In the UK, accounting involves recording, summarizing, and analyzing financial transactions. It's governed by standards like UK GAAP and IFRS. Accountants ensure compliance with HMRC tax regulations, prepare financial statements, and provide insights for informed business decision-making.
Auditing in the UK entails an independent and systematic review of an organization's financial statements and records. It ensures compliance with accounting standards, legal obligations, and provides assurance on the accuracy and fairness of financial reporting.
A company secretary is responsible for ensuring corporate compliance with legal and regulatory requirements, managing company records, and facilitating communication between the board and shareholders.
Payroll involves the process of calculating and distributing wages, earnings and salaries to employees, while also managing deductions for taxes, benefits, and other withholdings.