Third-Parey Accounting

Third-Parey Accounting

The three parties involved in accounting are registered accountants, the management (responsible party) of the audited entity, and the expected users of financial statements.
• Certified Public Accountant. It is the responsibility of a certified public accountant to express an audit opinion on the financial statements in accordance with the auditing standards.
• The management (responsible party) of the audited entity. It refers to the recognition and understanding by the management and governance that they should assume responsibilities, which form the basis for certified public accountants to carry out audit work in accordance with the provisions of audit standards.
• Expected user. Refers to the organization or personnel expected to use audit reports and financial statements.
In short, third-party accounting is a third-party organization that is independent of the accounting business accounting of the enterprise.