Issues for the cpa profession

Major issues for the cpa profession The Wisconsin Statistical Database maintained that an accountant is considered to be practicing the duties of a Certified Public Accountant when: a) a person conducts himself in a manner conducive to the attribution that he is skilled and knowledgeable in accounting or when he holds himself as one licensed to conduct related services all for compensation. c) the person conducts himself as a professional certified public accountant capable of conducting an audit of financial transactions and he puts forward his services to the public for compensation. d) the person creates a statement of audit, balance sheets and other financial documents in behalf of a client that are to be submitted in compliance to state regulation, for legal purposes or any other related cause. As a title, the CPA is equivalent to a designation conferred to an individual who has successfully hurdled an examination administered by the state (Carter 19). This means that a student with a degree in Accounting is not automatically deemed a CPA as he must first pass a test, in some cases a series of exams to be able to receive such title. Additionally, individuals seeking to take the said examination must possess certain pre-requisites such as on-the-job experience, bachelor’s degree, relevant training and other key requirements set by the state or the instrumentality made responsible for such (Carter 16). Relatively speaking, the Accounting graduate is not precluded from performing accounting duties absent the CPA title. However, there are certain responsibilities that only a CPA can perform (Lee 292). Lee states in his work that primarily, the duties of a CPA revolve around the rendering of financial audit services and public accounting. This pertains to the task of the CPAs to attest to the truthfulness and veracity of a submitted financial document and the statements proper adherence to the rules and guidelines set under the Generally Accepted Accounting Principles (GAAP). Private corporations are the primary receptacle of CPAs as they often serve as business consultants, finance managers, accounting supervisors and even high-ranking officers such as Chief Executive Officer (CEO), Chief Operating Officer (COO) and Chief Finance Officer (CFO) (Lee 292).