Accounting And Auditing Services

Accounting and auditing services

In Accounting And Auditing Services, accounting may be defined as preparation and analysis of financial information reported to internal and external users via financial statements. Auditing may be defined as the evaluations of the reliability and credibility of financial information as well as “the systems and processes responsible for recording and summarizing that information”.

Moreover, under the Services Sectoral Classification List (MTN.GNS/W/120), these services are included under Professional Services. General Agreement of Trade in Services (GATS) covers four Modes of delivery of services in cross–border trade. Typical examples of Trade in these services in four Modes of Supply are as under:-

Cross Border Services (Mode 1)

Cross border supply of accounting services using Technological Services. For example – An Indian Audit Firm sends Audited Accounts to a client operating in USA.

Consumption abroad (Mode 2)

Usage of these services in the territory of another country.  For example– An American Client visits India and use these services from an Indian Accounting/Auditing firm

Commercial Presence (Mode 3)

Expansion of a Local Accounting/Auditing Firm into a foreign country.   For example – An Indian Accounting firm establishes an office in USA.

Movement of natural persons (Mode 4)

Accounting/Auditing Professionals enter into a foreign territory temporarily to provide services.   For example – An Indian Chartered Accountant provides Accounting Services by visiting a client in USA to prepare a business acquisition.

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