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By: Uchenna Ani-okoye

The Numerous Branches of Accounting

A Friend of mine who recently completed a degree in accountancy at a school in Phoenix was trying to decide the field that he should pursue for his Master’s degree in accountancy. If becoming an accountant is of interest to you, or you would just like to know more about this type of work, the information below should be of use to you.

The objective of an auditor and accountant is to help firms and businesses run effectively, by paying their taxes and maintaining accurate records. There are four main fields within accounting: internal auditing, management accounting, government accounting and public accounting. A management accounting would be part of a team, for strategic planning, product development, interpreting and recording the financial situation of a company.

They evaluate performances, set budgets, prepare reports, do asset and cost management, and ensure that the company makes sound business decisions. An internal auditor is very similar in that he or she is there to ensure the company’s internal controls and records are accurate, but they are focused mainly on the operations of a company ensuring that it complies with government and company policies.

A public accountant would perform auditing, accounting, tax duties and consulting for their clients, depending on the area of accounting that they specialise in. For example, an accountant could be an external auditor who is hired for various organisations and businesses to oversee the company’s financial statements to ensure that everything is accurate. A forensic accountant would study these financial statements in order to uncover any activities that may be deemed illegal, like fraud.