s, and management of a company, as defined by the corporate charter, bylaws, formal policy and rule of law. Ethical companies are said to have excellent corporate governance. (www.investopedia.com)
'Corporate governance refers to the structures and processes for the direction and control of companies. Corporate governance concerns the relationships among the management, Board of Directors, controlling shareholders, minority shareholders and other stakeholders. Good corporate governance contributes to sustainable economic development by enhancing the performance of companies and increasing their access to outside capital.' (www.ifc.org)
Now I strongly feel that corporate governance may be described as the set of systems, principles and processes by which a company is governed. They serve as the guidelines as to how a company can be directed or controlled in order to achieve their goals and objectives. Also corporate governance is based on principles such as conducting the business with all integrity and fairness with regard to all transactions, complying with all the laws of accountability, responsibility towards the stakeholders and commitment to conduct the business in an ethical manner.
Importance of Corporate Governance in the Companies
All the organizations must practice Corporate Governance for the smooth flow of transactions. Importance of corporate governance may be summarized as follows:
To ensure smooth flow of the business transactions.
To know the integrity of the company.
To source capital at reasonable costs.
To protect the assets of the company.
To maintain accounting standards with valid checkpoints.
To segregate the duties efficiently.
Importance of Accountant's Integrity
I would say Accountant Integrity is none other than an honest accountant in an organization. As an accountant is primarily hired to track the flow of money or money related transactions in an organization. They also organize, aggregate and generate financial information to the stakeholders. Though the person holding accounting knowledge is important for an organization I feel having integrity is much more important. When Accountant maintains integrity in an organization he would certainly have the highest responsibility in providing good quality of service. I would also say that acquiring and possessing knowledge is easier than acquiring and possessing integrity. Hence I would strongly feel that an Accountant's integrity is an asset to an organization.
Impact of technology on the Accounting profession
The impact of technology is affecting the way we are doing the business where quality and quantity aspects, customer satisfaction and innovation have become the most important components in an accounting profession. They can also be explained by taking the following points into consideration:
Technology has greatly changed accounting by reflecting the present trends of shifting from obsolete quantitative approach to a qualitative enhancement i.e., from manual to automation.
Software such as Microsoft Excel plays a vital role in the accounting for an organization. It is said to be a perfect blend that fills the gap of communication between the accountant, accounting and organization in implement the right reports and to the accountant being user
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