Responsibilities Entailed In Public Accounting Practice
Accountancy has several fields that take care of the different categories of financial management requirements. Some of them are the management accounting, cost accounting, tax accounting, financial accounting, as well as staff accounting. Almost all the fields of accounting require a basic knowledge of the fundamental accounting principles. One branch of accounting that is a latest addition is that of the forensic accounting. It deals with the various scams as well as irregularities that might be practiced in organizations. In order to start a decent public accounting practice, it is necessary that the candidate should have the basic qualification of graduation with some years of working in the relevant field. In case the candidate wants to pursue the career at a higher level then he needs to acquire the degree of Chartered Accountant (CA) or the Certified public accountant (CPA). The CA is offered by the British body of Association of the Certified Chartered Accountants (ACCPA). This body is one of the largest organizations in the world that offers a high level of degree in accountancy. The qualification of CPA is offered by the American body that is also a well known body in the whole world offering this qualification.
Public accounting practice can be done by the accountants who have the specialization in any of the fields of accounting. Public accounting practice can be done by an individual who is only an accountant as well as by those people who have the higher qualification of the CA or CPA. Public accounting practice can be done for the public firms, bookkeeping, private businesses, and even the NGOs that might be national or international. Some of the tasks that the public accounting practices include are the creation of the financial reports, analysis of these reports, presenting these reports to the people who are the decision makers in the company, prevention of any frauds that might take place, financial investment etc.