The Essential Services that are Performed by the Chartered Accountants
There are a number of services that are performed by the Chartered Accountants which are of great importance to any business setup so as to be able to manage the business effectively and make accurate and appropriate business decisions. Some of the services you will expect from the chartered accountants are such as auditing services, tax services, management consultative services and those services for the small businesses. Below we will be taking a look at some of these services in their greater detail.
The number one services that we will take a look at first of all are the auditing services. The auditing services generally will involve the examination of the financial statements and they are considered to be the core part of the services offered by a practicing Chartered Accountant. According to the standards and regulations set by state law, each and every limited company is supposed to have their financial reports and statements audited by an independent auditing firm who always are the independent Chartered Accountants. The audit process involves the tasks of examining and verifying the firm’s financial statements, assessing the steps and means the company has in place for the collection, reporting and recording of financial information, a look at the control and check systems the company has for the protection of the company’s assets against fraud and errors and finally they will give their opinion on the reports given as whether they are a true reflection of the company’s financial position. Generally speaking, the one thing you will enjoy by having the auditing services from the chartered accountants is that it will greatly improve the reliability that a company can have for the monetary intelligences that you may have put in place in your business setup. Where you have your financial declarations so verified and confirmed to be accurate by the independent auditors, you will be able to have your company winning the confidence and trust of the many interest groups who may have an interest of a kind with your business such as the investors, creditors and analysts as they know they can make accurate decisions when they are looking at a deal with your company.
Some of the qualities looked at when you are looking at the auditors suitable for the performing of the audit jobs for your company are such as being technically competent and as well totally independent of the entities for which they will be auditing their books. There is always a rigorous training system and examination that will certify an auditor as possessing the expertise required for the audit jobs and is always a recommendation that the auditors work as hard as they can to ensure that they stay at an arm’s length from the company that they will be dealing with so as not to compromise in any way their ability to give independent opinion on the financial affairs of the particular company.