What is the difference between an accountant and an auditor?
The oversimplified and overgeneralized answer would be this: accountant makes mistakes, and the auditor finds them.A more fluid answer would be this: auditors conduct an independent assessment of the accuracy and reasonableness of company's financial statements, which are prepared by accountants.This sums up the following:An accountant is more of day-to-day processing/recording of transactions, an auditor is an overview of those for reasonableness and accuracyAn accountant works for the company, from within the company (dealing with front-end business teams) while an auditor works for an independent department (if within the company) or an external company (hired by the company to conduct an audit or instructed by the government agency to conduct an audit).An accountant creates records, keeps and maintains records in compliance to internal and external regulations, and an auditor checks whether this is done properly.Accountants focus on current information (daily transaction, closing books, making sure that payments are processed properly), auditors focus on transaction classification, proper transaction basis, approvals, internal controls.Accountants issue reports based on existing information (financials, tax reports, statements of accounts, etc). Auditors issue reports on findings (errors, discrepancies).Accountants work with transaction details, while auditors work on company as a whole: accountant's focus is present, auditor's focus is past data. Accountants usually work in a specific location, having a specific set of duties (processes, procedures), which are repetitive in nature. Auditors work mostly outside their own office (at a client location), with a more flexible schedule filled with special projects; the regular (scheduled) review of accountants' work would also involve designing and implementing tests on data (especially in high-volume transaction environment) to provide an accurate assessment of the internal controls without having to check each and single transaction.
What is auditing accounting?
Accounting and Auditing are both basic business capacities which,while unmistakably unique ideas,can interrelate now and again.Entrepreneurs must set up a bookkeeping framework before they open their ways to oversee and record monetary information, however examining is for the most part saved for bigger or more settled organizations.Understanding the meanings of bookkeeping and examining,and also the connection between's the two, is essential to comprehension business fund.Audit and Assurance Services in Raipur provides best service regarding auditing for any type of company.Accounting:Accounting is the efficient procedure of recording,putting away and displaying organization money related information.Bookkeepers keep up complex records of every single monetary exchange,including things like deals income and costs notwithstanding costs, for example, payrolls and expenses.The bookkeeping cycle starts with exchange receipts and other unique budgetary archives.Bookkeepers make sections for every money related occasion in individual records, regularly utilizing a product bookkeeping program.Utilizing the data put away in organization accounts,bookkeepers routinely develop money related articulations,for example,asset reports and wage explanations,to give inside and outside partners with shrewd looks into an organization's monetary circumstance.Auditing:Auditing is the way toward surveying and researching any part of a business,whether money related or non financial.Inspectors are completely prepared to spot zones of required change,potential risks and episodes of deceptive direct in their general vicinity of aptitude.Reviews can disturb the typical stream of business in an organization, yet the capacity to spot and address potential shortcomings can exceed any brief misfortunes of profitability.Among the scope of issues reviews can survey are HR strategies,operational methods,quality or well being approaches and,obviously,bookkeeping reviews.
What does accountants do?
Analyze financial information and prepare financial reports to determine or maintain record of assets, liabilities, profit and loss, tax liability, or other financial activities within an organization. Prepare, examine, and analyze accounting records, financial statements, and other financial reports to assess accuracy, completeness, and conformance to reporting and procedural standards. Compute taxes owed and prepare tax returns, ensuring compliance with payment, reporting and other tax requirements. Analyze business operations, trends, costs, revenues, financial commitments, and obligations, to project future revenues and expenses or to provide advice. Report to management regarding the finances of establishment. Establish tables of accounts, and assign entries to proper accounts. Develop, maintain, and analyze budgets, preparing periodic reports that compare budgeted costs to actual costs. Develop, implement, modify, and document recordkeeping and accounting systems, making use of current computer technology. Prepare forms and manuals for accounting and bookkeeping personnel, and direct their work activities. Survey operations to ascertain accounting needs and to recommend, develop, and maintain solutions to business and financial problems. Work as Internal Revenue Service agents. Advise management about issues such as resource utilization, tax strategies, and the assumptions underlying budget forecasts. Provide internal and external auditing services for businesses and individuals. Advise clients in areas such as compensation, employee health care benefits, the design of accounting and data processing systems, and long-range tax and estate plans. Investigate bankruptcies and other complex financial transactions and prepare reports summarizing the findings. Represent clients before taxing authorities and provide support during litigation involving financial issues. Appraise, evaluate, and inventory real property and equipment, recording information such as the property's description, value, and location. Maintain and examine the records of government agencies. Serve as bankruptcy trustees and business valuators.
Does a MBA in accounting and finance have good scope in the future ?
They do. As long as there are public companies out there, we will need accounts to prepare the financial statements, accountants to audit the financial statements, accountants to prepare tax returns for the companies, and financiers to analyze the financial statements and advise investors. FYI, MSA's have fewer general business classes and are much more heavy on accounting. So, you might want to look at the MSA programs at universities. The one I'm in requires one business law course, one elective, and everything else is accounting. We have one accounting class called financial statement analysis. One of my friends who majored in finance in undergrad said that class is basically a little bit of everything you learn in all the undergrad finance classes.
Types of Accounting Jobs!!!?
I am in school and looking to be an Accountant. I have realized that there is much more to the norm of what I considered to be an Accountant. I have to write a paper on what I want to do in my future career and I am lost for I don't know all of the types of Accounting jobs there are. Can someone please tell me what types (all of them) of Accounting jobs there are and a brief description of what they do. I will be getting a Bachelors in Accounting. Thanks!!!