THE ROLE OF ACCOUNTING AND AUDITING IN ENSURING FINANCIAL TRANSPARENCY

Abstract

The article discusses the critical roles of accounting and auditing in enhancing financial transparency within organizations. It outlines how accounting contributes to transparency through systematic record keeping, financial reporting, compliance with regulations, and effective budgeting and planning. Furthermore, the article highlights the role of auditing in providing independent verification of financial statements, assessing financial risks, ensuring regulatory compliance, and boosting stakeholder confidence. Together, accounting and auditing establish a framework that promotes accuracy, accountability, and trust in financial reporting, which is vital for informed decision-making and maintaining a healthy economic environment.