Instructions: Reply in a minimum of 250 words per post to three posts on the subject at hand. Reference 2 sources per post.
Topic: Accounting careers involve much more than just counting things or creating financial statements. A career in accounting lets you use your analytical skills in a variety of ways to solve a diverse set of problems internally, within an organization, as well as externally. Some of you may have experienced an Internal Audit function, whereby internal auditors tested controls under your responsibility at work. Others may have experienced an audit of their personal income tax statement by the CRA.
For your initial discussion, be prepared to describe a job which requires a professional accountant to complete. State a few of the job responsibilities that would be required to complete the job and any professional designations which may be useful (e.g., Chartered Professional Accountant (CPA), Certified Fraud Examiner (CFE), or Certified Internal Auditor (CIA) to name a few) for the position.
For the rest of the discussion, think of a company (e.g., public, private, non-for-profit, or government) who might hire someone with the job responsibilities outlined in the initial posting. Consider also who the stakeholders might be (e.g., shareholder, creditor, or customer) who would benefit from a company filling this accounting position.
REFERENCE THIS IF POSSIBLE IN EACH POST: Walter, H. T., Horngren, C. T., Thomas, C. W., Berberich, G., & Seguin, C. (2019). Financial accounting (7th Canadian ed.). Pearson Education Canada.
Post 1: Hello Professor and Class,
In my company, we have several roles that require professional accountants to complete. In particular, we have financial analysts, financial managers, the Director of FP&A, the VP and the CFO. The following is a summary of job responsibilities for a Financial Manager with a CPA designation:
Þ Runs financial reports to provide information to business leaders
Þ analyze financial data to ensure the books are balanced
Þ “Documents financial transactions by entering account information” (2022)
Þ “Advises beneficial financial actions by exploring accounting options” (2022)
Þ Train and supervise the Financial Analysts
The core responsibilities of the CPA-designated accountant involve the 3Rs: record financial transactions, report financial results, and recommend financial actions.
A company that would hire someone with the above job responsibilities is McKesson Corporate. McKesson is a publicly traded fortune 500 company with shareholders and customers.
Reference:
Accountant job description template. Monster.com. (2022, February 26). Retrieved October 9, 2022, from https://hiring.monster.com/resources/job-descriptions/finance/accountant/
Post 2: Hi Professor Koritko & Class,
One job that would require a professional accountant would be a Senior Financial Analyst. The certification that would be ideal for this type of role would be a Certified Management Accountant (CMA), certification, Chartered Professional Accountant (CPA) designation, and a Chartered Financial Analyst (CFA) designation.
An example of a company who may hire someone with these qualifications is TELUS. Given their market capitalization currently equates to $38.2 billion (Google Finance, 2022), it is highly important to hire team members with the right knowledge and certification to perform the job, and to avoid potential catastrophic mistakes that could jeopardize the company. The stakeholders in this case who would benefit from an experienced individual for this role would be shareholders, creditors, and the TELUS leadership and their employees.
Thank you,
Matthew
Google Finance. (2022, October 11). TELUS Corporation. Google Finance. https://www.google.com/finance/quote/T:TSE?sa=X&ved=2ahUKEwjU0aWxtdn6AhVFBDQIHcgeCe4Q_AUoAXoECAIQAw&q=what%20is%20telus%20worth
160 words
Post 3:
Hello professor and my fellowmates,
A skilled accountant, such CPAs are required to do a number of tasks that call for specialised knowledge that they alone possess. The CPA functions as either the company’s internal or external auditor. The areas of tax accounting, internal auditing, data science audit, administration accounting, economic analysis, etc. are all options for the CPA to choose from. Due to their higher knowledge and experience working across departments, there are several fields where only qualified accountants can perform the work. They would be able to complete the same task in a manner that is both desirable and rather efficient.
The following are some examples of work responsibilities:
1.Tax accounting: A CPA must do a number of tasks associated with tax accounting, including filing taxes, getting tax records ready, and information compliances.
2. Financial analysis: The position of economist entails a variety of duties, including helping an organisation grow by analysing data, creating and reviewing reports, assisting management with investments, and supporting management with any financial decisions.
3.Management accounting: The accountant must create financial budgets, anticipate estimates, assess business performance, and work with management to determine the best course of action for the company.
* The company chosen is Apple Inc., which is based in America and is a publicly traded company on the New York exchange. Internal auditor is the title of the professional accountant’s (CIA) role. The following are the duties of the interior auditor:
1. Verify compliance: Apple Inc.’s interior auditor must verify compliance with regard to each science branch and operation. The efficacy of the interior control is the main objective. The auditor would examine purchases, inventory levels, and the process for production.
2.Risk assessment: Using financial analysis, the inside auditor will determine whether Apple Inc. management is capable of accepting the risk. The auditor will discuss with management the technically viable product that provides the agency with financial advantages.
3 Promote ethics: Internal auditors are responsible for helping Apple Inc.’s management expand moral conduct and for uncovering unethical practises within the company.
4.Fraud investigation: The auditor will look into the fraud by analysing the business’s finances.
5. Communicate with Stakeholders: The auditor will answer questions from various stakeholders about the company’s financials.
Shareholders, customers, debt holders, suppliers, and governments are among Apple Inc.’s stakeholders. Individuals who invest in the business are called shareholders.
Customers are those who purchase goods or services from Apple Inc. Debtors are those who have loaned money to Apple Inc. The people from whom Apple Inc. buys its shares are known as suppliers. The regulatory bodies in which Apple Inc. operates are governments.
The following benefits accrue to the stakeholders from the performance of this internal audit function:
1. Shareholders: The audited economic reviews shall be able to win the trust of the shareholders and they will be aware of the precise situation of the organisation in which they invested money.
2 Customers: Since the company’s many manageable customers are crucial to the operation of the business, the internal auditor will play a significant role whenever they have any questions or issues relating to the payments.
3. Debtors: The audited bills give the debt holders of the company the confidence and belief that they may maintain a long-term connection with the company and also provide better deposit terms if the employer so requests.
4.Supplier: The supplier has gained the confidence to deal with the company because audited financial statements demonstrate the company’s viability in the marketplace.
5. Government: The inside auditor must complete the company’s return, taxes, and any other statutory compliances to ensure that the authorities receive the right and accurate taxes on time.
Reference link: https://resources.workable.com/certified-public accountant-cpa-job-description
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