To be effective, accountants need to understand the legal profession. They can do this by gaining a basic understanding of the law, business and finance. However, they should not rely on this knowledge alone as issues that are clear-cut in one field will often give rise to problems in another area. For example, an issue relating to how much money is owed may turn out to have significant implications for the valuation of property or could even result in criminal proceedings if it has been fraudulently obtained. The importance of thorough consideration before taking action cannot be overstated; consequently many risks require careful assessment before they can be dealt with properly (e.g., liability) or avoided altogether (e.g., bankruptcy). If you want your accountant to provide an objective report then clearly you need someone who understands what is happening at all times and there are no hidden agendas because all matters must be treated equally regardless of whether you pay them or receive them! An audit questionnaire provides good practice guidance for client selection purposes but also gives the auditor important information regarding their client’s financial position which can assist them when drawing up an unbiased report for any future inquiries from regulatory bodies such as CMA/CIPA, HMRC etc..
What criteria should I use when selecting my accounting firm?