Essay: Obstacles faced by Accounting Companies

Essay: Obstacles faced by Accounting Companies
June 8, 2011 Comments Off on Essay: Obstacles faced by Accounting Companies Academic Papers on Business Studies,Sample Academic Papers admin

Sample Essay

There are many obstacles that the accounting companies have to overcome. These include various rules and regulations to be followed related to the actual services that these companies provide. A great deal of importance is placed on correctness and clarity and of the audits that these companies do for a company’s final statements. Moreover, the auditors have to be completely free and oblivious to any influence that might be exerted upon them. This is somewhat similar to a confirmation bias in the minds of auditors. What this means is that the auditor’s profession, which is by nature inferential and requires deductive reasoning, now requires due to the SOX that the auditors try their utmost to find any cases of misrepresentation or malpractice as soon as possible and inclines the auditors to find faults in completely innocent situations.

Besides the accounting bodies, the act has influenced the practices of various other parties which consist of management, analysts, government officials and regulatory bodies. The management has to ensure and uphold the law incorporated in the act continuously and slavishly. The management people responsible are continuously under pressure to upgrade and perk the control mechanisms within their company and provide statements clearly mentioning the validity and authenticity and honesty of the figures and claims made in the final statements of that company. Then the law also postulates that there should be no influence exerted by management on the auditors while they are assessing the internal mechanisms of the company in question.

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