How Much Do You Need Accounting and Auditing Services

 How Much Do You Need Accounting and Auditing  Services

How Much Do You Need Accounting and Auditing Services – You would like to ask;  accountant or auditor which one is better, which one do I need? auditor vs accountant – what are their  differences accounting auditor job description – accountant and auditor’s job description.
To start with, accountants are auditors, and auditors are accountants. What an accountant does depend on his area of specialisation. Therefore, Accountants and auditors prepare and examine financial records. They ensure that financial records are accurate. They also make tax computations and ensure  that taxes are paid properly and on time. Accountants and auditors assess financial operations and work to help ensure that organizations run efficiently. These they do through their various financial analysis producing various ratios and parameters for success measurement.
Now, as a businessman/woman, how much do you need accounting and auditing services. In addition to all that are highlighted above, read on for further information on how much services the accountant or the auditor will do for you.

 How Much Do You Need Accounting and Auditing  Services

 How Much Do You Need Accounting and Auditing  Services

MANAGEMENT ACCOUNTING SERVICES:

The essence of Accounting is to provide timely, relevant and sufficient (complete) financial information regarding the value of resources employed, assets and liabilities of the business and its Profitability.
Section 331 of Companies and Allied Matters Act (CAMA), Cap C20 LFN 2004 provides that – every company shall cause accounting records to be kept. Section 334 also requires that every company shall produce a yearly financial statements.  A professional Accountant will help you achieve these.

 How Much Do You Need Accounting and Auditing  Services

INTERNAL CONTROL SYSTEM:

Wikipedia defines Internal control, as a process for assuring achievement of an organization’s objectives in operational effectiveness and efficiency, reliable financial reporting, and compliance with laws, regulations and policies. In essence, internal control system is a holistic system that encompasses every aspect of a business operational system. The internal control measures ensure that these subsystems work well to achieve the organisational goals. The financial subsystem of this network is the professional jobs for the accountant  and the auditor.
 Therefore, you can outsource these aspects of your administration to a consultant accountant  who will manage your Internal Audit and internal control system.

STATUTORY/EXTERNAL AUDIT:

External audit are always statutory, i.e as provided by law, and is conducted by an appointed independent external auditor.
In fact, an external auditor is independent of the daily operations of the organisation to be audited. That is what qualifies him to examine, evaluate and give an independent opinion on the accuracy, fairness and conformity to certain regulatory standards governing the operations of such an organisation and professional ethics/standards in keeping such organisations financial records.
Consequently, an external auditor performs an audit, in accordance with specific laws or rules, of the financial statements of a company, government entity, other legal entity, or organization, and is independent of the entity being audited.
External audit is a periodic (annually) or specific purpose (ad hoc) audit conducted by external (independent) qualified accountant(s). Its objective is to determine, among other things, whether the accounting records are accurate and complete, prepared in accordance with the provisions of GAAP, and that the statements prepared from the accounts present fairly the organization’s financial position, and the results of its financial operations.

THE NEED FOR ALL:

As you can see, every one needs the accountant who is also the auditor. Whether  you are  and incorporated organisation or not an incorporated organisation, NGO etc.  accounting records are still so necessary for you to appraise your performances. It will certainly help you watch the trend of the market/operations from time to time, ascertain your  income for income tax purposes.
Therefore, if you are a sole trader, partnership or in a joint venture operations etc. you need a professional Accountant /business advisor. Get one today.

 How Much Do You Need Accounting and Auditing  Services

 The accountant or the auditor will render the  following  Accounting services to you.:

  •  Financial Accounting Services
  •  Statutory Accounting Services
  •  Management Accounting Services
  •  International Financial Reporting Standard (IFRS) advisory and Training
  •  IFRS implementation Projects ( conversion to IFRS)
  • ICT Services ( Accounting related)
   Financial/Business Advisory Services:- 

Risk Advisory Services:-

  •  Credit Risk advisory,
  •  Market risk advisory
  • Operational risk
  •  Business trend (appraisal) analysis,
  • And a lot more.
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