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FSU ACG 2071 - KPMG Notes

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KPMG NotesAccounting is….- the means by which all companies tract and report on their financial performance, internal processes and systems- it is a foundation for operating and managing all types of businessesWhy Should I study Accounting?- to become a CPA- it provides a foundation to help you in an understanding of different types of companies- it’s a universal, highly marketable skill- it’s a superhighway for opportunities as you think about “what do I want to be when I grow up?”Accountants are…- professionals- trusted business advisors- technical specialists- project managers- analysts and decision makers- strategic thinkers- problem solvers- users of innovative technology- financial consultants- writers/presenters- ethical - team-orientedCore Skills of Future Accountants- ability to interpret and provide context to financial and non-financial information- communication and leadership- strategic and critical thinking- customer/client/market focus- technologically adeptCareer Paths- Public accounting- corporate/industry accounting- business entrepreneur- government- non-profit- education/teachingPublic Accounting- Providers:o international firms Deloitte Ernst & young KPMG PWCAs an Example, KPMG- 3 independent businesses—Audit, tax and advisory- operating win a globally consistent set of core values, ethical and compliance standards and business practices- working with some of the world’s largest corporationPublic Accounting, On the Job- Reviewing fin. statements- assessing risk- testing system reliability- evaluating business assets- tax planning and consulting- investigations- merger and acquisitions- measuring performance- analyzing operations- financial planning- benchmarking against competition- managing information real-time- teaching/researchingA Career in Public Accounting…- An understanding o clients’ businessMatching Majors—TaxFed Tax Bachelors (internship), macc or masters in tax (fulltime)Economic and Valuations Services Bachelor in economics, finance, business international business, math or stats (MBA is a plus)Internal executive services Bachelors (internship), macc or tax (fulltime),forein language is a plusInternational corporate services Llm jd or masters in taxState and local tax Llm jd or masters in tax/accounting10 lessons learned that may help you..1. early investments in your career compound—just like financial investments2. your work product is like a picture—it tells more about you that what you say3. people skills + commitment to quality = success4. don’t make decision or say things you don’t want your parents to read about5. adopt good traits and behaviors --- work on weakness6. you can have a balanced life as well as a career7. do the right thing, the right way8. ?9. never stop learning10. if it isn’t fun—it’s not worth itETHICS PowerPointObjectives of the applied ethics casesThe cases will help students to better:- Recognize situations in business that may compromise economic behavior; - understand and employee a system of ethical decision-making;- respond to ethical conflicts by using a system of ethical decision-makingWhat is business ethics?Ethics : refers to rules that govern behaviorBusiness ethics: refers to rules that govern behavior in commercial activityTHE PROFIT MOTIVE“there is one and only one responsibility of business- to use its resources and engage in activities to increase profits” Milton FreidmanDOING THE RIGHT THING“a BUSINESS that makes nothing but money is a poor kind of business” Henry fordRules for businessthe professionalization of business led to the development of business

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