Certified Public Accountants (CPAs)

 

CPAs generally own their own business or work in a public accounting firm

CPAs provide a broad range of accounting, auditing, tax, and consulting activities for: corporations, governments, nonprofit organizations, individuals

 Examples of different areas:

Tax matters, such as advising companies of the tax advantages and disadvantages of certain business decisions and preparing individual income tax returns. 

Advisors on compensation or employee health care benefits; the design of accounting and data processing systems; and the selection of controls to safeguard assets. 

Forensic accounting-investigating and interpreting bankruptcies and other complex financial transactions.

 Auditing a client's financial statements and report to investors and authorities that they are presented fairly. 

 

Management Accountants

(also called industrial, corporate, or private accountants, financial analyst, V.P. for Finance, treasurer, controller)

 

Main duties: Recording and analyzing financial information of the company for which they work

 Examples of this:

·         analyze and interpret the financial information corporate executives need to make sound business decisions

·         strategic planning or new product development

·         budgeting, performance evaluation, cost management, and asset management

·         prepare financial reports for non-management groups, including stockholders, creditors, regulatory agencies, and tax authorities

 

Internal Auditing

Main duties: Internal auditors verify the accuracy of their organization's records and check for mismanagement, waste, or fraud.  

Specifically:

·         examining and evaluate their firms' financial and information systems, management procedures, and internal controls to ensure that records are accurate and controls are adequate to protect against fraud and waste. 

·         reviewing company operations-evaluating their efficiency, effectiveness, and compliance with corporate policies and procedures, laws, and government regulations. 

·         recommending controls for computer systems to ensure the reliability and the integrity of the data

 There are many types of highly specialized auditors, such as electronic data processing, environmental, engineering, legal, insurance premium, bank, and health care auditors. 

 

Government Accountants and Auditors 

Main duties: 

·         maintain and examine the records of government agencies 

·         audit private businesses and individuals whose activities are subject to government regulations or taxation. 

·         guarantee that revenues are received and expenditures are made in accordance with laws and regulations for Federal, State, and local governments 

Those who are employed by the Federal Government may work as Internal Revenue Service agents or in financial management, financial institution examination, or budget analysis and administration.