Of course, many students become interested in Public Accounting as a profession. Many, though not all, accounting firms have SEC practice sections, meaning these accounting firms have clients that are public companies registered with the Securities and Exchange Commission. As such, the auditor engagement likely includes compliance audits to determine whether the client’s management is meeting SEC requirements for financial reporting and disclosure.
Auditing the financial reports of large public companies involve addressing many complex issues, particularly in this time frame as standard setters engage in harmonization of U.S. and international standards and respond to changing global economic conditions.
Public accounting offers opportunities to engage not only in audit and assurance services, but also taxation and non-audit services such as advising management on ways to build new markets, increase competitiveness, or achieve significant business process improvements.
Public accounting requires CPA licensure, and the license requirements may vary from state to state within the U.S. The New York State Education Department, Office of the Professions along with the appropriate State Board is responsible for licensing requirements, exams and other issues related to professional practice. Information on public accountancy is available on their website, NYSED.gov. You can navigate to this specific page: http://www.op.nysed.gov/prof/cpa/
General information about public auditing is available from many sources. Here are just a few: Center for Audit Quality
Management accountants become an integral part of an entity’s management team. In this role, because they are critical to financial planning, budgeting, forecasting, and input to investment decisions; all activities that help the entity shape and achieve its strategic goals. Management accountants do not develop financial information that conforms to U.S. or international accounting standards. Rather, they collect, analyze, and present financial information in a way that best fits the needs of the ultimate decision maker. Though not required, the Institute of Management Accountants through its affiliate, the Institute of Certified Management Accounts provides the forum to earn professional certification in this area.