Role of Accounting in Aussie Society Essay Sample

Accounting is an important subject that is a part of the college or university curriculum in Australia. It does not just teach the fundamental accounting concepts like capital, assets, and liabilities but it also teaches a host of other stuff that makes dealing with money simple.

This essay helps the readers to understand the role of accounting in society. The readers reading the essay will be able to comprehend why keeping an accountant is vital. Besides, the write-up helps the students and learners to know the prime job of an accountant, the important responsibilities that an accountant must possess.

The essay provides a sneak peek into the concept of an accountant and it helps to understand the functions of an accountant. The write-up further discusses ethics audits and also discusses the need for moral values in our day-to-day lives.

Purpose of accounting in the society

Many in Australia may not know what accounting is. Many may not be aware of the purpose of accounting in society. The objective of accounting is to gather as also provide information on financial data regarding the financial position, performance as also cash flows in a business.

The information is later utilized to arrive at decisions on how to manage a business, how to make investments.

The importance of accountants

Accountants are known to provide a range of services like financial advising and it helps to do monitoring and budgeting of cash flow regularly.

Accountants are professionals who provide help and assistance to their clients particularly to save money on taxes.

The prime job of an Aussie accountant

Accountants are professionals who keep records of financial records. These professionals are also known to interpret financial records.

The accountants are associated with tasks about finance. They usually render services to clients, businesses, and organizations.

Accountant’s ethical responsibilities

An Aussie accountant has an ethical responsibility. Many in Australia believe that accounting professionals are required to uphold public trust and are required to serve the interests of the people within their professions.

Concept of accountancy and the functions of accountants

Accountancy is a subject that deals with credit, debits. The main task of accounting professionals in Australia is preparation as also an examination of financial records.

The professionals make sure that taxes are paid promptly by their clients and the financial records they deal with are accurate and up to date.

Auditors and accountants do an overview of various business financial operations so that a business can run efficiently.

Importance of ethics in auditing

By doing an ethical audit the external and internal consistency of a concern’s value base can be determined. An ethical audit starts with a review of processes, people, and papers.

Ethical audits are starting internally. An accounting professional’s ethical behavior helps in restoring confidence and trust in the capital market systems.

Besides, such behavior also helps in the reduction of financial reporting frauds.

Concept of ethical auditing

This section of the essay discusses briefly the concepts of ethical audits. Such an audit is a systematic assessment of the ethics program as also the performance of a company.

The audit helps professionals to understand whether the company’s ethics program and performances are effective or not.

Such audits help the accounting professionals and auditors to understand whether a business maintains standard ethical practice while auditing.

Concept of ethics while auditing

While conducting internal auditing the accounting professionals are required to follow the code of ethics.

A Code of ethics is a set of expectations and objectives that governs individual behavior as also organizational behavior while doing auditing (internal).

The objective of doing an audit

The main objective of performing an audit is to create an opinion on data that is furnished in the financial reports.

In an audit report often it happens that the auditors can detect frauds and there are also instances when the professionals are unable to detect frauds in an audit.

Importance of making good and moral decisions in accounting

It should be understood that people are ready to buy services or goods from a business if they show signs of good ethics and morality. It is absolutely important to be fair and honest with those with whom you interact.

This helps you in building a good reputation for yourself. If you have a good reputation then it helps you to be more successful in business. Understand that when you make decisions ethically then you consider the requirements and feelings of others.

Understanding the requirement for moral values

It is important to know about the moral values which are just principles that are worthy and which individuals abide by to differentiate between the wrong and the right.

Moral values help individuals to build character. In this context, it is relevant to comprehend that the technique used to teach moral values to learners is almost universal.

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