Top Firms Hiring Experienced CPAs
Despite worries over a possible recession, accounting firms are set on hiring the same number of people, or more, as they did last year, according to Accountancy Age. Among the driving forces behind the growing trend: Sarbanes-Oxley. The fact that public companies have been forced to pay two CPA firms to do a typical audit and to also do the SOX compliance serves a harsh reminder of the critical necessity and benefit of accurate accounting and financial controls. The WSJ reports that, “Public accounting firms are ramping up efforts to hire and retain senior-level talent as new auditing and accounting rules continue to fuel clients’ need for their services.”
Executive recruiting firm, A.E. Feldman, reports that the need for qualified CPAs continues to soar. The recruiting firm says senior-level accountants with several years experience are in a prime position to benefit from the demand. The firm also says that the fields of international tax and forensic accounting are particularly hot.
Forensic Accounting is Booming
Although the focus on compliance has introduced greater challenges for corporate controllers and CFOs, it has also presented a wealth of opportunities for forensic accountants. According to a WebCPA report, the work varies widely, the credentials to practice are sophisticated, and the engagements are very lucrative. The report cites Director of Forensic and Valuation Services with Miami-based Berkowitz Dick Pollack & Brant, Andrew Bernstein, as saying, ” Fraud is a growth industry, unfortunately. Regulatory agencies have been more active than ever in the last five years identifying and rooting out not only the fraudsters, but identifying the potential for fraud to exist.”
From options valuation issues to disclosure failures relating to subprime debt exposure, the field of forensic accounting is booming. Executive search firm, A.E. Feldman, says that CPAs looking for opportunities in business valuation and litigation services, including forensic and investigative accounting jobs, are in a prime position to capitalize on the huge demand.
Competency and credentials, however, are critically important in this field. According to A.E. Feldman, CPA’s looking for opportunities in business valuation and litigation services must add other relevant credentials including an ABV, JD, CVA or CFA. Many CPAs who specialize in forensic accounting also add CFE or certified fraud examiner to their list of qualifications. This designation has emerged as the “gold standard” in the area of fraud. These certifications not only open doors for qualified candidates, they also command higher salaries.
Demand Growing for International Tax Gurus
Business and tax issues have become more complicated and greater resource demands are being placed on already strained tax departments. Hurdles include language, cultures, currencies, technology and complex international tax laws.
FAS 109 (Accounting for Income Taxes) is the governing standard for financial statement accounting for income taxes. It requires separate tax rates for deferred taxes for each jurisdiction where a company is subject to tax. The complexities and resource challenges surrounding FAS 109 have been exacerbated by additional rules governing the Accounting for Uncertainty in Income Taxes released by the FASB. Known as FIN 48, the rules dramatically change how companies account for uncertain income tax positions. They include a higher standard that tax benefits must meet before they can be recognized in a company’s financial statements. Although FIN 48 is intended to increase the comparability of financial statements, it also significantly increases the calculation and documentation requirements for individually identified income tax exposures.
Applying FAS 109 amid vague international tax laws can be challenging and place added pressure on finance and tax departments. According to A.E. Feldman, experienced candidates looking for international tax accounting opportunities that can master the global aspects of business and also and create value are in great demand.
