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Accountancy roles
Accountants undertake a variety of roles. The ACCA Qualification provides all the accountancy skills needed and allows students to specialise in a specific area. Below are some of the different roles within accountancy:
Audit
External auditors evaluate a business' financial statements and procedures to produce an independent report. They ensure that these financial statements comply with accounting principles and legislation. Internal auditors work within commercial organisations in the corporate sector. Their role is to evaluate the internal controls and procedures of the business and report their findings to the Board of Directors.
Financial accounting
Financial accountants record, classify, summarise, interpret and communicate the financial information of the business. They look back at the company's financial performance and produce reconciliations and reports required by the Government. They also advise senior managers on the current financial status of the organisation by monitoring income and expenses, preparing financial statements and overseeing payroll.
Management accounting
Management accountants analyse financial information and produce forecasts to help plan for the future. They review business performance and advise senior managers to help with key business decisions. Information gathered by management accountants is usually confidential as it helps businesses to stay ahead of the competition.
Tax
Tax accountants prepare corporate and personal income tax statements. This type of work requires a good understanding of economics and the ability to understand tax laws. Tax accountants have a huge responsibility as they need to ensure that the clients they work for are complying with legal tax requirements.