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Becoming A Cpa Essay, Research Paper

Becoming A Certified Public Accountant (CPA)

LaChelle Mitchell

UMUC- ACCT. 221

What is a CPA? These three letters mean that you have received a broad-based education. They mean you have passed all parts of a very difficult exam. They mean you have the knowledge, skills and abilities to be a trusted business advisor to your clients or employer. They mean you feel comfortable with the latest technology. They mean you are an ethical individual who can provide an independent analysis. CPA?s are many things. They are chief financial officers for Fortune 500 companies and advisors to small neighborhood businesses. They work for large and small public accounting firms. They are well-respected strategic business advisors and decision-makers. They act as consultants on many issues, including taxes and accounting.

To become a CPA you need to meet the requirements of the state or jurisdiction in which you wish to practice. These requirements, which vary from state to state, are established by law and administered by the state boards of accountancy. To qualify for certification, you must:

 Complete a program of study in accounting at a college/university. The American Institute of Certified Public Accountants (AICPA) recommends at least 150 semester hours to obtain the common body of knowledge for becoming a CPA.

 Pass the Uniform CPA Examination, which is developed and graded by the AICPA.

 Have professional work experience in public accounting.

The Uniform CPA Exam is a prerequisite for the CPA certificate because it is the primary way Boards of Accountancy measure the competence of CPA candidates. Boards of Accountancy also rely on additional means to ensure that a candidate has the necessary technical abilities and character attributes to become a CPA. These may include interviews, letters of reference, investigation of educational background, and affidavits of employment. In addition, some boards of accountancy administer an ethics examination to assess a candidate?s knowledge of the rules of professional conduct. The Board of Examiners of the AICPA, is responsible for preparing the Uniform CPA Examinations and for operating the Advisory Grading Service, both adopted by the boards of accountancy in all fifty states, the District of Columbia, Guam, Puerto Rico, and the U.S. Virgin Islands. The Examination is given twice each year, in May and November, and its duration is 15 ? hours long. The exam is administered over a two day period within the boundaries of the fifty-four jurisdictions that use the exam. It is given and graded in English only. The exam consists of four sections: Business Law & Professional Responsibilities; Auditing; Accounting & Reporting- Taxation, Managerial, and Governmental and Non-Profit Organizations; and Financial Accounting & Reporting-Business Enterprises. Once you have become a CPA, most states require you to take a specified amount of continuing education courses annually to retain your professional license to practice.

As a CPA, there are no limits to the career opportunities available to you. CPA?s work in public practice, business industry, government and education. In public accounting, the CPA serves many clients as an objective outsider or in an advisory position. Currently there are over 46,000 public accounting firms in the US ranging in size from small local accounting practice to large international CPA firms. To name a few, public accounting services include:

 Auditing- is one of the most important and best known services provided by CPAs in public practice. To better protect consumers and investors, the Securities and Exchange Commission (SEC) requires every publicly-held company to issue an annual financial statement. These financial statements are examined by independent CPA?s, and the results are referred to as an ?audit?. The CPA?s role as an auditor is to examine a company?s financial statements in order to assure stockholders and other financial statement users that a company?s financial position is reported fairly.

 Assurance Services- is defined as services provided by a CPA that improve the quality of information, or its context, for decision makers. Such information can be financial or non-financial, about past events or conditions or about on-going processes or systems.

 Environmental Accounting- CPA?s get involved in everything form environmental compliance audits and systems and procedures audits to handling claims and disputes.

 Forensic Accounting- looks beyond the face value of accounting records to determine if fraud has been committed. Also known as an investigative accountant or fraud auditor, the forensic accountant searches for evidence of criminal conduct or assists in the determination of claimed damages.

 Personal Financial Planning- CPA?s provide assistance to individuals and companies in identifying financial objectives and counseling on risk, liquidity, management and tax characteristics of investments.

CPAs in business and industry work for companies ranging from family-owned businesses to Fortune 500 companies. They are considered strategic business partners of their organizations and work in a variety of different areas, to name a few:

 Financial Management- CPAs are responsible for analyzing a company?s future financing needs.

 Financial Reporting- accumulate and verify the data required for preparation of financial statements. CPAs are often in charge of the design, implementation, and maintenance of the computer system used in the preparation of financial statements.

 Internal Auditing- the CPA as an internal auditor is responsible for providing an objective review of the company?s financial and operating systems.

 Tax Planning- CPA responsibilities include, determining

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