Common Accounting Malpractices in the Philippines

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Recommended: The ancient definition of accounting

Common Accounting Malpractices in the Philippines

Going back to the definition of accounting, it states that it is a system where in it records financial transactions pertaining to a business. Accounting also measures the ability of a business, it process information’s to be reported to the management who's making decisions. Accounting is very complicated especially when it comes doing the financial statements. Yes, professionals have enough knowledge regarding accounting but there are times that they still make mistakes that sometimes can cause accounting malpractices. “Historically, the term "accounting malpractice" described a narrow field of claims by clients against their accountants for failed accounting services. Today, with concerns about the reliability of public financial disclosures and the increasing advisory role taken by accountants, the definition of the term "accounting malpractice" continues to expand.” (Flaherty and Youngerman)
Once you entered the world of accounting there are lots of responsibilities and difficulties you may face and encounter. In this case, there are times where we can't avoid malpractices in accounting which may affect an individual and an organization. The researchers chose this topic because they wanted to know more regarding this topic and being an accounting student they may encounter some related situations in the future. The researchers know that this topic must be considered for the good of the people involves in the field of accounting. If this topic will been studied it can give the people in the business some information that can help them to avoid and prevent accounting malpractices.
After this research, the researchers are expecting that they will meet the solutions regarding t...

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...e in the new global trade order, Mandaluyong City Philippines: Philipppine Institute of Certified Public Accountants, 46, 25-31.

Adams, E. (n.d). Fraud prevention: an investment no one can afford to forego, The CPA Journal, 76 (1), 56-59.

Christensen, J. (2010). Accounting errors and errors to accounting, USA: American Accounting Association, 65 (6), 1827-1838.

Clark, R.L. (n.d). Recognizing fraud patterns in accounting data, The CPA journal, 77 (4), 68-71.

Hammer, W.B. (1997). The accountant’s role in sustainable business, Mandaluyong City Philippines: Philipppine Institute of Certified Public Accountants, 50 (3-4), 28-29.

Madray J.R. (2006). New fraud guidance, New Jersey: American Institute of Certified Public Accountants, 201 (1), 51-56.

McNeal, A. (n.d). CPA’s role in fighting fraud in nonprofit organization, The CPA Journal, 76 (1), 60-63.

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