Accounting is the collection, summarization and communication of a ﬁrm’s ﬁnancial information for the management, stakeholders, individuals and others to help them make sound ﬁnancial decisions. However, following a series of recent ﬁnancial scandals, the true and fair view of ﬁnancial information disclosed to the public has been questioned. Regulators and governments have responded by issuing new regulations and legislation.
Required: Critically examine the above statement by analysing the role of the auditor and the role of the board of directors in the preparation of ﬁnancial statements and the prevention of fraud. In your answer, you should also examine the actions taken by the regulatory authorities and the government in the UK in response to these scandals.
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