Question

Accounting careers involve much more than just counting things or creating financial statements. A career in accounting lets you use your analytical skills in a variety of ways to solve a diverse set of problems internally, within an organization, as well as externally. Some of you may have experienced an Internal Audit function, whereby internal auditors tested controls under your responsibility at work. Others may have experienced an audit of their personal income tax statement by the CRA.

For your initial posting, describe a job which requires a professional accountant to complete. State a few of the job responsibilities that would be required to complete the job and any professional designations which may be useful (eg., Chartered Professional Accountant (CPA), Certified Fraud Examiner (CFE), or Certified Internal Auditor (CIA) to name a few) for the position.

For your peer responses, think of a company (eg., public, private, non-for-profit, or government) who might hire someone with the job responsibilities outlined in the initial posting of at least two of your peers. Consider also who the stakeholders might be (eg., shareholder, creditor, or customer) who would benefit from a company filling this accounting position.

Answer 1

There are several opportunities in the field of Accounting. Today the responsibilities of a professional accountant are diverse due to change in global scenarios, reporting requirements and accountability to various stakeholders. The role of professional accountant is not just to prepare Financial Statements but to maintain the credibility of books of accounts to avoid any consequences from SEC or IRS. The various job responsibilities of accountants include Book-Keeping, Statutory Audits, Internal Audits, Consultancy on Merger & Acquisitions, Restructuring, Taxations and Valuations.

There are various professional degrees such as Chartered Professional Accountant (CPA), Chartered Financial Analyst (CFA), and Certified Internal Auditor to name a few. These professional degrees provide an added advantage to certify the various financial details. For example CPA certification provides a much greater degree of professional freedom is another big benefit CPA certification gives accountants. Certified professionals can provide services on their own as consultants or as founding members of a firm. It is an important career step for those who want to leverage their own reputation or personal services. The skills and knowledge required for certification are also very useful for individuals interested in business leadership, so it also serves as a solid foundation and credential for budding entrepreneurs. The CPA also has reporting responsibilities to various stakeholder such as Government Authorities, Shareholders, Creditors etc. These stakeholder rely on the certification of CPA and on the basis of the certified financial data they make a decision making.