Question

Will Williams, a college senior, has begun the interviewing process. He has discovered a great variety of organizations in search of “accounting majors.” He finds that various public accounting firms, corporations, the GAO, and the IRS are all interviewing candidates at his school.

Will has come to you for advice. He has suggested that although he has had only one class session of auditing, he already realizes that it is going to be a great course; however, he also especially enjoyed his tax and accounting systems courses.

Compare and contrast his possibilities with public accounting firms, corporations, the GAO, and the IRS if he wishes to emphasize the following areas of expertise:

1. Taxation.

2. Auditing.

3. Systems design.

Answer 1

Team case:

TAXATION

A tax service is discharged by the public accounting firm can be categorized as tax planning and complaince work comprises making the state federal and local tax returns of the clients.Tax planning comprises consulting the clients on how to arrange their bussiness affairs to lessen the amount paid in taxes as well as defer it.Tax work for a company involvescomplaince and planning.But it varies in the work performed for the company and not the broad variety of clients of a public accounting firm.This clearly has benefits in terms of developing expertise related to the company.Taxation work related to general accounting office mainly involves a study of the general complaince with tax laws.Internal revenue service deals entirely with complaince of numerous federal tax laws.

Auditing :

Public accounting firms have traditionally highlighted auditing of financial statements through the extension of the attest purpose to a number of other parts is presently happening.

AAuditing work with cooperation normally includes functioning in the internal auditing department of that company.In addition to the audit of financial information,Internal auditing members dededicate a substantial time to complaince and operational audits.The auditing work with the general accounting office comprises both operational and complaince audits.Internal revenue service is as specified concerns comolaince with several federal tax laws.

Systems design

Pyblic accounting firms remain involved with systems design through consulting and audit services.In audits auditors must examine the internal control of the client and make suggestion for improvements.Public accounting firms that perform audit in the public companies might not do systems consulting for those clients.Likewise internal auditors for the company as well as specialist in information technology become involoved in system design.The internal revenue ang general accounting officer do not normally get involved in systems designs beyond the need to conduct complaince audits and operational audits.