Effectiveness of communication – i.e. readability, legibility, grammar, spelling, neatness, completeness and presentation will be a minimum threshold requirement for all written work submitted for...

Answer 1
Accounting has been one of the most respected professions across the globe for over
decades. Accountants are people, who perform various functions such as auditing, financial
statement analysis, etc. They have to abide by various ethical standards and principles.
Accountants are required to perform their duties under a statute.
In the recent years lot of corporate frauds have unfolded. If we take a close look at these
frauds we will find that these were due to the conspiracies laid down by the management at
the top most level. Accountants were not involved in these scams. It can be argued that the
auditors were not able to detect these frauds but this does not prove that they did not
perform their functions with due diligence and care. A lot of faith has been reposed on the
accountants and this must be for a reason.
All the companies need to get their accounts audited by auditors. Auditors are accountants
who clear their Chartered Accountancy exams and become members of the institute. If
someone wants a loan, he needs to get his accounts certified by an accountant. Even the
accounts of the Government – the expenditures made by the government and the revenues
earned by them are audited by an independent body (different for each country). Had the
egulators not trusted the accountants, such a huge responsibility would never have been
placed on the accountants. Hence, this just proves that accountants are a trusted
eed.
Answer 2
Audit Committee is a committee which has been established to enhance confidence
amongst investors and regulators reposing faith in the integrity of the organization’s
processes and procedures relating to the internal control and financial reporting. This
committee has been formed with the objective of overseeing financial reporting and
disclosure. Over the last few years audit committee has become one of the most important
pillars of the corporate world.
In this era where corporate frauds have become a common phenomenon, it is very
important that we upgrade the corporate governance so that we regain the faith of our
stakeholders. After the Enron scam United States of America passed the Sa
anes-Oxley Act
in 2002. Audit committee is made up a group of independent individuals.
Responsibilities of Audit Committee:
 To appoint and oversee the work of independent auditor
 Overseeing financial reporting and disclosure process
 To discuss risk management policies with company’s management
 To monitor the internal control process
 Overseeing the work which has performed by the external auditors
Adding value to the organization
The Audit Committee can add value to the organization by:
 Providing a list of recommendations as to what can be...