There are various types of services offered by accounting firms. The scope of services provided by accounting firms vary according to their knowledge, expertise and experience. Some common services are the preparation of final accounts, the external audit, tax services, consulting services of managerial and accounting system design.
An external audit is one of the main services offered by accounting firms. It is mainly centered on the critical examination of the financial statements by an independent CPA (Certified Public Accountant) for the purpose of providing an opinion on the fairness of the content of the financial statements. Instead, the CPA review sample statistics.
Also, the accounting consulting firm handles a wide range of tax services. accountants prepare income tax returns clients (ITR), business and transfer taxes. In this set up, accountants representing clients in tax assessment and investigation. It is necessary that the tax accountants are constantly aware of the dynamic tax laws, regulations BIR and local tax laws affecting their clients, in order to tax accountants to provide advice on tax minimization.
Managerial Advisory Services:
Likewise, an accounting firm can also provide Managerial Advisory Services. Managerial Advisory Services help in providing relief to the management. Generally, accountants provide industry advice to their clients on finance, budgeting, business policies, and procedures of the organization, the system, the cost of products, distribution and other business activities.
Accounting System Design:
An accounting firm can also provide services Accounting System Design. This included an evaluation of the company control system to determine each region / s improvement. An accountant who worked as a systems analyst is one who also designed and installed accounting form accounting procedures accounting for the accumulated data.