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  • Public Accounting

    Public Accounting

    Public accounting is the most recognized form of accounting known to the general public. Public accountants provide a broad range of accounting, auditing and consulting activities for their clients, which may be corporations, governments, nonprofit organizations, or individuals. These accountants are also referred to as external auditors. Public accountants, many of whom are Certified Public Accountants (CPAs), must pass the CPA exam. The most common financial statements audited by CPA’s include the balance sheet, the income statement, and the statement of cash flows. Some public accountants specialize in forensic accounting—investigating and interpreting white-collar crimes such as securities fraud and embezzlement, bankruptcies and contract disputes, and other complex and possibly criminal financial transactions, including money laundering by organized criminals. Forensic accountants combine their knowledge of accounting and finance with law and investigative techniques to determine whether an activity is illegal. Many forensic accountants work closely with law enforcement personnel and lawyers during investigations and often appear as expert witnesses during trials.

    The main aspects of what a public accountant is responsible for is what do they do on the job. Here is a short list of what other types of things a public account will do when they are not dealing with tax season:

    • Review financial statements
    • Assess risk
    • Test system reliability
    • Evaluate business assets
    • Tax planning and consulting
    • Measure performance
    • Analyze operations
    • Financial planning
    • Benchmark against competition
    • Manage information in real-time
    • Teach/research

    A career in public accounting can be both personally and financially rewarding for someone who enjoys working with numbers and has an eye for detail. Public accountants work for firms that offer their services to the public on a fee basis. Public accountants divide their time among their clients. They travel to the customer’s office or store to audit the company’s record keeping. Public accountants must be familiar with the tax laws concerning their clients’ professions or businesses. They must be able to communicate well with their clients. Sometimes public accountants discuss the records they prepare with government auditors or Internal Revenue Service officials. Given below are some of public accounting positions:

    Staff Auditor

    Tax Staff

    Management Services/Consulting Staff

    Senior Auditor

    Tax Senior

    Management Services/Consulting

    Senior Audit Manager

    Tax Manager

    Management Services/Consulting Manager

    Partner

    Senior Partner
    Sources: http://www.aicpa.org/CAREER/CAREERPATHS/PUBLICACCOUNTING/Pages/default.aspx

    http://www.collegeboard.com/csearch/majors_careers/profiles/careers/106541.html

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