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the differences between working in public accounting versus working in private accounting - Essay Example
Finance & Accounting
Pages 3 (753 words)
The difference between working in public accounting versus working in private accounting Private sector accounting and public sector accounting are the major accounting branches within which a person may chose to work. Non-profit making organizations form another branch of accounting with distinct working environment and rules…
One of the perspectives to understanding the difference between working, as an accountant, in private sector and working in the public sector is the scope of work with respect to the environment. The different stakeholders in the two sectors, the extent of need and involved scope of meeting the stakeholders’ interest form an aspect of the sectors’ distinction. Major stakeholders to the public sector accounting are the public, political personalities, and investors in government initiatives. Apart from the investors, the other stakeholders are politically motivated and may influence operations on political lines as opposed to professional perspectives. This is contrary to stakeholders in private sector accounting whose interest in the accounting process and personnel is majorly economical. Working in public sector accounting is therefore likely to present dilemmas between meeting political interest and ensuring adherence to accounting standards as opposed to working in private sector in which professional standards are the only forces (Wynne 3). The scope of operation in the public sector accounting is also more diverse than the scope of work in the private sector. ...
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