what is the importance of public sector accounting
This means that you either work for a accounting firm (H&R Block) or you have your own accounting business. You work for yourself and not for others.
Public Accounting: Best known for providing audits, CPAs who work in public accounting review company financial records for accuracy and accountability.
Explain why it's important to study public sector accounting.
In public accounting you take a different board exam (CPA board exam in Philippines). In Managerial accounting (which is i am into) you don't get to study auditing, which CPA's does.
Public Company Accounting Oversight Board was created in 2002.
The general purpose of public accounting workers is to make sure people and companies follow the generally accepted accounting principles in financial statements. Public accounting workers also have a role within the income tax preparation industry.
In addition to accounting and auditing, public accounting firms provide other services, such as tax advisement and management consulting.
Accounting is political in nature as final information from accounting reports has impact on the general public, whether it be a public or private company.
The difference between public sector and private sector is that when you're in the public sector you work for the government whereas private sector is not. Same applies to accounting.
In accounting there are four main areas. They are as follows corporate accounting, corporate finance, public accounting and investment banking.
Non public accounting means working in a company , as an internal auditor/accountant as opposed to an external auditor/ accountant providing contracted services. Public accounting experience means working in a cpa firm and providing auditing/ tax/accounting service to various clients.