In the world of financial accounting, there are two main sectors, private and public.. Public accountants work for or contract out to various public accounting firms.
However, private accountants, also referred to as ‘internal’ accountants, work specifically for one entity. Other firms will usually contract out to public firms to perform different services, like audits, assurances, tax advisory and consulting. In order to work for a public firm, you must possess are certain set of skills.
For those who are not aware, Andorra is a small tax haven principality located in the Pyrenees mountains between France and Spain. Since Andorra has no income or corporation taxes, it has developed something of a financial services business going back about half a century. The private banking divisions of Andorran banks tend to work very much along the lines of Swiss, Austrian and Liechtenstein banks.
Because Andorran banks offered similar advantages to these countries but Andorra was less known (and therefore less subject to pressure) Andorran banks have flourished. It’s important to note that foreign banks have traditionally been strongly discouraged from opening in Andorra by the Andorran government. Andorran banks have only local capital, have very strong balance sheets, and are very conservative. They are not exposed to risky business practices.
