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  Accounting and finance specialists examine entities' control procedures and methodologies, methods of recording and reporting financial data, key operational indicators and adherence to regulatory and fiscal guidelines. They also may assist firms raising capital in financial markets to fund operating needs, short-term initiatives, long-term investments or merger and acquisition objectives.
  
  

Accounting

• Accountants set up firms' accounting systems, draft book-keeping procedures, record operating transactions and issue financial reports. They also may help entities apply new rules and propose improvements in operations. For example, an accountant might recommend that the firm reduce its customer credit terms from 90 days to 30 days to increase short-term cash availability.
  
  

Tax

• Tax accountants have three functions: helping firms adhere to fiscal rules and guidelines, ensuring that tax filings are accurate--and taxes due are paid--and ascertaining that sales taxes collected are transferred to government revenue agencies.
  
  

Audit

• Auditors review the design and operational effectiveness of controls and procedures. Control design relates to policies and guidelines--what goals are pursued, who is involved, what risks are targeted and what checklists are in place to ensure proper applicability. Control effectiveness means that controls are achieving desired goals--that is, they are mitigating targeted risks. Auditors issue reports after such reviews. For example, an auditor might examine controls in the sales department and find that telemarketers record their own daily call numbers without supervisory approval.
  
  

Financial and Budget Analysis

• Financial and budget analysts help firms understand key trends in operating data. They apply statistical methods to financial data and use metrics to analyze and compare periodic information. They also may forecast sales and purchasing data, propose budgetary cuts in non-performing segments and suggest improvements in operations.
  
  

Corporate Finance

• Corporate finance professionals help firms find new sources of capital in the financial markets. They analyze firms' operational data and investment objectives, and recommend adequate capital structure models. Entities may finance short-term needs by issuing stocks, bonds or convertible bonds--also called quasi-debt--to investors. For instance, a corporate finance professional might advise a firm to issue new shares of equity instead of bonds if the firm's credit rating is poor, and interest rates are high.
  
  

Risk Management

• Risk managers identify, price and monitor market and credit risks in firms' activities. These risks may be more common in the financial services industry than other sectors. Market risk is the risk of loss from price fluctuations. Credit risk is the risk of loss arising from a counter-party default. Risk managers apply mathematical formulas to price and control such risks. For instance, a risk manager might use a proprietary rating tool to evaluate a counter-party's creditworthiness and advise the organization to refrain from participating in a foreign exchange swap deal.