Assurance services are an independent professional services provided with a goal of improving the knowledge of stakeholders. In simple terms it is nothing but predicting the future with the help of various statements and reports and government policies together with the help and expertise of an auditor. A CPA accountant is well verse in dealing with these operations as per standard rules and regulations.
With this the group gets independent and professional opinions which will help the board members more informed and thus helping them to make better decisions. It is noted that most of the cases this reports proved correct and many business houses flourished due to following the input they received from this.
In order to become a member of this elite group, one must pass an examination conducted by the state commonly known as Uniform Accountant Examination. College education backing his or her accountancy background and should have experience as an accountant. After passing out, they will receive a certificate to service to populace.
Their functional area is countless and it will even become complex if its works internationally demanding to comply with rule of laws of many countries. Here the job done by the housewife in household is done by a more professional groups of accountants helps them to know about the market the present financial conditions of company the returns of the investment, the taxable incomes etc.
Estate planning is their second area of activity. In simple terms estate planning means managing ones property and assets when the person is not having time to spend due to physical conditions or of his busy work life. Firm should manage the property, give reports, collect rents and dividend check into the lease activities etc.
Most small and mid sized companies employs their own auditing and tax department. Along with the attorneys of company and other agents working in the firm, Professional should represent company before the state tribunals like income tax department.
Income tax is another area of functions for this professionals. Government collects tax from the general public and the corporate houses for their activities. Tax collected from the public is called as income tax whereas the tax collected from corporate houses are named as corporate tax.
The rate of tax imposed will vary year by year which will be updated in every financial year and will be updated through the annual budget. There will be slabs in the income level through which tax are collected. Income up to certain extent is exempted from income tax.
Wrong statements whether knowingly or unknowingly manipulated statements, hiding of facts etc. Will adversely affect the decisions of government agencies, investors, shareholders and other competitors of the firm one have done auditing. Hence Ethics in ones work responsibility is very important. If we are unable to stick to their guidelines provided, at any time we are found guilty of incorrect statements, or misleading statements or facts hidden or manipulated state can take action against the accounting firm cancel the license and has to face criminal law.
With this the group gets independent and professional opinions which will help the board members more informed and thus helping them to make better decisions. It is noted that most of the cases this reports proved correct and many business houses flourished due to following the input they received from this.
In order to become a member of this elite group, one must pass an examination conducted by the state commonly known as Uniform Accountant Examination. College education backing his or her accountancy background and should have experience as an accountant. After passing out, they will receive a certificate to service to populace.
Their functional area is countless and it will even become complex if its works internationally demanding to comply with rule of laws of many countries. Here the job done by the housewife in household is done by a more professional groups of accountants helps them to know about the market the present financial conditions of company the returns of the investment, the taxable incomes etc.
Estate planning is their second area of activity. In simple terms estate planning means managing ones property and assets when the person is not having time to spend due to physical conditions or of his busy work life. Firm should manage the property, give reports, collect rents and dividend check into the lease activities etc.
Most small and mid sized companies employs their own auditing and tax department. Along with the attorneys of company and other agents working in the firm, Professional should represent company before the state tribunals like income tax department.
Income tax is another area of functions for this professionals. Government collects tax from the general public and the corporate houses for their activities. Tax collected from the public is called as income tax whereas the tax collected from corporate houses are named as corporate tax.
The rate of tax imposed will vary year by year which will be updated in every financial year and will be updated through the annual budget. There will be slabs in the income level through which tax are collected. Income up to certain extent is exempted from income tax.
Wrong statements whether knowingly or unknowingly manipulated statements, hiding of facts etc. Will adversely affect the decisions of government agencies, investors, shareholders and other competitors of the firm one have done auditing. Hence Ethics in ones work responsibility is very important. If we are unable to stick to their guidelines provided, at any time we are found guilty of incorrect statements, or misleading statements or facts hidden or manipulated state can take action against the accounting firm cancel the license and has to face criminal law.
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