There is More to Being an Accountant Than You May Think
Career Path : Accounting
For those of us practicing a different profession, Accounting can definitely appear to be a calm, quiet, uneventful industry. When we see accountants depicted in the media, what we typically get are middle aged balding men in untailored suits that speak in monotone voices.
But, true to the nature of the unassuming, there is a lot of excitement buried under all those spreadsheets and balance books. Perhaps the most exciting factor within the industry are the multi-million dollar (and upwards) scandals that are put in the public eye by accountants who unravel the scheme. Those responsible for investigating corporations that are suspect of fraud are often referred to as forensic accountants. Together with auditors, forensic accountants are called on to discover the practice of any fraudulent activity done on the part of corporations big and small.
The Madoff Investment Scandal
There have been dozens of investment and accounting scandals over the past hundred years. The most recent high-profile case is most likely the Madoff Investment Scandal. In short, the founder of Bernard L. Madoff Investment Securities LLC cunningly orchestrated an elaborate investment scheme that carried over across a number of decades. In 2008, Madoffâs scheme came to an end when he confessed to his two sons, who later turned their father in to the authorities. In the end, Madoff coordinated and maintained the largest Ponzi scheme to date, punching in at an estimated 50-65 billion dollars, and implicating thousands of people, from individuals and non-profit organizations to global banks and international corporations. Of those implicated, there were instance where entire corporate bodies had to be dissolved due to the investment funds they had allocated to make-believe foundations created by Madoff Investment Securities. In 2009, Bernard Madoff pleaded guilty to eleven federal crimes and was subsequently sentenced to serve a prison term of 150 years.
Donât be fooled into thinking that accounting is 24-7 private investigation kind of job. Admittedly, scandals do occur, and do require the most attentive and talented accountants to help reveal the hidden secrets behind the scam. Nonetheless, this is more of a rarity. Still, the job itself is intriguing, even on a daily basis. To get a sense of what a typical work day for almost any accountant, take a look at the sorts of courses that are required in most accounting training programs.
– Business Career Strategies
– Computer Applications for Business
– Business Law
– Organizational Behaviour
– Researching & Reporting
– Microeconomics and Macroeconomics
– Cost & Managerial Accounting
– Business Finance
Visit Mohawk College for more information on accounting courses.