The Role of Accountants in industries.

The role of Accountants

who is an accountant?.
An accountant is a professional who is reasonably proficient in accounting and related matters. Accounting involves the design of the preparation of financial statement, audit, costing, development of forecast,income tax work,computer application to accounting process and analysis and interpretation of accounting information as an aid to making business decisions.

 The professional body regulating the activities of accountants in Nigeria is the Institute of Chartered accountants of Nigeria (ican) established by the act of parliament in 1965. Apart from establishing code of conducts and ethics for its members,the institute train people to become accountants and also provides accounting standards.

In terms of career opportunities, members of the institute may be divided Into two broad categories which are
a) Practising Accountants: These are independent professional accountants (Aca or Fca) who offer accounting services to clients at a fee in areas such as auditing,tax services and management advisory services.

b) Non- Practising Accountants: These are accountants in private government or non profit making institution's employment. Apart from general preparation of financial statements, this group of accountants are also involved in a design of accounting system, cost accounting,forecasting,internal auditing and management accounting, etc.


The role of Accountants 
1. They act as external auditors: when in practice and attest to the true and fair view of corporate financial statements.

 2. Accountants give tax advisory services to industries: whether as clients or employers, such services include tax planning, preparation and filing of federal and state income tax results. Etc.

3) Accountants offer management consultancy services: Mostly on accounting and financial matter and also on organisational structure,pension plans.

4) Another role played by accountants is the design of accounting systems: This includes accounting records and forms, instructions and manuals, flowcharts, programmes and reports to fit the particular neds of the business.

5) They provide I formation on cost of a particular product,of a manufacturing process or of a business operation.

 6) They prepare forecasts with specific targets for management to achieve. They also prepare feasibility studies for new projects and for existing ones needing rehabilitation.

 7) Most large companies employ accountants as internal auditors.

 8) A member of Accountants act as liquidators,receivers and managers during liquidation and receivership of companies respectively .

9) They provide professional advise on formation of new companies and also provide start up - assistance.

10) Accountants provide information which form the basis of management decisions. Top executives who cannot have close physical contact with operations depend on the information provided by the accounting system for the day to day running of such operations.

11. They provide training for articled clerks and experience for junior members of the profession .

12. They act as company secretaries.