'Certified Public Accountant (CPA)' is explained in detail and with examples in the Economics edition of the Herold Financial Dictionary, which you can get from Amazon in Ebook or Paperback edition.
CPA’s, or certified public accountants, are accountants who have taken and successfully completed a series of demanding exams that are given by the American Institute of Certified Public Accountants. Many states also have their own state level exams that have to be passed along with the national one.
CPA’a are accountants in every sense of the word, but not every accountant is qualified as a CPA. Because of the difficulties in becoming a CPA, there are many accountants who either never attempt or never succeed in successfully passing the Certified Public Accountant exam. This does not mean such an accountant is not qualified to practice accounting tasks, only that he or she will not be allowed to do tasks that require specific CPA credentials.
Such Certified Public Accountants do a number of varying tasks and jobs. Many will provide advice and simple income tax preparing for various clients who might be comprised of corporations, small companies, or individuals. Besides this, Certified Public Accountants practice many other tasks that include auditing, keeping the records of businesses, and consulting for business entities.
Keeping a CPA license is not accomplished through automatic renewal. Certified Public Accountants are required to engage in a full one hundred and twenty hours of courses on continuing education in every three year period. This is so that they will be on top of any and all changes going on in the field of their chosen profession.
The opportunities for Certified Public Accountants are many and varied. The FBI seeks to hire them routinely, preferring applicant candidates with either such a CPA background or alternatively an attorney background. Numerous state and Federal government agencies offer CPA’s opportunities by providing CPA positions. Businesses ranging from small companies to large corporations also seek them out. With these firms, CPA’s can occupy positions ranging from controllers, to CFO or Chief Financial Officers, to CEO’s or Chief Executive Officers.
Among the most significant parts that CPA’s can play proves to be one of a consultant. As a consultant, Certified Public Accountants can be looking into possible means of saving small businesses or even enormous corporations money on expenses or putting together specific financial plans that permit a corporation or business to appear more appealing to investors or possible buyers. Certified Public Accountants are sworn to a particular code of ethical conduct. They are required to provide their clients with honest and reliable advice that is also ethical.
Certified Public Accountants who do not stay within the bounds of their ethical code can lead to the total financial failure of a firm. This turned out to be the case in recent years at Enron, the energy trading and producing giant. Not only were Enron corporate executives charged for illegal accounting activities, but also a number of CPA’s from nationally renowned accounting firm Arthur Anderson were charged with unethical practices of accounting.
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