THE NATURE AND IMPORTANCE OF THE PROFESSION OF ACCOUNTING
The profession of accounting cannot be underrated, most especially by top firms in the world. We can not do without employing the services of accountants in our business, that is, the big businesses. It sounds unprofessional to place accounting in the same position with bookkeeping.
This is common among those who do not understand the nature and scope of accounting, especially the non-accounting graduates and also some accounting students who are not practising accountants.
Today, accounting firms are consulted for services that cannot be rendered by just ordinary person like Auditing and Forensic Accounting, Tax and Regulatory Services and Advisory Services.
Auditing and Forensic Accounting reveals the items contained in the financial statements of companies and also exposes fraudulent acts in the preparation of financial statements of companies. Nowadays, it is no longer a news that fraudulent practices are very high at companies. But the employment of the services of accountants who are experts when it comes to auditing of accounts, fraud examination etc., fraudsters among company staff are exposed.
Tax and Regulatory Services- The roles of accountants who are tax experts are also needed here, because today, most companies in Nigeria have problem of computing their tax liabilities, also some of them face the issue of paying high tax from their profits. In order to retain more profits, they engage in an illegal act of tax evasion and tax avoidance. But tax consultants can offer them professional advice on legal ways of tax reduction without the incidence of tax evasion and avoidance.
Advisory Services- Finance experts offer advice to clients on how to invest their businesses and money in other to avoid the risk of losing their investment.
These three major services are rendered by accounting organizations as such as the big four accounting firms like Deloitte, Pricewaterhouse Coopers (PwC), KPMG, Ernest and Young.
OPPORTUNITIES OFFERED BY THE ACCOUNTING PROFESSION AND FIELD.
1. Employment Opportunity: The field of accounting offers the students of the field the opportunity of getting employed at top multinational firms such as KPMG, Deloitte, PwC, Ernest and Young, Shell, Total, Banks and other organizations as accountants or financial officers.
2. Integrity and Reputation: The profession of accounting gives accountants integrity, reputation and recognition anywhere they find themselves especially those with professional qualifications such as ACCA, CIMA, ICAN etc. and employees of the big four accounting firms.
WHO ARE THOSE QUALIFIED TO PRACTICE ACCOUNTING.
Accounting and Non- Accounting students I.e those without a degree (B.Sc., HND) in accounting can practice the profession. In some companies, non accounting students are restricted and some companies like the big four accounting firms welcome both accounting and non accounting students. Some companies prefer to employ graduates and students of higher institutions with minimum of a second class upper as accountants, hence restricting students with second class lower, third class and pass from that opportunity. While some don't care irrespective of the grade acquired.
WHAT ARE THE WAYS OF BECOMING A QUALIFIED ACCOUNTANT.
1. Obtaining a Bachelor of Science (B.Sc. ) in accounting in universities or an Higher National Diploma (HND) from polytechnics.
2. Becoming a chartered accountant through professional examinations such as ACCA, CITN, ICAN and CIMA.
3. Gaining employment at any of the big four accounting firms in the world such as Deloitte, KPMG, PwC Ernest and Young.
This is common among those who do not understand the nature and scope of accounting, especially the non-accounting graduates and also some accounting students who are not practising accountants.
Today, accounting firms are consulted for services that cannot be rendered by just ordinary person like Auditing and Forensic Accounting, Tax and Regulatory Services and Advisory Services.
Auditing and Forensic Accounting reveals the items contained in the financial statements of companies and also exposes fraudulent acts in the preparation of financial statements of companies. Nowadays, it is no longer a news that fraudulent practices are very high at companies. But the employment of the services of accountants who are experts when it comes to auditing of accounts, fraud examination etc., fraudsters among company staff are exposed.
Tax and Regulatory Services- The roles of accountants who are tax experts are also needed here, because today, most companies in Nigeria have problem of computing their tax liabilities, also some of them face the issue of paying high tax from their profits. In order to retain more profits, they engage in an illegal act of tax evasion and tax avoidance. But tax consultants can offer them professional advice on legal ways of tax reduction without the incidence of tax evasion and avoidance.
Advisory Services- Finance experts offer advice to clients on how to invest their businesses and money in other to avoid the risk of losing their investment.
These three major services are rendered by accounting organizations as such as the big four accounting firms like Deloitte, Pricewaterhouse Coopers (PwC), KPMG, Ernest and Young.
OPPORTUNITIES OFFERED BY THE ACCOUNTING PROFESSION AND FIELD.
1. Employment Opportunity: The field of accounting offers the students of the field the opportunity of getting employed at top multinational firms such as KPMG, Deloitte, PwC, Ernest and Young, Shell, Total, Banks and other organizations as accountants or financial officers.
2. Integrity and Reputation: The profession of accounting gives accountants integrity, reputation and recognition anywhere they find themselves especially those with professional qualifications such as ACCA, CIMA, ICAN etc. and employees of the big four accounting firms.
WHO ARE THOSE QUALIFIED TO PRACTICE ACCOUNTING.
Accounting and Non- Accounting students I.e those without a degree (B.Sc., HND) in accounting can practice the profession. In some companies, non accounting students are restricted and some companies like the big four accounting firms welcome both accounting and non accounting students. Some companies prefer to employ graduates and students of higher institutions with minimum of a second class upper as accountants, hence restricting students with second class lower, third class and pass from that opportunity. While some don't care irrespective of the grade acquired.
WHAT ARE THE WAYS OF BECOMING A QUALIFIED ACCOUNTANT.
1. Obtaining a Bachelor of Science (B.Sc. ) in accounting in universities or an Higher National Diploma (HND) from polytechnics.
2. Becoming a chartered accountant through professional examinations such as ACCA, CITN, ICAN and CIMA.
3. Gaining employment at any of the big four accounting firms in the world such as Deloitte, KPMG, PwC Ernest and Young.
Comments
Post a Comment