Accountancy, Accounting and Practitioners

Accountancy (profession) or accounting (methodology) is the measurement, statement or terms of assurance about financial information primarily used by managers, investors, tax authorities and other pronouncement makers to make resource share decisions within companies, organizations, and public agencies. The terms derive from the use of financial accounts.

Accounting is a service activity. Its function is to provide quantitative information pricipally financial in nature, about economic body, that is intended to be useful in making economic decisions, and in making articulate choices among alternative courses of action. It is also the discipline of allowance, communicating and interpreting financial activity. Accounting is also widely referred to as the "verbal communication of business". Financial accounting is one aspect of accounting and previously has involved processes by which financial information about a business is recorded, classified, recapitulate, interpreted, and communicated; for ccommunities companies, this information is generally publicly-accessible. By contrast management accounting information is used within an organisation and is usually confidential and accessible only to a small group, mostly decision-makers. Tax Accounting is the accounting needed to comply with jurisdictional tax regulations.

Practitioners of accountancy are known as accountants. There are many specialized bodies for accountants throughout the world. Many allow their members to use designation indicating their connection or qualification level. Examples are Chartered expert Accountant (ACCA or FCCA), Chartered Accountant (FCA, CA or ACA), Management Accountant (ACMA, FCMA or AICWA), Certified Public Accountant (CPA) and Certified General Accountant (CGA or FCGA).

Auditing is a related but separate discipline, with two sub-disciplines: internal auditing and external auditing. External review is the process whereby an independent auditor examines an organisation's financial statements and accounting records|. Internal auditing aims at providing information for management usage, and is typically carried out by auditors employed by the company, and sometimes by exterior service providers.

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