Accountability of Public Finances Essay Example | Topics and Well Written Essays - 2000 words

answerableness of Public Finances - Essay Example2006).In case of financial statement, fraud or any the criminal offence involving financial statements in the government organizations then the PAC is expected to carry out an investigation and table its report to the Parliament on debate and tender recommendations for the government (Kang et al. 2008). Members of the committee are expected to obtain information or evidence from public officers and even managers of the public organizations. They are expected to examine the conductor of Audits report concerning any organization. The president, however, is not a member of the committee, and the committee is independent of any control by the executive.In China the process of reporting involves grooming of the audit report, then preparation of the tax reconciliation report and finally preparation of foreign exchange reconciliation for foreign companies operating in China. in that respect is also profit Repatriation of the financial st atements depending on tax clearance completion. The financial reporting process in China is coded as it was borrowed heavily from Germany. Previously, most of the companies were have by the government, but after the 80s they reduced though the government still has some control over their reporting. The source of capital is debt and then the reporting is inclined towards the requirements of their equity providers that is the government and banks. The management is responsible for the financial statements of an entity in China be it government public or private organization. Accountability of the financial statements is at the hands of the Chief Financial Officers and the top management who acts as the agents of the owners. It is expected that all financial reports must be audited before getting published so as to show a true and fair view of the financial position of the firm. The must comply with the reporting standards issued by Hong Kong name of Certified Public Accountants (S hah