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If a business breaks the rules of accounting and ethics, it can be liable for legal sanctions against it. It can deliberately deceive its investors and lenders with false or misleading numbers in its financial report. That's where audits come in. Audits are one means of keeping misleading financial reporting to a minimum. CPA auditors are like highway patrol officers who enforce traffic laws and issue tickets to keep speeding to a minimum. An audit exam can uncover problems that the business was not aware of.
After completing an audit examination, the CPA prepares a short report stating that the business has prepared its financial statements, according to generally accepted accounting principles (GAAP), or where it has not. All businesses that are publicly traded are required to have annual audits by independent CPAs. Those companies whose stocks are listed on the New York Stock Exchange or Nasdaq must be audited by outside CPA firms. For a publicly traded company, the expense of conducting an annual audit is the cost of doing business; it's the price a company pays for going into public markets for its capital and for having its shares traded in the public venue.
Although federal law doesn't require audits for private businesses, banks and other lenders to private businesses may insist on audited financial statements. If the lenders don't require audited statements, a business's owners have to decide whether an audit is a good investment. Instead of an audit, which they can't really afford, many smaller businesses have an outside CPA come in on a regular basis to look over their accounting methods and give advice on their financial reporting. But unless a CPA has done an audit, he or she has to be very careful not to express an opinion of the external financial statements. Without a careful examination of the evidence supporting the amounts reported in the financial statements, the CPA is in no position to give an opinion on the financial statements prepared from the accounts of the business.
Summary:
Economics term paper is difficult to write for most students because of the complexity of this subject. This kind of assignment requires a sound knowledge of the various terminologies related to this subject. You should also have some working knowledge of other related subjects like business, commerce, marketing, entrepreneurship, sales etc. in order to produce a good piece of work.
Lots of brainstorming is required while writing this kind of assignment. Writing in this su...
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term paper
Article Body:
Economics term paper is difficult to write for most students because of the complexity of this subject. This kind of assignment requires a sound knowledge of the various terminologies related to this subject. You should also have some working knowledge of other related subjects like business, commerce, marketing, entrepreneurship, sales etc. in order to produce a good piece of work.
Lots of brainstorming is required while writing this kind of assignment. Writing in this subject is good for you as it sharpens your analytical skills. Don’t assume that the reader knows all the terminologies related to this subject. Explain each and everything in a layman’s language. In addition to notes you might have to use charts, diagrams or graphs. Be sure to put an explanatory note under each of these diagrams to explain what you want to prove through these. Don’t clutter your graphs or charts with too much of figures. It will confuse the reader. If including so much of figures is absolutely necessary then increase the size of the diagram or graph so that it is easier for the eyes to make out their meaning.
You should make your writing explanatory, even when the nature of the assignment demands lots of figures and symbols. This is because in future you might work into an organization where there are not many people who have the technical know-how of this subject. At that time you will have to write a number of explanatory notes to make a point clear to everyone.
You might be asked to analyze a situation or find a solution to a problem in this kind of assignment. While doing analysis or writing the solution write down every point in an easy to follow style. This is because those who specialize in this field are there to educate the masses about the complexities of this aspect of their living. You cannot get successful in future if you are not able to explain all this in a common man’s language.
Divide the assignment into three distinct parts – introduction, body and conclusion. In the introduction introduce the main idea to the reader. In the discussion write different secondary points related to the topic in separate paragraphs. In the conclusion sum up all that you have written and also present suggestions or implications if any.
The subject is such that you would have to consult lots of different kinds of sources to do full justice to the assignment. Apart from books and journals you would have to keep track of the current affairs to produce a well-researched and up to date piece of work. Discussion with your friends who have a keen interest in this subject would give fresh insights to your mind. So deal in all kinds of brainstorming activities and consult both contemporary and conventional sources.
Economics term paper should be written according to the citation style instructed by your tutor. Never cross the word limit and always use clear and simple language to put forward a point of view.
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