Accountants and Auditors
Analytical bent of mind, interest in numeracy could bring forth opportunities for plentiful and varied career progression.The four main types of accountants and auditors are the following:
Financial accountants and auditors provide specialist services to commercial and non-commercial organizations to ensure that they are financially sound and comply with legal requirements and regulations. They participate in important financial decisions involving mergers and acquisitions, benefits planning and long-term financial projections. The work requires a good understanding of both accounting and finance and can be quite varied; there is a wide choice of roles and specializations available depending on where you work.
Public accountants do a broad range of accounting, auditing, tax, and consulting tasks. Their clients include corporations, governments, and individuals.
Management accountants, also called cost, managerial, industrial, corporate, or private accountants, record and analyze the financial information of the organizations for which they work.
Government accountants maintain and examine the records of government agencies and audit private businesses and individuals whose activities are subject to government regulations or taxation.
Internal auditors check for mismanagement of an organization’s funds. They identify ways to improve the processes for finding and eliminating waste and fraud. The practice of internal auditing is not regulated, but the Institute of Internal Auditors (IIA) provides generally accepted standards.
Role of Accountants and Auditors
- Examine financial statements to be sure that they are accurate and comply with laws and regulations
- Compute taxes owed, prepare tax returns, and ensure that taxes are paid properly and on time
- Inspect account books and accounting systems for efficiency and use of accepted accounting procedures
- Organize and maintain financial records
- Assess financial operations and make best-practices recommendations to management
- Suggest ways to reduce costs, enhance revenues, and improve profits
Skills of Accountants and AuditorsAnalytical skills: Accountants and auditors must be able to identify issues in documentation and suggest solutions
Communication skills: Accountants and auditors must be able to listen carefully to facts and concerns from clients, managers, and others. They must also be able to discuss the results of their work in both meetings and written reports.
Detail oriented: Accountants and auditors must pay attention to detail when compiling and examining documentation.
Math skills: Accountants must be able to analyze, compare, and interpret facts and figures, although complex math skills are not necessary.
Organizational skills: Strong organizational skills are important for accountants and auditors who often work with a range of financial documents for a variety of clients.