Analysis of the financial statements of a company reveals important information to its stakeholders thereby leading them to make inferences about its financial condition and attractiveness as an investment. With its 60 year history, MCB has depicted a tremendous growth record and is listed on all stock exchanges in Pakistan with a significant market capitalization Muslim Commercial Bank Annual Report, Liquidity ratio measure whether a company has sufficient cash to meet its obligations as they fall due.
Leverage ratio detects the impact of using creditor funds whereas operating ratio assesses whether the resources are effectively employed. Solvency attempts to detect financial tolerance of the company to ensure the company is not headed towards financial distress.
The results of the application of ratio analysis to MCB financial statements are shown in the appendix in table 1. The liquidity ratio of the company has improved as compared to the previous year, suring from 1. This is due to the improved cash flow generated in the year The other ratios also depict an uptrend signaling stability and consistency in growth.
The information excerpted from the annual report is an evidence of the vital signs of the company to its stakeholders. The main stakeholders that closely monitor the business performance of an organization are the creditors, investors, and managers. Creditors particularly pay close attention to the short-term liquidity and long-term solvency of the company Emery An improving liquidity ratio for MCB should be very satisfying for its creditors.
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The last thing a student would want is his money being misused by people. The people at 6DollarEssay. Financial scandals involving high value enterprises, however, have shaken this trust and the confidence of financial reporting. The roles of audits have often been questioned, and doubts on audit reliability arise whenever there is financial crisis involving reputable companies audited by equally reputable auditors. Acceptable auditing standards dictate that there should be relevance in the information being provided.
In addition, such information should be neutral, have, compatibility, timeliness, verifiability, reliability and transparency. When these standards are met, the likelihood of releasing inaccurate information is significantly reduced.
The role of auditors include performing risk procedure assessments; they are able to do this through understanding the internal controls of an organization. If the role of audits, in this case, is enhanced, they would have to examine the methods applied in reaching the best alternative. Therefore, this would mean duplicating the roles that are performed by management Gray and Stuart, , pp This also implies taking more time verifying the internal controls.
Such process would mean taking more time and wasting resources. Enhancing the roles of audits would, therefore, mean second guessing all the management decisions and choices and would beat the purpose of performing the audit. Audits also evaluate and assess the risks that are likely to occur when the management is preparing financial statements. Statements are generated from trransaction data and records.
Management is also entrusted with the tasks of classifying their recorded data and summarizing their records. An audit only evaluates the risks of misstatements in the recorded data and summaries. While management evaluates financial estimates, audits ensure that the statements conform to the laid down procedures and are fairly and accurately presented.
They also express their opinions through their reports and other presentations on the financial reports. They do this by ensuring that accounting standards are applied to represent information accurately.
Enhancing these roles would mean duplicating all the procedures that the management carries out in the process of undertaking their operations. Audit opinions are based on professional judgment and are carried out so that transactions can be verified as precise.
Its purpose, therefore, is to obtain sound evidence that there is no imprecision in transactions and data recorded and thus enabling fair conclusions that are well grounded. Among the considerations that auditors are supposed to make are the trade off of the cost and benefits in performance of their roles. Thus, they examine significant or material transactions.
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