After reading the article please share your findings on how improvements in corp

Question

After reading the article please share your findings on how improvements in corporate governance affect financial reporting? Also should CPAs take corporate governance in account, while auditing companies?

David B. Farber (2005) Restoring Trust after Fraud: Does Corporate Governance Matter?. The Accounting Review: April 2005, Vol. 80, No. 2, pp. 539-561. Retrieved from http://web.a.ebscohost.com.csuglobal.idm.oclc.org/ehost/detail/detail?sid=62c7048a-21c2-4a4b-abeb-a528eb8464c8%40sessionmgr4004&vid=0&hid=4101&bdata=JnNpdGU9ZWhvc3QtbGl2ZQ%3d%3d#db=bth&AN=16778849

Explanation / Answer

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General Answer:

Corporate governance is a disciplined approach to show the integrity of a corporate towards the investors and other stakeholders. Every corporate need to present a corporate governance report as part of their annual report. The purpose is very clear that the corporate is clearly complied the responsibility towards the society as well as the stakeholders related to compliance, utilization of resources and presentation of financial statements.

As an auditor the responsibility is to provide an assurance that the financial statements shows a true and fair view of all the information mentioned in the financial statements. The auditor must verify that al the transactions are recorded as per the local law as well as the standards of accounting.

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