Job Description for a Public Accountant
A public accountant is a finance, audit, tax and accounting professional who helps a company review internal controls or guidelines and ensures that such controls operate adequately. An accountant also could help a firm comply with tax and reporting requirements. This expert typically holds a certified public accounting--or CPA--license from a state board of accounting.
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Audit
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A CPA applies generally accepted auditing standards--or GAAS--to a company's internal controls to ensure that they are adequate and functional. An external auditor notes significant problems in controls, partners with management to remedy them and issues a report.
Tax Advisory
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A CPA also provides tax planning and fiscal strategies to a client by analyzing operating data and reviewing business indicators. A CPA also could help file a company's income tax returns.
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Financial Accounting
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A CPA reviews the accounting records of a company to ensure that they agree with generally accepted accounting principles--or GAAP--and that they are accurate and complete. Complete financial statements include a balance sheet, an income statement, a statement of cash flows and a shareholders' equity statement.
Education/Training
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A CPA typically holds a four-year college degree in auditing, accounting, tax or finance. A CPA also could hold a degree in a business-related field, but at least 24 semester hours must be in accounting or audit. State accounting boards require a certified public accountant to take a minimum of continuing professional education--or CPE--every year to maintain an active license.
Salary
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A CPA's level of compensation typically depends on experience, education and the industry in which this accounting expert works. A CPA's salary also could depend on the size of the accounting firm. The Department of Labor estimates that median annual wages of public accountants were $59,430 in 2008, with the bottom 10 percent earning less than $36,720, and the top 10 percent earning more than $102,380. Compensation levels for accounting specialists are increasing. According to simplyhired.com, a CPA working in the U.S. earned a median salary of $62,000 in 2009.
Career Development
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A public accountant who has more than five years of experience in external audit, tax or accounting at a public firm may work in the private industry as a senior professional in finance or accounting. An accounting expert with more than 10 years of experience could be a controller or a director of finance. An accountant also could stay in the public accounting or business consulting industry and become a partner at a firm.
Work Hours/Locations
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A CPA's work hours are regular shifts--that is, from 8 a.m. to 5 p.m. However, an accounting expert could stay longer at work if a client requires it because of seasonal work volume or special projects--such as quarterly or annual income tax and Securities and Exchange Commission filings. This expert typically lives a city or in the suburbs but may travel occasionally to meet clients.
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References
Resources
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