Common Services Offered by Chartered Accountants
Chartered accountants play a very important role in the world of business. Chartered accountants are recognised by the Securities and Exchange Commission and are generally responsible for auditing publicly listed companies. Chartered accountants are most commonly hired by partner firms that offer a range of different services. Here are just some of the common services that chartered accountants offer:
The advisory division of any firm generally offers advice on a number of different issues. Is your business running into the ground? Are you unaware of the latest changes made to the financial reporting standards? Do you want to know more about the legal laws pertaining to different issues in the world of business and finance? The advisory division can help you out. It is the duty of Chartered Accountants of Australia to remain up to date with the latest practices and to offer the best possible advice to their clients. The business advisory division will help you in getting your financial statements in order and will also make it easy for you to publish your financial statements for the year.
Most businesses often have difficulty in calculating their taxes and deferred taxes. Contacting an accountancy firm is a great idea since the taxation division is mainly responsible for offering a litany of services. From basic tax advice to tax compliance, calculation of international tax, salary packaging and other services, the taxation division is your best option if you want to minimise the amount of money you pay intaxes each year. If you are running a listed company, you will have to publish the financial statements, with appropriate tax information each year.
Auditing the financial statements is essential before they are published. Audited financial statements not only enhance the trust of investors, but it also helps you highlight the problems in the business entity. An auditor must be a chartered accountant, and should have a proper license. Most people think that the job of an auditor is to figure out whether the entity is performing smoothly or not. That is not true. In fact, the job of an auditor is to provide an opinion about whether the financial statements of an entity provide a true and fair view or not. The auditor’s job is to figure out if there are any material misstatements and to provide information to the entity about whether it complies with the latest auditing practices or not.
Auditing is the most common service provided by Chartered Accountants in Australia. They generally work in a number of different firms and offer auditing services to small and large scale businesses. Auditing may cost your business a bit more, but it will greatly improve the relationships between you and your investors, and will also highlight any underlying problems in the way business is run. There is also a legal requirement for audits in certain countries, so you may have to appoint an auditing firm to carry out an audit each year.