of the public. Over the years, non-profitable organizations and governmental entities have worked towards ensuring that they produce financial information that is clear by following all the accounting standards (Ruppel, 2005).
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References
Mishra, A. (2005). The economics of corruption. New Delhi: Oxford University Press.
Ruppel, W. (2005). Governmental accounting made easy. Hoboken, N.J.: Wiley.
