The Relevance of Saint Leo’s values of Responsible Stewardship and Integrity in Accounting
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The Relevance of Saint Leo’s values of Responsible Stewardship and Integrity in Accounting
Responsible Stewardship
Saint Leo proposes that the value of responsible stewardship is given by our creator, who bestows us with plenty of resources. We advance the spirit of service to utilize our assets for the University and the community’s general development. We must be creative. We must maximize and use all the reservoirs to consummate the University’s mission and goals (Rimanelli & Orlando, 2018). This concept is useful to accounting in that it warrants better custody of the public trust and ensures the organization’s riches are adequately safeguarded and used efficiently to attain the objectives of an organization.
The construction of financial statements is a vital process as it communicates essential information to the stakeholders. One of the financial reporting goals is stewardship, which acts upon the management role of a company. Additionally, stewardship is an ethical aspect in accounting that fosters a duty to handle business carefully and provide authentic information to stakeholders through financial reporting. Fundamentally, stewardship influences an independent auditor to conduct an unqualified audit of the financial statements.
Integrity
Saint Leo’s value on integrity is that the commitment of Saint Leo University to brilliance ultimatum that its members deliver its mission and its aptitude (Rimanelli & Orlando, 2018). This aspect is beneficial in financial reporting in several ways. Firstly, an organization can attract lenders using the creditworthiness of information on financial statements. Secondly, an organization’s tax liability is depended on the financial reports. Hence, integrity facilitates civic responsibility. Furthermore, integrity assures smooth operations of a company because the business decisions are built on the precision of information. As such, a company is placed in an excellent position to identify if and how much the company is earning or losing.
References
RIMANELLI, M., & ORLANDO, F. SAINT LEO UNIVERSITY’S RENAISSANCE.