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Financial Accounting 1 Group Assignment
As what we understand for the words of Professional Accountant is who has experience and skills in establishing and maintaining accurate financial records for a business. Accountants’ works including control the system of record, auditing books and prepare a financial statement (Hossain, 2013). The accounting profession in Malaysia is controlled by the Malaysian Institute of Accountants (MIA) through the powers discussed by the Accountants Act, 1967. In Malaysia, we needed some certificates to show that we are accounting ...view middle of the document...
By having this, investor can know whether they are going to invest in the company based on the financial statement.
An accountant is important for doing auditing for company. Auditing concerned with inspecting the accuracy and reliability of the accounting data by going through all the financial statement and report. There are two types of auditing which are statutory audit and internal audit. Statutory audit is a compulsory for every organization according to company act. The statutory auditor has to show the true of the company profit or loss while the internal auditor is to audit all the records for maintaining proper control. By auditing the account yearly, society can get the truest and fair information.
Besides, an accountant does taxation too. Accountant has a proper knowledge on his/her client’s accounts. An accountant can present in a proper manner in front of the taxation authorities. Thus, accountants can help their clients in reduction of tax by making proper tax planning. This can help to reduce the burden of the customer. Lastly, accountant also provides other financial services. For example is assurance and advisory. As an accountant is a professional and has full knowledge of accounting, they can give the best advice to their clients on where to invest their money or what to do to make business earn the maximum profit. They are also there to explain the billing invoices and accounting policies to the society.
An accountant can be said as a caretaker but they are also disaster sometimes. For example is the Enron fraud case. Enron was the seventh largest company in the world. They had been awarded as the most innovative company for straight six years. Few years later, they were having billion dollars of debts due to the expansion. All these debts were hidden by the company to continue the operation. The guilty parties include Ken Lay, Jeff Skilling and Andrew Fastow. Everyone in the world believes that Enron was a great company which provides job and deal around the international company. Aurthur Anderson was the accounting firm who help them to do the fraud. All these were then reported by the whistle blower, Sherron Watkins and all the guilty parties had receive their punishment (A Case Study of Enron, 2011).
In a nut shell, an accountant is a caretaker or well wisher in the organization. He helps a company to make decision and also gives accurate information to the society. Just like the Big Four, accountants are really well contributed to the society.
As an accountant, working for one of the Big Four has always been a goal. The Big Four in Malaysia include the PricewaterhouseCoopers (PWC), Deloitte, KPMG and the Ernst & Young (Tuttle, 2013). Working in these firms may give you a high pay of salary, but you may suffer from imbalance of your quality of life. The Big Four accounting firm are all ranked in top six.
Firstly, the top 1 firm is the PWC. It was known as the world’s...