With you for the past 10 years, committed to compliance and integrity!
It may not be very obvious, but if we look more closely, we find that a basic knowledge of financial statements is essential. The financial statements are actually a mirror of the organization. Business compliance must also be reflected in financial statements that comply with the regulations and rules of the profession. We also get an impression of what kind of organization it is, how much money it has and how much revenue it generates. We talked about this at a workshop that took place on 16 November 2016 at the City Hotel in Ljubljana.
We have briefly learned about the history of accounting and some basic concepts that are almost synonymous in everyday life, and some accountants “get dots” if these concepts are misused. We also learned the basic principles of double-entry bookkeeping and some accounting Latvian, which may be useful when accountants enthusiastically explain business events to us. The central part was intended to get to know the categories of assets and liabilities, which is shown in the balance sheet, and revenues, costs and expenses, which we see in the income statement. We tested our knowledge on an ongoing basis and were also alerted to possible controversial practices that may be related to individual economic categories. At the end of the workshop, we were able to check how much knowledge we gained on financial statements from the "real world", and we also found a lot of red flags - warning signs that could guide us in our work if it were the statements of our or related organization.
The five most important recommendations that the participants of the workshop should especially remember are:
Education, research and development in the field of compliance and ethics and care for the development of the business compliance officer profession.