Tuesday, 28 June 2011

Definition of bookkeeping,accounting and auditing according to United Nation

United Nation Product Classification code

Bookkeeping services: CP 86220

Bookkeeping services consisting in classifying and recording business transaction in term of money and some unit of measurement in the books of accounts.Excludes bookkeping services related to tax returns.

Accounting : CP 86213

Compilation of financial statements from information provided by clients. No assurances regarding accuracy of the resulting statements are provided. Includes preparation services of business tax return, when provided as a bundle with the preparation of financial statements for a single fee. Does not include business tax preparation services, when provided as separate services

Auditing: CPC 86211

Financial auditing services includes combination services of accounting records and other supporting evidence of an organization for the purpose of expressing an opinion as to whether the financial statements of the organization present fairly its position as at a given date, in accordance with generally accepted accounting principles.