Accounting: the Nature of Work of Accountants and Auditors

Accountants are responsible in analyzing and assessing the revenue, expenses, reporting financial matters and giving advice about the financial health of their employer. They help their client to know the best way to run a business by tracking and analyzing where does the money of the business go. They also give suggestions on where money could be made and advice in budgeting the money in the business.

Therefore, if you are studying accounting in college you should have an idea of kind of accounting field you wish to enter. There is a quote that said, “CPA is always an accountant, but not all accountants are CPA.” Hence, there are a number of accountants who never pass the CPA exam and though they can perform a variety of accountancy task, they are not allowed to perform certain tasks that only a CPA can do. Hence, no matter if you are, a certified accountant or not you there will be a place for you in the accounting field. The larger companies will go out and hire a CPA (Certified Public Accountant) in order to maintain some form ethics within the company. However, the small businesses might hire an accountant to perform duties as a managerial accounting, cost accounting, and financial accounting.

The profession of accounting is a one that is highly regulated, due to the knowledge and power each accountant possesses. Although an accountants duties differ from one position to the next, the main sectors that accountants pursue are auditing or taxation. Auditing is ensuring the public that the information listed on the financial statements of public companies is free of material misstatements. While taxation is helping people or companies file their tax returns to the federal government or offering tax advice. In the world of auditing, you either follow the Public Company Accounting Oversight Board (PCAOB), for public company audits, or the American Institute of Certified Public Accountants (AICPA), for other entities

II. Main Point #2. Contrary to popular belief, Accountants, and the tasks that they perform, are an important part of most people’s everyday life.

Accounting is the study of how businesses track their income and assets over time. Accountants engage in a wide variety of activities besides preparing financial statements and recording business transactions. These activities include computing costs and efficiency gains from new technologies, participating in strategies for mergers and acquisitions, quality management, developing and using information systems to track financial

Accountants are relied upon to be trustworthy and maintain high ethical standards. It is because of the nature of the profession that puts them in a position of trust with people who rely on their professional judgment and guidance in making decisions. These decisions are extremely important in accounting and more so that companies that have high ethical standard or main good ethical culture spend enormous time to train the staffs about the conduct that is expected of them.

We need accountants because they are trained to handle tough financial situations. They know what investments are wise, what we can afford, and how we can increase our wealth.

They require to make many various reports such as assets and liabilities, loss and profit, or other financial documents. Some other tasks they may do is to design accounting systems, financial forms, and instruction manuals for the firm’s accounting and bookkeeping workers to use. They give advice to the companies upon the investment, tax strategies, and risk management. They sometimes can train some other lesser skilled employees. Public accountants work for pubic accounting companies. They usually work for the offices, and they would use the computers as the reference and calculations.

I agree many of accountants skills are used to keep track of business records much like scorekeepers at gaming events. I also agree most people have some form of accounting background like balancing a checkbook, paying taxes or reporting some form of income. Much like financial accountants if we do not do taxes or report our income we could get audit by the IRS.

Being an accountant not only involves measuring financial information and communicating to others, which constitutes making financial statements and their accompanying notes, but many routine professional tasks require an accountant to exercise writing skills.

Consequently, accountants are quite important to a business society being able to function. Even the smallest of businesses need an accountant. Their careers serve various purposes in a business from recording profits and other numbers to helping construct budget decisions that influence how well the business will run and prosper. Businesses need to price their products and consider using three elements of cost, overhead, and profit margin. An accountant can create

Math is something very important in accounting because you keeping track of numbers and doing problem solving to make it so you can see the probably out comes to a certain input. The economic side of things is much needed because without this field you understand the important of both macro and micro economics and how with each one you can apply a needed group to allow our company grow in leaps and bounds. Accounting is a competitive job because there are a lot of people that are working towards being an accountant so to really keep your job or to get one you really need to be a go getter, you also need to stand out from the other accountants and go the extra

The U.S. Bureau of Labor Statistics (Occupational Outlook Handbook, 2010-11 Edition) points out that while most accountant's positions require "at least a bachelor's degree" there will be job opportunities in fact the job picture for accountants is "favorable" for those who have earned "professional recognition" either through certification of licensure, or by receiving designation as a certified public accountant (CPA) (BLS.gov).

A specialized accountant’s main duty is to “analyze, interpret, summarize, and present complex financial and business related issues in a manner that is both understandable and properly supported.” (Business Courier) They are commonly engaged in public practices, or in insurance companies, banks, police departments and other government agencies.

Accounting professionals are in very high demand. The nature of work in accounting is so vast an individual would have so many different areas of accounting to choose from. Accounting requires people who can work with complex business structures, computer systems, and financial analysis packages. Accounting work further requires an aptitude for mathematics and the ability to compare and analyze accounting data quickly. Accountants also need to have strong communication skills as they must effectively communicate accounting data to their employers and/or clients. The accounting profession also demands a high level of integrity and morality because the financial data prepared by accountants is used by business managers to run their