Distinction Between Public Accounting and Private AccountingTo distinguish between public and private accounting is to think of public accountants as "external" accountants and private accountants as "internal" accountants. If the work is being performed strictly for the benefit of a specific company, it is considered private accounting. If it is is done to satisfy regulatory requirements for transparency, then it is public accounting.
Source: AccountingEDU, © 2017. A State-by-State Accounting Guide.