Accountants help organisations and individuals manage their money. They examine financial records and statements and check them for accuracy. This allows them to provide their clients with a clear picture of their financial activities.
Many limited companies are required by law to be externally audited. An external audit is a check carried out by a qualified person, who is not connected with the company. When doing an audit, the accountant has to examine accounting systems as well as check figures. Some accountants specialise in taxation.
Accountants work in various settings:
- Public sector where they may work for bodies such as the Health Boards or local councils
- Public practice where they work for firms of accountants whose clients can vary from individuals to commercial and government organisations.
In both industry and the public sector, accountants are concerned with the day-to-day finances of their organisation. They provide analyses of costs and report on the financial implications of management decisions.
Accountants who work for accountancy firms audit the accounts of their clients to ensure that the financial records give a true and fair view of the client's activities. Some accountancy firms also act as management consultants and advise clients on tax planning and ways to improve profits.
Accountants in Private Sector
All limited companies are required by law to be externally audited. An external audit is a check carried out by a qualified person, who is not connected with the company. When auditing, the accountant has to examine accounting systems as well as check figures. Some accountants specialise in taxation.
Private sector accountants work in firms of accountants whose clients can vary from large commercial companies to self-employed people running a small business. An accountant's role is to audit accounts, making sure that records accurately show a company's activities and financial situation. Auditing is performed on the client's premises, so some travelling is necessary.
When the audit is finished, an accountant presents financial statements to directors, shareholders and the Revenue Commissioners. Sometimes alternative accounting systems may be recommended. Accountants may also offer a company financial advice on taxation and investments.
Large accountancy firms act as management consultants, investigating mergers and advising on ways to improve profits. Accountants doing this sort of work are less desk-bound than others because their work involves frequent visits to clients' premises.
Accountants in the private sector sometimes take responsibility for executing wills and administering trusts. They also deal with the financial affairs of companies or people declared bankrupt.
Accounts in the Public Sector (Government)
Public sector accountants (also known as public finance accountants) manage the financial records of public bodies. Although the work is similar to that of an accountant in public practice, a public sector accountant's main concern is not with raising profits. Instead, they aim to balance the cost of public services against income. Local government accountants also check and pay creditors' invoices, collect debts and charge customers for goods.
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