{"id":941,"date":"2024-06-05T10:08:30","date_gmt":"2024-06-05T10:08:30","guid":{"rendered":"https:\/\/www.getlisteduae.com\/blog\/?p=941"},"modified":"2024-06-05T10:08:33","modified_gmt":"2024-06-05T10:08:33","slug":"accountancy-as-a-career-going-into-public-practice","status":"publish","type":"post","link":"https:\/\/www.getlisteduae.com\/blog\/accountancy-as-a-career-going-into-public-practice\/","title":{"rendered":"Accountancy as a Career: Going Into Public Practice"},"content":{"rendered":"
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\n \t<\/i> Read Time:<\/span>5 Minute, 48 Second <\/div>\n\n <\/div>\n

Are you considering accountancy as a career<\/u><\/a>? An Association of Chartered Certified Accountants (ACCA) membership can be your way in.<\/p>\n\n\n\n

You can earn the ACCA professional designation after passing 13 ACCA exams, completing the ACCA ethics and professional skills module, and spending at least three years working in a relevant role. As an ACCA professional, you can practice accountancy in any of the more than 180 countries globally that recognize the ACCA qualification.<\/p>\n\n\n\n

Sectors an ACCA Accountant Can Work In<\/h2>\n\n\n\n

There\u2019s a universal demand for accounting and financial professionals. Any organization that deals with and handles money must do some accounting and financial reporting. These reports need to be inspected and audited; they must also be analyzed to impact business decisions.<\/p>\n\n\n\n

These are the sectors an ACCA professional can work in:<\/p>\n\n\n\n

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  1. Public Practice<\/li>\n<\/ol>\n\n\n\n

    Going into public practice means setting up your professional services firm or joining an existing firm. The firm provides accounting and accounting-related advisory services to governments, business organizations, and individuals. Going into public practice means becoming an accounting, finance and business consultant<\/strong>.<\/p>\n\n\n\n

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    1. Shared Services and Outsourcing<\/li>\n<\/ol>\n\n\n\n

      You can set up (or work in) a global business services company that fulfills client organizations\u2019 outsourcing and shared services needs. You can perform accounting tasks for small or medium-sized businesses that have chosen to outsource their accounting functions instead of hiring accountants in-house. Likewise, you can become the shared services provider for larger enterprises that have decided to centralize the administrative and support functions of all their branches and subsidiaries.<\/p>\n\n\n\n

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      1. Financial Services<\/li>\n<\/ol>\n\n\n\n

        Going into the financial services sector means working in personal and private banking<\/strong> or joining an insurance<\/strong> company, an investment<\/strong> firm, or some other financial institution or organization. Accountants in the financial services sector can fulfill many roles, including internal audit and compliance roles.<\/p>\n\n\n\n

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        1. Corporate<\/li>\n<\/ol>\n\n\n\n

          Corporate accountants work for business organizations<\/strong>. You can be the all-around accountant of a small company or one of the members of an accounting department in a medium-sized or large enterprise. As an accounting professional in the corporate setting, your role is to prepare the financial reports<\/strong> and statements<\/strong> that the company leadership needs to make business decisions.<\/p>\n\n\n\n

          As a corporate accountant, you may be part of the company\u2019s internal compliance and risk assurance<\/strong> function. You may also be involved in the day-to-day tasks of maintaining the company\u2019s books<\/strong>, recording and collecting financial data, and preparing the company payroll.<\/p>\n\n\n\n

          Going Into Public Practice<\/h2>\n\n\n\n

          Public practice is interesting. Since you\u2019ll be acting as a third-party service provider for individuals, governments, corporations, and other organizations, you may encounter different scenarios and apply your accounting knowledge and accountancy skills to resolve practical issues.<\/p>\n\n\n\n

          You may need a degree in accounting or finance complemented by a professional qualification like ACCA<\/strong>. Career progression in public practice depends on performance, opportunities for advancement, and the ability to demonstrate your value, especially when aiming for a partnership role.<\/p>\n\n\n\n

          Going into public practice usually means focusing on audit, tax, <\/strong>and advisory<\/strong> functions.<\/p>\n\n\n\n

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          1. Audit<\/li>\n<\/ol>\n\n\n\n

            Public practice in audit involves a thorough examination of a client company\u2019s financial statements<\/strong>. You will review statements and reports to ensure they accurately reflect the company’s financial position without significant errors or misrepresentations.<\/p>\n\n\n\n

            As an auditor, you must adhere to Generally Accepted Auditing Standards (GAAS)<\/strong> when performing your tasks. You must meticulously plan and execute an audit to ensure compliance with the profession’s ethical requirements.<\/p>\n\n\n\n

            Your goal is to provide assurance that a company\u2019s statements are free from material misstatements<\/strong> due to fraud or accounting mistakes. To accomplish this, you will implement appropriate audit procedures that you will select based on your judgment and risk assessment.<\/p>\n\n\n\n

            While auditing a company, you must focus on understanding the business<\/strong> and its operations, internal controls, and financial risks. This will shape your plan and help pinpoint the areas that require your focus and closer inspection.<\/p>\n\n\n\n

            As an auditor, you will also evaluate the company\u2019s accounting policies<\/strong>. Given what you know about the business and based on your accounting knowledge, you will decide if the accounting policies are appropriate and assess whether the accounting estimates provided are reasonable.<\/p>\n\n\n\n

            However, it\u2019s not your job to comment on the effectiveness of a company\u2019s internal controls. Instead, your goal is to determine how these controls impact financial reporting.<\/p>\n\n\n\n

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            1. Tax<\/li>\n<\/ol>\n\n\n\n

              In tax consultancy, you will focus on helping businesses, individuals, and organizations prepare their tax statements. You have two goals<\/strong>:<\/p>\n\n\n\n