Prepare a business report for presentation to a group of international business investors who are concerned about the proliferation of accounting scandals: Unit 21: Financial Reporting Report, ICL, UK

Vocational scenario
Organisation:

AASC Auditing Firm Company Limited (AASC) was formerly known as Auditing and Accounting Financial Services Company Limited (AASC). AASC is one of the first two largest legal organizations in Vietnam operating in the field of auditing, accounting, financial advisory, tax advisory and corporate valuation. Currently, AASC is headquartered in Hanoi with a branch in Ho Chi Minh City and in Quang Ninh province.

Role

You have recently joined AASC as a junior auditor who will be likely to perform the following tasks during your first year: Confirm that the company’s record of its cash balances agrees with the bank.

Sending out requests to customers in order to a certain that trade receivables exist. Checking that the company owns the fixed assets that it claims it has in its accounts (e.g. buildings, machinery, computers and cars) and that these are recorded at the correct value.

Ensuring that the list of company suppliers is complete.

Helping with the review of the statutory accounts.

Attending a stock-take to observe the company’s methods for recording stock and test-counting a sample.

Assignment activity and guidance

Your line manager has asked you to prepare a business report for presentation to a group of international business investors who are concerned about the proliferation of accounting scandals relating to international firms which have been in the news. Members of the group are anxious to understand the context and purpose of financial reporting as well as its regulatory framework.
Your report will:

1. Critically analyse the context and purpose of financial reporting for high organisational performance.

2. Identify the main stakeholders of an organisation and analyse how they benefit from financial information.

3. Make justified recommendations for improving financial reporting and performance.

4. Examine the purpose and significance of regulatory frameworks for organisational financial reporting.

5. Critically evaluate the impact of regulatory frameworks on the organisation in its operating environments to meet objectives and deliver on strategies.

6. Consider the benefits and disadvantages of IFRS over a national regulatory framework.

7. Make justified recommendations for ways in which the organisation and key stakeholders can successfully respond to regulatory frameworks in complex operating environments.

Answer

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