QUOTE(liangko @ Oct 11 2006, 04:39 PM)
Can you explain why must we have experience in Financing Auditing for at least 3 years and why it is essential before we moving out to the commercial line? Now I'm still pursueing Bachelor of Acc Degree in UTAR and I'm planning to choose CIMA after my degree study. I prefer Management Acc rather than financial Acc and is it necessary for me to get 3 years experience in Financing Auditing?
And i heard that there are many paths to go in Accounting Career, such as Taxation, Auditing and etc. Can you briefly explain to me? or where can I get those infor? Thx for reply...
Well you see, when you join in the Big Four (in auditing) you would normally start of as a Junior Audit. At this point you dont really learn much but just shuffling around doing fotostating. At the point on your 3rd year onwards, thats when you actually start your first auditing client when you reach buot Senior Audit. This is when you really learn.
Normally, if you want to get a "good" resume, they would normally choose applicants with about 3yrs experience in audit line to be their CFO (Chief Financial Officer) because you would have a strong knowledge in both theory and practice as compared to a Junior Audit who may be strong in theory but hopelessly incapable in practice. Thus, most seniors would recommend that you do about 3yrs or more before shifting towards the commercial line.
There is more than one path in Accounting Career. It doesnt mean you study ACCA means you would be stuck with just accounts or bookeeping. You can always setup your business or even become real estates.
There are alot of lines in the accounting profession. Among them includes- Corporate Recover
In corporate recovery, as the name calls it relates to reviving a company that maybe heading for liquidation or complete closure. Strong knowledge and experience is much needed in this line.
Basically auditing clients in preparation for their year end financial statements and annual general meeting. Experience would be given so you only need the relevant knowledge (Paper 3.1/3.2 is much prefered)
Aside from Auditing, there's also something called Assurance and non-audit work. Assurance is part of auditing but less work than auditing. While non-audit work may include due-dilligence or review of internal control systems and etc.
Taxation relates to both company tax and individual tax. However, there is also a sub-branch of taxation which is Tax planning and Tax Audit (which will be covered later).
Individual taxation, well deals with personal tax. Peak periods are generally from Feb - June for non-business income (Employment Income) and business income. You would also do things like passport verification for expatriates, Schedular Tax Deduction (STD) and you would be aliasing most with client and IRB.
Corporate taxation deals with corporate tax and its peak periods are generally from May to July.
Generally, taxation personals dont get to travel much (only to IRB branches or to the clients place). Except for Tax Audit personals.
- Tax Planning/Advisory
This deals with planning individual taxes for a more efficient tax payable. What happens here is more on advising client how each different situation constitutes different kinds of tax effect and stuff like taht
- Tax Audit
Normally instigated by the IRB wheneva they feel necessary. This is basically project basis and its a branch from Corporate Taxation. So if there are no projects, then you would be doing Corporate Taxation.
General scope is that you help alias between your client and the IRB and you make sure that every tax matters of your client is in order
This does not necessary extends to accounting background but many other types of qualifications as well depending on its workscope (tax/financial planning)
- Forensic Audit
This is very interesting. Something like CSI. Highly recommends ACCA/CIMA. Sometimes you would be working with other professionals as well like doctors, architects and stuff.
Much of the info you can get it from career fairs and stuff like that. ACCA organized a Career Day back in August and it was a good exposure IMO.
Wateva it is, again, doesnt matter whether you're in CIMA or ACCA, the most important thing is doing what you can do rather than doing something just for the sake that it has "better" prospect. But do trust me when i say, CIMA or ACCA the only difference is very minimal and there isnt any problem going into auditing or taxation or even the commercial line.
QUOTE(masterackn @ Oct 11 2006, 05:45 PM)
will it be hard for a student who doesn't have any accounting background to study ACCA or CIMA?
Alot of people might think that way. However, its not as difficult as one might think. AMOF, im a pure science student and im taking ACCA as well. So whateva background you are from, its not difficult. You can always start of as a CAT before moving up to ACCA cause they will teach you the basics and thus, its not a problem for you to cope.
If you're taking SPM this year, then its possible for you to register CAT next year when you get your results. Even if you're already a graduate with another diploma/degree, there's nothing wrong with taking ACCA either.EDIT:
Each possible accounting line is elaborated briefly.
SheZZaRThis post has been edited by Shezzar: Oct 11 2006, 06:28 PM