Shamari Mitchell final project


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Shamari Mitchell final project

  1. 1. FINAL PROJECT Business ProfessionalsCertified Public Accountants Ms. Shamari D.M. Mitchell West Los Angeles College December 18th, 2011
  2. 2. Certified Public Accountants Independent Accountants who serve organizations and individuals on a fee bases.What job or occupation did you choose?To become a Certified Public Accountant (CPA) is to accept a responsibility to servicesociety as a business professional. In becoming a future business professional as aPublic Accountant, servicing small, medium, and large businesses adding support totheir financial activities, including preparation of financial statements, tax returns,independent auditing of financial records and accounting methods.The CPAprofessionals are in high demand to provide financial assurances to businesses and itsconsumers.Why does this career appeal to you?Accountant professionals are highly trained and respected business professionals.Governed by State and Federal organizations, they performed their responsibilities bycode of ethics and federal standards listed in the General Accounting AcceptancePrincipals (GAAP) and Financial AccountingStandard Boards (FASD).Accounting is nowa $40-plus billion industry, with more than 1.2 million accountants in the United Statesthat are classified as public or private accountants.What are the significant points of the job or occupation?Accounting is more than numbers, as Accountants are more than individuals with oneset of skills to financially reports occurrences. Accountants are now incorporatingconsultant services and project management decision making to all qualifiedbusinesses. The education completed for Accountants, are not only accountingsubjects but, business related subjects and training. These business courses includeManagement, Law, Computer Science, Economics, Finance, and Marketing.Shamari Mitchell – Final Project Page 2
  3. 3. What are the working conditions?The environment in which Accountants work for businesses is secured. Theprofessional often are separated from normal work environments, due to the nature ofthe private records they must view and use to determine the company financial health tooperate. These records are not considered open public records but, sensitive in natureto stakeholders.What type training is required?Despite fulfilling the educational requirements, the CPA is required to have workexperience as well. EXAMINATION Pathway 1 and Pathway 2 Baccalaureate degree Education 24 semester units of accounting Requirement 24 semester units of business- related subjects LICENSURE Pathway 1 Pathway 2 Same as Examination Education Same as Plus Requirement Examination Overall Total of 150 semester hours two-years of general One year of general experience, which experience, which Education may include 500+ may include 500+ Requirement attest hours for those attest hours for those who want to sign who want to sign attest reports attest reports.Information provided by Department of Consumer AffairsShamari Mitchell – Final Project Page 3
  4. 4. What are the qualifications?CPA’s must complete the required education and state certified examinations.Thereare several types of licensing available to become certified by the governing statewhere licensing application has been submitted.TYPES OF LICENSURE APPLICANTS  Type A - applicants who passes the Uniform CPA Exam and is applying for licensure as a CPA for the first time.  Type B - applicants who passes the Uniform CPA Exam in a state other than State of Application, and has not been issued a valid license to practice public accounting in any state, and is applying for licensure as a CPA in State of Application for the first time.  Type C - applicants who passes the Uniform CPA Exam in a state other than State of Application,and was issued a valid license to practice public accounting in a state other than State of Application.  Type D - applicants who previously was licensed as a CPA in State of Applicationand the certificate was cancelled after five years for nonpayment of license renewal fees.  Type E - applicants who passed the Canadian Chartered Accountant Uniform Certified Public Accountant Qualification Examination (CAQEX) of the American Institute of Certified Public Accountants (AICPA) or the International Uniform Certified Public Accountant Qualification Examination (IQEX) of the AICPA and the National Association of State Boards of Accountancy (NASBA).Shamari Mitchell – Final Project Page 4
  5. 5. What is the job outlook (future)?The outlook for employment opportunities are increasing with each year. During theearly 2000’s various business and financial scandals decrease the value and need foraccounting services. But the uniform Sarbanes-Oxley Act (SOX) in 2002 went intoeffect. This law, one of the most extensive pieces of business legislation ever passedby Congress, was designed to Start the economy on the road to recovery and addressthe investing public’s lack of trust in Corporate America. It redefines the publiccorporation-auditor relationship and restricts the types of services auditors can provideto clients. The more Accountants (CPA’s) increase their business knowledge of the SOXCompliance requirements, the more employment opportunities become available.The U.S. Bureau of Labor Statistics released a report in 2008 that looks at the jobmarket for accountants and auditors through 2018. They project a growth rate of 22%during this time frame (U.S. Bureau of Labor Statistics).What is the salary range?The current salary ranges for public accountants consist of several performancecompensation packages. The base salary often includes bonuses and profit sharing.Pay Scales (Certified Public Accountants with 1 year of experience)Information provide by Pay Scales.comShamari Mitchell – Final Project Page 5
  6. 6. Certified Public Accountant (CPA)Cash Compensation SummaryPercentile 25% 50% 75%Salary $40,710 $46,413 $53,043Total Cash $41,490 $47,505 $54,998Hourly Rate $19.11 $23.17 $28.51Bonus $1,279 $2,464 $4,689Profit Sharing $1,299 $2,168 $3,569 Currency (USD)Information provide by Pay Scales.comWhat are related occupations?Private Accountants are considered a related field whereby the CPA’s move frompublic service to a corporate organizations. Their activities include preparing financialstatements, auditing company records to be sure employees follow accounting policiesand procedures, developing accounting systems, preparing tax returns, and providingfinancial information to management decision making.Certified Management Accountants (CMA) is a managerial accountant who hascompleted a professional certification program, including passing an examination.How far can you advance in this career?The field of Accountancy for a Certified Public Accountant is license base. CPA’s arerequired to take re-examination to remain certified.Shamari Mitchell – Final Project Page 6
  7. 7. Are there any professional organizations, clubs, affiliations andassociations that members of this occupation can join?The American Institute of Certified Public Accountants (AICPA) is the world’s largestassociation representing the accounting profession, with nearly 370,000 members in128 countries. AICPA members represent many areas of practice, including businessand industry, public practice, government, education and consulting; membership isalso available to accounting students and CPA candidates. The AICPA sets ethicalstandards for the profession and U.S. auditing standards for audits of privatecompanies, non-profit organizations, federal, state and local governments. It developsand grades the Uniform CPA Examination(Information provided by AICPA).Why are you interested in this career?The career of Accountancy allows for an individual to succeed in areas, I have testedhigh within. Analytical thinking allows me to use various skills in statistics to be appliedto businesses.Employersnow seek analytical thinkers with well-rounded academic backgroundscombining liberal arts and science courses with solid accounting and business classes.CPA’s have a strong sense of ethics and integrity which is also required in today’scorporate world. When it comes to financial statements, superior ethics and honesty arevalued above all else. Trusted, competent, reliable thinkers will rise to the top.Shamari Mitchell – Final Project Page 7
  8. 8. Reference PageThe American Institute of Certified Public Accountants (AICPA)http://www.aicpa.orgU.S. Bureau of Labor Statisticshttp://www.bls.govDepartment of Consumer Affairs - California Scalehttp://www.payscale.comShamari Mitchell – Final Project Page 8