RRL
Accounting is one of the most important business practices that date back thousands of years.
Accounting has many different purposes; it shows whether a company has been profitable is able to
operate, and pay its bills successfully. Businesses also often use accounting to keep track of expenses,
and account balances. Even though accounting is an old practice, there are several careers within the
accounting field that play an important part in tracking personal or organizational profitability. There are
several different careers within the accounting field including CPA (Certified Public Accountant), Tax
accountant, CFO (Chief Financial Officer), and Accountant. Each career place a very important role in
helping businesses and people make good financial decisions. Many students now are choosing a career
related in business because they are interested in finding a job after graduating from college. Many are
unsuccessful in seeking for employment after college but students with a student with a business degree
aren’t one of them.
The demand for accountants is high and probably will not change. According to the website of
Princeton Review, the accounting profession is to be growing very quickly and because of all the
different types of accounting needed to fulfil the needs of various businesses, the need for an
accountant will always be there. An accounting degree is a degree that offers all ranges of possibilities in
the business society. Accounting deals with the aspects of preparing financial statements and budgets
for companies as well as other career path opportunities. When choosing a career, many people
consider salary potential and benefits as important criteria, next to passion for the job. For new college
graduates, a CPA license can mean a difference of 10% between them and their non-licensed peers.
The duties of the accounting employees are as varied as the many functions of the various
branches of the government. Many are engaged in tax investigation involving an analysis of the tax
reports and accounting records of the taxpayers; others audit the records of companies selling to the
government on a cost plus basis; still others work for government controlled or owned corporations and
other enterprises such as those engaged In atomic research and development, lending agencies and
public utilities. People employed In accounting positions in the federal government have a normal five
day, forty-hour work week, and when overtime Is authorized the people are paid at appropriate
overtime rates. Thirteen days of annual leave are given to government employees during their first
three years of service (since only those days on which you would work are counted when you use this
leave, these thirteen days actually amount to nearly three full weeks), and those who have worked more
than three years receive twenty days each year and after fifteen or more years of service they receive
twenty-six days each year. Every person is entitled to thirteen days sick leave each year and any that Is
not used up may be carried over to any future year.
STATEMENT OF THE PROBLEM
The greatest threat to the independence of the accountant lies in the undue fear of losing the
engagement if the results found do not agree with the wishes of the client. Independence of viewpoint
is very important to the value of the work being performed. Reports made after an audit are largely a
matter of opinion, and the auditor perhaps unconsciously, might allow his own personal interests to
affect the statements and reports prepared. This might mislead prospective and present stockholders,
not only by the value assigned to the various items appearing in the statements but also by their form
and arrangement and failure to present the Information in detail. This rule doesn't forbid one of the
members from acting as an officer or director of a corporation which he or his firm audits, but common
sense tells us that It would be difficult for a member, as auditor to find fault with his action as a director
or stockholder. Also, independence rules out the ownership of securities of corporations being audited
by them. To go one step further, real independence would prevent any member of the firm and their
families from owning securities, of a corporation being audited. It is easy to see the embarrassing
position a firm might be placed in if the services they have rendered are later subjected to criticism and
it Is found that members of tdhe firm were officers, or directors, or stockholders as well as auditors of
the same corporation.
