Question 1:.Organizations Give The Accounting Firmsimportanttasks

Accountants are responsible in analyzing and assessing the revenue, expenses, reporting financial matters and giving advice about the financial health of their employer. They help their client to know the best way to run a business by tracking and analyzing where does the money of the business go. They also give suggestions on where money could be made and advice in budgeting the money in the business.

The auditor’s report is a major source of information that officially evaluations an entity's financial status. In conjunction with the auditor’s official evaluation of the entity’s financial status, the auditor provides an assessment of the firm’s monetary position and future. Auditors can provide four types of reports: unqualified opinion, qualified opinion, adverse opinion, and a disclaimer of an opinion. An unqualified opinion (clean report) which is issued in most cases expresses the opinion that financial statements are presented in accordance with general accepted accounting principles and is void of misrepresentations. The unqualified

The profession of accounting is a one that is highly regulated, due to the knowledge and power each accountant possesses. Although an accountants duties differ from one position to the next, the main sectors that accountants pursue are auditing or taxation. Auditing is ensuring the public that the information listed on the financial statements of public companies is free of material misstatements. While taxation is helping people or companies file their tax returns to the federal government or offering tax advice. In the world of auditing, you either follow the Public Company Accounting Oversight Board (PCAOB), for public company audits, or the American Institute of Certified Public Accountants (AICPA), for other entities

Elder, A. A., Beasley, M., & Elder, R. J. (2014). Auditing and assurance services (15th ed.). Upper Saddle River, NJ: Pearson.

Accounting is the study of how businesses track their income and assets over time. Accountants engage in a wide variety of activities besides preparing financial statements and recording business transactions. These activities include computing costs and efficiency gains from new technologies, participating in strategies for mergers and acquisitions, quality management, developing and using information systems to track financial

f you are a business owner, hiring tax services will be very important especially if it is that time of the year when you need to file your tax returns. It is very important to hire an accounting firm or a professional that follows proper taxation laws as well as accounting procedures if you want this process to be handled with finesse. You may also use in-house accountants to file your taxes, but you will need to make sure that they are proficient and can produce excellent results.

They require to make many various reports such as assets and liabilities, loss and profit, or other financial documents. Some other tasks they may do is to design accounting systems, financial forms, and instruction manuals for the firm’s accounting and bookkeeping workers to use. They give advice to the companies upon the investment, tax strategies, and risk management. They sometimes can train some other lesser skilled employees. Public accountants work for pubic accounting companies. They usually work for the offices, and they would use the computers as the reference and calculations.

The auditors also report that they have evaluated the internal controls system of the company and according to them there is no material weakness in its system and hence they give an unqualified opinion.

B) I think the auditors should have equal responsibility for detecting material misstatements due to error and fraud. It’s their job to make sure the financial statements are as accurate as possible. Although it may be hard to check all the information from a company it’s the responsibility of the auditor to sign off that everything is in check.

The case study General Mills Inc. - Understanding Financial Statements focuses on the most basic idea of finance analysis. This case is a brief look into the language that is used in the finance world and a start to interaction with auditors. In this case, KPMG LLP, the public accounting firm that was auditing their statements, had sent two opinion letters. The first letter was ensuring that both parties were aware that General Mills had internal control over financial reporting. The second opinion letter stated that to auditor’s knowledge, General Mills had correctly reported its financial statements. The statements given in this case study are known as the four general financial statements. Displayed in the case are the

The skills that will be necessary include: accountants who understand different tax laws / investing, providing support to key personnel during the process, transparency and effective communication. This will build upon the strengths of the firm to include: the demand for these kinds of services and the ability to create customizable solutions in addressing the needs of clients. The biggest weakness is that this kind of business will take time to attract customers. This could require larger amounts of upfront investment capital. These demands will meet the requirements of potential markets by creating a cost effective solution for customers. As the offering of various competitors are expensive and involve cliental receiving services that do not meet their prerequisites. ("How to Start an Accounting Firm," 2012)

These would include government agencies, like the small business enforcement agencies and the Internal Revenue Service (IRS). Hence, having a professional and competent accountant that you can trust, can go a long way in making your company financially strong and viable.

This paper will provide examples for each type of service, which is auditing, assurance and attestation. These are very important services when it comes to the auditing process. There are certain individuals and organizations that may request these services. Also, the standards that apply to each service and who establishes those standards will be further discussed. These services are important to ensure profitability and future success for the business.

The functions of all accounting firms are basically the same. For instance, the services provided by Ernst & Young Global Limited are:

Auditor should consider the risk of material misstatement due to the fraud and error. The errors are easy to identify while it is difficult to locate the frauds because they are intentional and usually arrangement are made to conceal them.