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Like the practice
of law or medicine, accounting practices vary.
Some firms specialize in various disciplines of accounting.
Basic Compliance
Accounting
Compliance accounting
is the process of preparing accounting reports, tax returns or financial
statements that adhere to standards set forth by a governmental
agency or an industry regulatory body.
Tax Accounting
Tax
accounting utilizes planning techniques to maximize profits while
minimizing taxes. Tax auditing involves the preparation of corporate,
individual, fiduciary or partnership tax returns as well as representation
before taxing jurisdictions.
Cost Accounting
Cost accounting is the tracking of costs, income and profits related to specific jobs as well as reports that tabulate and examine costs, and compare actual with budgeted amounts.
Critical Accounting
Combines
accounting scrutiny with business acumen to achieve greater success
for business. Often applied to "turnaround" situations
or to stimulate growth.
Forensic
Accounting
Forensic
accounting utilizes accounting to investigate and recreate business
conditions for valuation. Most common use is in divorce or insurance
recovery.
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