Morusu Sivasankar

Every business manager, department head and member of the management team should have a basic understanding of accounts. This basic accounting information ensures that managers get fully involved in all business decisions and are capable of understanding accounting matters as well. Financial Accounting is an accounting system that focuses on the preparation of financial statement of an organization to provide the financial information to the interested parties... To assist the management in planning and decision making process by providing detailed information on various matters. Finally, managerial accounting information often takes the form of non financial measures. For example, Sportswear Company might measure the percentage of defective products produced or the percentage of on-time deliveries to customers. This kind of non financial information comes from the managerial accounting function. It's hard because you (or anyone who feels that it is hard) just simply hasn't done it in real life before. Managerial accounting is as simple, standard and logical as breathing to anyone, who has started and/ or run any level of large scale business.

An audit is an "independent examination of financial information of any entity, whether profit oriented or not, irrespective of its size or legal form when such an examination is conducted with a view to express an opinion thereon." Auditing also attempts to ensure that the books of accounts are properly maintained by the concern as required by law. Auditors consider the propositions before them, obtain evidence, and evaluate the propositions in their auditing report. Audits provide third-party assurance to various stakeholders that the subject matter is free from material misstatement. The term is most frequently applied to audits of the financial information relating to a legal person. Other commonly audited areas include: secretarial and compliance, internal controls, quality management, project management, water management, and energy conservation. As a result of an audit, stakeholders may evaluate and improve the effectiveness of risk management, control, and governance over the subject matter.