Referencing Styles : APA Referencing Styles : Harvard You are appointed as the management accountant of a company which has diversified activities in both sectors; services and manufacturing. Company intend to increase its profitability through cost controlling and pricing strategies. As a management accountant, you need to assist the board of directors in making informed decisions. Your task is to write a report to the Board of Directors that will be discussed in the next board meeting. You are required to: 1. Discuss the need for investing in the latest software of management accounting as well as financial accounting in your selected organisation, highlighting differences between management accounting and financial accounting. 2. Evaluate the importance of classifying costs on the basis of types, behaviour, function and relevance in business decision making, with suitable examples.3.Discuss the objectives of preparing budgets and provide examples for operational budgets. 4. Explain how standard costs are used for variance analysis and discuss the terms favourable and adverse variances with suitable examples Accounting standards are now awash with principles of ‘fair value’ and tiers of determining how to calculate such. Auditors sign off that the accounts comply with the appropriate accounting standards. Where should auditors (who are accountants) draw the line in terms of their responsibilities to shareholders and to their profession. Discuss. Question 2. Are auditors overly relying on manager’s explanations? Are there firm and manager characteristics and attributes that lead auditors to perform fewer tests and pursue less reliable types of audits? Does manager confidence sway auditor opinion? Question 3. Auditing the auditor. Has ‘self-regulation’ in auditing completely failed in the 21st century. Question 4. The Cadbury Report (1992) concerning corporate governance was considered the forerunner of what is now commonly considered as ‘comply-or-explain’ codes. Discuss and explain - include a discussion on ‘When is comply or explain the right approach?’