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Acc/ 544 Internal Accountant Brief

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Acc/ 544 Internal Accountant Brief
Internal Accountant Brief
Candace Schneider
ACC/544
April 15, 2013
Christine Errico

Internal Accountant Brief
When a business is experiencing an out-of-control accounting system the business might consider hiring an internal accountant to help alleviate the problem. Before a company decides to hire this type of accountant the company should look at the array of services this kind of accountant can provide to the company.
Services of Internal Accountants
An internal accountant can provide array of services to a business. One service an internal accountant can provide to a company is performing an internal audit on the business. Some of the audits an internal accountant can perform are compliance audits, operational audits, or financial statement audits.
Compliance Audit If a company hires an internal accountant for a compliance audit the accountant determines if the company’s internal controls and accounting is in compliance with company policies as well as laws and regulation. If the accountant finds that internal controls or the accounting information is not in compliance the accountant must determine the cause of the non-compliance as well as recommend ways the company can prevent future deviations (Cytraus, 2013, para. 1).
Operational Audit
If a company hires an internal accountant for an operational audit the accountant “measures the effectiveness and results of certain business procedures” within the business (Farlex, 2013, para. 1). This type of audit is unlike the compliance audit because this type of audit challenges assumptions and goals of procedures by moving toward improving efficiency within the business (Farlex, 2013, para. 1).
Financial Statement Audit
If a company hires an internal accountant for a financial statement audit the accountant determines if the preparation and reporting of financial statements by the company follows General Accepted Accounting Principles. Other Services
Other services an internal accountant can


References: Cytraus, A. (2013). Compliance Auditing. Retrieved from http://www.referencefor business.com/encyclopedia/Clo-Con/Compliance-Auditing.html Farlex. (2013). Operational Audit. Retrieved from http://financial-dictionary.thefreedictionary.com/operational+audit Good Accountants. (2012). Benefits of Hiring an Accountant for Internal Audits. Retrieved from http://www.goodaccountants.com/blog/2012/11/benefits-of-hiring-an accountant-for-internal-audits/ Tongren, J. D. (n.d.). Operational Auditing: Adding Value to Organizations Digital Seminar. Mission Viejo, CA: Pleier Corporation.
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