Executive Accounting Jobs

Top level positions in a company generally go to people from accounting background. This is due to the fact that most people with a background of accounting also has sound knowledge of finance, international business, possesses strong analytical skills and has an affinity of playing with numbers. Unless one loves math and complex numerical data, an accounting job will lose its fervor.

Procuring an executive accounting job takes a minimum experience of 8 years in the field. Broadly, executive accounting jobs constitute positions related to a controller, accounting director, senior manager - accounting, executive director, finance director, chief financial officer, auditing director, senior auditing manager, vice president - accounting and finance, assistant vice president - accounting, and senior director - accounting. All these positions require additional experience in their job related fields other than basic degrees in accounting.

A senior manager in accounting requires a 7 to 10 years experience with relevant computer and technological skills. Good communication and employee engagement is a must for working with old and new clients. Audit directors ensure the maintenance of quality standards as promised to the clients. They coordinate the internal auditing activities of the organization and analyses risks with help from the Audit Committee.

A person holding the position of a finance director needs to have an accounting background. Holding a Masters of Business Administration degree is an obvious advantage for this job profile. A finance director should also preferably hold the license of a Certified Public Accountant (CPA) to ensure credibility in the field. This has been introduced due to the increasing number of fraudulent financial activities.

A chief financial officer's primary responsibility lies in managing the financial risks of the corporation and many-a-times have complementary activities to financial directors. An accounting director's premier role constitutes directing and overseeing functions like general accounting, cost accounting. Leadership qualities are an essential of an accounting director. Producing reports in a comprehensive and creative manner is a daily routine in this position.

To commence a career in executive accounting, one has to start from the scratch. In the beginning, one may need to run about under the dictates of his superior. In due process, through improvement of communication, analytical skills and relevant experience, the professionals get promoted from one position to another.

Minimum qualifications of a Bachelors Degree in accounting suffice for the subordinate jobs in a firm. For promotion, a Masters degree or any other equivalent degree with experience is a must.

Signing up with an accounting executive search firm is a good platform for aspiring professionals in the field. As and when clients recruit, these firms undertake a thorough research of the applicants and select the best candidate suiting a particular job profile. These firms serve the needs of their clients and recruit accordingly.

While working in this field, one should possess the ability of adaptation to the work atmosphere. Mostly one's personal beliefs have to be put aside while working as per the requirements of the client.

Establishing an Audit Committee

Sec 42 of Companies (Auditing & Accounting) Act 2003 & Article 41 of 8th EU Directive sets out the requirements for certain company types to establish an audit committee. These provisions have not yet been signed into law, however the Department of Enterprise Trade & Employment have indicated that draft regulations adopting the provisions of both the 2003 Act and 8th Directive, with some amendments, will be published by the end of July 2009 and signed into law before the end of 2009.
What companies are required to establish an Audit Committee?
The requirement to establish an audit committee applies to all public limited companies, qualifying large private companies, relevant undertakings and public interest entities.
Section 42 requires that all public limited companies whether listed or not, establish and adequately resource an Audit Committee with certain responsibilities as defined in the Act unless it is a wholly owned subsidiary undertaking of another public limited company.
In addition, qualifying large private limited companies and relevant undertakings must either establish an Audit Committee with all or some of the defined responsibilities, or decide not to do so.
A "qualifying large private company" is defined as either:

• A private company limited by shares whose balance sheet total exceeds €25 million and whose amount of turnover exceeds €50 million in both the most recent financial year and the immediately preceding financial year,

or

• A private company limited by shares if the company and all of its subsidiary undertakings together meet the above balance sheet and turnover criteria.

A "qualifying relevant undertaking" is defined as either:

• An unlimited company or partnership whose balance sheet total exceeds €25 million and whose amount of turnover exceeds €50 million in both the most recent financial year and the immediately preceding financial year, where all the members who do not have a limit on their liability are:

• Companies limited by shares or by guarantee, or equivalent bodies not governed by Irish Law or a combination of both there categories of body or
• Bodies of a type referred to in subparagraph (i) that are governed by the laws of an EU Member State or are equivalent bodies with a comparable legal form that are governed by the laws of a Member State or
• A combination of the categories of body mentioned in the preceding subparagraphs (i) and (ii)

Or

• an unlimited company or partnership of the type described in paragraph (c ) if the company or partnership and all of its subsidiary undertakings together meet the above balance sheet and turnover criteria.

Article 2.13 of the Directive defines 'public interest entities' as including:

• Entities which have issued transferable securities admitted to trading on a regulated market governed by a Member State (4),
• Credit institutions (5) (i.e. banks and building societies) and
• Insurance undertakings (6).

What companies are not required to have an Audit Committee? Every private company limited by shares whose balance sheet and turnover totals are below the aforementioned limits
Every unlimited company or partnership of the type described above whose balance sheet and turnover totals are less than the aforementioned limits.
All other forms of corporate body not included i.e. companies limited by guarantee and non-EU Member State and branches.
Audit Committee Requirements
The Audit Committee must consist of at least 2 members.
The 8th Directive requires that at least one member of the Audit Committee must be independent and must be qualified in accounting or auditing.
A Director qualifies for appointment to the committee if he or she:

• Is or has not been an employee of the company or subsidiary in the last 3 years
• Is not the chairperson of the Board of Directors.

The Audit Committee requires appropriate term of reference that

• Have been prepared and approved by the Board of Directors
• Are submitted to the shareholders at the AGM
• Are reviewed annually by the board
• Specify how the committee will discharge its duties & responsibilities
• Provide for the a programme of meetings with the management, auditor and internal auditor

Functions & Responsibilities of the Audit Committee The main functions of an Audit Committee include:

• Overseeing financial reporting
• Overseeing the process related to the company's financial risks and internal control & audit
• Overseeing the internal and external audit processes.
• Review and monitor the independence of the auditor & audit firm

OmniPro is Ireland's largest independent solution provider for accountants. We are 100% Irish owned and operated and we facilitate accountants to add value to their practices, their clients and their businesses.

We provide a range of technical advisory services in the areas of Auditing, Financial Reporting, Compliance, Investment Business, Company Law & Company Secretarial. Our services are tailored to meet the specific requirements of each the Irish Accounting Institutes (CAI, ACCA, CPA & IIPA). Our nationwide CPD seminars cater for Industry & Practising Accountants across a wide range of CPD topics. A range of Company Incorporation services are supplied by our Company Formations department including Annual Compliance services.

Tips on Starting Your Own Accounting Career

The first thing you need is to have the proper education. You will need to have basic accounting training and certification. This can be gotten from a number of accredited schools. You need a reputable school to study with so as to earn your accounting degree. Several universities and reputable business schools offer accounting courses that can help you earn a first degree. To be better competitive in the industry would require getting more than just a first degree in accounting. There are a lot of accounting jobs for professional accountants. To qualify for these audit and accountant jobs you would need to earn professional certification such as CMA, CPI and CIA.

After getting the right education and certification you need to decide who to work for or the type of accounting jobs to do. Accountants have an advantage; they are required in almost all types of organizations. Accountants can choose to work in public, corporate, governmental or even non-profit organizations. Each type of sector requires some basic accounting skills as well as some specialized accounting tasks. Deciding on the type of accounting job or area of the industry you want to work in is the first step in starting your career.

Armed with the proper certification and knowledge on the type of accountant job you want, you can now begin to look for work to acquire practical experience. You can check local newspapers, use a head hunter or use the internet to try to find available accounting and audit jobs. There are many websites on the internet that can help you search for job listings in your area or desired location. As a new graduate you would need to secure entry-level job.

Classified ads usually display available jobs listings and are a good source to search for accounting jobs. You may need to check regularly and then follow up on job postings to try to secure an opening. Headhunters can also help you with leads but they will charge you a fee. You need to be sure to only engage reputable headhunters that will really provide you with quality job hunting service. Out of the three options, the internet is still the easiest and faster means to locate and apply for job listings. With the right website you can locate listings in minutes and apply by sending your resume.

Your value as an accountant is measured by your acquired experience. You aim should be to secure a job as possible and start to build experience. It helps to stick to a sphere of accounting so as to specialize and concentrate your experience on a particular niche or area. Kick starting your accounting career may not be to easy but it is worth all the effort, because soon you may be receiving relatively large salaries as continue to gain experience.

DCAA Audit

The agency responsible for performing all contract audits, primarily, for the U.S. Department of Defense (DoD) is Defense Contract Audit Agency (DCAA). It also handles accounting and financial advisory services related to contracts and subcontracts of all DoD Components which are responsible for procurement and contract administration. In addition, the agency provides contract audit services to some other Government Agencies, and also to other countries under the Foreign Military Sales (FMS) program, on a reimbursable basis.

DCCA may be asked to assist in reviewing bid proposals, to audit indirect cost proposals, help with auditing the contract costs incurred; accounting system compliance reviews; audit of change contract modification costs; and more. There is an instruction manual for auditors who work on behalf of the government, and it's called DCAA Contract Audit Manual. This manual contains information on standards for auditing, how to plan for an audit, cost accounting standards, auditing for estimates and proposals, and more.

If a business is involved in government contracts and sub-contracts, there are high chances that one needs to deal with DCAA at some time. The businesses that are managed under a contract with government agencies, especially DoD, have to annually pass a Cost-Incurred proposal. This proposal has to strictly meet the requirements of DCAA. Dealing with the government and its agencies mean one needs to be well aware about the complex rules and regulations, and comply with them which can be quite overwhelming for the new or inexperience contractors. There are consultants and attorneys who can help these contractors comply with all the requirements without any hiccups. Some of the consultants offering their expertise have been part of DCAA before starting their own service, and they have a through and complete understanding about everything related to government contracts. The help of experience can only make things easier for the business.

Types Of Accounting Services

For many of us, all accounting services are one and the same. Yet as we experience different circumstances related to finances and require the need for such works we may come to discover that there are in fact many types of accounting services. While it may be true that accountants have common denominators in which they all work with numbers, figures and financial records, each of them may be different from one another in terms of the type of service being performed.

First there's the type of service pertaining to taxes and this is probably the most common aid that accountants offer. There are accountants who are specialized in this field but contrary to what most people believe that majority of accountants have this certain specialization, tax accountants are actually few in number. When looking for a professional to help you with your tax concerns, it may be better to first ask if that person is indeed trained to handle tax matters. If the professional is indeed specialized in tax accounting, the next thing to ask is if he or she works on individual or corporate clients. It is important that you find someone who is indeed knowledgeable in the field of your needs in order to get the best possible value for the money you'll spend.

Then there are also accounting ministrations for auditing functions. So here we can see that aside from taxes, accountants can also do a lot more. The audit aspect of the accounting trade is larger compared to the tax facet. The accountant working on this field is tasked to ensure the integrity of the financial reports. For example, a public company has announced some financial data to their customers and to the public; the professional must ensure that these data conform to the principles of accounting that are being generally accepted. Companies also need their financial dealings be properly audited. Companies which publicly trade stocks are required to have accounting services such as auditing. Some companies may be honest in the information they provide yet still there are others who are not trustworthy. The financial statements about stocks is very much needed by other entities who buy them as they will use the statements in making decisions for purchasing or selling stocks. Dishonest companies only contribute to other people's suffering as the buyers and sellers of stocks may make unwise decisions and thus place their livelihoods in difficult consequences. Even private companies also need auditing assistance. For example banks from which we borrow money need to have the truthful financial statements of any company applying for a loan. This financial audit shall be one basis to which the bank will eventually grant your loan. Also, the private company being offered on sale to other significant purchasers also need to present valid audit report of the company's finances to the potential buyer.

Bookkeeping is also another type of accounting service. The accountant or professional tasked on this job needs to record and keep appropriate track of every sale, purchase, investment or financial dealings of the company. There are traditional bookkeeping methods that involve writing down on actual ledgers and there are also those modern methods that utilize computer programs and software.

Auditing Tips - Writing an Effective Risk-Based Internal Audit Program

If you're like most auditors out there, creating an audit work program from scratch is a daunting task, even under the best of circumstances. Striking the balance between summary and detail while at the same time trying to satisfy the idiosyncratic likes and dislikes of your boss can be truly challenging to say the least. Rest assured, however...you're not alone. Creating an effective audit work program takes years of practice and experience. Fortunately, there are many auditors out there that have traveled down this path before and can lend you the benefit of their expertise, saving you valuable time and needless frustration. Having said this, there is one thing that most senior auditor-types will agree on: Having an effective framework and some sound advice at your fingertips can go a long way towards consistently generating high-quality risk-based internal audit work programs.

Let's start with a general discussion about the purpose and objective of an audit work program in order to clarify the goals that you are hoping to achieve. An internal audit work program is used to guide you or your staff through the audit process and ensure thorough and complete coverage and documentation of the audit itself. In general, it should illustrate the overall work performed, the work paper references for any applicable support papers, the person who performed the work, the person who approved the work, and any applicable summarization notes needed to clarify points and/or results along the way. As a general guide, the individual steps or actions to your audit will be laid-out down the left-hand column of your program and the work paper references, auditor initials/approvals, and any summary notes will be represented by subsequent columns, creating a matrix or table-like effect for your program. For this reason, many work programs are often created in table or spreadsheet formats like Microsoft Word or Excel.

Next, let's address the general framework and methodology of the generic audit program. Your audit work program should broadly follow the flow and methodology of a typical risk-based internal audit engagement. In terms of methodology, most internal audits generally follow an iterative series of steps that approximate the following:

1. Understand and document the processes and procedures of the function or area being audited.
2. Define the objectives of the area or function being audited.
3. Define the risks or threats to the achievement of those objectives.
4. Understand the controls in place to mitigate the risks to an acceptable level or the control weaknesses that exist in support of the risk.
5. Test the controls for adequate design and operating effectiveness and/or quantify the impact of control weaknesses or gaps.
6. Report your findings and offer recommendations for control and/or operating efficiency improvements.
7. Monitor and report managerial mitigation efforts for control weaknesses identified that were outside of management's risk tolerance level.

These processes or steps generally fall into one of four buckets or stages typically associated with the internal auditing process; Planning, Fieldwork, Reporting, and Follow-Up. Aligning the activities within your audit program with these categories and steps will help to ensure thorough and diligent completion of the entire audit cycle.

Remember, too, that the audit work program is only a guide and is not intended to be a static document. The activities and tests that you perform throughout the audit cycle are bound to deviate from the original plan based on the results of your audit work. Don't be afraid to stray off the path as long as you evaluate your activities in light of your overall objectives, maintain perspective on your resource limitations, and communicate the nature of your activities to your supervisor or manager.