Private Accounting Career
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Mostly private accountants work individually for corporations or businesses, non profit as well as government organizations.
Private accountants in businesses and corporations:
In most businesses, a private accountant is responsible for collecting financial data (including tax and audit data) for public accountants, reviewing the company's performance, evaluation, assisting the management on issues related to international businesses, acquisitions and many other company related issues. |
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There are two types of private accountants - Internal auditors and Management accountants. Internal auditors carry out tasks related to financial accounting. They usually do audits of a particular department. It is also the responsibility of an auditor to implement Section 404 of Sarbanes-Oxley. According to it, a company takes strong measures to detect and prevent fraud within the company. It is done on a yearly basis.
As a management accountant, you work with various departments of an organization. Accountant can work in the finance department of an organization and contribute in financial planning, analysis, reviewing prospective acquisitions and taking funding decisions. They can also handle the tax department and do auditing wok.
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Accountants in Government Agencies:
Accountants working in government organizations are responsible for evaluating performance and allocating funds. They work in accounting departments at the federal, state or local level. Various government departments including Internal Revenue Department, Department of Defense, General Accounting Office as well as Securities and Exchange Commission recruit accountants for reviewing and evaluating their department. Accountants are responsible for ensuring that the organization works in compliance with the SEC regulations.
Accountant in Non-Profit Organizations:
An accountant working for a non profit organization has the same responsibilities like the accountant working for a profit making organization. Both of them have to follow Generally Accepted Accounting Principles (GAAP). In addition to this, an accountant working for a non-profit organization must also understand Financial Accounting Standards Board (FASB) standards which are specially designed for non-profit organizations. For example, a non profit organization is not liable for taxation.