Name: Eurresse L.

Talisic
Professor: Mr. Rowell Glabog
MBA 503: Managerial Accounting/ Sat /5:30-8:30pm

When asked what accountants do, responses often mention roles such as tax agents and
independent auditors. The functions performed by the vast number of professional accountants
who work in businesses are often forgotten and not well understood.

The importance of the role of professional accountants in business in ensuring the quality
of financial reporting cannot be overly emphasized. Professional accountants in business often
find themselves being at the frontline of safeguarding the integrity of financial reporting.
Management is responsible for the financial information produced by the company. As such,
professional accountants in businesses therefore have the task of defending the quality of
financial reporting right at the source where the numbers and figures are produced! Like their
counterparts in taxation or auditing, professional accountants in business play important roles
that contribute to the overall stability and progress of society. Without public understanding of
all these diverging roles and responsibilities of different accounting specialists working in
business, public perceptions of their value may be misinformed.

A competent professional accountant in business is an invaluable asset to the company.

These individuals employ an inquiring mind to their work founded on the basis of their
knowledge of the company’s financials. Using their skills and intimate understanding of the
company and the environment in which it operates, professional accountants in business ask
challenging questions. Their training in accounting enables them to adopt a pragmatic and
objective approach to solving issues. This is a valuable asset to management, particularly in
small and medium enterprises where the professional accountants are often the only
professionally qualified members of staff.

Accountancy professionals in business assist with corporate strategy, provide advice and
help businesses to reduce costs, improve their top line and mitigate risks. As board directors,
professional accountants in business represent the interest of the owners of the company (i.e.,
shareholders in a public company). Their roles ordinarily include: governing the organization
(such as, approving annual budgets and accounting to the stakeholders for the company’s
performance); appointing the chief executive; and determining management’s compensation. As
chief financial officers, professional accountants have oversight over all matters relating to the
company’s financial health. This includes creating and driving the strategic direction of the
business to analyzing, creating and communicating financial information. As internal auditors,
professional accountants provide independent assurance to management that the organization’s
risk management, governance and internal control processes are operating effectively. They also
offer advice on areas for enhancements. In the public sector, professional accountants in
government shape fiscal policies that had far-reaching impacts on the lives of many. Accountants
in academia are tasked with the important role of imparting the knowledge, skills and ethical
underpinnings of the profession to the next generation.

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 An accountant working in the public or private sector must remain impartial and loyal to
ethical guidelines when reviewing a company or individual's financial records for reporting
purposes. An accountant frequently encounters ethical issues regardless of the industry and must
remain continually vigilant to reduce the chances of outside forces manipulating financial
records, which could lead to both ethical and criminal violations.

Pressure from management, the ethical issue for these accountants becomes
maintaining true reporting of company assets, liabilities and profits without giving in to the
pressure placed on them by management or corporate officers. Accountant as whistleblower, an
accountant may face the ethical dilemma of reporting discovered accounting violations to the
Financial Accounting Standards Board. While it is an ethical accountant's duty to report such
violations, the dilemma arises in the ramifications of the reporting. Greed in the business and
finance world leads to shaving ethical boundaries and stepping around safeguards in the name of
making more money Omission of Financial Records Omission may not seem like a significant
breach of accounting ethics to an accountant because it does not involve direct manipulation of
numbers or records. This is precisely why an accountant must remain ethically vigilant to avoid
falling into such a trap.

Fictitious accounts generally refer to bank accounts with fictitious or assumed names or
even those hidden transactions. It could be savings, current, time deposit or other bank accounts
under individual, joint, business name, partnership or corporate accounts. A simple example
would be a bank account opened with a fake or stolen ID. More due diligence can actually be
done to check the identity of a transacting party; also, more care can be taken on accounts which
have not been vetted. For example, banks regularly send thank you letters to their depositors.
Accounts with returned “thank you” letters should require a second look if transactions occur,
and a third look if the amounts involved are unusually large. Banks should undertake closer
scrutiny of new and existing depositors whose identities and sources of income are doubtful or
suspicious and close them, if necessary.

Unusually large deposits or withdrawals, especially in cash, should trigger alerts at

varying levels depending on the amounts involved. Branch personnel should be rotated regularly,
and random annual vacation leaves should be strictly enforced. Keeping a branch or unit team
together for many years, which breeds too much familiarity, should also be avoided. This
indicates that people may contrive, disseminate and embrace fictitious claims to cultivate the
conditions that foster pleasant emotions or argumentations. As this implies, policies or practices
that foster these conditions may diminish the likelihood of fictitious and potentially destructive
folklores.

In particular people/ individuals tend to overestimate the clarity of their duties, the
morality of their community, the capabilities they have acquired, and the stability of societal
values. Fictitious accounts are actually practiced to drive off unambiguous duties, moral
authorities, extensive capabilities and stable values overtime.

Everything that happens is a small part of our journey. We can choose to be passive or we
can be proactive and overcome our fears, set our own goals and do the best to reach them. For
better or for worse, we always have a choice."

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 I don’t care what your business is, quality products delivered are the No. 1 driver for a
firm’s success. After all, growing sales is a heck of a lot easier when your foundation business
remains consistent.

No doubt, we live in an imperfect world: People make mistakes and machines break. The
goal is to minimize this so that the client is enchanted and reorders. You can do that through a
relentless focus on quality. Improving quality will save your firm money because you won't need
to do things to cover up old mistakes. Improving quality will raise your employees' engagement
because people like being on a high performance team.

Since most issues are, by their nature, unexpected, how do you make sure you'll be able
to deal with them quickly and effectively? Ideally, you need an issue resolution process in place
before you start your project – to make sure that you stay on schedule, and meet your objectives.
However, the position assigned to us should be focused according to the job descriptions given,
but in some cases we can also visit other job assignments if it flexes our skills. In some ways,
issues out of discussions and position should not be opened up since we are paid enough, so let
us work enough. But if we really would want to inculcate and scrutinize the deeper issues of the
management then, we have to consult the management before we assume negligence and
provoke violence in the workplace, this is so, we can minimize argues and problems as well as
maintain our educated level and statuses. It is better to protect your dignity rather than disturbing
others privacy.
In the life cycle of any project, there will almost always be unexpected problems and
questions that crop up. When these issues arise, you have to be ready to deal with them – or they
can potentially affect the project's outcome.