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Accountant or Auditor Job Description
Career tips, salaries, and lists of schools.
Companies, government agencies, and institutions of all sizes and industries rely on accountants and auditors to make sure they keep accurate financial records and pay taxes on time and correctly. Additionally, any taxpayer may rely on an accountant for similar services. Other services an accountant or auditor may provide include financial and investment planning, budget analysis, some legal services and information technology consulting.
What is Accounting?
An entertaining animation that explains accounting in a way that almost anyone should understand. Covers the three different users of accounting info (insiders, outsiders, and government) and the different “languages of accounting” used. Produced by AccountingWITT.
There are four basic types of accounting: public, government, management and internal auditing. Responsibilities include:
- advising on tax-related advantages and disadvantages of business decisions
- preparing individual and corporate income tax returns
- advising on compensation and health care benefits
- designing accounting / data processing systems
- selecting controls to protect assets
- external auditing of financial statements; verifying for investors and authorities that statements have been properly prepared and reported
- investigating and analyzing bankruptcies and contract disputes, money laundering, securities fraud and embezzlement, and other potentially criminal financial transactions
- maintaining and reviewing records of government agencies to ensure accuracy and proper processing
- auditing individuals and private businesses whose activities are subject to taxation and/or government regulations
- ensuring that revenues are received and expenditures are made in accordance with laws and regulations
- working for the Federal government in budget analysis and administration, financial management, financial institution examination or as Internal Revenue Service agents
- strategic planning and developing products as part of an executive team
- recording, analyzing and interpreting a company's financial information for its executives
- budgeting and performance evaluation
- cost management and asset management
- preparing financial reports for creditors, regulatory agencies, tax authorities and stockholders
- verifying the effectiveness of an organization's internal controls
- checking for waste, mismanagement or fraud
- evaluating an organization's financial and information systems, internal controls and management procedures
- reviewing company operations for effectiveness, efficiency and compliance with government regulations and corporate policies
- reviewing and recommending controls for an organization’s computer systems to ensure reliability, safety and integrity of protected information
Public Accounting
Public accountants in general conduct a wide variety of activities that include accounting, tax preparation and advising, auditing and consulting. They often specialize in one or more areas:
Many public accountants are Certified Public Accountants (CPAs), and some states require that they be.
Government Accounting and Auditing
Areas of responsibilities can include:
Management Accounting
Areas of work for managerial accountants can include:
Management accountants may also be called managerial, cost, corporate, industrial or private accountants.
Internal Auditing
Internal auditors may specialize as compliance auditors, information technology auditors and/or environmental auditors. Their work can include:
Accountants and auditors may work in one office, travel to different offices regularly, or work from home.
From an Expert:
Accounting Career Choices
Helpful overview of accounting career paths, including public accounting, industry accounting, not-for-profit accounting, government accounting. Covers specific kinds of jobs in each path and advantages. Touches upon ethics as well. Produced by Larry Walther of principlesofaccounting.com.
Degrees and Schools
Students may pursue bachelors or masters degrees in accounting, or business administration with a concentration on accounting. Colleges and universities offer B.S., B.B.A. and M.B.A. degree programs that qualify graduates for accounting and auditing jobs. Graduates from educational programs that are accredited by organizations such as the Association to Advance Collegiate Schools of Business (AACSB) are often preferred by employers. Many graduates take an additional 30 hours of coursework to become a Certified Public Accountant (CPA).
Community colleges and business schools offer associate's degrees in accounting that, when combined with substantial relevant experience, may meet the requirements of some employers for jobs as junior accountants.
Classes
Coursework for accounting students typically combines time in class with lab time learning software packages. Internships are common, as they are key to gaining the work experience required to obtain certification and licensure in states that require it. Classes usually include:
- budgeting
- financial analysis and reporting
- taxation
- accounting systems
- managerial accounting
- internal controls
- internal and external auditing
- international accounting
- software packages
- ethics, laws and regulations
- accounting issues specific to not-for-profit and government organizations
- business courses
Online Classes and Programs
Obtaining a degree or taking courses for certification in accounting online is common. As there are many programs to choose from, selecting accredited programs such as those certified by the AACSB can help narrow down choices. Be sure to evaluate carefully the financial aid, job placement and internship opportunities available through any online program.
Online courses should also be part of an institution with accreditation from agencies approved by the Council for Higher Education Accreditation (CHEA) or United States Department of Education (USDE).
Employment Requirements
Most employers require a minimum of a bachelor's degree in accounting or business administration with a concentration on accounting. However, some may require a master's degree in these areas, while others may accept an associate's degree in combination with substantial work experience, especially for junior accountant positions.
Any accountant that files a report with the Securities and Exchange Commission (SEC) is by law required to be a CPA. Accordingly, most states require that public accountants be licensed CPAs to practice. To obtain certification and a license, applicants are usually required to pass the Uniform CPA Examination prepared by the American Institute of Certified Public Accountants (AICPA) and meet specific educational and experience requirements, including an additional 30 hours of college-level coursework.
To promote their hireability, accountants and auditors may pursue optional certification from a list of accrediting agencies, including:
- Accreditation Council for Accountancy and Taxation
- Association of Certified Fraud Examiners
- Association of Government Accountants
- Institute of Internal Auditors
- Institute of Management Accountants
- ISACA
How to Evaluate Accounting Schools
Prospective accountants or auditors should consider asking the following questions when evaluating programs:
- Focus - Does the program emphasize, or provide sufficient course offerings, for specialization in an area of choice such as internal auditing or forensic accounting? Are courses oriented towards earning a CPA credential?
- Accreditation and reputation - Is the program accredited by the AACSB? How does it compare to other accredited programs? Is it nationally or regionally ranked by a respected publication?
- Class size - Are courses and labs often crowded? Are classes difficult to get into because of popularity?
- Practical experience - Does the school coordinate an internship program with plenty of appealing opportunities?
- Tuition and financial assistance - What resources are available to students to help them take advantage of scholarships, grants, work/study, loans and other kinds of financial aid?
- Additional costs - Will students be expected to purchase expensive software programs and manuals, or pay lab fees?
- Career assistance - Does the school coordinate sizeable job fairs with desirable companies? Is there a well-organized job placement program? What is the program's track record for placing graduates?
Worker Reviews of This Career
Sort Reviews By:Job Title: Accountant
Attended: San Diego State • San Diego, CA
Studied Accounting (completion in 2011)
Highest relevant degree: Bachelor's
• Submitted: 1/26/2012
"It can be boring. I like to do different things."
Ratings are on a 1-10 scale
| Characteristic | Rating | Comment |
|---|---|---|
| School Rating | 8 | SDSU has one of the best accounting programs. It is very difficult. |
| Opportunity for Promotion | 8 | The company is growing. New positions are opening up. |
| Job Security | 8 | I am good at my job. I work hard and they notice. |
| Earnings Potential | 7 | There is opportunity for growth, and this means there will be raises. |
| How Stressful | 9 | The industry is competitive. The deadlines are very short. |
| Task Variety | 5 | I do the same things everyday usually. Some days I request new tasks. |
| How Cool Is The Career | 7 | Many people want to work at my company. This industry is competitive. |
| Career Flexibility | 5 | My position does not allow me to work at home. It is also difficult to get time off. |
| Social Orientation | 10 | People are constantly asking me to help them. The VP of sales is always calling me. |
Job Title: CFO
Attended: Missouri State University • Springfield, MO
Studied Accounting (completion in 1980)
Highest relevant degree: Bachelor's
• Submitted: 1/26/2012
"Accountants are needed in almost all areas of business. Career opportunities are plentiful."
Ratings are on a 1-10 scale
| Characteristic | Rating | Comment |
|---|---|---|
| School Rating | 8 | Strong business school. Too much emphasis being placed on other majors than accounting |
| Opportunity for Promotion | 6 | Many companies look to advance individuals with a strong understanding of all areas of a business. Accounting requires a thorough understanding of all areas of a business. |
| Job Security | 7 | Banking field is continually in need of qualified employees due to increased regulation. Accounting is a basis that allows you to continue into other areas of a business due to your understanding of what makes a company financially successful. |
| Earnings Potential | 8 | Accounting provides the ability to find ways to make a company more successful financially. Because of this, it provides a direct connection to the ability to earn more as a reward for your contribution. |
| How Stressful | 7 | Accounting is involved in all areas of a business. So if any area of a business is struggling, you get involved in that struggle and try to determine how to correct it. |
| Task Variety | 7 | Since you deal with all areas of a business, you may be working with the marketing area one day, a production area the next, a customer the next, and so on. It allows for a variety of knowledge and contacts. |
| How Cool Is The Career | 4 | Accounting is generally not viewed as a cool career. However, it is recognized for people's ability to advance and earn a good wage, so in that sense it is cool. |
| Career Flexibility | 5 | Accounting generally requires hands on work in different departments. You must be available when and where those other departments work. |
| Social Orientation | 5 | Accounting works with all other areas of a business. You must interact with every area on their level. |
