Duties and Responsibilities
Auditors and accountants are in place to verify that the nations businesses properly account for their revenue and costs and pay their taxes correctly and that their public records are accurate.

In addition to performing the basic duties of the profession like an analyzing, verifying and preparing financial documents in order to provide timely and accurate information to clients, some accountants also moonlight their talents by offering budget analysis, information technology consulting, investment and financial and planning services.

As one might expect the everyday job duties vary widely among the four primary fields of auditing and accounting which are: internal auditing, management, public, government accounting.

Public Accountants carry out a wide range of auditing, accounting, tax and consulting duties for their clients, which can be individuals, the government, nonprofits or corporations.

Some public accountants focus their skills on tax issues, like advising companies on the tax advantages or disadvantages of a particular business decision(s) or on preparing tax returns for individuals. Others may focus on offering advice on topics like employee health benefits or compensation, data-processing system designs or selecting controls on how to best safeguard assets. Still others may focus on auditing a clients financial statements and informing investors and authorities that their statements have been correctly prepared and reported - these types of accountants are also called external auditors.

Many public accountants have their business or work for public accounting firms and normally they are Certified Public Accountants (CPAs).

The investigation and interpretation of white-collar crimes like embezzlement and securities fraud, contract conflict, bankruptcies and other complex and possibly criminal financial transactions, including money laundering is done by public accountants who specialize in forensic accounting.

Forensic accountants use their knowhow of accounting and finance in conjunction with investigation methods to help decide whether or not an activity is legal or illegal. Some forensic accountants work side-by-side with law enforcement and lawyers on investigations and may appear as an expert witness at trials.

Due to previous accounting scandals, Federal regulations were passed that limited the non-auditing services a public accountant can provide to their clients. For example; if an accounting firm audits a companies' financials that same accounting firm can't give advice on other things like technology, legal issues, investment banking or human resources. However, they can still provide tax advice.

Management Accountants also called private, industrial, cost, corporate or managerial accountants, analyze and record the financial data of their clients. In addition, they often perform cost or assest management, performance evaluation and budgeting duties.

Normally, management accountants make up parts of executive groups that are involved in product development or strategic planning. They interpret and analyze a companies' financials in order to provide top management with the information they need to make solid business decisions. In addition, they prepare monetary reports for groups like creditors, tax authorities, stockholders and regulatory agencies.

Government Auditors and Accountants spend their time examining government records or auditing private businesses and individuals who are under government regulations or taxation due to their activities. Those accountants working for local, State or Federal government are tasked with ensuring that expenses and income are accounted for according to laws and statutes.

For those working exclusively for the Federal Government they may work as collectors for the Internal Revenue Service or in financial management budget analysis and administration or financial institution examination.

Internal auditors are responsible for verifying the effectiveness of an organization's internal controls. They are also responsible for checking for poor management, fraud and excessive waste. They also evaluate a company's information and financial systems, internal controls and procedures to help ensure that all company data and records are correct.

Because today's computers normally automate transactions and can readily provide information, an internal auditor may help management assess the effectiveness of their control process based on the live data versus personal observations.

Internal Auditors often have other titles. A few include: environmental, information technology or compliance auditors.

Due to the rapid change in technology the type of work many auditors and accountants are doing is changing. With the help of customized software packages an accountant can summarize transactions in the most common standardized financial formats and then organize the data into any number of customized formats used in financial analysis.

These high tech software packages greatly reduce the monotonous work connected with book keeping and managing data.

The advancement of computers and the accompanying software has enabled auditors and accountants to become more mobile and to access their customers' computers to pluck data from the databases. The result has been more and more auditors and accountants, with broad computer skills are specializing in fixing software problems or developing software that will meet unique analytical or data management needs.

In response to both company and individual demands for a single trustworthy entity that can meet all of their financial needs many accountants are acting as personal advisors that assist clients with duties ranging from tax help and personal budgets to managing retirement and risk exposure. However, an accountant is restricted from providing these services to any client whose financial statements they also prepare.

Work Atmosphere
Virtually all accountants and auditors work in a standard office environment, although some have the type of position that allows them to some of their work at home. Like most professions, most work a standard 40-hour week but during certain times of year (i.e. during tax season) that may be required to work long hours. In addition, those that are self-employed or have many clients may be required to work longer than normal.

Some auditors and accountants travel quite frequently to perform audits at the location of the audit. Those most likely to be required to travel are those that work for government agencies and public accounting firms.

Education and Training
Nearly all auditors and accountant positions require minimum a bachelor's degree in accounting or business or related field. In addition, some choose to acquire certification to assist them in advancing their careers, like becoming a Certified Public Accountant (CPA).

As an example, introductory auditing and accounting positions for the Federal Government normally require a 4-year college degree (plus a minimum of 24 semester hours in either auditing or accounting) or an equal amount of experience or education.

On the other hand, a percentage of employers prefer applicants with a master's degree in either business administration with a concentration in accounting or simply a master's degree in accounting. Specialties, like internal auditing, are becoming more prevalent and therefore a few colleges now offer programs designed a bit more around certain specialties.

In addition, a number of professional associations offer continuing educational courses, conferences and seminars for those who are already in the profession.

For bookkeepers and accounting clerks, as well as those junior college, correspondence and business school graduates that demonstrate competence, have the needed experience and who meet the educational requirements established by their employers are; in some instances, given the opportunity to advance to accountant positions within their companies.

Certification
The law requires that an individual be a Certified Public Accountant (CPA) in order to file any report with the Securities and Exchange Commission (SEC). CPAs are licensed by their respective State Board of Accountancy. Any accountant that passes the appropriate national examination and who meet the other established requirements of their State can become a CPA.

Most States do require that all CPA candidates be a college graduate but there are a few States that will exchange a certain number of years of accounting experience for a college degree.

Over 40 States, with others planning to adopt similar legislation by 2009, along with the District of Columbia currently require all those seeking to become a CPA to complete 150 semester hours of college coursework, which is a full 30 hours above and beyond the normal 4-year bachelor's degree.

As of this writing, only four states (Colorado, Delaware, New Hampshire and Vermont) are not planning the full 150 semester hour requirement.

Many colleges have tweaked their curricula accordingly in response to this trend among the States, with a good percentage of programs now offering master's degrees as a part of the 150 hours.

Therefore, prospective CPA's need to make sure they do their due diligence when researching the requirements of the States in which they would like to become licensed.

All States use the four-part Uniform CPA Examination prepared by the American Institute of Certified Public Accountants (AICPA). The CPA examination is challenging, less than 50 percent of those taking it each year pass all parts on the first try.

Although candidates are not required to pass all four parts at once, most States do require those taking the test to pass all four sections within 18 months of passing their first section. The CPA exam is now computerized and can be taken 2 months out of every quarter at a variety of testing centers throughout the United States.

In addition, virtually all States require that CPAs and other public accountants complete a particular number of CE (Continuing Education) hours before their licenses can be renewed. The professional associations representing accountants sponsor a number of courses, seminars and other types of continuing education.

Other Qualifications
Experience in can help an individual secure a job. As a result, many schools offer their students an opportunity to gain valuable experience through a summer or part-time internship program sponsored by accounting firms.

Those individuals planning a career in either auditing or accounting should have a knack for mathematics and have the aptitude to compare, interpret and analyze facts and figures quickly. They should also be able to communicate the results of their work clearly to both clients and managers - verbally and in writing.

Advancement
Professional recognition through certification, or a designation other than the CPA, provides a distinct advantage in the job market. Certification can attest to professional competence in a specialized field of accounting and auditing. Accountants and auditors can seek credentials from a wide variety of professional societies.

The CMA (Certified Management Accountant) designation from the Institute of Management Accountants is given to those individuals who complete a bachelor's degree or obtain a minimum score on specific graduate school entrance exams.

In addition, applicants need to have worked a minimum of years in management accounting, passed a four-part exam and agree to meet CE requirements.

The examination covers topics like risk management, working-capital policies, and financial statement analysis.

The CIA (Certified Internal Auditor) designation from the Institute of Internal Auditors is given to those who graduate from accredited schools and who have worked for at least two years as internal auditors and who passed their four-part exam.

The CCSA (Certified in Control Self-Assessment) and the CGAP (Government Auditing Professional) and the CFSA (Certified Financial Services Auditor) designation from IIA are given to those that pass the proper exams and meet the experience and educational requirements.

For those with 5 years plus of auditing information systems experience the ISACA (Information Systems Audit and Control Association) issues the CISA (Certified Information Systems Auditor) designation to those who pass their examination. Proper information systems experience or related college credit hours can be exchanged for up to 2 years information systems auditing, control or security experience.

The Accreditation Council for Accountancy and Taxation awards four designations: Accredited Business Accountant (ABA), Accredited Tax Advisor (ATA), Accredited Tax Preparer (ATP) and Elder Care Specialist (ECS) - on accountants specializing in tax preparation for small and medium-sized businesses. Candidates for the ABA must pass an exam while those seeking any of the other designations must complete the required courses and in some instances pass an examination.

The CFE (Certified Fraud Examiner) designation from the Association of Certified Fraud Examiners is given to those public or forensic accountants working in fraud - deterrence, investigation, detection or prevention.

To acquire the title, individuals must have a bachelor's degree, 2 years of applicable experience, pass a four-part examination, and adhere to a code of professional ethics. Specifically related work experience can be substituted for the educational requirement.

Employment
In 2006, about 1.3 million individuals were working as auditors and accountants with about 10 percent self-employed.

A good percentage of government accountants and auditors, internal auditors and management accountants are not CPAs; on the other hand, a decent percentage are licensed CPAs.

Projected Employment
The best job opportunities will be for accountants and auditors who have a college degree, any type of certification, but primarily for those with a CPA.

Job growth is expected over the next decade (ending in 2016) due to tighter regulations.

Increased globalization will also result in higher demand for accounting professionals and services connected to international trade, rules, mergers and acquisitions.

The Sarbanes-Oxley Act of 2002 was passed by Congress as a result of a number of high profile, large corporate scandals - it was designed to greatly reduce accounting fraud at the corporate level. This legislation makes it requirement for public companies to maintain well-functioning internal controls to ensure the accuracy and reliability of their financials. It also holds the company's chief executive personally responsible for falsely reporting financial information.

These mandated changes should lead to higher scrutiny of corporate finances and accounting procedures and should create opportunities for accountants and auditors, especially CPAs, to more thoroughly audit financial records.

Employment Prospects
Overall, job opportunities for accountants and auditors should be good. Especially for those who earn a CPA. In the aftermath of the accounting scandals, professional certification is even more important to ensure that an accountant's knowledge, skills and credentials are rock solid.

Irrespective of specialty, auditors and accountants who have earned professional recognition through certification or licensure will have the best job opportunities and individuals with a master's degree in accounting or a master's degree in business administration with a concentration in accounting will also have a leg up on the competition.

Earnings
In May 2006, Median yearly earnings of auditors and accountants and were $54,500 while the middle half of the profession earned between $42,500 and $72,000 and the top 10 percent earned more than $93,750 and the bottom 10 percent earned less than $34,250. Median yearly earnings in the industries employing the largest numbers of accountants and auditors are listed below:

Results from a 2006 survey by the National Association of Colleges and Employers showed that bachelor's degree candidates in accounting average starting offer was about $46,500 per year, while those candidates with a master's degree had an average initial offer of about $49,000.

According to a 2007 Robert Half International (a staffing firm that specializes in accounting and finance) salary survey, general accountants and internal auditors with up to 1 year of experience earned between $31,400 and $48,500 a year while those with 1 to 3 years of experience earned between $36,250 and $59,800.

Senior accountants and auditors earned between $43,500 and $79,000, managers between $51,250 and $101,700 and directors of accounting and internal auditing between $67,750 and $207,500. The variation in salaries reflects the size of company, its location and the level of education and professional credentials of those surveyed.