Accountant / Auditor

QUALIFICATIONS

A Bachelor’s degree in commerce/ accounting with certifications like Certified Public Accountant (CPA) from the American Institute of Certified Public Accountants and a Certified Government Auditing Professional (CGAP), Certified Financial Services Auditor or the Certified Internal Auditor (CIA), Certified Fraud Examiner (CFE) awarded by the Institute of Internal Auditors. are prerequisites for becoming an Accountant/ Auditor. A Master’s degree – MBA Finance would be an added plus; encompassing at least 4-year requisite study and practice credit hours in the area or field of accounting and/ or auditing; combined with – On the Job Training (OJT) programs, Apprenticeships, Accounting/ Auditing Workforce Job Training or Experience; covering work topics including accounting & auditing fundamentals, concepts and principles, operations, business economics, business laws, finance, books of accounts, accounting rules & regulations, Generally Accepted Accounting Practices (GAAP) accounting principles and standards, International Financial Reporting Standards (IFRS), fair value, revenue recognition, financial reporting, banking & insurance accounting, manufacturing accounting, compensation & benefits accounting, not-for-profit accounting, investments accounting, lease accounting, inventory accounting, mergers & acquisitions, taxation and income-tax, ratios & metrics, business math, budgeting, financial statements and regulatory reporting including – trial balance, profit & loss, balance sheet, disclosures and compliance, MIS & Computer applications, etc.

AVERAGE ANNUAL PAY
(Credits: www.payscale.com)

PROJECTED GROWTH
(Credits: www.bls.gov)

Accountant / Auditor is a much sought-after career, in which employment is expected to grow at a steady 4 percent from 2019 to 2029.

SKILLS/ TRAITS NEEDED

Besides strong accounting and/ or audit fundamental principles knowledge, Accountants/ Auditors are multi-taskers who must be methodical, intellectually curious, “process-oriented”, “people-centric” and tech-savvy; with excellent numerical ability to understand, interpret, analyze and assimilate vast amounts of numerical information, pass required accounting entries, summarize, and report it in financial statements – in accordance with the GAAP standards; harnessing IT and technology trends for ease of accounting and operational efficiency; they must possess great collaborative and listening skills, adaptability, resilience, problem-solving, critical and structured logical thinking, and observation skills – with transparency, objectivity, fairness, trust, and impeccable integrity. They need to be “always switched on” result-oriented “go-getters”, an excellent communicator with strong business vertical knowledge; also, they must be measurement & data-driven, familiar with accounting ratios & metrics, risk mitigation, and overall management and operations procedures; in their quest to set top quality accounting & audit standards – in alignment with and to proliferate & progress the organization goals. Also, they must be ethical, accountable, maintain confidentiality, and need to be proactive & research-oriented individuals with an organization-level vision, cool temperament, memory, creativity, imagination, enthusiasm, trust, strong conviction, planning, and execution; coupled with strong decision-making, with excellent verbal & written communication, and interpersonal/ soft skills; ability to work under pressure in a fast-paced work environment, delegation, tactfulness, self-learning abilities, managerial skills; and follow-up, time management, people & stakeholder management, prioritization, presence of mind, and innovation; an open mind with patience, persuasiveness, perseverance, persistence & presence. They must be detail-oriented & self-organized with a “can-do attitude” and a strong passion for their work.

WORK FUNCTIONS

Accountants are involved in the preparation of books of accounts & financials, according to GAAP and other accounting standards, and for compliance; culminating into the preparation of quarterly, half-yearly, or annual financial statements – the Trial Balance, Profit & Loss Account, Balance Sheet along with the required annexures. They also are involved in passing accounting entries, preparing accounts, tax returns, budgets, analyzing financial performance, auditing, risk analysis, spending analysis, and financial forecasting; providing advice on cost control, preparing management presentations, financial & budgetary reporting, and regulatory compliance. Auditors on the other hand are quintessential financial “watchdogs” overseeing, examining, verifying, keeping a vigil on i.e. auditing the correctness and accuracy of the accounting records and financial activities, besides ensuring regulatory compliance of the company; spotting, examining, uncovering & reporting anomalies, deviations, discrepancies, frauds, embezzlement of funds, etc.; to avoid or curtail possibilities of errors & frauds, or losses due to fraud or negligence for the company, bank or organization. They act as mirrors for the accounting standards & transparency of the corporate entity. Auditors are of two types – Internal Auditors, who work for the organization and examine the accuracy of the accounting and regulatory records within the organization; while External Auditors are independent external consultants who examine the accounts from an external perspective. Also, both accountants and auditors extensively use IT, MIS, and accounting and audit systems software for easing their work; and accounting & auditing activities may sometimes overlap. They may work independently, or as part of a team; and also may have their own independent accounting or audit consultancy business setup too.