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What
is a CPA?
A CPA is more than a CPA. Huh?
A CPA is much more than
its definition of Certified Public Accountant.
The term certified refers to the licensing to carry on business as a CPA
and meeting the standards as promulgated by the American Institute of CPAs and
the various state societies.
To be initially licensed,
an individual must pass a rigorous examination, which is uniform among the
states, and then obtain a certain amount of experience working for a firm, which
performs examinations of financial statements and renders a report upon them.
The term public accountant refers to the role as an accountant, who
handles record keeping and reporting matters for the public.
However, the term CPA, in sum, means to most people much more than these
parts of certified and public accountant. A
CPA is a very trusted advisor of both individuals and of businesses.
CPAs are relied upon so
much because of not only their keen analytical and decision-making skills but
also their objectivity, integrity and dedication to service.
Many CPAs provide services well beyond accounting, auditing and
reporting. Some are business and
management consulting, information technology consulting, tax planning and
preparation, personal financial planning, valuation services, elder care
services, and compliance. The
consumer often expects a CPA to be proficient at many specializations, even
those just indirectly related to the traditional role of an accountant.
The CPA's role has been quickly expanding, and one leading CPA proposed
that the term CPA more appropriately stand for Certified Professional Advisor.
The CPA profession is currently grappling with how best to define the CPA
in today's world and whether to change the moniker CPA.
One preliminary recommendation of the AICPA for a new term to encompass
CPAs worldwide has met with much criticism within the industry.
Stay tuned for further developments.
One thing is clear - the
CPA is a very valued and trusted advisor and a professional who has not only
kept up with the quickly changing world around us, but who has helped shape it.
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