Question

How can consultants work with companies to ensure we have the most accurate and timely financial information (please give a thorough answer}

Thanks

Answer 1

Consultants or other stakeholders can ensure about the accuracy & timeliness of the financial information with the help of following points;

1. We should see whether given financial statements are audited or not because audited financial statement have correct & updated financial information wheras unaudited financial statements does not have correct & updated financial information.

2. We should see whether given financial statements are as per GAAPs & IFRS or not because financial statements prepared as per GAAPs & IFRS will be more trusted & realiable.

3. We should see whether given financial statements are as per national & international legal framework or not because financial statements prepared as per national & international legal framework will be more trusted & realiable.

4. We should also see that basic accounting concepts must be followed because financial statements prepared without following basic accounting concepts will not be reliable.

5. We should check that all relevant information are properly disclosed because hidden information means something is unfair in the given financial statements.

6. We should also check that given financial statements should be prepared in given format because financial statements prepared in proper format will be trusted.

7. All additional information also should be disclosed as proper footnotes and all financial statements should be prepared for relevant accounting period etc.