Accounting Firms such as Big Four (PwC, EY, KPMG & Deloitte) offers a range of accounting and advisory services to different organizations.
Let’s have a look at what professional accountants (CA, CPA, ACCA) do in these accounting firms.
- Core Accounting
- Preparation of financial statement for clients (also known as compilation engagements)
- Tax planning and tax return preparation for clients
- Management of whole accounting function for clients
- Accounting Operations Assurance
In order to make a robust accounting system, an organization has to be updated with the latest standards, good controls, and governance. Accounting firms help an organisation to guide on the following areas to stay ahead in the game:
- New accounting and regulatory standards (IAS / IFRS, US, UK, Australia GAAP)
- Complex accounting
- Business Processes Improvement
- Internal Controls
- Financial Advisory
Professional Accountants provide guidance on finance and accounting related issues to:
- Mergers & Acquisition
Merger strategies, due diligence, integration
Involves reorganization, manage crisis, risk management,
Financial crime advisory, digital forensics, investigations, and suggest recommendations.
- Risk Advisory
Accounting Firms also provide guidance on assessing the risk and curbing those risks or even devising appropriate strategies to tackle looming risks.
- Strategic Risk
Assessing risk for new projects, new markets, or mergers and acquisitions.
- Financial Risk
Guidance on financial stability, liquidity, and risk management due to change in the business model, processes, etc.
- Regulatory Risk
Guidance on regulatory obligations
- Operational Risk
Guidance on risk from business operations, employee conduct, technology, data, controls.
- Cyber Risk
Guidance on risk from the technological environment, data protection.
In conclusion, professional accountants provide the above-mentioned services to clients as an analyst/associate, senior analyst/associate, manager, senior manager & partner.