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Effective Financial Reporting And Auditing: Importance And Limitations

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Executive Summary

The major problem with financial reporting is that people with limited financial knowledge can look at a set of accounts and, by attempting to interpret the numbers, feel that they understand what is happening in an organization. While in simpler times this may have been true, the scale and complexity of modern business, together with the limitations of what can be portrayed in financial statements, means that today's statements may have the capability to mislead as much as they can inform their users.

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