Accountants and Auditors

Accountants and auditors help to ensure that firms are run efficiently, public records kept accurately, and taxes paid properly and on time. They analyze and communicate financial information for various entities such as companies, individual clients, and Government. Beyond carrying out the fundamental tasks of the occupation providing information to clients by preparing, analyzing, and verifying financial documents many accountants also offer budget analysis, financial and investment planning, information technology consulting, and limited legal services. Specific job duties vary widely among the four major fields of accounting and auditing: public accounting, management accounting, government accounting, and internal auditing.

Technology is rapidly changing the nature of the work of most accountants and auditors. With the aid of special software packages, accountants summarize transactions in the standard formats of financial records and organize data in special formats employed in financial analysis. These accounting packages greatly reduce the tedious work associated with data management and recordkeeping. Computers enable accountants and auditors to be more mobile and to use their clients computer systems to extract information from databases and the Internet. As a result, a growing number of accountants and auditors with extensive computer skills specialize in correcting problems with software or in developing software to meet unique data management and analytical needs. Accountants also are beginning to perform more technical duties, such as implementing, controlling, and auditing computer systems and networks and developing technology plans.

Work environment: Most accountants and auditors work in a typical office setting. Some may be able to do part of their work at home. Accountants and auditors employed by public accounting firms, Government and other organizations with multiple locations may travel frequently to perform audits at branches, clients places of business, or government facilities.

Almost half of all accountants and auditors work a standard 45-hour week, but many work longer hours, particularly if they are self-employed and have numerous clients.

Education and training:  Most accountants and auditors need at least a bachelors degree in accounting or a related field. Some employers prefer applicants with a master s degree in accounting, or with a masters degree in business administration with a concentration in accounting. Some universities and colleges are now offering programs to prepare students to work in growing specialty professions such as internal auditing. Many professional associations offer continuing professional education courses, conferences, and seminars.

Job prospects: Job opportunities should be favorable. Applicants with a master s degree in accounting or a master s degree in business administration with a concentration in accounting may have an advantage. As the economy grows, the number of business establishments will increase, requiring more accountants and auditors to set up books, prepare taxes, and provide management advice. As these businesses grow, the volume and complexity of information reviewed by accountants and auditors regarding costs, expenditures, taxes, and internal controls will expand as well. The continued globalization of business also will lead to more demand for accounting expertise and services related to international trade and accounting rules and international mergers and acquisitions. An increased need for accountants and auditors also will arise from a greater emphasis on accountability, transparency, and controls in financial reporting. Increased scrutiny of company finances and accounting procedures will create opportunities for accountants and auditors.

Earnings: The remuneration rate attached ranges from P72 600-P86 772 per annum (C3 Scale) at entry level with Government. The rates may be higher in the private sector.