Al-Qawasmi: Modern standards have expanded the legal accountant's duties

Amman - Petra - The head of the Jordanian Association of Certified Public Accountants, Hatem Al-Qawasmi, affirmed that the pressure on financial data by investors in joint-stock companies created a great responsibility on the chartered accountant to expand the information declared in his final report. Al-Qawasmi said during a training workshop organized by the association today, Saturday, entitled Working Papers, that the Accounting Standard No. 701 emphasized that the chartered accountant should highlight broader information in his final report to be more transparent and clear, with the aim of enhancing communication between auditors and investors.

He pointed out that the current reports issued by public joint-stock companies lack communication skills between investors and shareholders and between the architects of the financial decision, indicating that the standards have become binding on chartered accountants in joint-stock companies, starting from the beginning of this year. He added that the main objective of the chartered accountant's report is to communicate the audit result obtained by the shareholders and to the investment decision-makers in the joint-stock companies after a planned and regular process, which includes the collection and evaluation of evidence related to the various assertions of management about the financial data, noting that achieving this report requires careful attention to its content and language. And its shape, so that financial data users can appropriately understand its connotations.

The workshop included clarifications on how to apply modern standards for final financial statements, linking the trial balance, rotating the opening balances, examining the main control procedures, in addition to the tax situation and the annual tax calculation statement.

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