Public Accounting

Public Accounting: An Extended Definition

Berny Raymond
Delaware Technical Community College
Composition ENG 121
November 27, 2012

Public Accounting

Public Accounting: An Extended Definition

Sometimes accountants are portrayed as math geeks, who sit in gloomy cubicles
surrounded by endless amounts of paperwork. The formal definition of a public accountant is
a professional who provides accounting, tax, auditing, and consulting services for
governments, corporations, nonprofits and individuals (Struyk, 2011, The Daily Grind). It is
essential for a public accountant to have widespread qualifications and education, and it is also
crucial for those who are interested in pursuing a career as public accountants to be fully aware
of the demands of this role. This report will examine the functions, skills, and different types of
public accountants.
Functions
The functions of a public accountant involve everything from analyzing the transactions
to entering it into the books of accounts and preparing financial statements from this data.
Public accountants need to analyze a transaction carefully before it is entered into the journal.
(S, 2010) For example, analyzing which types of accounts are involved in the transactions and
deciding which account should be debited and which one should be credited. Further, make
journal entries mean the analyzed transactions are to be entered into the primary book of
accounts in a methodical way. Public accountants need to be very concise how the transactions
are to be written then post journal entries to the ledger. After, prepare trial balance and make
adjustments mean that the sum of all debits equals the sum of all the credits, and at the end
make sure that the debits and credits match each other. Finally, preparations of important
financial statements are to prepare final accounts, such as trading accounts, profit and loss
accounts and the balance sheet statements. (S, 2010)

Public Accounting

Skills
A public accountant requires a range of skills to do his/her job. Accountants need to be
team players, so they need to work well with others. (Skills Required Accountants, n.d.)
Each member creates a personal association and sense of unity with the team. (Werner,
2010, pp. 3) In accounting they will often need to determine the best way to solve a problem.
Public accountant may encounter challenges, so it is important they find a way to overcome
barriers. They have several projects at the same time to do, so they need to manage their work
load to meet goals and deadlines. They need to keep up to date with current issues and be
aware of what is happening in the business environment around them. Public accountant have
to be able to confidently communicate technical information to others with no accounting
knowledge. (Skills Required Accountants, n.d.) It is important to be able to communicate
clearly at all levels of the business. (Skills Required Accountants, n.d., pp.1)
Types
There are different types of public accounting careers. Certified Public Accountants
(CPA) provide tax preparation for businesses and individuals or auditing financial statements.
(Struyk, 2011) External auditors go through the financial records of their clients to make sure
that they in order and there are no mistakes. Internal auditors work to examine the internal
controls of an organization and attempt to sniff out and prevent inaccuracy, mismanagement
and fraud. (Struyk, 2011) Forensic accounting involves analyzing historical financial data to
check for any illegal and questionable money transactions such as money laundering,
embezzlement, securities frauds and any other illegal financial transaction and draw it to the
attention of the law enforcement authorities. (Rajeev, 2011) Tax staff prepares tax returns,

Public Accounting

researches tax questions, and counsels clients on tax problem. Senior auditor prepares financial
statements, develops corporate tax returns, and suggests improvements to internal controls.
(Public Accounting, 2010)
Conclusion
In my opinion public accountants need to be experts in their technical fields; they also
have to be excellent team players and professionals with the highest ethical standards.
Understanding the functions of accounting is of major importance to those who working as
accountants in different firms. An accountant needs a variety of skills to do their work. There
are many types of accounting careers, so accountants should pick one that they want to be.
Accountants can also increase their skills by getting other certifications such as the Certified
Management Accountants (CMA), Certified Information Systems Auditor (CISA), Accredited
Business Accountant (ABA) or Certified Fraud Examiner (CFE) designations, among several
others. (Struyk, 2011) The ability to communicate and cooperate with other people is a must.
(Struyk, 2011)

Public Accounting

References
Positions in public accounting. (2010, May 05). Aicpa. Retrieved from
http://www.aicpa.org/CAREER/CAREERPATHS/PUBLICACCOUNTING/Pages/default.aspx
Rajeev, L. (2011, December 21). Types of accounting careers. Buzzle.Retrieved from
http://www.buzzle.com/articles/types-of-accounting-careers.html
S, C. (2010, December 05). Accounting cycle steps. Buzzle.Retrieved from
http://www.buzzle.com/articles/accounting-cycle-steps.html
Skills required to be an accountant. (n.d.). Acca.Retrieved from
http://www2.accaglobal.com/australia/join/about/skills/
Struyk, T. (2011, August 23). A look at accounting careers. Investopedia. Retrieved from
http://www.investopedia.com/articles/financialcareers/08/accounting.asp#axzz29U0i55
6g
Werner, M. C. (2010). Teamwork is a contact sport: Seven skills of high-performance teams.
CPA Practice Management Forum,6(8), 5-10. Retrieved from
http://web.ebscohost.com.libproxy.dtcc.edu/ehost/detail?vid=10&hid=19&sid=bd452b
38e6e54a30aa954d45aa1a68c0%40sessionmgr11&bdata=JnNpdGU9ZWhvc3QtbGl2ZQ
%3d%3d#db=bth&AN=53291106