Most businesses maintain their own accounting departments to prepare financial statements for executives and stockholders. Most individuals keep track of their own money using one or more accounting firms, even if it is simply keeping receipts in a shoe box. Yet, accountant firms continue to be among the most profitable and most widely used types of service providers. There are several reasons for this.
While a business may maintain its own books and perform internal audits on a regular basis, there are times when it is required by law that an outside agency audit the books and ensure that all financial reports are accurate. This is especially true with non-profit agencies and those receiving government funds. At times like this, only a professional firm that is completely independent from the business in question may legally perform such audits.
While a business may maintain its own books and perform internal audits on a regular basis, there are times when it is required by law that an outside agency audit the books and ensure that all financial reports are accurate. This is especially true with non-profit agencies and those receiving government funds. At times like this, only a professional firm that is completely independent from the business in question may legally perform such audits.