Certified public accountants (CPA) are qualified individuals who have obtained the required education background, work experience, and have passed the mandated test that fit the criteria of state law to allow this person to be an expert in the profession. CPA’s have a number of responsibilities that come with the duties of being a highly qualified accounting professional. These responsibilities include: ethical practices and behaviors, performing audits and reviews, documentation, preparing taxes and tax advice, consulting, and acting a business owner. CPA’s are professionals who are held to the highest standards of ethical behavior which is not only expected but demanded. CPA’s are expected to act in accordance with GAAP and in the best interest of all clients and other interested parties. CPA’s are expected to document thoroughly so that all information is complete and accurate to the best of the CPA’s ability. Preparing taxes and providing tax advice is another duty of CPA’s and with this duty he or she must be abreast of tax laws and provide advise accordingly to all clients. CPA’s also act as consultants and he or she must avoid conflicts of interest and help clients with decision-making and information pertaining to accounting and taxes. Many CPA’s are themselves business owners which mean that the CPA must be a responsible member of the community and conduct business accordingly.
Reviews and Auditing
An audit is the accumulation and evaluation of evidence about information to determine and report on the degree of correspondence between the information and established criteria (Arens, Elder, & Beasley, 2006, p. 19). Review a form of attestation in which a CPA firm issues a written report concerning historical data that provides less assurance than an audit as to whether the financial statements are in material conformity with generally accepted accounting principles (GAAP) (Arens, Elder, & Beasley, 2006, p. 19).
The audit will provide the... [continues]
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