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Who is responsible for devising of the Accounting policies?(A)Statutory Auditor. (B)Internal Auditor. (C)Management. (D)Accounts department.

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Question added by mukkur srinivasan varadhan , Chartered Accountant , Chartered Accountant in practice
Date Posted: 2013/12/27
Rehan Qureshi
by Rehan Qureshi , Financial Consultant , Self Employeed

Management has to develop them as per the need of the business and accounting department has to follow them where as internal audit has to make sure their implementation 

Khaled Abdelrehim ACCA DipIFR CMA
by Khaled Abdelrehim ACCA DipIFR CMA , Financial Analysis Assistant General Manager , Khalda Petroleum Company

The management of the Accounting Department, then to be approved by the company management.

Mohammad Tohamy Hussein Hussein
by Mohammad Tohamy Hussein Hussein , Chief Executive Officer & ERP Architect , Egyptian Software Group

I see that they are all rsponsible for devising an effective and effeceient accounitng policy. The accountability of the policy lies with who approves it and this usually the CEO or the board of directos.

Khalid Noor
by Khalid Noor , Accounting Manager , FedEx

Managment is responsible for preparation of accounting policies. External auditor is responsible for checking the adequacy of the accountiong policy.

Syed Muhammad Ayaz Anwar
by Syed Muhammad Ayaz Anwar , Audit Supervising Senior , Deloitte, Pakistan

Devising policies is the sole responsibility of the management from a set of rules, conventions mentioned by the IAASB. Whereas implementation of those policies is done by the accounts dept. which is ensured by the internal auditor.

Shariful Islam
by Shariful Islam , Manager, Internal Audit , BARC Pakistan

Management

Kamran Anjum
by Kamran Anjum , Head of Internal Audit , Rafhan Maize Products Company limited, Faisalabad, Pakistan, Ingredion Incorporated Gmbh

Its (C) Management

alaa El-din Abd El-reheem Abd El-raziik Mohamed
by alaa El-din Abd El-reheem Abd El-raziik Mohamed , رجل مبيعات وكيل البنك , بنك باركليز

(D) WITH( C) AND (A)

Rajan Antony Palliparambil
by Rajan Antony Palliparambil , Assistant Section Officer , Craigmore Plantations (India) Private Limited

Definitely Management is responsible for devising of the Accounting Policies after getting suggestions from Statutory Auditors and also the advice in implementing the same from Internal Auditors.  Accounts Department to carry out the policies in an efficient manner.

Abd ElRahman Mohammed Idris Mohammed
by Abd ElRahman Mohammed Idris Mohammed , Internal Audit Manager , Kenana Sugar Company Limited

(C) MANAGEMENT...................

Dasarathi Rath
by Dasarathi Rath , Sr. Accountant , Al Luban Special Investment LLC

I Like too much this question....

Statutory Auditor, Internal auditor, Management & Accounts department are never devising Accounting policies.

Accounting standards are written policy documents issued by Export Accouning body or by Govt or other regulatory body covering the aspect of recognisation, measurement, presentation and disclose accounting transaction in the financial statement...

 

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