A Career in Accounting Assignment Example | Topics and Well Written Essays - 1250 words

A Career in Accounting - Assignment simulationThe stockholders suffered in untold misery because the Enron executives acted maliciously in cohorts with the auditors while the swindled investors of Madoff trusted overly in the financial statements which were twisted and distorted by the accountants of the alleged fraudster. In the international landscape, the recession started in the United States of America. First, it was the banking system. Then, the credit in housing mortgages crumbled and collapsed. The auto industry followed in the imbroglio. And well, if America sneezes, the world catches cold. All those could have been avoided by proper accounting and sound auditing. Accounting as a career plays a significant role in the world order because it embodies the most recyclable information system in any undertaking in all jurisdictions and in every kind of business.1 While accounting focuses on financial transactions which are micro, the collection of all data under it represents the ins and outs of economics which are macro. Owing to all these dynamics, accounting will continue to lead in the master field and accountants will remain in get in the job market. In the United States, what has led to the need for accountants and auditors is the federally legislated Sarbanes-Oxley law which has outlined lav rules on financial statements after the notorious corporate scandals that included Enron.2 Where the gather up isAside from the new Sarbanes-Oxley statute repercussion, accountants continue to be in demand in the United States because of the increasing workload of the top audit firms.3Educational and other requirements including the need for hard and soft skills The requirements for the credentials of an accountant depend on the position that has to be filled up. Generally, the average job requires an accounting course at the bachelor level. One of the best supplements to the normal college accomplishment is a masters head or a special certification on kn owledge of accounting and auditing software. A passer of a licensure examination for Certified Public Accountants will be a great advantage. Sufficient experience will also be a big plus.4 Skills in accounting and auditing are highly checked in the pertinent applications. Among these aredesigning of internal control measures and analysis of financial information and computer programming,budget analysis and cost estimation,proficiency in loans examinations, revenue enhancement verifications, collection, andgeneral bookkeeping.Special skills in computer accounting programming, computer accounting software management and design, and systems administration are likewise highly sought. Pay weave for accountants and auditorsAverage annual or yearly salaries for accountants and auditors as of May, 2006, vary according to the list sourced from the same report of the Bureau of Labor Statistics cited above, thus accounting, tax preparation, bookkeeping, and payroll department services $57,0 20 management of companies and enterprises $55,560 local government $50,120 depository credit intermediation $49,380 and state government $47,200. In a survey conducted by the National connecter of Colleges and Employers, the usual initial remuneration that is offered for bachelor degree holders is $46,700.00 annually. For those with a masters degree, it is $49,200.00 per year. Basically, these pay rates are over and above the salaries for other professionals.Bright job learning ability for the professionAs earlier discussed briefly, there have been new developments which created impact and implications in accounting and finance. These things have re-shaped trends in the accounting career and the growing demand for accountants a