A career in Accountants and Auditors is one of the rewarding job options. An accountant plays very important role in the field of business management. He/she has to carry out a number of tasks related to accounting and auditing.
Accountants and auditors ensure that firms are run resourcefully, public record kept accurately and taxes are paid on time. They communicate and analyze financial information for a number of entities like individual clients, companies and government. An accountant has to deal with fundamental tasks of accounting like analyzing, preparing and validating various financial documents to provide information to clients.
Accountants offer clients various accounting services such as investment and financial planning, budget analysis, limited legal services, information technology consulting and other accounts related services. The responsibilities of an accountant vary widely among four main areas of accounting and auditing:
Public accountants execute an extensive range of auditing, accounting, consulting activities, tax, which may be non-profit organizations, corporations, governments or individuals. For instance, public accountants deal with tax matters like informing companies about advantages and disadvantages of the tax.
Types of Accountants and Auditors
Public Accountants
People involved in this field work for clients comprising of governmental organizations, business, personal clients, non-profit organizations. To become a public accountant, one needs to complete a Certified Public Accounts (CPA). After completing CPA certificate, candidates can get into accounting firm as well as work independently.
A public accountant provides a wide spectrum of services including accounting, consulting on taxes and auditing. The responsibilities of a public accountant are to maximize profits by advising firms on taxation. For instance, providing advice to facilitate managements to make good decisions or advising tax subtraction.
In large companies, a public accountant assesses employee benefits, compensation, insurance, developing programs for processing or accounting data or safeguarding assets. They also edit financial information and cerate statements for officials or investors to explain that their financial activities are going well.
Forensic accounting is one of the branches of public accounting, which addresses criminal activities such as embezzlement, money laundering, fraud, bankruptcies, etc. investigating and analyzing these crimes require awareness of accounting and finance with investigation skills and knowledge of law.
Generally, Forensic accountants work together with attorneys and law enforcement officers and provide a specialist witnesses in courts of law. Public accountants provide services in taxation and consultation.
Management Accountants
The responsibility of a management accountant is to provide various services in analyzing and reporting financial data for a corporation. A management accountant is also termed as corporate, private, cost and industrial accountant. Generally, a management accountant works in an executive team as a specialist. The team makes crucial decisions about strategic planning and developing production.
A manager accountant is also involved in maximizing production and expenditures, budgeting, assessing performance of personnel and evaluating equipment. He/she prepares reports for banks, stockholders and authorities. A management accountant work in accounting department where he/she is involved in accounting, budgeting, strategic planning, analysis, etc.
Government Accountants/Auditors
A government accountant work for government agencies at the state, federal or local level, corporations and individuals who are regulated by the govt. A government accountant works for the government to ensure that spending and income are legal and appropriate. The accountants who work for the federal government have to work for the Internal Revenue Service (IRS). They also provide services such as analyzing budgets, finance management, examining financial institutions, administration, etc.
Internal Auditors
An internal auditor works for organizations and businesses. The internal auditor plays an important role in the field of business administration. Internal auditors examine financial situations, management, information systems and internal controls to ensure everything is in order.
The responsibility of an internal auditor is to examine corporation's process to evaluate legality, efficiency, efficacy and appropriateness. An internal auditor may specialize in various areas such as engineering, environment, healthcare, insurance, technology, law and data processing. An internal auditor has to use computer to make timely decisions.
Educational Qualification
Candidates wishing to become an accountant or editor should have at least bachelor's degree with a major in accounting. Candidates who completed courses in communications, economics, humanities and computers are preferred. A master's degree in law and business administration (MBA) is also useful for an accountant or auditor.
The emergence of new firms has broadened demand for accountants and auditors to manage various businesses. These accountants mange and develop various programs for helping with tax preparation, analyzing finances, providing consultation to management.
In large firms, an accountant has to cope with financial records, income, expenditure, taxation, financial records, investing, acquisitions, mergers, etc. An accountant has to play multiple roles in the field of business management. Thus, an accountant is a very important person in an organization.