Write a brief critical and analytical reflective essay about insights about Internal Control and Reporting.

Organization and Reporting System

The firm adopted conceptual frameworks designed by the regulator for financial reporting.
The main aim of financial report is to form a basis for the Conceptual Framework along with
many other features of the Framework emerging from it and to give financial information
related to the entities of reporting which are valuable to the current and potential lenders,
investors and some other creditors which help them in making decision of supplying
resources to the entity. Also, user are directed who supply resources to entity of reporting but
they don’t have capability to force the entity for giving them information which they need to
make decisions related to their investments. The conceptual framework designed by
regulatory bodies play important role in transparency and accountability of this information.
Hence, all organization must adopt this for financial reporting.
The conceptual framework is defined as a system of various fundamentals and objectives
which are interrelated that recommends the function, nature and various limitations of
financial reporting. The objectives are required to find the intentions and goals of financial
reporting. The fundamentals are basically the concepts and ideas of financial reporting and
accounting. These concepts help in finding the limitations of financial...