Duties Status and Liability of Syarikat Alpha Auditor Accounting Essay
Like other professionals such as doctors, architects and accountants, they are both civilly and criminally liable. Under civil law, an accountant can be held liable under common law or under statutory liability. Common law liability arises from negligence, breach of contract and fraud. Legal liability is the obligation that comes with this. Auditor vs. Accountant: Key Differences and Similarities. Companies often hire skilled financial experts to help calculate taxes, prepare tax returns, and evaluate financial reports to examine their accuracy. Whether a company needs help ensuring regulatory compliance or identifying discrepancies in operating costs, Tax is the process of levying taxes on individuals and organizations while an audit examines an organization's financial records to ensure accuracy . Both tax and audit require a high degree of accuracy and attention to detail, as well as an understanding of financial laws and regulations. Like other professionals such as doctors, architects and accountants, they are both civilly and criminally liable. Under civil law, an accountant can be held liable under common law or under statutory liability. Common law liability arises from negligence, breach of contract and fraud. Legal liability is the obligation that comes with this.