Tax or audit? I am sure you have heard this question many times before. The question is a false dichotomy and is the beginning of the segmentation that the field seems to be encouraging. Concentrations such as supply chain, data analytics, and accounting information systems are being emphasized at the academic level. The largest accounting firms often place new associates into specific industries. While there are no doubt benefits to specialization, these two forces have resulted in an undervaluing of the exposure of entry level associates to a diversity of experience.
At a mid-sized firm like Selden Fox, diversity of experience is instrumental in developing one’s skills resulting in well-rounded accountants. Working in a variety of industries helps one discover what their calling is and provides a clearer path on what to pursue later in one’s career. The rotational program at Selden Fox has allowed me to gain experience in a variety of industries as well as specialties, including tax compliance and accounting services. Within my first six months, I have worked on engagements for financial institutions, manufacturing firms, car dealerships, nonprofits, governmental entities, and even a dairy cooperative.
As a new associate with this varied experience, I have learned to approach each industry differently for the unique risks that may exist. Due to this, I am constantly working on new areas of fieldwork and fostering an array of accounting skills. I have had the opportunity to interact with controllers, directors, and CFOs directly developing myself further as a professional.
Beyond audit and assurance, I have been filling an accounting services role at a local park district. At the park district, I worked on compiling information in preparation for an audit, providing me a first-hand view from a client’s perspective of the audit process and preparation work. I have had the opportunity to assist in improving operational aspects of the park district’s bookkeeping and inventory systems. These responsibilities exposed me to the inner workings of the entity and a direct observation of the internal controls in place.
Tax season with the introduction of the Tax Cuts and Jobs Act brought a new set of challenges for the entire industry. I had the opportunity to learn the ropes of the tax filing process and assist in preparing returns while learning about the key changes from the legislation. Although I am first and foremost an audit associate, developing a basic understanding of taxation and its various consequences for our clients will prove valuable in my role as an auditor.
As a new audit associate at Selden Fox, I have quickly had the opportunity to expand my accounting knowledge in various areas and gain experience as a result of new responsibilities every week. So, when asked to choose tax or audit, this or that industry, consider this, it does not necessarily have to be one or the other.
Article by Michael Sarrazine who joined Selden Fox in 2018 and is an associate auditor.
