The energy sector`s supermajors experienced a prosperous 2022. ExxonMobil, the largest private-sector giant, posted a record annual net profit of $56 billion following the surge in oil prices due to Russia`s invasion of Ukraine. This figure might seem impressive, but for Saudi Aramco, it pales in comparison. Last year, the Saudi Arabian oil giant recorded a net income of around $160 billion, marking the highest corporate profit in history.

Explore the purpose of the accounting function within business organizations, drawing on real-life examples from various industries, including the case study provided.

Assess how ethics and regulatory frameworks influence the role of the accounting function within organizations, evaluating the benefits and challenges posed by these factors.

Evaluate the context and objectives of the accounting function in addressing organizational, stakeholder, and societal needs and expectations. Critically analyze how the accounting function informs decision-making processes and contributes to meeting diverse stakeholder and societal expectations.