How do you minimize the risk for errors in your work as an accountant?
I have always been interested in money and money management. I've talked to family members that does similar jobs and even a cousin that is a accounting. Never was I told the risk of making mistakes as a accounting, and whether it was easy to make mistakes. I question if accounting would be right for me because it involves caring for other people money. #finance #accounting #accountant #money-management #risk-analysis
Thank you posting your question. It sounds as if you are interested in becoming a Certified Public Accountant (CPA). First, it's important to know what being a CPA doesn't just mean you are just doing other people's taxes. CPA's can be found performing a variety of accounting/finance functions including estate planning, government accounting, venture capital, financial reporting, financial analysis, forensic accounting, cost accounting, etc.
The idea of minimizing risk is built into the process of becoming a CPA. First, is the educational requirements which you can find here:
Next, you have to successfully complete the CPA exam and once you become a CPA you are required to take professional development/continuing education courses to main your GPA eligibility.
The American Institute of CPAs website that I link to above contains just a lot of information. You could even try reaching out to CPAs and accounting firms in your area to see if any of them would be willing to take a few minutes to speak with you.
I hope this helps and please continue to post your questions on this forum.
Paying attention to detail will definitely minimize the risk for errors. Always double check your work and ask for assistance if you need it.
There are many ways to minimize data and calculation errors, and those checks will be part of your regular processes. You will make mistakes, but your processes will help you catch errors so they don't result in material misstatements. As you gain experience, you will be less prone to making mistakes.
The greater risk is in defining inputs to your process. This risk is mitigated by following company policies, regulations, and professional standards. To become a CPA, you will need to meet an education requirement, pass four fairly difficult national exams (and a state ethics exam), and gain professional experience under a licensed CPA. To remain licensed, you must engage in professional development through participation in classes, web courses, teaching, or professional writing. This continuing education may be technical (accounting, systems, fraud, etc.) or more general (project management, communications, etc.).
You have a great answer above, I wanted to reply to that question you asked about errors specifically...I work in a job that is very quality oriented, our goal is 100% accuracy everyday and we work with sales deals and discounts so if we make a mistake, it can cost a company a lot of money. Most jobs that require accuracy and quality will have some quality control as part of the job...there may be ways for you to check your own work daily or weekly, or there may be other people or teams that check your work. Also, most companies and teams do have ways of correcting errors as well...hope this helps, good luck!