Academic Writing finance and accounting

Accounting is the collection, summarization and communication of a firm’s financial information for the management, stakeholders, individuals and others to help them make sound financial decisions. However, following a series of recent financial scandals, the true and fair view of financial information disclosed to the public has been questioned. Regulators and governments have responded by issuing new regulations and legislation. Required: Critically examine the above statement by analysing the role of the auditor and the role of the board of directors in the preparation of financial statements and the prevention of fraud. In your answer, you should also examine the actions taken by the regulatory authorities and the government in the UK in response to these scandals. Context Good essays need to include the following points: (but not be limited to) Board of Directors: • Appointment of Directors • Roles and Responsibilities (i.e. set up the strategy etc) • Please do not refer to corporate governance issues Auditors: • Auditor’s role and responsibilities • Auditor's independence • Auditor's rotation • Audit quality Government Intervention (i.e. UK Act 2006) • Description of the act • Advantages and Disadvantages • Critical evaluation of its usefulness 2000words in for 3days.