135 results for “Certified Public Accountant”.
An increase in the number of businesses, changing financial laws and regulations, and increased scrutiny of company finances will drive growth. In addition to openings resulting from growth, the need to replace accountants and auditors who retire or transfer to other occupations will produce numerous job openings in this large occupation."
Following a slew of recent accounting scandals (does Enron ring a bell?), federal legislation was passed to increase penalties, and make company executives individually responsible for falsely reporting financial data (U.S. Department of Labor Bureau of Labor Statistics, 2004). These changes should lead to greater scrutiny of company finances and accounting procedures, and should create more opportunities for accountants and auditors, particularly CPAs, to be more thorough in auditing financial records.
CPA.net. (2004). Colleges and Universities Offering Accounting Degree Programs. etrieved from the Internet at http://www.cpanet.com/education/site.asp?AID=10&LIST=0020&UL=http%3A%2F%2Fwww%2Eaicpa%2Eorg%2Fnolimits%2Fbecome%2Findex%2Ehtm&Site=01%2E+Becoming+a+CPA.
CPA.net. (2004). What is a CPA? etrieved from the Internet at http://www.cpanet.com/education/site.asp?AID=10&LIST=0020&UL=http%3A%2F%2Fwww%2Eaicpa%2Eorg%2Fnolimits%2Fbecome%2Findex%2Ehtm&Site=01%2E+Becoming+a+CPA.…
CPA.net. (2004). Colleges and Universities Offering Accounting Degree Programs. Retrieved from the Internet at http://www.cpanet.com/education/site.asp?AID=10&LIST=0020&URL=http%3A%2F%2Fwww%2Eaicpa%2Eorg%2Fnolimits%2Fbecome%2Findex%2Ehtm&Site=01%2E+Becoming+a+CPA.
CPA.net. (2004). What is a CPA? Retrieved from the Internet at http://www.cpanet.com/education/site.asp?AID=10&LIST=0020&URL=http%3A%2F%2Fwww%2Eaicpa%2Eorg%2Fnolimits%2Fbecome%2Findex%2Ehtm&Site=01%2E+Becoming+a+CPA.
North Carolina Administrative Code, Title 21 - Occupational Licensing Boards, Chapter 8. Board of Certified Public Accountant Examiners, as amended through January 1, 2005. Retrieved from the Internet at http://www.cpaboard.state.nc.us/subchapter8g.htm.
U.S. Department of Labor Bureau of Labor Statistics. (2004). Accountants and Auditors. Retrieved from the Internet at http://stats.bls.gov/oco/ocos001.htm .
In addition, there is no requirement, per se, for a master's degree; Within the total hour requirement, 36 semester hours of accounting and/or tax courses above the principles level and 39 semester hours of general business courses, including six semester hours in business law (Uniform CPA Exam).
The Uniform CPA Examination consists of four sections: Auditing and Attestation (AUD), Business Environment and Concepts (BEC), Financial Accounting and Reporting (FAR) and Regulation (REG). The exam is offered up to six days a week during January, February, April, May, July, August, October and November each year.. After the state board determines a candidate is eligible to sit for specific sections of the CPA Examination, the candidate will receive a Notice to Schedule (NTS). The candidate can then register directly with a Prometric testing center to take one or more sections. The CPA exam is a closed book, secured examination. Candidates are required…
deceitful profession, certified public accountants would most certainly not be the first to come to mind. That is because CPAs are known and respected for their honesty. The profession goes out of its way to project that image, and there is a certain amount of truth to it. However, not all CPAs are squeaky clean and respected for their honesty. Some are quite dishonest and are putting a black mark on the image of the entire profession. There is one area where the CPA profession has fallen short of protecting the public interest. There is a general duty that accountants owe to their clients and the other persons who are affected by their actions. Two elements compose the general duty of performance: skill and care. Another element and responsibility is owed to clients and other persons, which is that accountants should observe a standard of ethical or social responsibility.
Fulmer, W.E. And B.R. Cargile: 1987 Ethical Perceptions of Accounting Students: Does Exposure to a Code of Professional Ethics Help? Issues in Accounting Education 2, 207-219.
Loeb, S.E.: 1988, "Teaching Students Accounting Ethics: Some Crucial Issues', Issues in Accounting Education 3, 316-329.
Metzger, J.D.: 1992. "Business Law and the Regulatory Environment: Consepts and Cases 8th Edition. 1061.
McGee, R.W. 2000. "CPAs vs. The Public Interest." Dumont Institute, Ethic Information Center.
American Institute of Certified Public Accountants (AICPA) pioneered and mulled over a set of standards for auditing professionals. These eventually became recognized as the 10 generally accepted auditing standards. The 10 generally accepted auditing standards fall under three main categories:
General standards -- Audits must be executed by a qualified and adept auditor.
All matters relating to the project should be addressed with autonomy in mental attitude.
Professional care is to be exercised at all times.
Field work Standards -- work is to be sufficiently planned and appropriately managed.
To evaluate the risk of substantive misstatements, a satisfactory understanding of the entity is essential. knowledgeable auditing skills must be demonstrated through auditing measures performed to afford a reasonable basis for an opinion.
Reporting Standards -- Report whether the financial statements are presented in harmony with generally accepted accounting principles. Report the conditions in which principles have not been consistently observed…
Financial Accounting Standards Board. (2012, Jan 8). www.fasb.org. Retrieved from www.fasb.org: http://www.fasb.org/home
Kinyo, L. (2006, April 4). http://lindakinyo.hubpages.com/hub/Generally-Accepted-Auditing-Standards . Retrieved from Hubpagees.com:
Another challenge facing the industry today is the important legal issues that surround the Sarbanes-Oxley Act (Koehn & Del Vecchio, 2004). One of these is the fact that the process of due diligence practiced by many companies is now taking much longer (Koehn & Del Vecchio, 2004). There is a higher degree of caution than was previously utilized and because of this many companies are discovering information that would have gone unnoticed before the Act was passed. This is, however, not the only legal issue that the Sarbanes-Oxley Act has caused (Koehn & Del Vecchio, 2004). Another concern is that accountants and attorneys could now be required to report the known wrongdoings of corporations that they have business with to authorities.
Since lawyers are now required to disclose these types of issues, the attorney-client privilege has been compromised by this Act (Koehn & Del Vecchio, 2004). However, the Act was…
Bradley, C.F. (1994). An empirical investigation of factors affecting corporate tax compliance behavior. Ph.D. dissertation, the University of Alabama.
Koehn, J.L. & Del Vecchio, S.C. (2004). Ripple effects of the Sarbanes-Oxley Act. The CPA Journal: 36-40.
Roper, J.C. (2006). Expert backs Enron's accounting practices. Houston Chronicle. Retrieved from http://www.chron.com/disp/story.mpl/front/3839212.html .
This role is in response to clients' demands for a single trustworthy individual or firm to meet all of their financial needs. However, accountants are restricted from providing these services to clients whose financial statements they also prepare." (U.S. Department of Labor, ureau of Labor Statistics, 2009)
1. Public Accounting
The work entitled: "The Reality of the CPA's Role" states that modern CPAs work "behind the scenes as trusted advisors in nearly all significant business decisions. Successful accountants display the ability to think strategically and creatively and to be problem solvers and business advisors." (Douglass, 2006) Douglass states that the views of the CPA are widely varied "...whether from the viewpoint of the investing public or from the perspective of the companies that engage CPAs to audit their financial statements or perform other functions. In fact, many people not involved in the business management or accounting profession may perceive CPAs…
Douglass, Kevin (2006) the Reality of the CPA's Role New Jersey CPA Magazine, April 2006. Accounting and Auditing. Online available at: http://www.amper.com/publications/amper-cpa-role.asp
Erard, Brian (1992) Taxation with Representation: An Analysis of the Role of Tax Practitioners in Tax Compliance. Journal of Public Economics 52 (1993) 163-107. North-Holland. Online available at: http://aysps.gsu.edu/isp/files/ISP_SUMMER_SCHOOL_2008_ERARD_TAXATION_WITHOUT_REPRESENTATION.pdf
Financial accounting for Local and State School Systems (2005) Chapter 4: Governmental Accounting. National Center for Education Statistics. U.S. Department of Education, Institute of Education Sciences. Online available at: http://nces.ed.gov/pubs2004/h2r2/ch_4.asp
Garrison, Ray H. And Noreen, Eric W. (2009) What is Managerial Accounting/Cost Accounting. Accounting Management. Online available t: http://www.accountingformanagement.com/
Ethical Issues Affecting Accountants
The need for ethical standards within the corporate accounting field is urgent, and this paper delves into ethical issues. Given the fact that rules can be bent and manipulated, this paper also points to potential ways in which ethics can become as important as rules.
hile there has apparently been a "shift in the ethical behavior of management" -- which is related to the corruption and convictions of accountant-related individuals with Enron and Author Anderson -- the literature indicates that there are still ethical issues to be addressed within the industry (Bolt-Lee, et al., 2010, p. 38). Research presented in the peer-reviewed Journal of Accountancy shows that subsequent to the Enron and other scandals, there is a movement toward a "…more heightened state of ethical awareness" that is apparently due to "…the greater likelihood of punitive consequences" (Bolt-Lee, 38).
In the Bolt-Lee article, the authors allude…
Adams, Barbara L. (2010). Using Game-Based Learning to Raise the Ethical Awareness of Accounting Students. Business Education Innovation Journal, 2(2), 86-93.
Bolt-Lee, Cynthia E., and Moody, Janette. (2010). Highlights of Finance and Accounting Ethics
Research. Journal of Accountancy, 210(4), 38-41.
Spalding, Albert D., and Oddo, Alfonso. (2012). It's Time for Principles-Based Accounting
The initial step starts with self-assessment. Various territories of self information are imperative in establishing a framework for a career plan. I initially need to comprehend my particular identity e.g. Am I active or bashful, latent or forceful, mindful or passionate. What's more, I should be clear about my mentalities toward life and work. For instance, an inspirational state of mind about work characterizes who I am and may turn me toward a career that gives the chance to take part in a driving enthusiasm however it would not intrigue somebody for whom work is just a fundamental malevolence to give stability and salary. (Andolsen, 2008).
Using the MTI personality type analysis, I can determine 4 levels of my personality; namely introversion, sensing Or sensitivity, thinking ability and perception. this can then allow me to determine whether I am logical, practical, adaptable l, observer or a problem-solver, leader or…
ABS. (n.d.). Accounting Degrees and Certification: What You'll Study in an Accounting Program. Retrieved from All Business Schools: http://www.allbusinessschools.com/business-careers/accounting/degrees/
ALCC. (n.d.). The Importance of Computer Skills in Accounting. Retrieved from Academy of Learning Career College: http://www.academyoflearning.ab.ca/blog/the-importance-of-computer-skills-in-accounting/
Andolsen, A. (2008). Six Steps to your Successful Career Path. Information Management Journal, 56.
CAP. (n.d.). Workplace and Careers. Retrieved from Capt.org: https://www.capt.org/using-type/workplace.htm
hy I Chose Accounting
"I hate math." Ever since I can remember people have approached me to tell me how much they loathe math, when they hear that I love it. However, I have always been fascinated by the order mathematics can bring to a chaotic world. Sometimes when life seems hard, it is very comforting to be able to look at numbers. This is not to say, of course, that accounting is not challenging. In fact, like many prospective accounting majors, I initially struggled with the discipline in my fundamentals courses ("Top 10 Easiest and Hardest College Degree Majors of 2016"). There is a reason that introductory accounting classes are often considered weeding-out, gatekeeping classes for the profession. Many people decide they want to be accountants because they think it is a lucrative profession that does not require as much additional schooling as law or medicine but then…
Erstad, Will. "Is an accounting degree worth it or worthless?" Rasmussen. 16 Nov 2015.
Web. 8 Jul 2016.
Grohol, John. "10 Highly Effective Study Habits." Psych Central. Web. 8 Jul 2016.
"How to become a CPA." CPA Review. Web. 8 Jul 2016.
ole of Accounting on Business and Our Society
Financial statements play a key role in reporting the financial performance of a business besides helping managers to make better decisions. Business leaders often would interpret the different financial statements in order to understand the position of their business, the necessary risks that their businesses are facing, and the financial actions that should be taken to make the business to grow. All the financial statements developed for the operation of a business are critical in providing necessary information on the accounts. They allow business leaders to understand the business and take of necessary investment or controls needed for the success of the business.
Financial statements have unique roles since they are essential in determining the extent of success in an organization. A cash flow statement is helpful in analyzing the amount of cash available and those needed to meet the operating costs…
Weygandt, J., Kimmel, P., & Kieso, D. (2013). Accounting principles, Volume 1 (11th ed.).
Hoboken, NJ: John Wiley & Sons.
Accounting is a common function in virtually every organization, irrespective of size and industry/sector of operation. The function is generally concerned with documenting business transactions and preparing financial statements. The accounting field offers numerous career paths. These include financial accounting, managerial accounting, internal auditing, tax accounting, financial analysis, payroll clerking, and forensic accounting (Bureau of Labor Statistics [BLS], 2015; American Institute of Certified Public Accountants [AICPA], 2017). Though related, each of these careers is unique in its own way. A financial accountant is involved in making and receiving payments, recording transactions, and preparing financial statements. Closely related to financial accounting is managerial accounting. While a financial accountant prepares financial statements for use by outsiders such as shareholders and lenders, a managerial accountant prepares financial records for internal use. The work of a payroll clerk is to ensure employees are paid accurately and on time. The clerk prepares, processes,…
For individuals with a political bent, the AICPA also acts as a lobbying group and activist body. The website offers information about its stance on political issues, such as Congress' current attempt to put an additional legal burden upon professional tax preparers above and beyond the standard of ordinary preparers. This is called the "more likely than not" provision and the AICPA feels it causes a conflict of interest between a clients and professional tax preparer.
Finally, the AICPA website provides links to featured software products on a weekly basis, to help accountants gain a sense of the best types of helpful office products in production that can be of use to the profession. Although it is hard to believe right now, because modern technology is moving so fast, older accountants might want to use the site to become aware of new and helpful technological tools to make their work…
AICPA: American Institute of Certified Public Accountants. (2007). Official Website. Retrieved 27 Aug 2007 at http://www.aicpa.org
The relationship between Employee 2 and the accounting manager is one where the manager experiences a greater degree of dependency, because of the employee's expert power. Hence the manager is as it were obliged to comply with Employee 2's requirement in order to ensure that the employee provides the necessary services to the company. On the other hand, were the manager to appoint an additional certified public accountant, the expert power of Employee 2 would be considerably diminished, especially once the new employee becomes well versed in his work. This would provide a stronger basis of formal power to the accounting manager, and Employee 2 in turn would be obliged to work a normal week, like all the other employees in the department.
Employee 3 also exercised personal power, and specifically the element of referent power, in terms of her personal traits. Because of the employee's personality, others are naturally…
Robbins, S.P., & Judge, T.A. (2007). Organizational behavior (12th ed.) Upper Saddle River,
NJ: Pearson Prentice-Hall. ISBN: 9780131890954.
Despite of a global economic recession, China surpassed Japan in GDP to become the second-largest economy. This is great news but it disguises the real impact of China's economic growth on social and political affairs in the country. Housing prices are so high that most young Chinese people cannot afford to buy even the smallest house. ncome disparity has grown between the rural poor and the comparatively wealthy urbanites. Compounding the problem are quality of life factors, such as water and air pollution.
have myriads of questions and concerns related to my country's role in the world, and how it is addressing its domestic problems too. My interest in economics as a field of study stems from a personal understanding of the links between issues like GDP and growth to the underlying social and political problems in a country like mine. My parents helped me to see this…
It is a good thing for me that mathematics has always been my main strength. In elementary and junior school, I attended International Mathematical Olympiad training classes every weekend. Because I received much advanced training while young, I was enrolled in Mathematical Elite Class in high school and maintained excellent academic record. Therefore, I feel prepared to meet the challenges of a higher education that focuses on economics.
Instead of attending college right after graduating from high school, I took one year off for an internship. I wanted to see whether applied economics was what I expected as a career, and knew that this was an opportunity to meet people in the field and find out for myself. From September 2009 to June 2010, I did my first internship in XXXX Certified Public Accountants as a secretary. Although I only did some basic work, such as printing, filling expense accounts, and research, I actively consulted my colleagues and learned about IPOs, auditing, and capital assessment. More important, I had many opportunities to acquaint myself with hundreds of companies in diverse fields and provinces. I observed how these companies applied economic knowledge to their daily practice and business strategies. I learned how different economic policies affected markets in different areas.
Recognizing that the Chinese market economy still has a long way to go, I also know that the path forward will be a fascinating one and I want to be on its forefront. An advanced education in this program will prepare me to be one of China's leading future economists.
supplied in Chapter 25 is dense, and full of key facts and ideas that are useful in guiding a board of a non-profit organization into a prudent position when discussing the ideas of growth through investment. The myriad of options and terms also suggests that a certified public accountant is best able to pinpoint the most satisfactory approaches to an economic and efficient investment program that may be used to fuel and fund projects to new levels of success.
The chapter begins by discussing the different types of investments available to a board when considering the options to grow the organization in an beneficial manner that is aligned with the greater organizational strategy. The authors are not hesitant to offer their opinions when guiding the reader to a certain conclusion. Throughout the reading, they offer concrete examples of how the principles introduced can be practically applied in real world example.…
(5) Auditors and CPAs should consider several ways that the Sarbanes-Oxley Act and SEC implementation rules as a whole impact accountants and work closely with regulators to address these effects. (6) Public accounting firms need to reconsider external auditors' participation with their client's internal audit function and control structure. This reporting on the internal controls can be very useful and add value to the integrity and quality of the financial reporting process. However, management accepts full responsibility for the design and maintenance of the adequate and effective internal control system. (7) Auditors should advise their clients and make recommendations for the appropriate disclosures of financial information. A more timely, relevant, objective, and transparent financial reporting process should improve the quality, integrity, and reliability. (8) it is necessary to use more effective and objective audit procedures and related standards to improve audit efficiency. The role of independent auditors on financial statements…
Journal of Accountancy. 199(2) p. 74-75.
Rezaee, Z. (2004) Restoring public trust in the accounting profession by developing anti- fraud education, programs, and auditing Managerial Auditing Journal. 19(1): 134-148
Walker, D.M. (2005) Reclaiming public trust in the wake of recent corporate accountability failures International Journal of Disclosure and Governance 2(3):.. 264-271-279
This attention to detail is one of the most fundamental skills to being a great accountant.
Another personal skill that is necessary for public accounting is the ability to communicate effectively with others. This is one of the most crucial skills that any individual must have in public accounting because auditors will have to work with many different types of people across different backgrounds and work cultures. Inter-personal skills are very hard to develop because it requires consistency, any individual can have friends or close relationship, but to constantly be a good and caring person is very difficult. Since I understand the importance of developing strong interpersonal communication skills as well as ability to work in team environments, I attempt to have helpful and caring relationships with everyone I meet. This extends not only to those who are closest to me, such as my parents, relatives, close friends, etc. But…
J.D. Edwards, History of Public Accounting in the United States (1960)
Booker, Quinton, Brenner, Vincent C., and Blum, James D. (1998). " Brave New World for the CPA Exam." Journal of Accountancy January:61-64.
American Institute of Certified Public Accountants. (1998). Information for Uniform CPA Examination Candidates, 15th ed. New York: Author.
he article also focuses on the differences in decision making of senior accountants based on the type of education they received vs. he amount of practical experience they had. he article focuses on these issues as it pertained to the value of accounting education and experience in the stock market. Overall this resource is well written and seeks to provide a point-of-view from the epicenter of the finance world -- the stock market.
hesis: Accountants with a CPA license rather than an MBA degree have a better chance of getting hired, advance and succeed in the public accounting field.
II. Certified Public Accountant
A. Steps required to become a CPA
B. Certification requirements for public accountants
C. Job Prospects/Demand for CPAs
D. Global need for CPAs
E. Career Advancement for CPAs
III. Compare and Contrast demand for CPAs vs. MBAs
A. CPA as a highly specialized certificate…
The survey found that entry level accountants needed to be better equipped to use their skills in business situations, to determine accounting issues and audit business risks, and to effectively communicate with management. As a result of this survey and other debates the CPA exam was changed in 2004 to make it more conducive to the situations that candidates would face in real life business environments.
Although the newer tests are designed to certified those with the best skills, it also reduces the number of people who will pass the test. For this reason some firms are offering incentives to those candidates that are able to pass the test. The article explains that because the certification is essential to progress and career development in accounting as well as the profitability of a business providing an incentive for passing the exam is beneficial to exam takers and businesses (Charron & Lowe 2009).
Overall CPAs are simply in demand in a manner that MBAs are not. The research indicates that CPAs have more specialized skills that are needed and sought after.. The demand for these skills are both national and global. Even though there are some benefits associated with having an MBA, these benefits are outweigh by the advantages associated with a CPA and therefore accountants with a CPA license rather than an MBA degree have a better chance of getting hired, advance and succeed in the public accounting field.
career interest is accounting. Accountancy is the process of evaluating the financial information about business entities to users such as the managers of the shareholders (Elliot, & Elliot, 2004). Accountancy falls into three areas: accounting, bookkeeping, and auditing.
I choose accounting since it will give me a solid employment with a lucrative wage and this is what is important to me. I have also learned that it can be fun in the investigative way if I se it as such. The work conditions are fine -- not too tedious and best of all I can structure them at my convenience. I can work either for an institution or be self-employed. Chances for advancement also depend on myself and, best of all, I can find global opportunities in any and every business..
• Career goals and career strategy
The kind of job that I am most interested in is working in…
Accountants and Auditors. Career Information. CollegeGrad.com
Accounting Jobs Today.com Controller | Sample Resume 5
Alba, J. Vault career guide to accounting. New York: Vault, c2002.
ETHICS plays an important role in many areas of our business world. Take direct selling, for instance. How can you tell the difference between a legitimate business and a disguised pyramid scheme? To answer this question, we need to back up and look at what "ethics" are all about and, why they are important. Then we will look at the legitimacy of the two direct selling methods.
What are ethics? Here is the most recent textbook definition from a college MA (Masters in usiness Administration) updated required reading selection, "Ethics are the moral principles that govern the actions and decision of an individual or group," Marketing 7th Edition (Kerin, 2003, 100). In other words, to choose a course of action in moral situations, we use ethics, our cornerstones or guidelines to follow.
Why are ethics important in the business arena? ecause every person is a part of the whole and…
AICPA, American Institute of Certified Public Accountants. New York. 2002. http://www.aicpa.org /about/code/et202.htm
Direct Selling Association, Direct Selling Association. Washington. 2002. http://www.dsa.org/ethics
Donne, John. "No man is an island, entire of itself; every man is a piece of the continent, a part of the main..."The Phrase Finder. 3 Nov. 2002. http://phrases.shu.ac.uk/meanings/257100.html
Kerin, Roger, and Eric Berkowitz, Steven Hartley, William Rudelius. Marketing, 7th Edition. New York: McGraw-Hill/Irwin, 2003.
ecause the $750.00 was given as a donation to the non-profit organization, it will be viewed as an asset. Since the preparation of the tax return was given in exchange for the donation, it is considered a gift and thus not an asset.
Next, one must inquire as to whether the firm of Good and Good's liability should be measured at out of pocket cost, at full costs, or at market value? As has previously been explained, if sued for professional malpractice, the court is most likely to hold Good and Good liable for the full amount of damages to Mr. Pinchpenny that was caused by their professional negligence. Thus, Good and Good's liability is likely to be measured at market value.
The final question that needs to be asked is whether or not any amount in excess of what the firm of Good and Good intended to contribute to…
Aspatore Books Staff. (2005): Professional Liability Law: Leading Lawyers on Strategies for Minimizing Risk and Increasing Success in Professional Liability Suits. Aspatore Books, Inc.
Chorafas, Dimitris N. (2001): Liabilities, Liquidity, and Cash Management: Balancing Financial Risks. New York: Wiley & Sons, Inc.
Frey, R.G.G., Morris, Christopher W. (1991): Liability and Responsibility: Essays in Law and Morals. Cambridge: Cambridge University Press.
They then proceed to detail their selected sample (76 NYSE firms that reported at least three annual losses in period's 1980-1985 and that reduced cash dividends. They then implemented various conditions to test their hypothesis that it is the troubled firm's aim to retain preservation of their company, rather than to make a bonus, that causes them to select a certain accountancy plan.
In section 2, the authors describe their methods used in selecting a sampled population and their bias controls. There is a great deal of numerical data, and the material is dense particularly when they elaborate on the earnings and cash flow performance of the various firms. Each unit is broken up into subunits. Scholarly tables condensed with data that for instance report accrual levels and changes for the 76 firms support their written text and the Tables are alluded to in the text. Statistical analysis of these…
DeAngelo, H. DeAngelo, L. & Skinner, DJ (1992) Accountign choice in troubled companies. Jour. Of Account. & Econ. 17, 113-143
Elliot, Barry & Elliot, Jamie: Financial accounting and reporting, Prentice Hall, London 2004
Gray SJ (1988) Towards a Theory of Cultural Influence on the Development of Accounting Systems Internationally Abacus, pp.1-15
A the direct support or supervision of individuals who deliver all, or any portion, of the personal financial planning process to a client.
A teaching all, or any portion, of the personal financial planning process.
Finally the applicant must agree to adhere to the CFP Code of Professional Conduct and submit to a background check. Any pending litigation must be disclosed.
The Financial Planner typically operates in four major areas: investment planning, estate planning, retirement planning and business succession planning. All of these areas are highly specialized and a planner may decide to specialize in one or more areas. Major firms will offer all of these services to clients, but the delivery method may vary by company. Firms such as Lincoln Financial Advisors, American Express Financial Services and AXA Advisors offer all of these services.
Another group of firms includes brokerage firms, also called wire houses, that may offer some…
The program focuses on building an ethical culture, but does not appear to specifically address fraud risk assessments, controls over fraud prevention or other SOX provisions.
3) the company currently focuses on training and enculturation to sensitize its employees to ethical issues. One suggestion would be to align executive compensation with the objectives of the shareholders. Options only bring about temporary alignment, so shares or other long-term strategies should be used instead. This will help management to focus on both ethics and profitability. Another suggestion would be to build upon their existing program by creating job-specific training as well as corporate-wide training. This way the scenarios that the workers are exposed to are specific to situations they might see, which will bring the message closer to home.
No author. (2008) Sarbanes-Oxley. American Institute of Certified Public Accountants. Retrieved December 16, 2008 at http://thecaq.aicpa.org/Resources/Sarbanes+Oxley/
No author. (2008). Federal Sentencing…
No author. (2008) Sarbanes-Oxley. American Institute of Certified Public Accountants. Retrieved December 16, 2008 at http://thecaq.aicpa.org/Resources/Sarbanes+Oxley/
No author. (2008). Federal Sentencing Guidelines. Ethics Resource Center. Retrieved December 16, 2008 at http://www.ethics.org/erc-publications/federal-sentencing-guidelines.asp
United States. I feel that auditors should be held to the highest standards and any implication of illegal behavior should be punishable under law.
Supreme Court aside, Congress has done much within Sarbanes-Oxley to address the legal ramifications concerning auditor misrepresentation. The principles regarding the elimination of conflict of interest remove one of the most significant motivations for the commission of fraud. I feel that overall, the legal framework for prosecution is strong. I do, however, feel that the industry should hold itself to a higher standard. The PCAOB can make life difficult for auditing firms, and this acts as a means of control, but surely an auditor willing to commit fraud will not be discouraged. Even the threat of being removed from the profession may not suffice.
There needs, in my opinion, to be a comprehensive degree of legal recourse. This should include but not be limited to civil…
Hasnas, J. (2005). The significant meaninglessness of Arthur Andersen v. United States. Cato Supreme Court Review. Retrieved April 29, 2010 from http://faculty.msb.edu/hasnasj/GTWebSite/AndersenDraft.pdf
Professional health care providers in direct contact with patients have been required to be licensed and credentialed demonstrating current competencies of quality and safe healthcare practice. Should similar licensing and credentialing requirements be imposed on collaborative workers in the health care industry who may not be directly serving patients (e.g., business office personnel, CEOs, CFOs, or other administrators)? Why or why not?
Collaborative health care workers should not be generally required to obtain similar licensing and credentials as their direct-patient care provider counterparts for two main reasons: redundancy and excessive costs First, requiring collaborative health care workers to obtain licensing and credentialing similar to direct patient care providers would be redundant because some collaborative health care industry executives who perform administrative tasks that do not involve direct patient care already possess professional licensing and credentials by virtue of their current occupational status and previous work experience (e.g., physicians or advanced…
training is sometimes necessary in order to provide the company a skilled enough worker to handle even the toughest work. However, sometimes, one does not have to seek the highlight training available to perform well on their job tasks. Sometimes training and education can be more of a hindrance than an aid. Public accounting firm personnel often have a difficult time with the various job responsibilities that have. Some believe additional training and education may help. Some believe it is a waste of time and resources to seek anything higher than CPA certification. Should public accounting firm personnel responsible for auditing information systems be required to have additional certification beyond the CPA? The answer is no.
hy say no? It is first important to look at the reasoning behind the answer. One can do this by examining what CPA is and what it stands for. CPA is an acronym…
Allen, Arthur, and Angela M. Woodland. 'The 150?Hour Requirement And The Number Of CPA Exam Candidates, Pass Rates, And The Number Passing'.Issues in Accounting Education 21.3 (2006): 173-193. Web.
Armitage, Jack. 'The Experience Requirement For CPA Licensure'. The CPA Journal 84.2 (2014): 61. Print.
Crespi, Cheryl S., and Marie Kulesza. 'Shifting Experience Requirements For Obtaining Initial Certification As A CPA: A Study Of Changing Standards And Experience Requirements'. Papers.ssrn.com. N.p., 2013. Web. 4 Nov. 2015.
Gleim, Irvin N, and Grady M Irwin. CPA Review. Gainesville, Fla.: Gleim Pub., 2010. Print.
.." And "The probability that my peers would undertake the same action is...." It is the difference in the responses given to these two questions, as captured on a seven point Likert scale, that is the measure of the social desirability response bias. (Tyson: 1992; Cohen et al.: 1995, 1996, 2001).
Many studies have been done on the role and correlation between moral development and ethical decision making as it applies to various professionals. A majority of these research studies have found that such things as gender, education, age and taking ethics courses in school have some affect on one's moral reasoning developments (Armstrong: 1993; Elm, Kennedy & Lawton: 2001; Jones & Hiltebeitel: 1995; Ponemon & Glazer: 1990; Shaub: 1994). However, many studies have also found exactly the opposite, in that no significant relationship exists. (Ma & Chan: 1987; Rogers & Smith: 2001; Thorne, Massey & Magnan: 2003).
Weber, J., & Glyptis, S.M. (2000). Measuring the impact of a business ethics course and community service experience on students' values and opinions. Teaching Business Ethics, 4, 341-358.
Weber, J., & Green, S. (1991). Principled Moral Reasoning: Is it a Viable Approach to Promote Ethical Integrity? Journal of Business Ethics, 10(5), 325-333.
Wynd, W.R., & Mager, J. (1989). The business and society course: Does it change student attitudes? Journal of Business Ethics, 8(6), 486-491.
The management accounting leads candidates into finance, risk management and even production management. hile CMA certification is not necessary to pursue a career in management accounting, it is recommended. The IMA claims that certified management accountants earn on average $25,000 more per year than non-certified peers (IMA, 2011).
As with the accounting profession in general, there is increased demand for management accountants. CMAs are in demand because of their ability to contribute to the profitability of businesses, and demand for CMAs is expected to grow in coming years. Because CMA job duties are less structured than those of financial accountants or auditors, CMAs enjoy greater career flexibility.
Both types of accounting positions are poised to enjoy significant growth. There is also a trend in business, particularly since Sarbanes-Oxley, of looking to accounting professionals to lead firms. More CEOs are coming from the accounting stream than ever before, which highlights the…
Bureau of Labor Statistics. (2011). Occupation outlook handbook 2010-2011: Accountants and auditors. BLS. Retrieved March 20, 2011 from http://www.bls.gov/oco/ocos001.htm
IMAnet.org, various pages. (2011). Institute of Management Accountants. Retrieved March 20, 2011 from http://www.imanet.org/ima_home.aspx
Taub, S. (2003) Now playing: CFO as CEO. CFO Magazine. Retrieved March 20, 2011 from http://www.cfo.com/article.cfm/3007934
The political pressure of the past several years following the dot.com bubble and the collapse of several major companies created a need for new securities legislation, which culminated last year in the Sarbanes-Oxley Investor Protection Act, which establishes new guidelines for the securities industry. Initially a Democratic brainchild, the act became favored by epublicans in the House when it was realized that such adjustments would be of great benefit to shareholder value in that they enhanced general financial stability. This is the most prominent piece of financial legislation since the establishment of the Securities and Exchange Commission in the early 1930's. The most widely recognized feature of the new legislation, which was introduced in 1992, is that board members are held personally and criminally liable for the accounting practices that the company employees. This act also establishes guidelines as to the coverage of securities by sell-side analysts who face…
Resources and Authority
Studies and Reports
Corporate and Criminal Fraud Accountability
White Collar Crime Penalty Enhancements
Corporate Tax Returns
In relation, this is also because the responsibilities of a CPA is chiefly based on financial and economic aspects of every organization around him as well as the economic standing of the entire nation.
The Importance of CPA to the Society
CPA plays a very important role to the society. Let's start in the general and most important area where CPA can greatly affect the entire society. That is, the role of CPAs in a nation's government. CPAs working for the government has the responsibility of maintaining a good financial condition of the country. Without them, it is possible that the financial budget of a nation may go out of what is necessary.
From the history of the United States' public accounting, Flesher and his colleagues, from their article The First Century of the CPA, indicates the significant role that certified public accountants have played in the industry of banking…
Understanding CPA Services: How to Choose a CPA
Retrieved on September 22, 2005 from Online. http://www.vscpa.com/Press_Room/About_CPA_Services.aspx#choose
TSCPA CPA-PAC. http://www.tscpa.org/gvtaffairs/cpapac/default.asp
Flesher, D., et. al. (1996). The First Century of the CPA.
Other industry concerns and costs that would have affected both stakeholders and investors is the overall cost of updating computer accounting systems and process to account for the new methodologies. The airline industry most likely would have had to drop the frequent flier campaigns even though they were very successful marketing campaigns due to the fact that the new deferred revenue method would have implied too many costs to make the programs worthwhile.
In conclusion, this essay involved collecting and summarizing research in regard to a specific company or industry that experienced accounting issues or an accounting issue. The focus of the essay was on United Airlines but it could have been applied to any other major airline. The main research came from a December 1991 story by Charles W. Taylor entitled "Airline Accounting: AICPA vs. FASB," which was on the December CPA Journal Online. The paper incorporated an…
Armstrong, David (Thursday, December 5, 2002). "United on the Brink: U.S. Refuses Aid to Second-Largest Airline -- Chapter 11 Looms." San Francisco Chronicle. Retrieved on November 29, 2004 at http://www.sfgate.com/cgi-bin/article.cgi?f=/c/a/2002/12/05/MN49473.DTL
PR News Wire. (April 19, 2000). UAL Corporation Reports Better-Than-Expected First Quarter Results; Raises Full-Year Outlook. Retrieved November 29, 2004, at http://www.corporate-ir.net/ireye/ir_site.zhtml?ticker=UAL&script=410&layout=-6&item_id=87484
Taub, Stephen (2002). "United Airlines Ditches Andersen." CFO, May.
Taylor, Charles W. (1991). Airline accounting: AICPA vs. FASB. The CPA Journal Online, Dec. Retrieved on November 29, 2004, at http://www.nysscpa.org/cpajournal/old/11726033.htm
ethics in the business and accounting communities has been a topic of broad discussion. From the collapse of Enron to the mishaps of Andersen the country has seen the most tumultuous ethical behavior in the history of our nation. The purpose of this discussion is to define ethics and the reasons why ethical behavior is important among accountants and business leaders. e will also explore ethical codes within the accounting and business communities. In addition we will provide examples of corporations that have performed both ethically and unethically. Finally we will focus on what changes need to be made to encourage ethical behavior.
Ethics is defined as the science of morality. (The Macmillan Encyclopedia) The Oxford Dictionary of Business defines ethical behavior as "Behavior judged to be good, just, right, and honorable, based on principles or guides from a specific ethical theory. However, ethical theories may vary from…
About the SEC. U.S. Securities and Exchange Commission. http://www.sec.gov/about/whatwedo.shtml
Code of Ethics. http://www.picpa.org/mem_indus/ethics/code/201.aspand http://www.picpa.org/mem_indus/ethics/code/203.asp
Creswel, Julie. "Will Martha Walk." Fortune Magazine. Published November 10, 2002
Dictionary of Business, Oxford University Press, © Market House Books Ltd. 1996
Accounting: Ethical Issues in Budgeting
What should an employee do when he or she discovers that there is an error in a projection?
Accounting professionals have a duty to observe high standards of conduct and integrity in order to uphold the reputation of the accounting profession. For instance, if an error occurs in sales projections, the accountant has a duty to correct the error immediately and inform the head of the department or manager of the company. Sales projections are crucial to a company's budget because they give an idea of the amount of revenue the company intends to generate in future. Since they help determine the health of the company, majority of the decisions the company makes will based on the projected figures. If an accountant chooses to conceal errors in the projections, therefore, wrong decisions will be made and the overall performance of the company will be affected…
Enron could engage in their derivative trading strategy with no fear of government intervention because derivative trading was specifically exempted from government regulation. Due in part to a ruling by the Commodity Futures Trading Commission's (CFTC) chairwoman, Wendy Graham, derivatives remained free of regulatory oversight. Ms. Graham, wife of Texas senator Phil Graham, made this ruling 5 weeks before resigning as chairwoman of the CFTC and joining the Enron oard of Directors in 1993.
Derivative accounting is further complicated because there is no consistent way to fairly report their value and risk in a company's financial report. In 1998 Rule No. 133, "Accounting for Derivative Instruments and Hedging Activities" was developed by the Financial Accounting Standards oard (FAS), an independent agency that sets guidelines for corporate auditors. Rule 133 contains more than 800 pages, which further complicates its adoption and consistent interpretation by various companies. SFAS No. 133 was subsequently…
Dettmer, Jamie, and John Berlau. "Requiem for Enron: There's Enough Blame to Go around for the Collapse of the Energy Giant From Executives to Auditors to Financial Analysts to Congress." Insight on the News 7 Jan. 2002: 12+. Questia. 10 Mar. 2005 .
Folbre, Nancy. "Blowing the Whistle on Poverty Policy." Review of Social Economy 61.4 (2003): 479+. Questia. 10 Mar. 2005 .
Gup, Benton E., ed. Too Big to Fail: Policies and Practices in Government Bailouts / . Westport, CT: Praeger, 2003.
Hartgraves, Ai L., and George J. Benston. "The Evolving Accounting Standards for Special Purpose Entities and Consolidations." Accounting Horizons 16.3 (2002): 245+..
It also publishes interpretations about certain rules.
WHEN AN ACCOUNTANT FAILS
The AICPA's Code of Professional Conduct is considered to be a binding agreement for every CPA in America.
As with other professions most accountants are ethical and honest in their dealings with their clients, however every so often a problem arises that must be disciplined. This can happen in a purposeful attempt to be deceitful, or it can happen by an error in judgment or an error in practice. egardless of how or why it happened a review is called for and a sanction or discipline course of action is decided upon (Badawi, 2002).
Most of the violations that occur are ethical dilemmas that are relatively easy to solve but some of the problems become quite in depth and resolution is more difficult to reach.
A study of conduct violations in a ten-year period produced the following result.
Badawi, Ibrahim M.(2002) Accounting codes of conduct, violations and disciplinary actions. Review of Business; 1/1/2002;
Carey, J.L. The CPA Plans for the Future. New York, NY: AICPA, 1965.
Demski, J.S. And J. L Zimmerman.(2000) "On Research vs. Teaching: A Long-Term Perspective." Accounting Horizons
462). It is small wonder that some insurance companies understand the risks of insuring lives and the accompanying cash surrender values of a life insurance policy.
In a prime example of how some insurance companies were caught up in the evaluation game is the case of AIG, the company that forgot that the value of its stock, or the value of the company was based primarily on a fair value, that might not have been fair at all. The harbinger of disaster was when the financial marketplace placed a fair value on AIG that was far below what the company believed it should be. This scarcity could be one of the primary reasons why the financial industries around the world are in the torrents they are currently swimming.
Some of the literature available touched on the primary causes of the current financial crisis before it took place. One recent study…
Bacinello, a.R.; (2003) Fair valuation of a guaranteed life insurance participating contract embedding a surrender option, the Journal of Risk and Insurance, Vol. 70, No. 3, pp. 461-487
Cho, H.; Shilling, J.D.; (2007) Valuing retail shopping center lease contracts, Real Estate Economics, Vol. 35, No. 4, pp. 623-649
Gang-Zhi, F.; Tien, F.S.; Seow, E.O.; Simans, C.F.; (2004) Governance and optimal financing for asset-backed securitization, Journal of Property Investment and Finance, Vol. 22, Issue 4/5, pg. 414
Gilbert, R.J.; Klemperer, P.; (2000) an equilibrium theory of rationing, the Rand Journal of Economics, Vol. 31, No. 1, pp. 1-21
Small Business Success
The author of this report is asked to offer a small business and human resources plan given a certain scenario. A small business with close to one hundred employees is still lacking a distinct and separate human resources department. This is where the author of this report is asked to step in and fill that void. The author of this report will use a company with which the author is familiar as a basis for this review and analysis. Overall, the points of analysis will include the direction and strategy of the company over the next five to ten years, an overall human resources strategy that will be used, the competitive advantage that can be associated with that strategy, and a human resources scorecard that includes the proper four dimensions of financial, customer service, internal process and learning/growth/sustainability. While human resources is not a distinct and focused…
Brann, M.J. (2015). Improving unit performance with a staff-driven peer review process. Nursing Forum, 50(2), 63-68. doi:10.1111/nuf.12082
EEOC. (2015). EEOC Home Page. Eeoc.gov. Retrieved 17 July 2015, from http://EEOC.gov
Reed, S. & Bogardus, A. (2012). PHR. Hoboken: John Wiley & Sons.
Stewart, G. & Brown, K. (2011). Human resource management. Hoboken, N.J.: Wiley.
That was the year that significant changes were made in the Securities Act and the rules for bringing class action lawsuits were adjusted and modified. Because of those changes, it became more important from a litigation standpoint to ensure that conservatism was used in accounting valuation. Because there are empirical differences between the contracting and litigation perspectives, there have been many discussions regarding them in the past and that will likely continue well into the future. Each accounting firm must do what it feels is in the best interest of both itself and its clients, but the avoidance of lawsuits is a highly significant issue to consider when a company is planning to focus on a particular accountancy option.
C. Income Tax Perspective
Because income taxes are so closely tied to earnings, it only stands to reason that there would be an accounting valuation issue as it relates to conservatism…
Ahmed, A.S., B. Billings, M.S. Harris and R.M. Morton. 2001. Accounting conservatism and cost of debt: An empirical test of efficient contracting. Working paper, Syracuse University.
Ahmed, A.S., R.M. Morton and T.F. Schaefer. 2000. Accounting conservatism and the valuation of accounting numbers: Evidence on the Feltham-Ohlson (1996) model. Journal of Accounting, Auditing & Finance 15 (Summer): 271-292.
American Institute of Certified Public Accountants, Committee on Accounting Procedures (AICPA). 1939. Accounting Research Bulletin 2.
Antle, R. And R. Lambert. 1988. Accountants' loss functions and induced incentives for conservatism. In Economic Analysis of Information and Contracts: Essays in Honor of John Butterworth, edited by G. Feltham, A. Amershi, and W. Ziemba. Boston, MA: Kluwer Academic Publishers.
Healthcare Financial Statements emphasizes on how accountants belonging to a healthcare organization make use of the accounts rule to evaluate their organization's financial statements. This paper also outlines the troubles a company could be into if its manager has no knowledge of interpreting the financial statements. This paper also highlights the steps taken by managers who have no background of finance.
Healthcare Financial Statements
All organizations whether they are linked to business, education or healthcare make excessive use of Accounts and Financial Statements to keep a check on their finances. If financial statements are not maintained then a check on the company's profit or loss or simple money expenditure cannot be analyzed. Hence, it is extremely important for healthcare organizations to acquire professional accounting services. Personnel who are in charge of the accounting department need to establish what and how the procedures will be carried out. An organization that is…
Advanced Financial. Eclipsys Technologies Corporation. 2003. Available on the address http://www.eclipsys.com/solutions/Software/DATASHEET_SearchAmerica_med.pdf. Accessed on 20 Feb. 2004.
Alan R. And Robert D. Applying New AICPA Accounting Rules On Special Reports. Healthcare Financial Management. Apr. 1998.
Don't Sit Back When The Accountants Hold The Floor! Available on the address http://melbrooks.co.za/bus_broc.htm. Accessed on 20 Feb. 2004.
John B. The New Health Care Organizations Guide: Practical Implementation Issues. The CPA Journal. 1 Jul. 1997.
For example, managers can increase productivity by assigning the right number of employees to each project, avoiding over- or understaffing. Managers should also be sensitive to interaction problems between employees. When managers are aware of personality conflicts between employees, they should avoid assigning them to the same team.
Increasing productivity involves a careful study of employees' work performance and of managerial decisions, a daunting process in which individuals may feel unfairly singled out or victimized. While this process is painful, it is appropriate when responsibility for low productivity clearly lies with certain individuals. if, however, it is not obvious who the culprits are, the best approach to take is to consider not only individual responsibility, but also search for larger systematic factors behind the low productivity. The problem may be a result of poor management of people and inadequate allocation of resources. Alternatively, it could be the result of an…
Auditing; Topic: Materiality in Auditing
With respect to the field of auditing, materiality is a critically important concept addressing the significance of discrepancies, amounts, and transactions. Specific materiality guidelines are required in accounting practices to avoid judgmental (legal) decisions. Materiality is applied for most, if not all, economic decisions, and the topic of materiality is not a new issue. Disclosures in re financial statements have been emphasized by courts in the United Kingdom since the 1800's, whereas materiality initially rose to importance in the United States following 1933's Security act. The significance of the materiality concept and its implications are pertinent to business decisions, as well as for analysis and preparation of financial statements and in order to apply GAAP, generally accepted accounting principles.
For the accounting field, as well as for all fields of management, the concept of materiality is central to decision making. If something is considered to…
Ball, R., and P. Brown. (1968). An Empirical Evaluation of Accounting Income Numbers. Journal of Accounting Research 6 (Autumn): 158-178
Brennan, N. & Gray, S., (2005). The Impact of Materiality: The Impact of Materiality:. The ICFAI Journal of Accounting Research, IV (1), pp. 61-84.
Chewning G., S. Wheeler, and K. Chan. (1998). Evidence on Auditor and Investor Materiality Thresholds Resulting from Equity-for-Debt Swaps. Auditing: A Journal of Practice and Theory (Spring): 39-53.
Collins, D., and W. Salatka. (1993). Noisy Accounting Earnings Signals and Earnings Response Coefficients: The Case of Foreign Currency Accounting. Contemporary Accounting Research 10(1) Fall: 119-159.
I (We) have compiled an accompanying Statement of Financial Performance and Statement of Financial Position as of (at) June 30, XXXX, in accordance with the Statements of Standards (Putra, 2012) and Review Services issued by the American Institute of Certified Public Accountants. A compilation is limited to presenting in the form of financial statement information that is the representation of management (owners). I (We) have not audited or reviewed the accompanying financial statements and, accordingly, do not express an opinion or other form of assurance on them (Putra, 2009).
The sale of the appliance is recorded by transaction date in the general ledger, cash receipts journal, sales journal, and have a dated cash register receipt and sales receipt. The general ledger has a debit of cash for $800 and a credit to sales for $800. Transactions are recorded by the Accounts Receivable Clerk and verified and…
Codija, M., n.d. Effectiveness of Internal Control over Cash. [Online]
Available at: http://ehow.com/facts_6822858_effectiveness-internal-control-over-cash.html
[Accessed 29 May 2012].
Penner, S.J., 2004. Controlling budget variances: administrators should identify the budget items they can control vs. those they can't, and have the wisdom to know the difference. [Online]
The accounting profession has had more than its share of ups and downs in the last two decades. The business environment in this period, led by major technological innovations, has changed drastically and become infinitely complex -- making the job of accountants far more varied. hereas once Certified Public Accountants (CPAs) worked almost exclusively in accounting, auditing or tax preparation, now CPA firms have to handle fields such as financial planning, tax planning, business development, financial management, information systems, risk management, forensic and fraud auditing, among others. In addition, the highly publicized business scandals such as the Enron and the orldCom bankruptcies in 2001, the resulting public focus on the accounting profession, and the enactment of important accounting legislation such as the Sarbanes-Oxley Act of 2002 have forced the CPAs to respond to the changes. This paper takes a look at some of the recent changes in the…
Colson, Robert H. "CPA Journal Education Forum Anticipates Future." The CPA Journal. 72: 8. (2002): 20+.
Telberg, Rick. "Happy New Year! Yes, It Really Could Be." At Large Column. December 29, 2003 The AICPA Website. February 20, 2004 https://www.cpa2biz.com/News/Telberg/Happy+New.htm
This is reflected in the popularity of the MBA degree, both among the students and the recruiting firms survey by Albrecht and Sack (2000) revealed that nearly 100% of accounting educators and 79% of accounting practitioners stated that they would not get an accounting degree if completing their education all over again
In June 2002, a federal jury convicted Andersen, Enron's independent auditor, of obstruction of justice, prohibiting the firm from practicing before the SEC and ending its audit practice.
The Whatever School of Business at Whatever University prepares its students well for the accounting profession but also encourages them to engage in critical debate about how to honor the different interests and demands of stakeholders at a corporation, and to balance the law with the needs of the client, regardless of whether the client is a 'real' individual or the fictional individual of a corporation. On a larger level, I believe that my experiences as an international student at Whatever will help me as an accountant student and eventually as a CPA. I am used to balancing a variety of different perspectives, as I have had to learn about the United States while learning about American and world economic systems in my classes.
In my classes at Whatever many of the students are interested to hear about the additional life experiences that I have had because I am several…
International accounting - Evaluate research theories and methodologies to classify accounting systems internationally
The necessity of accounting standards is given by the fact that financial statements should describe financial performance in a fair and consistent manner. Lacking standards, users of financial statements would be required to master the accounting rules of each company, and any comparison between companies' performances would be almost impossible.
Accounting standards are essential to the healthy development of an international financial reporting structure. Around the world several accounting traditions have been developed as a response to the needs of users who are in need of the financial information. Some countries, for instance, chose to build the structure of accounting standards around the needs of private creditors, while other countries were more concerned with the needs of tax authorities or central planners. As a characteristic of the United States, the needs of participants in the capital markets…
1. SEC Concept Release: International Accounting Standards
SECURITIES AND EXCHANGE COMMISSION
17 CFR PARTS 230 and 240
RELEASE NOS. 33-7801, 34-42430; INTERNATIONAL SERIES NO. 1215]
Admission to graduate school depends on the test takers scores on the verbal and quantitative sections of the GRE.
ackground of the GRE
Historically speaking, there has been widespread criticism of the GRE, as some have argued for decades that GRE scores do not constitute a meaningful measure of a potential graduate student's knowledge or capability for success. Many schools and universities have disagreed with the subject test requirements, and the GRE has been considered in certain historic times as irrelevant. In fact, recent reports and questionnaires indicate that the GRE is not as significant in determining graduate admissions as once believed. Researchers have suggested implementations and changes in the GRE that would make it more realistically predictive, such as the development of improved versions of GRE test subjects in more areas of the social sciences. The graduate schools could use these social science scores to as a better gauge…
Accounting Institute Seminars. (2006). CPA Exam Dates and Structure. Retrieved November 15, 2006 at http://www.ais-cpa.com/dates.html
ADA. (2006). Dental Admissions Test (DAT). Retrieved November 15, 2006 at http://www.ada.org/prof/ed/testing/dat/index.asp
Princeton Review. (2006). What is the GRE? Retrieved November 15, 2006 at http://www.psywww.com/careers.gre.htm
Wyhe, G. (1994). The Struggle for Status: A History of Accounting Education. New York" Garland Publishing.
performance indicators and internal budget controls like reviewing staff hours can be used to assess individual and organizational accountability. Strict AICPA standards are required for the peer-review process. In addition, internal budget controls are also effective performance indicators.
The American Institute of Certified Public Accountants (AICPA) has published extensive and strict guidelines regarding the CPA peer review process (AICPA). The standards for membership in the AICPA are strict, "to retain their membership in the American Institute of Certified Public Accountants (AICPA) members of the AICPA who are engaged in the practice of public accounting in the United States or its territories are required to be practicing as partners or employees of firms enrolled in an approved practice-monitoring program..."
In accordance with the AICPA standards, the firm will chose a single, qualified CPA from a list provided by the AICPA to conduct a peer review. This person will review working conditions,…
IACPA. Standards for Performing and Reporting on Peer Reviews. 23 October 2003. http://www.aicpa.org /members/div/practmon/stdstitle.htm
GAAP is a set of specific common guidelines, provided by the institutions such as the Financial Accounting Standards oard, the American Institute of Certified Public Accountants and the Securities and Exchange Commission, about "acceptable accounting practices"
These acceptable practices should not necessarily be regarded as a set of ground rules. In fact, it is a common denominator, useful when foreign firms, especially auditing companies, proceed to financial verifications. The GAAP provide for an easier task from the auditing companies and anybody else who interprets the financial statements.
In the case of Legal Plan Services, the GAAP guidelines will provide the necessary information that will permit a common evaluation, a common ground on which revenue and expenses can be considered. esides being interpretable by more than one side, the GAAP guidelines are, in this case, rules which allow for the company's accounting methods to be understood by others and would permit,…
1. What are Generally Accepted Accounting Principles?. On the Internet at http://www.allbusiness.com/articles/content/17954.asp
2. Issues Related To The Recognition pf Revenues and Liabilities. The Financial Accounting Standards Board. March 2002. Page 1. On the Internet at http://www.fasb.org/proposals/recognitionrev& ; liab.pdf
3. Statement of Financial Accounting Standards No. 48 - Revenue Recognition When Right of Return Exists. Financial Accounting Standards Board. June 1981. Page 4. On the Internet at http://www.fasb.org/pdf/fas48.pdf
4. Summary of Statement No. 33 - Financial Reporting and Changing Prices (Issued 9/79). On the Internet at http://www.fasb.org/st/summary/stsum33.shtml
Internal evenue Service's Use of Circular 230 to egulate Tax Preparers
An oft repeated maxim in American history states sardonically that "in this world nothing can be said to be certain, except for death and taxes" (Franklin, 1840), and under the modern statutes of federal tax code that observation has never been more prescient. With taxes imposed by local, state and federal governments throughout the entirety of our natural lives, Americans living in 2012 may be facing the most extensive excises ever levied by one nation on its citizenry. Considering the dreaded annual income tax, the sales taxes added to the cost of consumer goods, and property taxes attached to home valuations, the average person is compelled to contribute thousands of dollars annually to support the revenue shortages of a mismanaged federal government. Even the choice to gift a sum of money to your child, spouse or lifelong friend, perhaps…
Franklin, B. (1840). Letter to m. le roy on the affairs of france. In J. Sparks (Ed.), The works of Benjamin Franklin: containing several political and historical tracts not included in any
former edition, and many letters, official and private, not hitherto published; with notes and a life of the author (Vol. 10th). Retrieved from http://books.google.com/books?id=weTtwiiGUYQC&printsec=frontcover&source=gbs_
Fraud in income tax return preparation. Hearing before the Subcommittee on Oversight of the Committee on Ways and Means, 109th Cong. 1 (2005).
Then again, even the sites that allow for such commentary often don't receive any. PwC IFS hasn't received any comments in the past month on any of its articles, for instance, though it does provide accurate and fairly up-to-date information. Part of the reason for this could be the fact that this blog, like many others in the accounting world, are run by large firms -- Price Waterhouse Coopers, in this case. Though this does not mean there is necessarily a bias at work in the blog, and indeed certain differing opinions are allowed, the fact that the information on such blogs is so directly under the control of a single for-profit entity means it must be regarded as at least slightly suspect. As these resources are also free, however, there is no harm in regularly browsing them.
Accounting and Business esearch. Accessed via EBSCO 8 October 2009.
Accounting and Business Research. Accessed via EBSCO 8 October 2009.
Accounting Historian's Journal. Accessed via EBSCO 8 October 2009.
Accounting and the Public Interest. Accessed via EBSCO 8 October 2009.
Accounting Today. Daily print periodical. 2009 issues reviewed.
One such exemplary resource is Epicor's recent guide, "Managing Today's Professional Services Organization: How to Improve Efficiency and Increase Profits" (2011). Although the guide contains some self-serving information concerning Epicor's own IT product line, the bulk of the guide is devoted to timely and informative insights concerning how IT can facilitate project delivery in professional services organizations. For instance, according to Epicor's guide:
Ultimately, a successful operational model demands higher-order tools such as resource, opportunity and knowledge management to achieve operational best practices. The reality facing most organizations, from small, specialized firms to the largest, most sophisticated multinational consulting agencies, is the same -- each faces significant challenges related to accurately and efficiently capturing time and expense, managing work-in-progress, generating and approving invoices, and reporting on project and client status. (Managing today's professional services organization, 2011, p. 1)
Given the wide array of enterprises that now fall under the umbrella…
Ashby, M.D. & Miles, S.A. (2002). Leaders talk leadership: Top executives speak their minds.
New York: Oxford University Press.
Bielski, L. (2002). Talent is available, will anyone grab it? ABA Banking Journal, 94(5), 30-32.
Copeland, M.C. (2010, August). Marketing and advertising for CPAs: Leading-edge strategies.
My work experience and responsibilities have included retail and sales, and working at the Blackwell Hotel. The hotel is affiliated with the Fisher College of Business. In this job, I have had opportunities to meet many professors and graduate students from the College while working as a server for the Grab 'n' Go sandwich shop. This work experience has helped to increase my knowledge of service-related business practices and of people in general, professionally and personally.
In addition, I have worked in the past for my aunt, who is an accomplished, and very experienced, business entrepreneur. My aunt has taught me a great deal about the business world and about interfacing with varied and diverse groups of people in a constructive business capacity. She owns a business that focuses on helping women from all walks of life begin their careers through investing in their own businesses, and themselves.
These interests underscore a premise concerning my professional development in a larger sense, which denotes that it is not simply advancement that will be gained through a continued acquisition of knowledge but that, indeed, such development may be necessary to simply remain competitive and competent in the field.
This is underscored by the premise arguing that "knowledge in many fields is doubling every two to three years, and your personal interests and needs are changing constantly. Being a motivated lifelong learner will allow you to ride the waves of change, remaining able to manage and achieve your evolving career and personal goals." (Carter et al., 3) Drawn from the report entitled Keys to College Studying, this offers the sentiment that my future is likely to be considerably more open to opportunity if I continue to strive to be knowledgeable and to remain active in my professional education.
Perhaps more than…
If the decision is made to remain affiliated with the taxpayer, the member should ensure that the error is neither repeated nor perpetuated.
The rules and regulations implemented for tax service providers and other officials working with taxpayer clients are established in order to ensure the stability and ethical values of the position. Taxpayers are very important, as they uphold the economics and financial health of their community and their country. In this regard, it is the obligation of the tax service official to respect both the system and the client by upholding a high level of ethics.
In turn, the taxpayer should assist the preparer in the mission to provide accurate information that is free of errors. In the case of errors, it is important to emphasize that the system does provide for human error. If either the tax preparer or the taxpayer can be shown not to…
On the other hand, Enormo Corp is a big client for CPA, and exposing its case to authorities, would mean losing it.
As an alternative, CPA can refuse to work with Enormo Corp in this case and Enormo would be forced to resort to a different auditing company.
3. ecommended course of action. CPA has the right to handle this situation with the client, while trying to continue to have a professional relationship in the future. So, the suggested course of action would be to address the issue to a higher authority, start documenting it and explain to the client the implication of such documentation. The auditing firm also has the right to protect its integrity, so in this case it is essential to document the findings. However, since there is no rule that forces the auditor to report such discrepancy, the auditor will chose to restrict its actions to…
AICPA - the American Institute of Certified Public Accountants 1999, ET Section 102 - Integrity and Objectivity, http://www.aicpa.org /
IFAC - the International Federation of Accountants, 2007 Handbook of International Auditing, Assurance, and Ethics Pronouncements, www.ifac.org
edesign and Workplace Assessment
What goes into the accountant profession? Are many responsibilities placed on the individual as well as the business? How does one remain motivated through his or her daily work activities? Will he or she become a success through these endeavors? One will discuss job redesign and workplace rewards.
Certified Public Accountants (CPA) have an impact at every organization they work at on a regular basis. Many in this profession rely on their firm to teach them the necessary information needed in order to understand what is required of them, such as ethics and culture. Training is involved for a new employee as well. In order for a CPA to do their job effectively, he or she has to follow a code of ethics. This lies with the individual rather than the company (Colson, 2003). "Professionals are expected to follow their profession's ethical codes even when these…
Colson, R. (2003). Principles of professional conduct. Retrieved May 15, 2011, from The CPA
journal: http://www.nysscpa.org/cpajournal/2004/104/text/p80.htm .
U.S. Department of Justice. (2011). Careers. Retrieved May 15, 2011, from U.S. Department of Justice: http://www.justice.gov/.
Success cannot be genealized; too often the wod is used as a tem efeing to financial independence o owning one's own company. Yet the sanitation woke who goes to bed each night with a smile on he face also connotes success in the moden wold. I suppot a multiplicity of success, a divesity of deams fulfilled.
My success, howeve, definitely includes financial independence and caee ecognition, but it also includes the clea conscience that comes fom knowing that I did it all by and fo myself, with confidence and conviction. Like Roak in Rand's book, I got whee I am today due to my had wok and not hand-outs. Thus fa I have not compomised my beliefs o goals to fit with pevailing noms, just as Roak would not deign to design that which disgusted him o sell out. Like Roak I listen to intenal cues and heed not the…
references, determining which courses to take in college, and seeking professional experience that will help me master the skill sets requisite for success as a CPA. Therefore, I hope to find internship positions within firms that I am interested in the hopes of eventually securing an entry-level position immediately upon graduation. I also need to network with role models in the field, and when I am enrolled at USC I will immediately seek interactions with like-minded yet challenging individuals in a mutually supportive atmosphere.
Along with taking relevant coursework I hope also to participate fully in campus life: through social and athletic activities I can truly flourish as a student at USC. Though I am just taking the first steps toward a successful accounting career I know now that I will contribute to the USC campus environment. My singular set of skills and philosophies will be an asset to the USC community, in which I feel I will flourish and succeed. My definition of success therefore currently includes admission to the university as an accounting major. Thank you for your consideration.
family influenced your career direction in both subtle and direct ways?
My grandparents, parents and siblings have all influenced my career direction in direct and indirect (but sometimes not so subtle) ways. For instance, my paternal grandfather always insisted that I should attend college and "make something of myself" because he never had the opportunity. Likewise, my maternal grandmother consistently encouraged me to pursue a career in art because I liked to draw and once drew a picture when I was 10 years old that looked vaguely like her (she still has it framed and hung on her bedroom wall). My father is adamant that I should become some type of professional ("It doesn't matter what kind, just learn how to do something people will pay you a lot of money to do"). In addition, my older brother (a certified public accountant with an insurance company) has encouraged me to…
Accounting - CPA Letter to Client
Certified Public Accountant
Pine Accountants Company
E: CAPITAL STUCTUE OF A NEW COPOATION
When starting a company, there is need for financial capital, which is necessitated for the operation of the business. This financial capital is done either through debt or equity, which make up the company's capital structure. The main issue here is to determine which of these two options are best for your start-up company.
Equity financing does have its benefits. For starters, the funding will be dedicated to your business and the intended business operations. In addition, there will be no hassle for keeping up with the costs of debt finance, which will allow you to use the capital acquired for business activities. More importantly, the equity investors, similar to you, will have a vested interest in the success of the business. Equity financing does not face…
Damodaran, A. (2003). The Debt-Equity Trade Off: The Capital Structure Decision.
Marsh, P. (1982). The choice between equity and debt: An empirical study.The Journal of finance, 37(1), 121-144.
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One such exemplary resource is Epicor's recent guide, "Managing Today's Professional Services Organization: How to Improve Efficiency and Increase Profits" (2011). Although the guide contains some self-serving information concerning…Read Full Paper ❯
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These interests underscore a premise concerning my professional development in a larger sense, which denotes that it is not simply advancement that will be gained through a continued acquisition…Read Full Paper ❯
If the decision is made to remain affiliated with the taxpayer, the member should ensure that the error is neither repeated nor perpetuated. Conclusion The rules and regulations implemented…Read Full Paper ❯
On the other hand, Enormo Corp is a big client for CPA, and exposing its case to authorities, would mean losing it. As an alternative, CPA can refuse to…Read Full Paper ❯
edesign and Workplace Assessment What goes into the accountant profession? Are many responsibilities placed on the individual as well as the business? How does one remain motivated through his…Read Full Paper ❯
Success cannot be genealized; too often the wod is used as a tem efeing to financial independence o owning one's own company. Yet the sanitation woke who goes to…Read Full Paper ❯
Family and Marriage
family influenced your career direction in both subtle and direct ways? My grandparents, parents and siblings have all influenced my career direction in direct and indirect (but sometimes not…Read Full Paper ❯
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