Certified public accountant generally known as CPA is a
qualified accountant who has successfully completed a series of examinations.
In addition the accountant has additional experience which is the essential
requirement for this certification. This is a specialization and can be
accomplished by meeting certain specific qualifications and on-job-experience
or you can qualify for this CPA certification by continuing professional
education and obtaining experience in particular areas in finance.
Most of the countries use this qualification as CPA whereas
in certain areas these professionals are called chartered accountants. There
are various paths which can lead to this qualification and the most preferable
path usually seen is to start the career as public accountant after obtaining
the basic qualification in commerce and extending this qualification to
certified public accountant by successfully completing the required
examinations and along the way gaining experience working on a relevant job.
Most of the public accountants join the prestigious National
Society of Public Accountants where they are required to meet stringent
conditions to obtain the membership. Different states may have some specific
requirement and out-of state qualified CPA is restricted and is not permitted
to use CPA designation until the certification is acquired from that state.
There are various services provided by certified public
accountants and the primary service is the public accounting or these can be
also referred to as financial audit services. In general terms these services
are known as assurance services.
CPAs attest the adherence to the generally accepted
principles of accounting in financial statements. They also attest to the
sagacity or reasonableness of disclosures. Another major role is to certify the
freedom from misstatement. Most of the certified public accountants are
specialists and provide services and expertise in particular areas whereas some
of the CPAs who work with small businesses are generalists and provide a range
of financial services.
Certified public accountants are well aware of the
professional standards of Federal and State Laws which they are expected to
abide by to maintain independence as and when required to audit and attestation
in reviewing the financial practices of the organizations. It is commonly
observed that CPAs do not work as auditors if their professional role is of a
consultant.
The general practice in small to medium organizations is to
hire a CPA for taxation purposes and at the same time have an audit department
to ensure that the correct practices are followed and independently assessed.
In the public interest there should be a uniform system
which should facilitate the timely services from the elite certified public
accountants regardless of their location and will also prevent unnecessary
paperwork to be completed. Today, the businesses are located in multiple states
and they struggle with compliance responsibilities in various jurisdictions,
therefore a uniform system will provide flexibility and there will be better
services for customers. The responsibility to follow ethical codes lies with
the individuals rather than the business they work for. From ethical point of
view higher standards are required from customers when compared with law
requirements. continue reading wealth planning
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