Responsibilities may include: State & Local Government: At the state and local level, CPAs are involved in conducting financial, performance or compliance audits which may include: Below are some of the types of audits performed by CPAs in all levels of government: Performance Auditing: Performance auditingis an independent evaluation of an organization's operation with an eye towards making it work better, faster, and cheaper. Global certifications include the Chartered Accountant (CA), which is focused mainly in England and Wales. Yes, becoming a CPA can be a challenging journey. Ensure compliance with federal and state income. Investopedia uses cookies to provide you with a great user experience. Accountants who work for public accounting firms conduct these audits. On a day-to-day basis, government accounting tasks align closely with public accounting tasks. IRS auditors do more than just process income tax returns. Government accounting jobs offer challenging and rewarding work, good job availability, competitive salaries, career progression and excellent benefits. This requires 150 semester hours of postsecondary education, which is more than a bachelor's degree but can be obtained without completing a master's degree. The majority of new public accountants obtain MBA or MAcc degrees since the difference between stopping at 150 hours and going ahead and finishing the degree is usually minimal. Career opportunities are available for accountants, economists, and financial analysts at the department’s headquarters in Washington, D.C., as well as at bureaus located throughout the country. Since a major part of what government accountants do is investigate and combat white-collar crime, the CFE is an invaluable credential. As of May 2017, the median annual wage was $69,350 according to the Bureau of Labor Statistics (BLS) report. Applicants who are vying for management positions will do much better if they hold this certificate. This specialist provides systems audit control and aids in security. Top hiring agencies include the U.S. Government Accountability Office, the U.S. Securities and Exchange Commission, and the Internal Revenue Service. In communicating with government accountants and auditors, GASB creates concepts statements, which point out the basic concepts and objectives. The Certified General Accountant practices in several countries, such as Bermuda, Canada, Caribbean, Hong Kong, and China. All rights reserved. They also help to form the foundation for financial reporting standards and requirements that are consistent over time and across the United States. Forensic accountants also identify all suspicious transactions and activities that may have taken place. Your introduction to a career in the government accounting field. They review company financial reports, prepare business activity reports and financial statements, help management make financial decisions, analyze market trends, supervise other employees and make recommendations to management. Copyright 2020, Higher Education. They are expected to know how to work with financial government activities, apply accounting concepts, principles, theory and standards to every transaction for which they are responsible. Certified Information Systems Auditor (CISA) refers to a designation issued by the Information Systems Audit and Control Association (ISACA). States and cities operate under the Governmental Accounting Standards Board (GASB). In addition to performing general accounting duties, the CPA also deals a lot with the Securities and Exchange Commission (SEC). An investigation may also result when auditors, while on another assignment, become aware of inappropriate or suspicious activity that may fall under the Reporting of Improper Governmental Activities Act. Accounting is a broad profession in which an array of personality types and skill sets can achieve success. Preparation and planning are key. Government financial managers perform many of the same tasks but work with public funds instead of private money. A state-level accountant’s job responsibilities can include computing taxes owed, preparing tax returns and verifying that taxes owed have been paid properly. A junior accountant is an entry-level position in an accounting department. Aspiring government accountants can find positions across specialties, including auditing, financial management, and budget analysis. A bachelor’s or master’s degree in accounting or a related field is preferred by most employers, although some government positions may accept a bachelor’s degree in any field. A certified public accountant (CPA) is a designation given to those who meet education and experience requirements and pass an exam. To get your license, keep 3 E's in mind: education, examination and experience. Work-life balance. This site uses cookies to store information on your computer. GASB is a private sector organization. Accountants are expected to see a ten percent increase in job growth from 2016-2026, according to the U.S. Bureau of Labor Statistics. A third certification is the Certified Internal Auditor (CIA), which allows applicants and new hires to begin working as internal auditors within a government agency.

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