Financial literacy of directors
Within the accounting industry, directors and management accountants have major obligations to comply with legal and statutory financial reporting requirements. There are many factors, scenarios and cases like the Centro Case that reinforced and alarmed public about the importance of directors to have background accounting knowledge in order to succeed within their business. Financial accounting is an important element of running any company. Therefore, directors need to have a minimum standard knowledge on accounting principles . An important aspect of being a company director for an accounting organisation is a responsibility to be confident that the financial accounts conform with the requirements ...
