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Finance and accounting - Essay Example
Author : hudsonkelsie
Finance & Accounting
Pages 3 (753 words)
According to Judge Holmes presentation on finance and accounting, accounting is a type of business function which basically involves recording and also reporting financial information for the internal and the external users. …
As a result, auditors in this case are required to review the accounting information in order to determine how well the business is doing. It requires proper financial statements which provide a clear insight on the economic health of these accounting companies. Generally, it gives an insight on the company’s soundness in the short and long term. As a result, financial analysts, investors and also the members of the public are in a position to try and gauge a company’s competitiveness in the market place. KPMG in accounting business is trying to strengthen its legal function in trying to ensure that our structure, processes, and policies meet the highest levels of the accounting profession. Challenges that accounting companies face Bad debts: In his presentation, Judge Holmes, for example in the year 2011, the financial markets witnessed negative vibes mostly on the currency markets after their investors shunned risky assets which eventually led to the low yielding assets. This was witnessed by one German representative who said that the European mounting debt crisis could not be easily cured during that month since its leaders had to meet and discuss how to prevent the debt crisis from even getting worse (Skinner 97) Unemployment is still another challenge in Europe which is mostly affecting the accounting companies at the moment. ...