Professional Development Activity Attaining a certification as an accountant can

Question

Professional Development Activity

Attaining a certification as an accountant can further your career a great deal. You have probably done some research on the requirements for becoming a Certified Public Accountant. However, there are several other certifications available in the accounting profession as well.

Some of the other certifications that are available to those in the accounting profession are as follows:

Certified Management Accountant (CMA)
Certified Internal Auditor (CIA)
Certified Forensic Accountant (Cr. FA)
All of these designations specialize in areas of accounting and are increasing in numbers and employment opportunities. Exploring the requirements will help you realize that accounting is a very diverse, dynamic and growing career choice.

Visit the following websites:

Certified Management Accountant: http://www.imanet.org

Certified Internal Auditor: http://www.theiia.org

Certified Forensic Accountant: www.acfei.com/forensic_certifications/crfa

Prepare a summary of your findings and make sure to address all of the questions listed below. You may use your textbook and outside sources to complete this Assignment. The paper should be a minimum of 2 pages long, double-spaced. All sources should be referenced as sources cited. Check for correct spelling, grammar, punctuation, mechanics, and usage. Citations should use APA style.

Make sure your document includes:

Your Name
Date
Course Name and Section Number
Unit Number
Assignment Name
Page Numbers
Questions:

What are the requirements for each of the designations listed? Please be detailed in your response and summarize the requirements in your own words.
What advantages do you see for each of the designations listed?
What disadvantages do you see for each of the designations listed?
What career opportunities are available for each of the designations listed? Please provide specific job opportunities in each field. The following websites will assist you in your search: http://www.monster.com, http://www.careerbuilder.com/, http://hotjobs.yahoo.com
What service(s) does each designation provide to its clients? (The clients can be internal, external, or both).
What skill set is needed for each designation and how will these skills help you achieve success in these fields? Please be specific and relate the skills to each designation.

Explanation / Answer

Assignment Name : Professional Development Activity

Question 1. What are the requirements for each of the designations listed? Please be detailed in your response and summarize the requirements in your own words.

There are opportunities for CMAs at a wide range of companies, because all companies need someone to manage their finances. CMAs work for public companies, private businesses and government agencies under a variety of job titles, including: management accountant, cost accountant, managerial accountant, industrial accountant, private accountant or corporate accountant. Many CMAs also hold other designations, such as Certified Public Accountant (CPA), Certified Financial Manager (CFM), Certified Fraud Examiner (CFE) and Certified Internal Auditor (CIA). Obtaining a CMA demonstrates a commitment to the profession because of the time and financial costs required. The CMA designation also signals that a job applicant or employee has a minimum level of experience in the profession and a post-graduate-level understanding of management accounting principles and how to apply them in real life.

Because CMAs must meet annual continuing education requirements, employers know that they are always learning, improving their skill sets and staying on top of any new developments in the field. A CMA holder also completes ongoing ethics training and agrees to uphold the IMA Statement of Ethical Professional Practice. According to the IMA, the following companies "have CMAs in key management roles:" 3M, Alcoa, AT&T, Bank of America, Boeing, Cargill, Caterpillar, ConAgra, Hewlett-Packard, Johnson & Johnson, Microsoft, Procter & Gamble, KeyCorp, Whirlpool, Saudi Aramco, Verizon and Xerox. This list should not be considered exhaustive, but it offers a snapshot of the caliber of company you may be able to work for as a CMA.

he stated mission of The Institute of Internal Auditors is to provide "dynamic leadership" for the global profession of internal auditing. This includes:

Forensic accountants are experienced auditors, accountants, and investigators of legal and financial documents that are hired to look into possible suspicions of fraudulent activity within a company; or are hired by a company who may just want to prevent fraudulent activities from occurring. They also provide services in areas such as accounting, antitrust, damages, analysis, valuation, and general consulting. Forensic accountants have also been used in divorces, bankruptcy, insurance claims, personal injury claims, fraudulent claims, construction, royalty audits, and tracking terrorism by investigating financial records. Many forensic accountants work closely with law enforcement personnel and lawyers during investigations and often appear as expert witnesses during trials. Forensic accounting or forensic accountancy has been used since the time of the ancient Egyptians when Pharaoh had scribes account for his gold and other assets. These scribes worked in Pharaoh's courts and were charged with fraud prevention and detection. Their role stayed much the same until the turn of the 20th century.[2] As an accountant they must have knowledge of the latest accounting standards and procedures, be proficient in many different Financial Reporting Systems being used, and be able to provide recommendations that will strengthen internal controls. They also need to have an understanding of the different monetary units used internationally due to the different types used in foreign accounts or companies. As an auditor they must perform regular financial audits to prevent possible situations that could lead to fraud. As an attorney they must know the current Federal and State laws and regulations, and should be able to approve or disprove suspicions of fraud. They may also be called to be an expert witness in a court trial so they must be able to communicate well and at a level that is understandable by individuals without accounting knowledge.

As an investigator they must investigate and gather evidence to be presented in a court of law; be able to investigate complaints, allegations, and tips of suspected fraud; must be able to sort, analyze, and compare data in support of an investigation; and must have a working relationship with the investigating and prosecuting agencies involved.

Some forensic accountants specialize in forensic analytics which is the procurement and analysis of electronic data to reconstruct, detect, or otherwise support a claim of financial fraud. The main steps in forensic analytics are (a) data collection, (b) data preparation, (c) data analysis, and (d) reporting. For example, forensic analytics may be used to review an employee's purchasing card activity to assess whether any of the purchases were diverted or divertible for personal use. Forensic analytics might be used to review the invoicing activity for a vendor to identify fictitious vendors, and these techniques might also be used by a franchisor to detect fraudulent or erroneous sales reports by the franchisee.[3]

When acting as an expert witness in court proceedings in Federal Court in the United States a forensic accountant is required to give testimony which is based upon sufficient facts or data and is the product of reliable principles and methods, and they are required to have applied the principles and methods reliably to the facts of the case.[4] When acting as an expert witness in court proceedings in the United Kingdom a forensic accountant is obliged to give "objective, unbiased opinion on matters within [their] expertise".[5][6] For a comparison with French practices, see a study of "Forensic Accountants at Work"

Question 2. What advantages do you see for each of the designations listed?

he CMA is the globally recognized, advanced-level credential appropriate for accountants and financial professionals in business. Achieving the CMA demonstrates your professional expertise in financial planning, analysis, control, decision support, and professional ethics – skills that are in demand by organizations around the world. The Certified Management Accountant (CMA) designation is a highly respected credential awarded by the Institute of Management Accountants (IMA) which is a US-based worldwide association for accountants and financial professionals working in business.

The CMA designation provides an objective measure of an individual’s knowledge and competence in the field of management accounting and financial management.

CMA is the US equivalent of the Indian Cost Accountant qualification from the Institute of Cost Accountants of India (formerly ICWAI).

CMAs have knowledge of:

The credentials and knowledge base of a CMA is a big advantage when working with MNCs, financial services or consulting firms.

The CIA credential can be your master key to professional success, opening doors for career opportunities and earning you increased credibility and respect within the profession and your organization.

Ultimately, the CIA designation will:

Earning the CIA designation is a valuable accomplishment and a professional advantage for auditors at all stages of their careers, including chief audit executives, audit managers, audit staff, risk management staff, and also students enrolled in an accounting or other business or financial degree program.

If you’re looking to improve your career in accounting, obtaining an accounting certificate is an excellent first step. Accounting certifications can expand your accounting knowledge and increase your proficiency in a specific area of the accounting field. Using a combination of accounting, auditing, and investigative skills, forensic accountants help legal professionals who are investigating complicated financial matters that may involve wrongdoing on someone’s part. The services they provide include calculating or estimating economic damages and determining whether illegal financial activities have taken place.

The Certified Forensic Accountant Cr.FA consists of a comprehensive forensic accounting course designed to educate you about relevant topics such as

The Cr.FA also distinguishes your practice by providing an official validation of your competence and skill. It can lead to greater professional opportunities because it shows potential clients and employers that you’ve met high national standards. The American College of Forensic Examiners International (ACFEI) issues the credential.

Because of its educational component, the Cr.FA program is approved for G.I. Bill benefits. If you’re a veteran, be sure to research opportunities for fee reimbursement on the G.I. Bill’s website.

Question 3. What disadvantages do you see for each of the designations listed?

Question 4. What career opportunities are available for each of the designations listed? Please provide specific job opportunities in each field. The following websites will assist you in your search: http://www.monster.com, http://www.careerbuilder.com/, http://hotjobs.yahoo.com

Question 5. What service(s) does each designation provide to its clients? (The clients can be internal, external, or both).

Question 6. What skill set is needed for each designation and how will these skills help you achieve success in these fields? Please be specific and relate the skills to each designation.

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