What does it take to be a great accountant? Accounting as a profession is a highly analytical role which requires meticulous attention to detail. A passion for numbers and a core understanding of their practical application is also vital. Moreover, all great accountants will recognise and understand the fundamental accounting principles. This will not only ensure that the candidate graduates successfully, but has the opportunity to work for a distinguished accounting firm.
Types of Accountants
Public accountants typically conduct tax preparations, auditing and consulting for individuals, corporations, and non-profit organisations.
Forensic accountants on the other hand specialise in investigating what is termed as “white-collar crime”. Examples of this include activities such as embezzlement and various types of fraud.
Management accountants are responsible for both the recording and analysis of a company’s financial information.
Government accountants, whether operating at the state or local level, carry out the function of maintaining government agency records and are also responsible for conducting audits on individuals and private businesses. In the case of the latter, this holds particularly true in situations where the individual or business’s activities are either under the supervision and scrutiny of the government regulation, or for taxation purposes. In some cases, it is necessary for accounting firms to collaborate for the purpose of their client.
Chartered Accountants
Chartered Accountants operate in all levels of business and finance related fields. These include general management, audit and taxation. Some Chartered accountants work in the public practice. Some others carry out the bulk of their work in the private sector while others work for government agencies.
In Australia, Chartered Accountants must be registered with the institute of Chartered Accountants. Those who are registered will have the prefix letters CA before their names. Some senior members, mostly above 10 years’ in terms of their membership, qualify to run for the elective position of Fellow. Their designatory letters are FCA.