A Study on the Effectiveness of the Risk System of the Accounting and Financial Reporting System in Oman Towers Company

Abstract

An accounting system is a collection of procedures and documents a business uses to carry out transactions and keep tabs on its accounts. Such a system performs various tasks, including identifying, integrating, processing, computing, categorising, recording, summarising, and reporting. Accounting systems assist firms in increasing productivity, reducing operational costs, and making better long-term and immediate decisions in Oman Tower Company. This study analyses the accounting and reporting system risks and how to handle them effectively and boost operational efficiency. Risk assessment guidelines unambiguously state that management identifies, manages, and discloses risks. The study aims to understand better the risks attached to the architecture of accounting systems and the elements of the internal control system. Moreover, this study examines the hazards connected to the design and analysis of accounting systems. Furthermore, the study will investigate how accounting systems help businesses monitor and control financial activities in the company. The survey approach based on questionnaires and interviews was employed as the original study methodology. Frequency and percentage, correlations, and regression analysis were used to examine the data. The data that was gathered was analysed using Microsoft Excel. The interview data were analysed using thematic analysis. The findings showed that the present system and the business's financial success positively correlate. When a financial plan is most effective, borrowers incur the fewest capital-raising expenses, and buyers get the best dangerous returns from their investments. Economic resources are allocated to the most profitable ventures in an efficient banking market.