essay 3 - What i need to know

what i need to know about the process of money laundering

• what is the process of money laundering?
• what are the steps taken in the process?
• is the process different or more difficult depending on the crime?
• any large or well known money laundering scandals?
• how does law enforcement combat the process of money laundering?
• is more difficult to launder money now than in past times?
• Are there specific techniques used by criminals in money laundering?

essay 3 - what i already know

What i already know about the process of money laundering for essay 3

• Money laundering is the process of concealing money that was obtained from illegal ways or criminal activity, or making it look like the money was earned legitimately
• Must be a technical process because financial institutions have a large amount of information on record
• Used by criminals because if the money is not concealed then law enforcement would discover it and not only confiscate the money, but charge the criminal.

essay 2 - final draft

 Scott Johnson                                                                                                                                    

 Dr. Kerr       

 EN101-12

 12 March 2013

The Accounting Career Path: Public or Private

When it comes to the field of accounting, most people would just summarize it as one word, boring. This common misconception causes people to think that accountants sit at a desk and crunch numbers all day. However, this idea is far from the truth. The reality is that this is only a small part of an accountant’s job, depending on which type of accounting they are in. Generally speaking, accountants analyze and interpret financial information. What they do with this information depends upon what type of accountant they are. Public accountants can be thought of as “external” accountants because they provide accounting services such as auditing, consulting, and tax planning to corporations, organizations, and individuals (“Public Accounting vs. Private”). In contrast, private accountants can be thought of as “internal” accountants because they work within a single corporation or organization doing tasks such as preparing financial statements, cost accounting, budgeting, internal auditing, and corporate or treasury planning (“Public Accounting vs. Private”). Because of the differences between public and private accounting in the areas of tasks and responsibilities, work environment, and career opportunities, Public accounting seems to offer a more successful career.

While both private and public accounting involves analyzing financial information, the exact duties and tasks that each type do are different. Public accountants cover a broad area of accounting tasks such as analyzing budgets and financing, tax preparation, providing financial advice, auditing, and even forensic accounting. Because of this, public accountants usually specialize in a specific area of accounting. One specific area of accounting is tax accounting, where the accountant works with income tax returns and correctly files taxes in accordance with regulations (“What Does a Public Accountant Do?”). Generally, a public accountant works for many different clients, sometimes in different industries. Because of this, they develop a breadth of knowledge in different accounting issues (Freedman). While they still analyze financial information, private accountants usually work for a one corporation or organization. Private accountants perform many accounting tasks for the company they work for based on its financial information, which makes them specifically knowledgeable about that company’s finances (Freedman). When working for a larger, corporate firm, private accountants usually specialize in different areas of the company’s financial areas. One accountant may monitor company accounts and another may prepare financial statements. Private accountants higher up in the company may review financial statements, then create reports and provide analysis of data from them (Brenner). One similarity is how private accountants prepare financial statements. Many small, private companies in the U.S. have no reporting requirements besides filing income tax returns. However, many larger, corporate companies file in accordance with the U.S. GAAP (Hilmi). The U.S. GAAP are generally accepted accounting principles that have been derived over time from variety of sources, and they decide what accounting rules and regulations must be followed in preparing financial statements (Jenkins). Large corporations must file their financial statements in accordance with the U.S. GAAP because they are required by lenders, bonding agencies, regulators, business owners and other creditors (Hilmi). Many times, public accountants from outside firms come in to the company to investigate and make sure the financial statements are prepared correctly according to U.S. GAAP regulations and present the financial information fairly. In this situation, the public accountants will be doing accounting tasks similar to the private accountants.

            Despite the fact that they are in the same career field, the work environments of public and private accountants are different. Different work environments place each type of accountant in contrasting situations. A public accountant usually deals with many different clients. Clients can range from a company who is being audited, or, more commonly, an individual who is filing his or her tax return. Dealing with many different people tends to make public accounting more stressful because the accountant must meet a variety of demands (Freedman). Sometimes, public accountants may need to travel depending on the client and what type of accounting task it is that they are needed to do. Public accountants also deal with longer hours, especially during tax season, because they are working with many clients (Freedman). Since private accountants generally work within one company, they tend to work with a team of fellow accountants in an office setting (Freedman). This work environment is quite the opposite when compared to public accountants because dealing with a familiar group of co-workers is less stressful than dealing with numerous, unfamiliar clients. Private accountants may work longer days at the end of the month, when accounting records are finalized (Freedman). However, a private accountant will spend most days working a normal eight hours (“Public Accounting vs. Private”).

            An accountant’s different career opportunities and choices are largely affected depending on whether they choose to work for a public firm or a private corporation. The career outlook of public accounting makes it a more appealing choice over private accounting.  In public accounting, traveling and meeting many different clients tends to give an accountant more exposure in the business world than in private accounting, where one would only be able to make contacts within the company he or she works for (“Public Accounting vs. Private”). Public accountants generally get better experience because dealing with many different clients causes them to work with a variety of accounting issues. Because of this, experience in a public accounting firm looks better on a resume than experience from a private firm (“Public Accounting vs. Private”). In order for an accountant to open his or her own accounting firm, a large amount of experience in public accounting is needed (“Public Accounting vs. Private”). Private accountants still have options being that they can find work in many different industries because all corporations need internal accountants (Brenner). Also, Most private accountants get health and other benefits, paid vacation days, and sick leave after they have been with the company for some time (Brenner).

            Accounting is a profession that most people think of as dull and only for those who are good at math. The truth is that while working with numbers is a large part of an accountant’s job, the most important part is examining the meaning behind these numbers for financial purposes. Within accounting, there are many different career pathway choices. Both private and public accounting are popular career choices, and the U.S. Bureau of Labor Statistics projects that employment growth for accounting of all types will rise at a rate of 22% between 2008 and 2018 (“What Does a Public Accountant Do?”). Both of these accounting types offer different benefits and opportunities, but public accounting is the best option from a career growth perspective. Despite the fact that someone in private accounting has the option of moving up to higher positions within the company they work for, public accounting offers better career opportunities because of the exposure to make contacts in the business world and the experience gained in a variety of accounting issues.

Works Cited

Brenner, Laurie. "What is a Private Accountant?."Chron.com. Hearst Communications inc., n.d. Web. 28 Feb 2013. <http://work.chron.com/private-accountant-16137.html>.

Freedman, John. "Public Accountants Vs. Corporate Accountants." Chron.com. Hearst Communications inc., n.d. Web. 28 Feb 2013. <http://work.chron.com/public-accountants-vs-corporate-accountants-9502.html>.

Hilmi Elifoglu I., Fitzsimons Adrian P., and Silliman Benjamin R. "Separate Financial Reporting Standards and Standard Setting for Private Companies." Review of Business 32.2 (2012): 23-32. Business Source Premier. Web. 23 Feb 2013.

Jenkins, Edmund L., and Cheri Reither Mazza. "Generally Accepted Accounting Principles." Encyclopedia of Business and Finance. Ed. Burton S. Kaliski. 2nd ed. Vol. 1. Detroit: Macmillan Reference USA, 2007. 339-341.Gale Virtual Reference Library. Web. 23 Feb. 2013.

"Public Accounting vs. Private Accounting."ipassthecpaexam.com. IPasstheCPAExam.com, n.d. Web. 28 Feb 2013. <http://ipassthecpaexam.com/public-accounting-vs-private/ >.

 "What Does a Public Accountant Do?." education-portal.com. Education-Portal.com, n.d. Web. 28 Feb 2013. <http://education-portal.com/articles/What_Does_a_Public_Accountant_Do.html>.

essay 2 - Second draft

Scott Johnson                                                                                                                                     

 Dr. Kerr       

 EN101-12

 6 March 2013

Private vs. Public

When it comes to the field of accounting, most people would just summarize it as one word, boring. The common misconception is that accountants sit at a desk and crunch numbers all day. However, this idea is far from the truth. The reality is that this is only a small part of an accountant’s job, depending on which type of accounting they are in. Generally speaking, accountants analyze financial information. What they do with this information depends upon what type of accountant they are. Public accountants can be thought of as “external” accountants because they provide accounting services such as auditing, consulting, and tax planning to corporations, organizations, and individuals (“Public Accounting vs. Private”). In contrast, private accountants can be thought of as “internal” accountants because they work within a single corporation or organization doing tasks such as preparing financial statements, cost accounting, budgeting, internal auditing, and corporate or treasury planning (“Public Accounting vs. Private”). Because of the major differences between public and private accounting in the areas of tasks and responsibilities, work environment, and career opportunities, Public accounting seems to be the better choice.

While both private and public accounting involves analyzing financial information, the exact duties and tasks that each type do are different. (Freedman). Public accountants cover a broad area of accounting tasks such as analyzing budgets and financing, tax preparation, providing financial advice, auditing, and even forensic accounting. Because of this, public accountants usually specialize in an area of accounting such as tax accounting, where they work with income tax returns and correctly filing taxes in accordance with regulations. Another specialty is forensic accounting, which involves analyzing financial information with the purpose of investigating fraud (“What Does a Public Accountant Do?”). Generally, a public accountant works for many different clients, sometimes in different industries. Because of this they, they develop a breadth of knowledge in different accounting issues (Freedman). While they still analyze financial information, private accountants usually work for a one corporation or organization. Private accountants perform many accounting tasks for the company they work for based on its financial information, which makes them specifically knowledgeable about that companies finances (Freedman). When working for a larger, corporate firm, private accountants usually specialize in different areas of the company’s financial areas. The different accounts they may monitor include accounts receivable, accounts payable, tax accounts, and payroll. There also may be accountants assigned to preparing financial statements for different purposes. Private accountants higher up in the company may review financial statements, then create reports and provide analysis of data from them (Brenner). One similarity is how private accountants prepare financial statements. Many small, private companies in the U.S. have no reporting requirements besides filing income tax returns. However, many larger, corporate companies file in accordance with the U.S. GAAP (Hilmi). The U.S. GAAP are generally accepted accounting principles that have been derived over time from variety of sources, and they decide what accounting rules and regulations must be followed in preparing financial statements (Jenkins). Large corporations must file their financial statements in accordance with the U.S. GAAP because they are required by lenders, bonding agencies, regulators, business owners and other creditors (Hilmi). Many times, public accountants from outside firms come in to the company to investigate and make sure the financial statements are prepared correctly and present the financial information fairly. In this situation, the public accountants will be doing accounting tasks similar to the private accountants.

            Despite the fact that they are in the same career field, the schedule and work environment of public and private accountants is different. The contrasting types of work environments are the main difference between public accountants and private accountants. A public accountant usually deals with many different clients. Clients can range from a company who is being audited, or, more commonly, an individual who is filing his or her tax return. Dealing with many different people tends to make public accounting more stressful because the accountant must meet a variety of demands. Public accountants also deal with longer hours, especially during tax season, because they are working with many clients (“Public Accounting vs. Private”).  “Corporate accountants typically work long hours around the monthly close period, when the company completes the accounting records each month. In addition, corporate accountants work longer hours around the annual audit and quarterly reporting dates. Public accountants tend to work longer hours during the "busy season" of their clients. Usually, this is from January to April. However, as public accountants move up through the organization, this busy season can sometimes extend into a greater part of the year.” (Freedman).

            An accountant’s different career opportunities and choices are largely affected depending on whether they choose to work for a public firm or a private corporation. “Less Stability. While accounting job is considered one of the safest jobs, the boom and bust of economic cycle does affect CPA firms as clients cut budget and corporate finance activities. Within public accounting, audit and tax teams are more secure than advisory teams for this reason.” (“Public Accounting vs. Private”). “Better Exposure. Having said that, working in a public accounting firm expose you to a wide variety of projects in different industries and this is an unrivalled experience when compared to an accounting role in the corporate world.” (“Public Accounting vs. Private”). More Doors Opened. Because of this, an experience in CPA firm (especially Big 4) is excellent for your resume, and you can always go from public accounting to private accounting but not vice versa.” (“Public Accounting vs. Private”). “Earnings and Benefits: Private accountants typically work a 40-hour week as exempt employees with a salary. The U.S. Bureau of Labor Statistics lists the median annual wage for all accountants in 2010 at $61,690 in May. The top 10 percent can earn more than $106,880 per year. Most private accountants receive vacation pay, sick leave, and health and dental benefits. Some organizations offer 401k benefit plan or retirement plans for accountants after the accountant meets internal vesting requirements.” (Brenner). “Career Opportunities and Outlook. The bureau reports that accountant jobs are expected to grow as fast as most occupations, at 16 percent from 2010 to 2020. Private accountants can work as cost accountants in manufacturing or companies with product lines, as accounting supervisors, payroll accountants or accounting analysts. After gaining on-the-job experience, private accountants are often promoted to positions of management. Accountants with graduate degrees can be promoted to controller or executive-level management positions.” (Brenner).

            Conclusion. “The U.S. Bureau of Labor Statistics has projected employment growth for all types of accountants, including public accountants, to rise at a rate of 22% between 2008 and 2018 (www.bls.gov). Job prospects should be good for accountants; however, CPAs should have better job prospects than their non-certified counterparts, due to their additional training and experience.” (“What does a Public Accountant do?”).

Works Cited

Hilmi Elifoglu I., Fitzsimons Adrian P., and Silliman Benjamin R. "Separate Financial Reporting Standards and Standard Setting for Private Companies." Review of Business 32.2 (2012): 23-32. Business Source Premier. Web. 23 Feb 2013.

Jenkins, Edmund L., and Cheri Reither Mazza. "Generally Accepted Accounting Principles." Encyclopedia of Business and Finance. Ed. Burton S. Kaliski. 2nd ed. Vol. 1. Detroit: Macmillan Reference USA, 2007. 339-341.Gale Virtual Reference Library. Web. 23 Feb. 2013.

"Public Accounting vs. Private Accounting."ipassthecpaexam.com. IPasstheCPAExam.com, n.d. Web. 28 Feb 2013. <http://ipassthecpaexam.com/public-accounting-vs-private/ >.

Freedman, John. "Public Accountants Vs. Corporate Accountants." Chron.com. Hearst Communications inc., n.d. Web. 28 Feb 2013. <http://work.chron.com/public-accountants-vs-corporate-accountants-9502.html>.

 "What Does a Public Accountant Do?." education-portal.com. Education-Portal.com, n.d. Web. 28 Feb 2013. <http://education-portal.com/articles/What_Does_a_Public_Accountant_Do.html>.

Brenner, Laurie. "What is a Private Accountant?."Chron.com. Hearst Communications inc., n.d. Web. 28 Feb 2013. <http://work.chron.com/private-accountant-16137.html>.

essay 2 - first draft (relevant points and sources identified)

 Scott Johnson                                                                                                                                    

 Dr. Kerr       

 EN101-12

 16 February 2013

Private vs. Public

When it comes to the field of accounting, most people would just summarize it as one word, boring. The common misconception is that accountants sit at a desk and crunch numbers all day. However, this idea is far from the truth. The reality is that this is only a small part of an accountants job, depending on which type of accounting they are in. “You can think of public accountants as “external” accountants who provides services to clients such as audit, consulting and tax planning services.” (“Public Accounting vs. Private”). “Private, or non-public accountants are “internal” accountants who work in a company, non-profit organization or a government agency. You can work in the financial accounting, management (cost) accounting, budgeting, corporate planning, treasury or in the internal audit department within the corporation.” (“Public Accounting vs. Private”). The major differences between public and private accounting are the tasks and responsibilities, work environment, and career opportunities.

While both private and public accounting involves analyzing financial information, the exact duties and tasks each type do are different. “Breadth vs. Depth: Because corporate accountants spend all of their time working for one company, they are extremely knowledgable about the accounting for the company they work for. This makes an accomplished corporate accountant valuable to her company and companies that sell similar products and services. However, public accountants frequently serve many clients, sometimes in different industries. This gives them a breadth of knowledge about accounting issues at a variety of companies. This makes public accountants valuable to companies that are looking for employees with a large base of knowledge.” (Freedman). “Public Accountant Job Duties: General responsibilities shared by all public accountants include preparing and verifying vital financial documents, analyzing budgets and planning finances. Public accountants give advice and provide basic financial information to a range of clients, from individuals to corporations. They also perform bookkeeping, consulting and auditing tasks. However, the duties of a public accountant vary by individual concentration; for example, some public accountants specialize in tax issues. Their responsibilities involve working with income tax returns and filing taxes in accordance with rules and regulations. Another specialty is forensic accounting, a branch that involves investigating financial fraud.” (“What does a Public Accountant do?”). “Duties and Responsibilities: The private accountant performs a variety of tasks depending upon the size of the organization for which she works. In larger structures, private accountants are usually assigned to specific areas, such as general ledger -- the master record of all accounts and transactions -- accounts payable, accounts receivable, payroll or taxes. Accounts payable involves bills that need to be paid, while accounts receivable deals with income and invoice creation for clients. The private accountant's job in her area of specialty is to ensure that financial transactions are accurate and current. She might review financial statements, provide analysis of data and create reports.” (Brenner). “Many of the private companies in the U.S. are very small businesses and thus have no reporting requirements other than filing income tax returns. There are, however, significant number of private companies that prepare financial statements in accordance with U.S. GAAP because such financial statements are required by lenders,

other creditors, bonding and credit-rating agencies, regulators, business owners, and

others. Many private companies preparing U.S. GAAP financial statements must issue audited, reviewed, or compiled financial statements.” (Hilmi). “Most individuals who understand the basics of financial reporting are familiar with the phrase generally accepted accounting principles (GAAP) and will readily identify the Financial Accounting Standards Board (FASB) as the standard-setting body in the United States responsible for establishing accounting principles for nongovernmental entities. However, some may not be aware that there is no single reference source for GAAP because these principles are derived from a variety of sources.” (Jenkins).

            Despite the fact that they are in the same career field, the schedule and work environment of public and private accountants is different. “Good People Skills. Public accounting is a client oriented business which means that you need good people skill. For example, you’ll need to communicate effectively with your clients when trying to understand the client’s business and to request information for your analysis. As you move towards partnership, you’ll acquire important skill in how to deal with difficult clients and getting the information you need at the same time.” (“Public Accounting vs. Private”). “Good Sales Skills. This is people skill in the next level, and is required if you aspire to become a partner or own your CPA firm. In short, you need to solicit business for your firm and good sales and marketing skill (and keeping your professionalism at the same time) is a critical skill.” (“Public Accounting vs. Private”). “More Stressful Environment because you are dealing with a wide variety of people and demands, public accountant’s work is inevitably more stressful. On the other hand, private accountants work with the same group of colleagues and tend to have a more relaxed lifestyle.” (“Public Accounting vs. Private”). “Longer Hours. Similarly, because you are working with clients vs colleagues, the deadlines are hard deadlines and over-time / late nights are common especially for junior accountants (associates and senior associates).  Other than the account-closing month, private accountants have more or less a 9-5 job.” (“Public Accounting vs. Private”). “Corporate accountants typically work long hours around the monthly close period, when the company completes the accounting records each month. In addition, corporate accountants work longer hours around the annual audit and quarterly reporting dates. Public accountants tend to work longer hours during the "busy season" of their clients. Usually, this is from January to April. However, as public accountants move up through the organization, this busy season can sometimes extend into a greater part of the year.” (Freedman).

            An accountant’s different career opportunities and choices are largely affected depending on whether they choose to work for a public firm or a private corporation. “Less Stability. While accounting job is considered one of the safest jobs, the boom and bust of economic cycle does affect CPA firms as clients cut budget and corporate finance activities. Within public accounting, audit and tax teams are more secure than advisory teams for this reason.” (“Public Accounting vs. Private”). “Better Exposure. Having said that, working in a public accounting firm expose you to a wide variety of projects in different industries and this is an unrivalled experience when compared to an accounting role in the corporate world.” (“Public Accounting vs. Private”). More Doors Opened. Because of this, an experience in CPA firm (especially Big 4) is excellent for your resume, and you can always go from public accounting to private accounting but not vice versa.” (“Public Accounting vs. Private”). “Earnings and Benefits: Private accountants typically work a 40-hour week as exempt employees with a salary. The U.S. Bureau of Labor Statistics lists the median annual wage for all accountants in 2010 at $61,690 in May. The top 10 percent can earn more than $106,880 per year. Most private accountants receive vacation pay, sick leave, and health and dental benefits. Some organizations offer 401k benefit plan or retirement plans for accountants after the accountant meets internal vesting requirements.” (Brenner). “Career Opportunities and Outlook. The bureau reports that accountant jobs are expected to grow as fast as most occupations, at 16 percent from 2010 to 2020. Private accountants can work as cost accountants in manufacturing or companies with product lines, as accounting supervisors, payroll accountants or accounting analysts. After gaining on-the-job experience, private accountants are often promoted to positions of management. Accountants with graduate degrees can be promoted to controller or executive-level management positions.” (Brenner).

            Conclusion. “The U.S. Bureau of Labor Statistics has projected employment growth for all types of accountants, including public accountants, to rise at a rate of 22% between 2008 and 2018 (www.bls.gov). Job prospects should be good for accountants; however, CPAs should have better job prospects than their non-certified counterparts, due to their additional training and experience.” (“What does a Public Accountant do?”).

Works Cited

Hilmi Elifoglu I., Fitzsimons Adrian P., and Silliman Benjamin R. "Separate Financial Reporting Standards and Standard Setting for Private Companies." Review of Business 32.2 (2012): 23-32. Business Source Premier. Web. 23 Feb 2013.

Jenkins, Edmund L., and Cheri Reither Mazza. "Generally Accepted Accounting Principles." Encyclopedia of Business and Finance. Ed. Burton S. Kaliski. 2nd ed. Vol. 1. Detroit: Macmillan Reference USA, 2007. 339-341.Gale Virtual Reference Library. Web. 23 Feb. 2013.

"Public Accounting vs. Private Accounting."ipassthecpaexam.com. IPasstheCPAExam.com, n.d. Web. 28 Feb 2013. <http://ipassthecpaexam.com/public-accounting-vs-private/ >.

Freedman, John. "Public Accountants Vs. Corporate Accountants." Chron.com. Hearst Communications inc., n.d. Web. 28 Feb 2013. <http://work.chron.com/public-accountants-vs-corporate-accountants-9502.html>.

 "What Does a Public Accountant Do?." education-portal.com. Education-Portal.com, n.d. Web. 28 Feb 2013. <http://education-portal.com/articles/What_Does_a_Public_Accountant_Do.html>.

Brenner, Laurie. "What is a Private Accountant?."Chron.com. Hearst Communications inc., n.d. Web. 28 Feb 2013. <http://work.chron.com/private-accountant-16137.html>.

essay 2 - topic scentences

Thesis:   The major differences between public and private accounting are the tasks and responsibilities, work environment, and career opportunities.

First topic:  While both private and public accounting involves analyzing financial information, the exact duties and tasks each type do are different. 

Second topic:  Despite the fact that they are in the same career field, the schedule and work environment of public and private accountants are different.

Third topic: An accountant’s different career opportunities and choices are largely affected depending on whether they choose to work for a public firm or a private corporation.