Question

What are the service lines within Big 4, and what do each one of them do?

Answer 1

Ans:

The Big 4 are involved in varied ranges of service out of which the major lines of service are as follows:

1. Internal Audit: It involves regularly scrutinise the operations and working of the organisation to ensure they are in line with the acceptable business practices and the organisation have adequate internal financial controls in place.

2. Audit: It involves providing an independent opinion on the financials of the company that they are free from material misstatement and there's doesn't involve any fraud to the best of their knowledge and best on the findings of the audit.

3. Assurance: It involves guiding and assuring the company are in compliance with the corporate policies prevailing in the country in which in the business operates.

4. Tax: It involves consultancy services, tax audit services in both indirect and direct taxation, filling of prevalent returns applicable for both taxation system for both individuals and business houses.

5. Litigation: It involves representing the clients before the revenue authorities of the country in matters involving finance , taxation , corporate governance etc.

6. System Audit: It involves ensuring the ERP system used by the organisation have adequate control system in place to ensure there couldn't be any fraud and it doesn't go undetected because of lack of controls in system.

7. ERP System Development: it involves designing the blue print of the ERP System based on the companies business operation and requirements of internal reporting.

Besides the above services, Big 4 are also involved in varied other services like accountancy work, academics work, stock audit etc.