Role of Certified Public Accountants

Do you have any idea what CPA means or who they are? CPA stands for certified public accountant. They have incurred and successfully completed series of tests and examinations that makes them qualified accountants. Also, these accountants have experiences already in their field that is an essential requirement for certification. This is a profession accomplished by fulfilling specific qualifications.

Certified public accountants or CPAs are should be aware of the professional standards and regulations included in the Federal and State Laws. Thus, they are expected to follow, comply and abide to all of these to maintain independence. And they are also required or asked to audit and attest in reviewing the financial practices of the business or organizations they are working for. It is commonly observed that when CPAs work as consultants, they do not work as auditors.

Certified public accountants are also hired for taxation purposes in small and medium scaled organizations because at the same time they are assessed independently if they are doing and following the proper and correct practices.

Role of Professionals

Help For Finding A Certified Public Accountant

April of each year is not the only time you may need the services of a certified public accountant. If you are like many Americans, filing your own taxes can be too complicated a process or maybe you want to find every little deduction possible, so you seek out a reputable CPA. Taxes can be an overwhelming discussion, let alone the actual process of figuring and filing them can be very, well, taxing.

So, if you are in need of a CPA what do you look for in their services and who do you trust? First of all it will depend partly on the need you have for your taxes. If you are looking for a CPA to handle business taxes, then that can be sometime different then just looking for a CPA to figure your personal taxes. Determining your need will help you narrow down the list of CPA’s for your choosing.

As with any service, you will want to research the company or individual CPA to see what is their reputation and even ranking with the Better Business Bureau. Once you have established credibility, then you may want to look at some other criteria. Other things to consider are experience, size of the firm, and rates.

Find out how much experience they have in the type of tax preparation they would be doing for you. If they do not have the experience you are looking for, then maybe look elsewhere. Also, look at the size of the firm. If you only need personal tax preparation, then a large CPA firm may not been the service you need. An individual CPA may meet your requirements.

The rate being charged will be a selling point. Most firms will have a set rate they charge according to the amount of work required, or dollar amount expected from the tax return. It may be a good idea to take your previous year’s tax filings with you to an initial meeting with a CPA so they can accurately quote a rate to you for their services.

Interviewing the potential CPA is important and can give you valuable information on which to base your decision to hire them or not. You need to feel comfortable talking with the CPA in order to help them carry out their job. If you don’t feel comfortable speaking with a certain individual, then you will not want to speak to them on a personal matter like finances. Finding a reputable CPA is very doable, just be sure you feel at ease with them handling your personal matters.

Finding A Firm

Certified Public Accountant

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.

Certified Accountant