Range of Accounting Services usually Provided Flashcards
(19 cards)
What is the primary purpose of audit services?
To measure accuracy and clarity of accounts
What are the main duties of audit services?
- Independent assessment of financial statements
- Assessing financial reporting systems
- Making recommendations for improvements
- Observing business processes
What is the purpose of an audit opinion?
To reflect the financial position of the organization
Who must carry out audits required by law?
Qualified accountants
Which firms provide complex audits?
Large international firms like PwC and Deloitte
Who are common clients of audit services?
Larger limited companies and charities
What is the primary role of bookkeeping?
To provide accurate financial information
What are the main duties of bookkeeping?
- Preparing financial statements
- Paying vendor invoices
- Managing wages and expense claims
- Completing VAT returns
Who are common clients of bookkeeping services?
Sole traders and small businesses
What is a potential disadvantage of using bookkeeping services?
Loss of control over financial data
What services do business advisors offer?
- Structuring advice for businesses
- Financial planning and budgeting
- Tracking key performance indicators
- Planning for business succession
Who are common clients of business advisors?
Start-ups and growth-phase SMEs
What is accounts preparation?
- Compiling financial records into statements
- Ensuring compliance with UK GAAP
- Producing monthly or quarterly reports
- Correcting financial statements with adjustments
Who are common clients for accounts preparation services?
Public and private limited companies
What is investment appraisal?
- Evaluating potential investment projects
- Using Payback Calculation and NPV methods
- Aiding in financial decision-making
- Identifying profitability and strategic fit
What is a main advantage of investment appraisal?
Structured approach to financial decisions
What is a disadvantage of investment appraisal?
Potential for miscalculations leading to wrong investments
What is the role of project management?
- Achieving project goals within constraints
- Streamlining processes and optimizing resources
- Managing risks and changes
- Ensuring quality and stakeholder satisfaction
What is a potential conflict in project management?
Differing plans between project and top management
