Accounting plays a vital role in running a business because it helps you track income and expenditures, ensure statutory compliance, and provide investors, management, and government with quantitative financial information which can be used in making business decisions. The primary role of accounting is to maintain a systematic, accurate and complete record of all financial transactions of a business. These records are the backbone of the accounting system. Business owners should be able to retrieve and review the transactions whenever required. Business owners need to plan how they allocate their limited resources including labor, machinery, equipment and cash towards accomplishing the objectives of the business. An important component of business management, budgeting and planning enable businesses to plan ahead by anticipating the needs and resources. This helps in the coordination of different segments of an organization.
Early 2000 witnessed a series of accounting frauds in the United States involving major companies like Enron, WorldCom and some other entities and Auditing firm Arthur Andersen. In these cases, independent auditor failed to report illegal accounting practices. Such accounting fraud and scandals resulted in the fall of Arthur Andersen. Post such scandal Sarbanes and Oxley Act was introduced in the United States of America. This act requires top management of an enterprise to certify the correctness of financial statements, auditor’s independence and formation of the Public Company Accounting Oversight Board (PCAOB) among other things.
Similar accounting fraud was witnessed in India in January 2008 when Satyam Computer Managing Director publicly accepted that he along with top management and independent auditors had fudged books of accounts of the company over several years.
1. SOP-ACCT-01 : Role of Accounts
2. SOP-ACCT-02 : Accounts Organizational Structure
3. SOP-ACCT-03 : Accounting Metrics
4. SOP-ACCT-04 : Salary Processing
5. SOP-ACCT-05 : Various Governing Acts
6. SOP-ACCT-06 : Provident Fund
7. SOP-ACCT-07 : Employee State Insurance
8. SOP-ACCT-08 : Insurance Requirements
9. SOP-ACCT-09 : Intellectual Property Rights
10. SOP-ACCT-10 : Asset Management
11. SOP-ACCT-11 : Cost Reduction Initiatives
12. SOP-ACCT-12 : Service Tax Procedures
13. SOP-ACCT-13 : TDS procedure
14. SOP-ACCT-14 : Professional Tax
15. SOP-ACCT-15 : Value Added Tax
16. SOP-ACCT-16 : Luxury Tax
17. SOP-ACCT-17 : Registration
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