A decision that almost every person who is considering a career in public accounting faces is whether to pursue audit or tax. With both fields offering unique opportunities, challenges, and rewards, this is rarely an easy decision. One of my goals for my dual tax and audit internship at GYF this summer was to gain a better understanding of both areas to help me decide which of these fields I would like to pursue.
Audit vs. Tax
On paper, the differences between audit and tax seemed straightforward. Audit is often portrayed as being more team-oriented and offers opportunities to interact with clients and gain a broader view of financial statements. Tax, on the other hand, can be interpreted as more analytical and detail-focused, with an important aspect being a knowledge of compliance and regulations. However, what I have learned through my internship experience is that there is overlap between the two disciplines, and the skillsets used in each of these fields set you up for different opportunities later in life.
During my audit internship, I worked as part of a team and was invited to join client site visits to gain experience in a variety of engagements including audits of non-profit organizations and employee benefit plans. I found the structure of the audit to be logical – checking invoices, verifying transactions, and getting to know the operations of all aspects of the business. No two engagements, in fact no two tests, are the same. Auditors must be able to adapt their general knowledge to each individual circumstance. I also enjoyed how working in a team allowed me to grow quickly and helped me master my communication skills.
During my time with the tax group, I worked more independently, analyzing client data, preparing returns, and researching tax codes. The level of attention to detail is very high in tax as one missed or wrong number could lead to major differences in the clients’ taxable income. What I enjoyed most about working on these engagements was that you get to see the whole process, not just individual test work.
Making a Decision Based on My Experience
In order to have a meaningful career in public accounting, or any space, you have to consider how the work makes you feel. In audit, I thrived on collaboration. Especially as someone who is newer in the field, it was amazing to have constant access to experienced professionals who were willing to help me learn. However, I did not experience a “big picture” perspective. I performed individual test work, but didn’t really see how this would impact the overall audit. In tax, I enjoyed participating in the entire process, but at times, it seemed like there was too much information. Additionally, because I worked independently on a return, at times, I felt overwhelmed by the plethora of tax codes and regulations.
Despite these challenges, I enjoyed the work in both groups. I have read Frederich Herzberg’s One More Time: How to Motivate Employees, which demonstrates quantitatively that the best way to maintain employee motivations is to give them new challenges. I found this to be true – the challenges I encountered working in both the tax and audit departments kept me motivated.
Final Thoughts
After experiencing work in both fields, I came to realize that I was approaching the audit vs. tax decision wrong. I was looking for someone to tell me what I would be good at and make the decision for me, but no one knows my skills and what I enjoy better than I do. I learned that the best thing to do is stay open-minded, seek out diverse experiences, ask a lot of questions, and reflect on what type of work environment brings out your best qualities. And don’t worry if your path isn’t linear – I worked with several people who switched between tax and audit, so you can take all the time you need to decide.
While I have not made my final decision yet, this internship has taken me one step closer to finding the right fit – not because it’s easy, but because it aligns with how I like to work and grow. And that’s what ultimately matters.
