Assurance services are a type of independent professional service usually provided by certified or chartered accountants such as certified public accountants (CPAs). Assurance services can include a review of any financial document or transaction, such as a loan, contract, or financial website.
For Small businesses, hiring a full-time accountant could be a costly affair. Also, having a junior inexperienced accountant comes with a risk of not being compliant with all statutory requirement, finding a replacement in case of resignation of an accountant is a troublesome task. Junior accountant will find it difficult to support on higher end tasks like tax planning, structuring employee pay package, meeting investor requirements, Meeting bank document requirements, input on taxation and other laws etc. A smaller business also may not have enough work to keep an accountant engaged full time.