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The accounting is normally defined as a process of identifying, measuring, recording, classifying and summarizing business transactions which make it possible to achieve its major goal of financial reporting to the stakeholders for decision making. In the context of present criticism on accounting the financial reporting on the affairs of an entity have a very special meaning. The accounting testifies the correctness and fairness of business transactions to the parties to whom these are related. The criticism that the accounting is a tool in the hand of management for misreporting has snatched its good name. Especially in view of the belief of critics of companies that the giant companies are striving in a “silent takeover” of the world. (Micklethwait & Wooddridge, 2003) it became more important to see that whether accounting is fulfilling its most important duty i.e. financial reporting. Unfortunately this is not being done. Earning management is a worst example of this undesirable situation. Even with in the framework of GAAP or International Accounting and Reporting Standards the management with the help of Accountants often manipulates accounting information to deceive other stake holders to meet its dishonest objectives. Earning management occurs when managers use judgment in financial reporting and in structural transactions to alter financial reports to either mislead some stakeholders about underlying performance of the company, or to influence contractual outcome that depend on reported accounting numbers.” (Giroux, 2004) Testifying the correctness and fairness of business transactions is the actual and true spirit at the backdrop of financial reporting. If the financial reports are not in the shape to testify the correctness and fairness of business transactions to its stakeholders than it deny the most important role of accounting of financial reporting. So actually it is the “Principle of Testifying” which regulates the most important function of accounting of financial reporting. However, the present accounting discipline is not fulfilling its obligation. In his article “How the U.S. Accounting Profession Got Where It Is Today”, Stephen A. Zeff (2003) has taken a good stock of journey of accounting profession and its present status in the United States of America. He states: “At the same time as audit partners were given these perverse incentives by their firm’s top management, their clients were becoming ever more driven by their own set of perverse incentives; bonuses based on earnings, and stock options with values linked to the price of the company’s stock (and therefore, it was believed, to earnings). To maximize their mounting compensation, CEOs began to take every advantage of the subjective judgments implicit in accounting choices, thus placing immense pressure on audit engagement partners-themselves under pressure to keep clients content- to accede to accounting practices arguably beyond the realm of acceptability.” This situation is both against principles of “Amanah” (Amer, 2007) and Principle of “Shahadat” (Testimony) which we are discussing here. Actually “Evidence is found that the enforcement o f the “true and fair view” principle is intrinsically flawed when the accountability and the overall corporate governance systems do not work properly” (Melis, 2005).In nut shell there is a need to strength the important role of accounting of Amanah and Shahadat (Testimony). The accounting is oftenly called language of business which provides useful information for decision making. However, these information should be correct and reliable. This has special significance for external parties. As such the preparer i.e. the accountant play a key role for ensuring the quality accounting information. The accountant plays the key role in preparation of financial reporting. Laureen A. Maines and James M. Wahlen in their article “The Nature of Accounting Information Reliability: Inferences from Archival and Experimental Research” (2006) rightly states: “Finally, a significant body of research focuses on users’ reactions to accounting information reliability. This literature generally finds that users are sensitive to differences in the reliability of accounting information and factors that impair reliability. Experimental research, however, documents that even expert users can be influenced by preparers’ choices that weaken reliability. The inclusion of ethics in the accounting education curriculum or code of ethics of professional bodies is not the exact answer as its lack a binding force. As the author suggested in his paper “Development of Islamic Accounting Theory— Principle Of Amanah And Accountant As Ameen” (2007) under the circumstances the best solution to the problems inherited in conventional accounting is to lay down a foundation for a new accounting theory, based on Divine Guidance i.e. teachings of Qur’an and Sunnah of Prophet (Salla Allahu’alaihi wa sallam). Marshall A. Geiger and Porcher L. Taylor III in their article “CEO and CFO Certifications of Financial Information” took a good stock of role of CEO and CFO of public companies in the backdrop of Sarbanes-Oxley Act (SOA). While emphasizing the of spirit behind such certifications in their concluding remarks states: “At the heart of this series of certification requirements is CEO/CFO personal oversight and responsibility for the content and quality of financial information, and increased involvement with internal control. Although these new requirements have the ability to significantly improve financial reporting and disclosure, only long-run adherence to the spirit as well as the letter of the requirements will effectively increase the actual level of reporting accuracy and transparency of public companies in the U.S.” Laureen A. Maines and James M. Wahlen recommend that “Finally, we support research that focuses on preparers because of their central role in the financial reporting process.”(2006) The Quran and Sunah is a main source of such type of research. The Principle of Shahadat (Testimony), based on Islamic concept of testifying, can play a key role for ensuring “true and fair view” of business and reliability of accounting information. In the coming discussion we will briefly see that what this principle is and how it can be a vital component of accounting theory.