Public accounting hildemaroPresentation Transcript
Certified Public Accountant (CPA)is the statutory title of qualified The exceptions to this rule areaccountants in the United States Arizona, Kansas, North Carolina andwho have passed the Uniform Ohio where, although the "CPA" Many states have aCertified Public Accountant designation is restricted, the practice lower tier of accountantExamination and have met of auditing is not. qualification (belowadditional state education and that of CPA), usuallyexperience requirements for entitled "Publiccertification as a CPA. Individuals Accountant" orwho have passed the Exam but "Licensed Publichave not either accomplished the Accountant" (withrequired on-the-job experience or designatory letters "PA"have previously met it but in the or "LPA"). However themeantime have lapsed their majority of states havecontinuing professional education closed the designationare, in many states, permitted the "Public Accountant" todesignation "CPA Inactive" or an new entrants, with onlyequivalent phrase. In most U.S. about 10 statesstates, only CPAs who are licensed continuing to offer theare able to provide to the public designation. Many PAsattestation (including auditing) belong to the Nationalopinions on financial statements. Society of Accountants.
CPAs also have a niche within the income tax preparationServices provided by industry. Many small to mid-sized firms have both a taxCPAs and an auditing department. The primary functions CPA fulfill relate to assurance services, or public accounting. In assurance services, also known as financial audit services, CPAs attest to the reasonableness of disclosures, the freedom from material misstatement, and the adherence to the applicable generally accepted accounting principles (GAAP) in financial statements. CPAs can also be employed by corporations—termed "the private sector"—in finance functions such as Chief Financial Officer (CFO) or finance manager, or as CEOs subject to their full businessknowledge and practice. These CPAs do not provide services directly to the public.
Assurance and Attestation ServicesCorporate Finance (Merger & Acquisition, initial publicofferings, share & debt issuings)Corporate GovernanceEstate PlanningFinancial AccountingFinancial AnalysisFinancial PlanningForensic Accounting (preventing, detecting, andinvestigating financial frauds)Income TaxInformation Technology, especially as applied toaccounting and auditingManagement Consulting and PerformanceManagementTax Preparation and PlanningVenture Capital
CPA EXAM In order to become a CPA in the United States, the candidate must sit for and pass the Uniform Certified Public Accountant Examination (Uniform CPA Exam), which is set by the American Institute of Certified Public Accountants (AICPA) and administered by the National Association of State Boards of Accountancy (NASBA). The CPA was established in law on April 17, 1896. Eligibility to sit for the Uniform CPA Exam is determined by individual state boards of accountancy. All states but California have adopted what is known as the "150 hour rule", which requires an additional year past a regular 4 year college or a masters degree. The Colorado State Board of Accountancy allows Chartered Accountants from eligible jurisdictions (Australia, South Africa, Canada, Ireland, New Zealand), automatic eligibility to sit for the Uniform CPA Exam as a Colorado candidate. Certain overseas qualified accountants seeking to become U.S. CPAs may be eligible to sit for the International Qualification Examination as an alternative to the Uniform CPA Exam. The Uniform CPA Exam tests general principles of state law such as the law of contracts and agency (questions not tailored to the variances of any particular state) and some federal laws as well.
How do you drive an accountant completely insane? Tie him to a chair, stand in front of him and fold a road map the wrong way. What do accountants suffer from that ordinary people dont? Depreciation. If an accountants wife cannot sleep what does she say? "Darling, tell me about your work." What did the accountant say when he got a blank check? My deductions have at last caught up with the salary. What did the accountant say when he looked at the tax form? The man who set the standard deduction must have been a bachelor. I am lying when I am listing myself as a head of household.What is the definition of an accountant?Someone who solves a problem you did not know you had in away you dont understand.How many accountants does it take to change a light bulb?How much money do you have?What is the definition of a good tax accountant?Someone who has a loophole named after him.When does a person decide to become an accountant?When he realizes he doesnt have the charisma to succeed as anundertaker.What does an accountant use for birth control?His personality.Whats an extroverted accountant?One who looks at your shoes while he is talking to you insteadof his own.What is an auditor?Someone who arrives after the battle and bayonets thewounded.Why did the auditor cross the road?Because he looked in the file and thats what they did last year.Why did the auditor get run over crossing the road?Auditors never actually do the risk assessment well until afterthe accident happens.
GRUPO EDITOR Hildemaro Miguel Alas Castillo V-22333136