I’m really confused. Please help!!! What to go for – Auditing or Tax?
Re: Auditing or Tax?
Auditing.
Re: Auditing or Tax?
any reasons??
I'm also wondering, that is there an international demand for CPAs?
Re: Auditing or Tax?
Most people can't do tax cuz its complicated and ever changing. Hence there's always more demand in that field resulting in higher pay. If you are good with accounting go the Tax route.
Re: Auditing or Tax?
dude send a PM to Faisal, he is a partner in a major accounting firm, would be able to give you some real deep insights based in your interests and industry direction.
Re: Auditing or Tax?
It depends upon the country you wish to make a career! In the gulf, there is no need of tax accountants so far. But UAE is imposing VAT from 1.1.2008 and it is expected that there would be sharp increase in demand of accountants over there.
Re: Auditing or Tax?
You know in Pakistan, you can not get rid of your tax accountant/consultant. He would never let you do so easily as he knows all your loopholes!
Re: Auditing or Tax?
There are only two things in life that are certain - death and taxes. Since you are not likely to be in the business of death, so taxes is probably the only other certainty left.
However, choice between auditing and tax is very interesting. Most people know intuitively where they want to be. You don't. That makes you interesting.
Here is the deal. In auditing you deal with clients, apply professional judgments, interact with your team and document your findings. You have to be a people person to be in auditing, because you can not do it in a vacuum.
In tax, you have to deal with the tax code, come up with creative solutions (not too creative, I hope!) and deal with clients in a more hands-off manner. You can be a pretty average people person and still be quite successful if you know your stuff. Tax accountants are deemed to provide more value (tax savings!) to their clients, as opposed to general auditor, who are some times deemed as a commodity.
Tax codes vary from country to country. Your mobility (from country to country) will likely be limited if you are in tax. While audit is audit and is pretty much the same all over the world (with slight differences). So if mobility is important for you, tax is not the way to go.
If you are good, then both lines of work will lead you to a fantastic career from a money stand point.
Hope this helps. If you have more questions... shoot. It will help if you tell us which part of the world you are in.
Re: Auditing or Tax?
By the way, personally, I can't ever see myself as a tax accountant. No offence to tax folks. I am sure they are wonderful people. The tax code (at least in the US) simply is beyond any logic. There are rules and then there are many exceptions to the rules. Its kinda bizzare. It helps tax accountants make a lot of money, of course, because pretty much no one has the time or inclination to try to figure out everything. But I prefer my work to be logical. Hence audit it is. :)
Re: Auditing or Tax?
That's why I said most people can't do tax, some intentionally and others mentally :)