What Are Some Legal Aspects Related To Financial Accounting?

[Good-Person]

I think that the field of finance involves money. So, whenever money is involved, there is always some sort of legal aspect associated with finance as well. So, what are some of the legal aspects related to financial accounting? Do you think that a financial accountant is actually legally responsible for any loss the company faces due to the accountant?

 

[Jonaville1]

I think that the field of finance involves money. So, whenever money is involved, there is always some sort of legal aspect associated with finance as well. So, what are some of the legal aspects related to financial accounting? Do you think that a financial accountant is actually legally responsible for any loss the company faces due to the accountant?

I think one of the legal aspect is that you should not share the information of the finances of a company to any other person who is not working in that same company

 

[Ernestnari]

An accounting statement is expected to be transparent. It is required by law that it should not be doctored or padded in any form. Any accountant found to breach this principle is usually punished.

 

[Planbizzle]

Financial accountants ought to contribute to making sure that their company adheres to good governance principles, which include openness and responsibility in financial reporting. The goal of many legal and regulatory measures is to promote ethical corporate governance.

 

[Danny4cash]

Being a financial accountant of a company or business come with a lot responsibilities. People believe that when loss is experience in a company a financial should be able to give account for it. There's no how they will want to probe a fraud or corruption in a company without invite a financial accountant.

 

[Trey]

A financial accountant has to make sure that the published yearly financials of a company are not doctored or padded in any way. If such is discovered, the accountant as well as the company is sued and the accountant might bag a jail term.

 

[Syldan]

The issue of company finance records sometimes should be kept for reference purposes, documentation of the various sources of income because based on the country's, they most often try to check such time to time.

 

[Kane]

You need to maintain the records of your purchases and sales, audit your books every month, and then submit your audit reports to the revenue department of your country.