Every organization needs and uses various kinds of accounting services. Differen

Question

Every organization needs and uses various kinds of accounting services. Different kinds of accounting specialists—public accountants, private accountants, management accountants, forensic accountants—are available to provide various professional services. Write an essay describing the kinds of work done by each of these kinds of accounting professionals. Be sure in your discussion to point out their differences as well as similarities, if any. Please submit a response between 800 and 1000 words.

Explanation / Answer

Every organization needs different kinds of accountants and professional for different services. Public accountants- They are certified public accountants who are experts in accounting records, taxes and financial management. There work are much more than taxes and include audits, litigation and consultations services.

Private Accountants- They are similar to Public accountants in terms of work and education qualifications but they work for their own self and are not associated with any government agency or firm for providing the service. They privately charge for services like audits and consulting services.

Management Accountants- Business while making important strategic decisions, consult with management accountants with regards to their business health and growth prospects. Some major duties of such accountants are planning and budgeting, risk management and financial reporting, profitability analysis, etc. Many companies today hire their own full time management accountants.

Forensic Accountants- These are the detective of the accounting world. They work on matching the financial records with standards and laws. They are very different than other accountants as they focuses unique skillset and work more often as an investigator.

Similarly, we have many other types of accountants like simply auditors who works on the accuracy in the organizations. Whether commercial or non profit organizations, they need annual auditing of its financial statements and auditors conduct the inspection of the accounting books and hep in accessing the records and suggest improvements in that.

Cost Accountants are focused on saving the cost and improving the process. They examine the expense incurred by the business in production or service and find ways to reduce the cost with maintaining the quality. They are also helpful in making budgets and profitability analysis for the companies.

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