The question that most public accounting hopefuls ask themselves as they begin their career is the dreaded question – tax or audit. Both are uniquely specialized and seem to operate in different stratospheres. For most firms in public accounting, there is an expectation to choose a specialty during college that you will stick with the duration of your career. That question specifically was one I struggled with during my college studies, as I had enjoyed both my audit and tax coursework.
When I began my journey with BCS, I started as an intern in the tax department during the tax season. I enjoyed the work in my initial year and had the opportunity to join the firm back for a second tax season. Following the end of my second year as an intern, I was offered a full-time position in the tax department. I was excited to join the firm in a full-time capacity, but the tax vs. audit debate still played in my mind.
While working as an intern, I learned that BCS offers a unique learning opportunity to their staff that allows them to work with other teams within the firm. Instead of focusing solely on the department they are hired in, in my case tax, staff are encouraged to branch out into the work of other departments if their workload allows. I reached out to the audit department to see if any help was needed and what that might look like. In turn, I was asked to join the team that audits the financial statements and student financial aid offices (SFA) for universities. It was initially overwhelming to think about learning what was essentially a new job. After all, there is a reason why staff choose one section of public accounting to focus on. However, coming over into the audit department, I was paired with an amazing team that has taught me everything I needed to know and more. My fear of learning a new role was quickly filled by a very patient and understanding team that was willing to answer all of my many questions.
Tax and audit seem worlds away when you are initially choosing what career path you would like to pursue. In my experience, however, they are more closely linked than you might think. In tax, my role right now is mainly that of a preparer. I input information into tax returns and ensure the information is correct before sending the return to be reviewed. Although the information provided varies greatly from tax return to tax return, the process largely stays the same. I enjoy the dependability of following the same process over and over but pairing it with the large variety of information you get to see from clients. In comparison, my initial role in audit is very similar. While working on the audit for specifically the financial aid offices of universities, I was assigned the task of reviewing student files to ensure their financial aid packages were awarded correctly. This was a process where you input information from the client and see if it matches the amounts that should have been awarded, using the same form for every student. While the end goal of these tasks are completely different, the processes mimic each other in how they are prepared.
I still have a lot to learn when it comes to both tax and audit but understanding both sides has revealed so many additional benefits. For example, working in the audit sector has allowed me to understand my tax work even better. Learning how financial statements should look from a financial perspective, and through the lens of audit, aids in understanding how they are treated for tax purposes. Outside of technical knowledge, I have had the opportunity to learn how to better interact with clients, work in new environments outside of the office, and adapt to new processes. I am looking forward to continuing to grow in both of these roles and seeing how I can apply these skills to my professional and personal life.
