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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