👉 Diligence in accounting refers to a person's ability to accurately and efficiently manage financial information, including preparing financial statements and reports. In the context of non-disclosure or lack of diligence, it means that an individual does not disclose material facts about their financial situation, such as assets, liabilities, income, expenses, or other relevant details, which could lead to misrepresentations in financial reporting. Diligence is a key aspect of accounting and auditing, as it ensures that financial statements are prepared
