Question

Identify three types of services typically offered by accounting professionals.

Answer 1

An accountant is a professional who performs accounting functions such as audits or financial statement analysis. This is also known as account analysis.

Types of Services :-

1) Accounting audits

It is one of the most important functions of a Accounting professionals. It is in accounting audits that the specialized training, skill and judgment of a professional accountant often comes into play. Accounting audit is the examination of books, vouchers, documents and accounts of any given business to verify the truth of financial statements.

Accounting audits evaluate accounting systems for weaknesses and monitors internal control to determine the degree of an organizational fraud risk and to follow unusual trends in financial data.

2) Assurance services

Accounting professionals provide accounting assurance services that include the review of financial documents and any transactions such as loans, contracts, and financial websites. These services ease decision making in any business or organization as the review certifies the correctness and validity of the reviewed items.

3) Taxation

Tax information is vital to the effective economics of business management. A CA is well trained and has the experience to offer tax compliance services. They include tax administration and process improvement to help your business in the effective management of the process of conformity and focus on a broader premeditated vision for total tax performance.

A CA is well experienced in tax preparation, representing assesses before the Income Tax authorities and rendering you with general advice on taxes. A CA’s expertise in compliance audits is a recently required service by the tax department in evaluating complicated cases that have large revenue potential.

4) Investigation

CAs are often called upon to investigate the financial position of business concerning issues such as purchase or sale, share capital, mergers, reconstruction and financing a business. They also investigate the efficiency in managements, administration and profit margins.