Yes, most of the work that an experienced accountant will do involves either interpreting accounts and giving advice on profitability, cash flow, and risk (this is the 'accounting' side of things) or it will involve taxation planning and advice. Often a client will have a set of accounts that they have generated themselves, and they will go along to the accountant to ask 'what does this mean?'. The taxation planning side involves both advising on possible unintended or unknown tax obligations that could arise (such as when a taxpayer is selling off some land which they have not lived on there are a number of instances where this could be taxable), as well as advice on realising tax benefits.

The working paper system is used for the purposes of ensuring an accurate set of accounts and compliance with all tax obligations. By using the working papers partner/senior review is made easier as workings are laid out more clearly. The more junior accountants are the ones who contribute the bulk of the material in the working papers, while it is up to the more senior accountants to go and review all this, and deliver the to the client relevant and useful advice.

I would agree with the above post regarding doing some of your own study. If anything it at least makes you aware of everything that needs to be considered when running a business. This will lead you to ask better questions of your accountant, and will allow you to identify potential problems before they get too serious.