Accounting Principles

ACCOUNTING PRINCIPLES AND PRACTICES Most health care transcriptions bring an inspect delegacy of the governing board, or a finance committee, that fulfills the scrutinise manoeuver function. Financial managers play a key role in shaping the content, agenda, and operation of the audit committee. The findings of a recent prove study conducted by Arthur Andersen & Co., SC, into the best practices of audit committees amaze implications for health care arrangings. Audit committees are of critical importance in fulfilling the counsel responsibilities of governing boards with regard to an organizations financial reporting, internal controls, and external audit processes. Because of the challenges and complexities of the current healthcare business purlieu - increase competition, superfluous capacity, litigation, reengineering, mergers, downsizing, and dramatic advances in technology - expectations for governing boards as alterative as for audit cFor governing boar ds, expectations have been raised because healthcare organizations have plow more concerned about their market share and bottom line in response to increase competitive pressures over the last five years. For audit committees, expectations have been raised in the area of as fraud has break more of an issue in recent.

Although the study was not conducted in healthcare organizations, per se, the findings are applicable to the healthcare environment. Benchmarking audit committees responsibility for reliable financial reporting in any organization starts with top management, which establishes the financial repor ting environment. Every committee needfull! y to develop its own style and character, capitalizing on the background and playact through of its members. Best practice committees are dynamic and responsive to the remarkable business, financial, and control risks of the organizations they serve. Such committees assess and understand this environment and the organizations organisation of internal controls so that they can...If you want to get a fully essay, order it on our website: OrderCustomPaper.com

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