Careers in accounting (part 2)

Public accounting:

  Certified public accountants offer a variety of accounting services to the public . these individuals may work in a CPA firm or as sole practitioners .
  The work of public accountants consists primarily of auditing financial statements income tax and management advisory services ( management consulting ).
  Management advisory services extend well beyond tax planning and accounting matters ; CPAs advise management on such diverse issues as international mergers, manufacturing processes. and the introduction of new products. CPAs assist management because financial considerations enter into almost every business decision.
  A great many CPAs move from public accounting into managerial positions with organizations.
  The CPA Examination : To become a CPA a person must meet several criteria including an extensive university education requirement. Passing the CPA examination , and meeting a practice experience requirement. CPA certificates are granted by 55 legal jurisdictions (50 U.S.states,Guam,Puerto Rico,the virgin islands, Washington D.C. and the Mariana Islands). The examination is a rigorous examination that covers a variety of accounting and business subjects that allow candidates to demonstrate their knowledge and skills in areas believed important for protecting the public. The exam is computer based and is offered at many testing centers throughout the United states .

Governmental Accounting:

  Governmental agencies use accounting information in allocating their resources and in controlling their operations. Therefore the need for management accountants in governmental agencies is similar to that in business organizations.

  The GAO: who audits the government?  The government accountability office (GAO) audits many agencies of the federal government,as well as some private organizations doing business with the government. The GAO reports its findings directly to congress which in turn often disclose these findings to the public.
  GAO investigations may be designed either to evaluate the efficiency of an entity's operations or to determine the fairness of accounting information reported to the government.
  The IRS: audits of income tax returns  Another governmental agency that performs extensive auditing work is the Internal Revenue Service (IRS). The IRS handles the millions of income tax returns filed annually by individuals and business organizations and frequently performs auditing functions to verify data contained in these returns
 The SEC: "The watchdog" of financial reporting  The SEC works closely with the FASB in establishing generally accepted accounting principles . Most publicly owned corporations must file audited financial statements with the SEC each year .If the SEC believes that a company's financial statements are deficient in any way , it conducts an investigation . If the SEC concludes that federal securities laws have been violated, it initiates legal action against the reporting entity and responsible individuals .
  Many other governmental agencies , including the FBI , the treasury department and the FDIC (federal deposit insurance corporation ), use accountants to audit compliance with governmental regulations and to investigate suspected criminal activity . People beginning their careers in governmental accounting often move into top administrative positions.

Accounting education:

  Some accountants including your instructor have chosen to pursue careers in accounting education. A position as an accounting faculty member offers opportunities for teaching research ,consulting and an unusual degree of freedom in developing individual skills . Accounting educators contribute to the accounting profession in many ways. One of course lies in effective teaching ; second in publishing significant research findings ; and third in influencing top students to pursue careers in accounting.