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Theories For The Accounting Department Of An Organization

1967 words - 8 pages

Introduction
There are numerous departments that come under the ambit of an organization and among them, the name of accounting and finance department is one of them, which has its own significance and importance in particular. Management of accounting is an important aspect from the viewpoint of an organization (Chernev, 2012). Management is a synergy of four things, which particularly are planning, organizing, leading and controlling and all of these provisions are important for the sake of an organization. In order to effectively increasing the financial belongings and strategic capabilities of an organization consideration of the things are more than important for them. It is observed that organizations always made to earn economic profit with the help of effective strategies and among those strategies, the essence of management and delivering the things are most important (Damien McLoughlin, 2010). When it comes to organizations, then the essence of managing and controlling the things would be on a higher scale in particular.
There are certain aspects which are important for the sake of an organization in particular and all of the aspects are important from different viewpoints. Accounting System and Assurance are some of the major aspects from the viewpoint of the company. Among these aspects and system, the name of Enterprise Risk Management (ERM) is one of them. COSO internal framework has been updated by a new network which is ERM model. The main perspective of this assignment is to make a literature review related to the development, importance and limitation of the COSO framework and its effectiveness for the company.

Literature Review
Theories could be extremely important and vital for an organization and no organization can increase or enhance their financial belongings without the application of effective and well organized theory on their operations and on the operations of major departments of a company. Organization is a place which has been referred to a place which surrounds by number of departments, and among them, accounting department is one of them. Accounting department is held responsible for the management of transaction of the company and it is one of the most important departments from the viewpoint of a company (Philip Kotler, 2011). There are number of theories which have been associated with the accounting department and among them, the name Accounting Theory is one of them, which is quite important for the sake of an organization and for the sake of organizational productivity in particular. There are certain tools which used by the companies to mitigate their risk. Risk is the name of chances of occurrence in particular and with the help of effective strategies, organizations can decreased the association of risk. Among numerous things and models, the name of COSO ERM is one of them and all of the ERM based analysis would have been done accordingly. There are certain sections, which have to be complete...

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