If you are thinking or curious about a career as an accountant in the Federal Government but didn't know where to start, look no further. There are career paths in government accounting that follow two main paths: Auditor or Accountant. I am excluding investigators who use accounting, such as those in the FBI, IRS, and SEC, because while they use accounting in the Federal Government, they don't use accounting for governmental entities under federal standards.
Let's first define what the Federal Accounting industry means. It's any job that follows or uses the Federal Accounting Standards Advisory Board (FASAB) or supports an agency that uses it. These are the standards that Federal Agencies use to record transactions and prepare financial statements, skills typically developed through federal government accounting training. I personally would be shocked to hear an SEC Accountant discuss the nuances of the US Standard General Ledger (USSGL).
Now that we have defined the industry, let's talk about our two main groups, Auditors and Accountants. Both paths require ongoing governmental accounting cpe and specialized government accounting training to stay current with evolving standards.
This group provides audits and audit-like services to federal agencies. They are likely very familiar with Generally Accepted Government Auditing Standards (GAGAS), commonly referred to as the "Yellow Book," and some are even familiar with the Financial Audit Manual (FAM). They get to conduct walkthroughs of processes and detailed examinations. Now this group I further subdivide into three groups: Financial Statement Auditors, Internal Control Assessors, and Performance Auditors.
These professionals audit the financial statements of the US government. They use the FAM and maintain Yellowbook CPE or governmental accounting CPE. They validate whether the financial statements of the government are reasonable and free of material misstatement. Interestingly enough, this group is actually mostly contractors. While technically the Office of Inspector Generals of each agency is accountable for making sure the financial statements are audited, the actual work is conducted by contractors for almost all federal agencies. This option might be best for you if you want to work for a traditional accounting firm as opposed to becoming a federal employee.
These professionals focus on the internal controls of an agency. They are very familiar with the Standards for Internal Control in the Federal Government, known as the "Green Book." They can also be known as the A-123 team, because OMB Circular A-123 is a US Office of Management and Budget document that establishes management's responsibility for internal control in federal agencies to improve accountability and effectiveness. This group performs many procedures similar to those of Financial Statement auditors but focuses on Internal control over financial reporting. Many professionals in this role pursue government accounting training courses focused on A-123 compliance and internal controls. This group is commonly a mix of federal employees and contractors. This job might be great for you if you enjoyed being a financial statement auditor, but wanted a more consistent client and a more relaxed schedule.
These are professionals who get into the details. The job of a performance auditor can vary, but they may audit contracts and invoices from vendors. They can also be examining the effectiveness of grant programs and federal initiatives. This job is going to be mostly Federal Employees, as many work in the offices of the Inspector General and the GAO.
This group will consist of those performing the everyday accounting for governmental agencies. It could be recording capital assets, conducting obligation analysis, or creating budgetary accounting entries, skills developed through federal accounting training and ongoing accounting CPE online. This group faces scrutiny from many in the auditors' group as they prepare the books and financial statements of the federal government. They can be a mix of Federal employees and contractors. This career allows you to work your way up to eventually becoming the CFO of an agency if you have a firm grasp of federal accounting and the federal budget process.
So, there are a few options to pursue if you want to be an accountant in the federal accounting industry. Whether you choose to be an auditor or accountant, investing in quality online governmental accounting courses and accounting cpe online will help you stay current and competitive. Try a few paths, then pick the one that gives you the work you enjoy at the pace you want.
Ready to advance your federal accounting career? Explore our NASBA-approved government accounting training courses at
www.federalfinancecpe.com.
Q: Do I need to be a CPA to work in federal accounting?
A: Not always. While a CPA is highly valued (especially for auditor roles), many federal accountant positions accept a degree in accounting plus 24 semester hours of accounting coursework. Certifications like CGFM or CDFM can also boost your competitiveness.
Q: What is Yellow Book CPE and do I need it?
A: Yellow Book CPE refers to continuing education required under the Government Auditing Standards (GAGAS). If you perform federal audits, you need 80 hours of CPE every 2 years, including 24 hours in subjects directly related to government auditing.
Q: Can I work in federal accounting as a contractor?
A: Yes. Many federal accounting roles, especially financial statement auditors and A-123 assessors, are filled by contractors. This offers flexibility and often competitive pay without the federal hiring process.
