Type of Accountant.

Type of Accountant.

by | Feb 7, 2021 | Accounting Articles

ACCOUNTING ARTICLES

Type of Accountant.

1

Certified Public Accountant: These are upper-level accountants who are recognized as experts in an organization’s accounting records, taxes and financial standing. They play the role of a trusted advisor, helping their clients plan and meet their financial goals, while also assisting in other fiscal matters. This could include audits and reviews, forensic accounting, consulting and/or litigation services.

2

Forensic accountant: Forensic accountants are the detectives of the accounting world. These professionals analyze financial records to ensure they’re compliant with standards and laws. Conversely, forensic accountants are brought in to uncover errors, omissions or outright fraud.Forensic accountant: Forensic accountants are the detectives of the accounting world. These professionals analyze financial records to ensure they’re compliant with standards and laws. Conversely, forensic accountants are brought in to uncover errors, omissions or outright fraud.

3

Auditor: Auditors are the accuracy experts in an organization. Many organizations, from commercial businesses to non-profits, are required to conduct an annual audit to ensure records are precise.

4

Management accountant: It’s the responsibility of management accountants to provide this information so that sound decisions can be made regarding a company’s future. Some common duties of a management accountant are planning and budgeting, external financial reporting, risk management, profitability analysis and much more.

5

Cost accountant: They are responsible for examining every expense associated with a company’s supply chain to conduct a profitability analysis and budget preparation.

6

Government accountant: Accountant in federal, state and local government. They need accountants to keep track of money.

7

Project accountant: A project accountant is one who works on a project-by-project basis. This person oversees all aspects of a project that might affect the overall cost, including preparing and collecting invoices, approving expenses, verifying employees’ billable hours, planning and maintaining budgets and ensuring the team is meeting project deadlines.

8

Investment accountant: Investment accountants work in the fast-paced fields of finance and investment. Investment accountants typically work for brokerage and asset management firms.

9

Staff accountant: Staff accountant is one of the most common job titles in the field-they are the generalists of the accounting world. They have a wide variety of responsibilities, which can include preparing financial statements, maintaining a company’s general and subsidiary accounts, performing account reconciliations, maintaining payroll records, cash management and supervising clerical employees.
By Ojeaburu, Friday, ACA, MSc

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Government accounting regulatory framework.

Government accounting regulatory framework.

by | Feb 7, 2021 | Accounting Articles

ACCOUNTING ARTICLES

Government accounting regulatory framework.

Government accounting regulatory framework.

This can also be called legal instrument designed to regulate accounting functions:

  • The constitution of federal republic of Nigeria: This is a document that has supreme authority over the use of the financial resources of the federation. It covers power and control over public fund, establishment of fund e.g. CRF, DF, CF& Federation account, audit of public account, public revenue of federation.
  • Financial regulation: These are rules governing the management of public fund. It states all the dos and don’ts with regards to public sector accounting.
  • Appropriation acts: This is an act or law passed by the national assembly or local government which gives statutory authority for the necessary spending from the CFR. Appropriation Act provides authority for spending public money for services to be tendered during the year to which it applies. Appropriation act is approved budget by National Assembly. Appropriation Acts are made every year for the purpose, not just for controlling financial and accounting matters, but primarily to cater for issues such as finance as deemed fit for the recurrent expenditure. The bills passed into laws by the legislature are in two categories: (i) Money bills, and (ii) Other bills (being non-money bills). A bill as defined in (a) above when passed is known as an Appropriation Act while the one as defined in subsection (b) is a Financial Act.
  • Treasury and financial circular: They are extra administration instruments that are employed for the amendment or modification of the available provisions of financial regulations, civil service rules and the introduction of new policy guidelines. These are issued from time to time as occasions demand which deal with revision of procedures, changes in regulations or amendments to the FRS, changes in formats revision of salaries and fringe benefits, budget preparation and budgetary control etc.
  • The audit act of 1958 as amended: This Act deal with the duties of Auditor General for the Federation and spells out the account which the Accountant General of the Federation should prepare and present for audit. The Acts empower the Auditor General to prepare and transmit a report to the legislature. It gives him the latitude to inquire into any issue, programme, project, activity, function or transaction.
  • The financial control and management act 1958 as amended: This document contains provisions for the management, operation, and control of all government funds created by the constitution or by the Act itself. It provides for cash basis accounting, government portfolio, the accounting format for the preparation of government accounts and statements.

By Ojeaburu, Friday MSc, ACA

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