Accountants and Auditors

Analytical bent of mind, interest in numeracy could bring forth opportunities for plentiful and varied career progression. 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.

The four main types of accountants and auditors are the following:

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

Academic Qualifications for Accountants and Auditors

In India there are two ways in which one can become an accountant. One is through Foundation Course Route where a Class X student is eligible to register with the Board of Studies (BoS) of the Institute for the Foundation Course. The student has to qualify three levels:

  • Foundation (the previous CPT)
  • Intermediate
  • Final 
You are eligible to directly register and appear for the CA Intermediate Course if you have passed Intermediate level examination of Institute of Company Secretaries of India or Institute of Cost Accountants of India.

The other is the Direct entry route where Commerce graduates can enter directly securing 60%. He or she can can then complete the final stage.

Skills of Accountants and Auditors

Analytical 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.

Scope of Auditors in India

  • An auditor and accountant can choose to start up their own independent practice or make their clients on the basis of merit or apply in any existing firm.
  • They can also give their services for the capital market.
  • Accountants and auditors can also apply for government job, public or private sectors

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