An Accountant is one who is skilled in keeping accounts and books of accounts correctly and properly. An accountant makes the keeping or examination of accounts his profession[i]. Accountant, design and control the systems of accounts required for records of various transactions of business, trade, and finance.
Different types of accountants include:
- Forensic accountants
- Public accountants
- Tax professional
- Financial advisor
Auditing is an intensive study of the records and reports of an enterprise by accounting specialists. Auditors help to ensure firms efficiency by keeping public records accurate and confirm payment of taxes properly and on time. Auditors analyze and communicate financial information for various entities such as companies, individual clients, and Federal, State, and local governments. Other than carrying out the fundamental tasks of the occupation they provide information to clients by preparing, analyzing, and verifying financial documents.
Forensic accounting is a special area of practice in accountancy where accounting, auditing, and investigative skills are used to assist the court in legal matters. Forensic accountants are also known as forensic auditors or investigative auditors. They investigate white-collar crimes including issues like securities fraud, embezzlement and bankruptcies.
A public accountant is a general accountant who either works for an accounting firm or has his or her own private practice. Public accountants’ daily tasks are of a wide range that includes auditing, tax and financial planning, and consulting and providing advice about compensation and benefits. Certified Public Accountant (CPA) is the statutory credential provided for qualified accountants in the U.S. for persons who have passed the Uniform Certified Public Accountant Examination.
A tax professional is specifically trained in the field of taxation. The U.S. Department of Treasury empowers tax professionals to represent taxpayers before all administrative levels of the Internal Revenue Service (IRS) for audits, collections, and appeals.
A financial advisor is a person who provides investment advice and financial planning services to individuals, organizations, and governments. Usually, a financial advisor consults with clients with an intention to better their financial situations.
Accounting consultants are persons with high subject matter expertise in preparing financial reports, pro-forma financial statements and reports. They also analyze, interpret and evaluate financial statements and reports for various regulatory and statutory authorities and internal management of organizations. Accounting consultants can help a business with all of its financial needs.
[i] United States ex rel. Liebmann v. Flynn, 16 F.2d 1006 (D.N.Y. 1926)