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Accountants often see their clients business failing as the client does not have a grasp of financial concepts. What can accountants do about this?
Good accountants used to simplify the reporting so as to grasp the contents to the understanding capabilities of the Businessmen he represents. Many contents can be simplified in a natural way so the concept is easily grasped by all as in the case of a mere buying and selling transaction. The requirement is genuine and it is ethical on the part of the Accountant to make the reporting simple in different styles on the other side, while keeping the accounts as per the required standards for audit and taxation purposes.
Sir, yes ethically it is the job of an accountant (or a Relationship Manager) to provide the expertise of funds management to their clients. However he would not be accountable if not doing so.
The relationship manager should talk to the CFO's or Chief Accountant of their client to guide and suggest measures on how to improve the financial performance of the company if he foresees that is going in the wrong directions.
When auditors are appointed for the audit engagements, client expects them to identify the accounting errors and omissions to reflect the correct image of the company performance. On the other side auditors are also liable ethically and by the regulatory authority as if any problem is identified afterwards by the regulatory authority, auditors are also liable for the said mistake for not identifying it at the right time. Most recent case is of Toshiba where a pile of accounting errors and mistakes were identified subsequently.
Further this liability differs on country to country basis.
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