Accountants and auditors have a long history in the world and are involved in more industries that you may have realized. Read on to learn some of the top audit facts and about some famous accountants who you should know.
ACCOUNTING AND AUDITING GO BACK 5,000 YEARS OR MORE!Legend has it that wealthy folks, wanting to keep track of their possessions (cattle, stores of grain, gold ornaments, etc.), hired scribes to keep records of their lists of possessions as they bought, sold, or traded them. From time to time, a count of possessions would be made and compared to the records maintained by the scribe. Any unexplained losses would be a signal that something was amiss and worthy of investigation.
The systems and demands have gotten more sophisticated, but the need for reliable accountants and auditors has not changed. The public company auditing profession is a great way to gain insights into the business world and enter a career where you will always be in high demand. Wondering where the profession might take you? You won’t be a scribe but you could be working with some famous organizations…
WHO COUNTS THE VOTES FOR AWARDS SHOWS ON TV?Public accounting firms tabulate votes for the Academy Awards, Grammy Awards, Golden Globe Awards, Emmys, Soap Opera Awards, Heisman Trophy, and many other sports and entertainment honors. You could be one of the associates assigned to count the votes!
You could be the next J.P. Morgan!This famous financier and banker began his early career as an accountant on Wall Street. Before forming his own company in 1895, Morgan got his start as an accountant in 1857. He ended up forming one of the most influential finance companies in the United States, J.P. Morgan, and Co. Morgan’s company is now known as J.P. Morgan Chase, the largest bank in the U.S.
You could start a retail empire or own a football team!Arthur Blank, the owner of the Atlanta Falcons and co-founder of Home Depot, began his fascinating career as a senior accountant after graduating with a degree in Accounting and Business Management from Babson College in 1963. The philanthropist is estimated to be worth around 1.3 billion dollars.
… you get an accounting degree, but later in life find yourself interested in other things?
No big deal! Accounting, with a focus in auditing, provides skillsets that will always be valuable in any career you choose. Check out how some other well-known accountants used their talents in other ways:
Joe FlaccoQuarterback Joe Flacco won Superbowl XLVII MVP honors in 2013 — only five years removed from the University of Delaware where he was competing for classroom honors while pursuing an accounting degree. Of his choice in majors, Flacco said, “I [was] going to get my degree and I didn’t want to go to school to get some cop-out degree. I wanted something real that meant something.”
Gwen JorgensenShe went from accountant to No. 1 triathlete. She was the 2014 and 2015 International Triathlon Union (ITU) World Triathlon Series Champion. She also was a member of the 2012 Olympic Team and won Gold at the 2016 Summer Olympics in Brazil. Jorgensen joined a public company accounting firm after receiving a graduate degree in accounting. “She was …. totally enjoying the people she worked with and the work that she was doing.” Gradually, though, Jorgensen worked fewer and fewer hours while training more and more. Gwen argued that “her work provided a nice counterbalance to all the training. She liked using her brain.”
Phil KnightWhen starting the most successful athletic shoe company of all time, Nike co-founder Phil Knight looked to his expertise as an experienced accountant to get the company up and running efficiently. When hiring his first employees, Knight said: “There’s no school, no University of Footwear which we could recruit.” Instead, Knight looked to those like himself, people with “sharp minds.”