Government Accounting Book

[Theodora Wallingford]

Federalstate, and local governments are some of the United States' top employers for accountants. Government accountants oversee public funds and investigate white-collar crime. These professionals may assess financial efficiency and perform audits within government offices and departments. They also ensure compliance with funding policies and laws.

Government accountants usually need at least a bachelor's degree, plus significant experience in the field. Careers in government accounting typically provide comfortable salaries, with the potential for growth as workers gain experience.

Forensic accountants work with law enforcement agencies at the local, state, and federal levels to investigate financial crimes. The Federal Bureau of Investigation (FBI) uses forensic accountants to analyze financial crime in sectors like healthcare, mortgage and banking, and securities.

Some forensic government accountants gain experience in local or state jurisdictions before pursuing careers in the FBI. They may work with legal professionals, law enforcement, and government officials to prepare findings for criminal and legal proceedings.

Working as a government tax attorney requires education beyond accounting. To become a tax attorney, candidates must graduate from law school and pass their state bar exam. Tax attorneys need a strong understanding of tax codes and laws, general law, and legal processes.

People with a four-year degree and legal and tax experience may pursue entry-level work with the Internal Revenue Service (IRS) as a tax law specialist. These specialists provide guidance to IRS auditors, taxpayers, and actuaries. Earning a law degree provides a pathway from this career to more advanced roles.

Internal auditors work within government agencies. These professionals audit financials from various departments and programs to ensure compliance with budgets and tax codes. They may also assess financial efficiency, program effectiveness, and computer security.

With experience and education, internal auditors can move from entry-level positions to more advanced roles. Positions like intermediate, senior, and chief internal auditor often come with increased earning potential.

Compliance officers at all levels of government ensure that agencies and departments comply with financial laws and codes. The majority of compliance officers in the U.S. work for federal, state, and local governments. Many also work in the corporate sector, making this specialty transferable to other industries.

Also referred to as tax, accounting, or budget specialists, these compliance officers hold a strong knowledge of fiscal policy, laws, and regulations. They apply that knowledge as they analyze documents and data to ensure regulatory adherence.

The path to a government accounting career depends on which job area you want to pursue. Typically, accountants must hold certain certifications and/or licenses, depending on the state where they work. Qualifying for these credentials usually starts with a four-year degree.

Some roles may demand specialty certifications such as certified public accountant, certified fraud examiner, or certified internal auditor. Government jobs may also set minimum work experience requirements. Senior positions may require a master's degree in accounting and further experience.

The Bureau of Labor Statistics (BLS) reports that accountants and auditors across all industries earned a median annual salary of $77,250 as of 2021. This figure includes accountants working in local, state, and federal government.

Specializations, location, experience, and education can affect an accountant's earning potential. Some levels and branches of government pay more than others. Experienced accountants often see salary increases as they climb the ladder.

Government accountants hold a variety of responsibilities across all government sectors and levels. Their job duties include analyzing financial documents, preparing budgets and reports, performing audits, and assuring compliance.

Government accounting encompasses many job titles and roles. Professionals in the field include tax specialists, compliance officers, internal auditors, and forensic accountants. Accountants serve in departments and agencies at all levels of government.

Government accountants work at the local, state, and federal government levels. They serve in various roles within each branch. Accountants can work as consultants in their own space, but more often work within government offices.

Government accountants need robust computing and accounting software skills, plus a strong working knowledge of math and statistics. They should be active learners and strong collaborators who can manage their time and projects effectively.

All branches and levels of government need qualified accountants. These professionals manage government finances and ensure compliance with financial laws, codes, and regulations. Government accountants help government agencies run smoothly and work within budgets.

The 12-credit graduate certificate in government accounting provides an opportunity for students to acquire education in the field of government accounting with a federal government emphasis. George Mason is uniquely situated in the federal government space. Additionally, courses in the certificate program will also help prepare students to sit for the Certified Government Financial Manager (CGFM) exams sponsored by the Association of Government Accountants (AGA).

Students may use the credits completed as part of their graduate degree requirements in accordance with program requirements and AP.6 Graduate Policies. A maximum of 3 graduate credits taken at another institution can be transferred to the graduate certificate. The time limit for completion is six years from the date of admission to the graduate certificate. Students must have a minimum GPA of 3.00 to complete the certificate.

GFOA needs your help as we, along with our partners in the Public Finance Network, ramp up for the impending tax reform debate in the next Congress. Now is the time to start sharing examples and making the case for the preservation and enhancement of tax-exempt municipal bonds. To do this, over the next several weeks, we are collecting examples of projects from congressional districts across the country that were either wholly or partially financed using tax-exempt municipal bonds.

GFOA's Governmental GAAP Update is the premier online governmental accounting event of the year. During this year's program on November 14, we'll highlight last-minute pointers being implemented now, including GASB 100, Accounting Changes and Error Corrections and GASB 101, Compensated absences, plus key updates on the upcoming implementations of GASB 102, GASB 103, and the anticipated GASB 104. Register by October 11 to save.

Being a member of our community has its perks! By joining, you'll get discounted pricing on awards and training, access to leadership and volunteer opportunities, inclusion in member forums, and much more.

One of the benefits GFOA membership offers is the opportunity to engage and share insights in one or more of our nine affinity groups. Some have been around for more than three decades; some are being revitalized; and some are newly launched. Wherever you find yourself in your career journey, we encourage you to join to be inspired, gain support, and learn about the experiences of fellow finance professionals and how they approach their work.

This publication emphasizes that overcoming these obstacles often involves simplifying techniques rather than adopting more complex ones, ensuring accessibility and integration into decision-making processes.

Government accountants have the important duty of managing the use of federal, state and local taxpayer dollars. Government accountants ensure that governmental bodies are transparent, efficient, ethical and responsible in their use of funds. Since a major part of what government accountants do is investigate and combat white-collar crime, the CFE is an invaluable credential. Additionally, government agencies involved in the ACFE Law Enforcement and Government Alliance (LEGA) officially recognize the CFE credential in hiring and promoting practices.

Income level varies depending on education, experience and certifications. Download the 2022 Compensation Guide for Anti-Fraud Professionals, which benchmarks salary and benefits across several categories for anti-fraud professionals around the world.

Our curriculum has been developed with the input of leaders in government financial management. Many of the courses have been designed and are taught by these experts, and case studies and real-world examples are essential components of the program. In addition, students participate in virtual team projects and are often presented with the opportunity to assist with standard-setting research.

An introduction to financial statement analysis which builds on the fundamentals of accounting, including understanding the accounting equation and its application in building the balance sheet, the income statement, and the statement of cash flows. Basic accounting concepts, accounting principles, and the audit report are presented. Students work in teams to analyze corporate financial statements. The relationship of economic value to accounting measurement is explored together with factors influencing management choices among competing valuation principles. Theory is applied to the valuation of the asset, liability, and owners' equity accounts. Emphasizes the heavy reliance on estimates in constructing financial statements and how management can use such estimates to strategically manage its reporting responsibilities.

This course is waived for accounting majors. Students may also waive this course if they have already taken Principles of Accounting or an equivalent course at the undergraduate level. An approved elective can be substituted for this course.

This course provides in-depth coverage and discussion of currently relevant governmental accounting topics. It will allow students to further develop their analytical, decision-making, and written communication skills by learning about specific governmental accounting topics in detail and then doing a project or writing a research memorandum answering one or more questions about a topic.

3a8082e126