This paper surveys the major career paths available within the accounting field, including financial accounting, managerial accounting, payroll clerking, internal auditing, tax accounting, forensic accounting, and financial analysis. It describes the distinct responsibilities of each role and examines the specific skills — such as analytical thinking, communication, and resilience — that effective internal auditors must possess. The paper concludes by applying these career descriptions to a practical scenario: a newly established information technology company seeking to fill four accounting positions and the organizational value those roles would provide.
Accounting is a common function in virtually every organization, irrespective of size and industry or sector of operation. The function is generally concerned with documenting business transactions and preparing financial statements. The accounting field offers numerous career paths, including financial accounting, managerial accounting, internal auditing, tax accounting, financial analysis, payroll clerking, and forensic accounting (Bureau of Labor Statistics [BLS], 2015; American Institute of Certified Public Accountants [AICPA], 2017). Though related, each of these careers is unique in its own way.
A financial accountant is involved in making and receiving payments, recording transactions, and preparing financial statements. Closely related to financial accounting is managerial accounting. While a financial accountant prepares financial statements for use by outsiders such as shareholders and lenders, a managerial accountant prepares financial records for internal use. The work of a payroll clerk is to ensure employees are paid accurately and on time; the clerk prepares, processes, and maintains records relating to aspects such as attendance, hourly wages, and leave days.
Internal auditors evaluate the use of an organization's funds, with a focus on identifying accounting malpractices and ensuring the truthfulness and accuracy of financial records. They monitor revenues and expenditures and make recommendations for enhancing internal efficiency. A tax accountant monitors changes in the tax code, ensures the organization adheres to relevant tax regulations, prepares tax documents, files tax returns, and offers tax advice. Forensic accounting deals with the examination of financial records, primarily for criminal investigative purposes. Professionals who work in this field must be knowledgeable in both accounting and the law. A financial analyst's role entails offering financial and investment advice, as well as evaluating the performance of investments such as bonds and stocks.
"Details skills needed for internal auditor role"
"Applies accounting careers to a real company scenario"
Always verify citation format against your institution’s current style guide requirements.