The position of insurance tax audit specialist is one that you can get when you are in the field of government accounting. You do need to have a Bachelor's degree with courses in accounting as well as two years of experience working in accounting and auditing to be eligible for this type of job. In addition, it would be beneficial if you have one of the following types of certification:
- Certified Financial Examiner
- Certified Insurance Examiner
- Chartered Life Underwriter
- Chartered Property and Casualty Underwriter
As an insurance tax specialist, you will start off at the entry level in which you will have responsibility for training a small clerical and professional staff in how to audit insurance income tax returns and ensure that they comply with the documentation submitted with the returns. You will also participate in meetings regarding proposed changes to taxation laws for the insurance industry and identify the tax credits that are allowed on the returns. You will need to be very knowledgeable about the insurance tax regulations as you will have to advice insurance companies on the omissions and errors in their returns and how they can correct them.
Working in government accounting as an insurance tax audit specialist means that you need a good working knowledge of all the tax laws in each of the states, even if you work with a state government. Your computer skills should include the ability to enter, maintain and retrieve large amounts of financial data. You should also be thoroughly skilled in using spreadsheets and in using graphics to display financial information. Your duties will also involve reviewing and auditing the quarterly tax returns that are submitted.
On times you may have other duties assigned to you as an insurance tax specialist, such as preparing assessment notices and annual tax certification certificates. You will also work at developing and formatting insurance tax forms. You will also have to review supplemental income tax information and advise the insurance companies of the re-assessment results for their taxes.
You will need to have a working knowledge of the basics of bookkeeping and accounting for entering the data into the computer database. Since you will be using the computer for most of the work of performing calculations, you need a good working knowledge of accounting software. When you first get hired for this position, you will receive some on-thejob training, but most of the time, you will work independently in directing your staff and then report to your managers or supervisors. The position of insurance audit specialist is one that can be reviewed annually and therefore carries a high level of stress in ensuring that your performance is satisfactory. It is also one that can prepare you for another position in government accounting as an internal auditor. With CPA designation you can also set up your own business becoming an external auditor and working on your own.
