Introduction
American Institute of Certified Public Accountants The non-profit professional organization, American Institute Certified of Public Accountants (AICPA), was founded in the United States of America. The professional organization was founded in 1887, to help ensure that the accounting profession will gain the same respect as the other prestigious occupations have received from the public. The accounting profession, similar to the medical, legal, and engineering profession, is characterized by “…rigorous educational requirements [150 credit hours], high professional standards, a strict code of professional ethics, licensing status [Uniform CPA Examination], and a commitment to serving the public interest” (AICPA, 2016). The five characteristics help ensure that accountancy profession is practiced by competent and ethical accountants. With more than 400,000 members located in 144 countries, the AICPA is the largest professional organization of Certified Public Accountants (CPA) serving in the public’s interest (AICPA, 2016). There are four different types of membership one can obtain at AICPA, but to become a member of the AICPA there are extra requirements. Whether it is passing the Uniform CPA exam, continuing their education, or abiding the AICPA’s Bylaws, it is an extra requirement to guarantee accountants are capable and ethical. The AICPA’s mission is:
Powering the success of global business, CPAs, [Chartered Global Management Accountant (CGMAs)] and
Article 8 gives examples on using the AICPA Code of Professional Conduct. The article gives the example of you taking over the role of handling the independence and ethical matters involved with auditing for a retiring partner in your firm. You are quickly given the task of determining whether or not your firm can provide auditing services to a client that owns a small, privately owned bank and a used car dealership. To perform work for the client you want to see the rules on how the firms will remain independent from the bank and car dealership, and you have a week to research any questions or concerns that you have with the potential client.
The profession of accounting is a one that is highly regulated, due to the knowledge and power each accountant possesses. Although an accountants duties differ from one position to the next, the main sectors that accountants pursue are auditing or taxation. Auditing is ensuring the public that the information listed on the financial statements of public companies is free of material misstatements. While taxation is helping people or companies file their tax returns to the federal government or offering tax advice. In the world of auditing, you either follow the Public Company Accounting Oversight Board (PCAOB), for public company audits, or the American Institute of Certified Public Accountants (AICPA), for other entities
“ In order to prevent fraudulent financial reports and statements, the American Institute of Certified Public Accountants(AICPA) has created ethical standards” (Ethical standards in a financial statement, 2011). These standards aim to make financial professionals accountable for their accounting practices. This includes the integrity of financial reporting and ensuring financial reporting is done fairly and factually. Financial accountants and professionals should maintain professional integrity, objectivity, and independence to reduce the risk of resulting legal action, loss of profits, and a poor reputation if improper financial reporting is done (Ethical standards in a financial statement, 2011).
This post will discuss two ethical accounting dilemmas that could occur in the CPA profession. For each dilemma, it will explain how the dilemma could be resolved based on logic and reason. It will then support that proposed resolution through support from the American Institute of Certified Professional Accountants (AICPA) Code of Professional Conduct.
The Chartered Accounting profession of South Africa is one of the most esteemed professions in the world, due to the enhancement and maintenance thereof by the South African accounting institutions (South African Institute of Chartered Accountants, 2011). This essay will discuss the Chartered Accounting profession in South Africa by referring to the professionalisation of accountancy in South Africa and the professional status of Chartered Accountancy in terms of the definition of a profession. This essay will furthermore explore the mechanisms that are inaugurated at present by the South African accounting institutions to maintain the professionalism of Chartered Accountancy.
The American Institute of Certified Public Accountants (AICPA) is a professional accounting organization whose members are certified public accountants (CPAs).
AAPC was founded in 1988 to provide education and professional certification to physician-based medical coders and to elevate the standards of medical coding by providing training, certification, networking, and job opportunities. The price to become a member of AAPC for an individual is $160 Annually, for a AAPC student is $90, for a non-AAPC student is $110 and for corporate will be $950 and $95 each add on. Some qualifications to join AAPC are: education, savings, acknowledgment, advocacy, events and networking. AAPC offers a variety of certifications. Instructor Certification, Physician Practice Manager Certification, Medical Compliance Certification, and Medical Documentation Certification, etc.. are some of the certifications they have.
Accountants are held to a higher ethical standards and they must performed their duties in compliance with standards or ethical values of honesty, integrity, objectivity, due care, confidentiality, which must be fully committed to. They must put clients or public interest first before their own. They must have and ethical values and maintain those values way beyond what the society or the company’s code of ethic. It is important that accountants’ behavior or ethical values is in conformity with the
Ethics in any industry is important, but for Accounting professionals and those in need of their services, it is a particularly stressed element. Information provided by accountants is used to make major decisions, including investing, downsizing, expanding, etc, so accountants are expected to be competent, reliable, and have a high degree of professional integrity. Because of these high expectations, the professional accountancy industry, like many other professions, has adopted professional codes of ethics (Woelfel, 1986). These ethical codes go above and beyond the requirements for state or federal laws and regulations. There are several professional organizations within the
In order to adapt to the changing needs of professionals in the accounting industry and maintain the relevance of current accounting skills, the American Institute of Certified Public Accountants (AICPA) has made the decision to remake the CPA exam. During the January 2014 to September 1, 2015 timeframe, the AICPA used a number of focus groups, which included supervisors of newly-licensed CPAs, practicing CPAs, and boards of accountancy members. These industry professionals were asked to provide feedback with how to better prepare candidates to serve the accounting industry. The AICPA released a proposal on September 1, 2015, that reviewed all suggested changes (Roger CPA Review, 2015). The
As a firm, we have an uncompromising dedication to quality and excellence in everything we undertake. We participate in the American Institute of Certified Public Accountants (AICPA) Peer Review Program, which covers our audit and accounting practices. This program requires our Firm undergo an examination of our quality control policies and procedures every three years by an independent public accounting firm. Because of our dedication to quality, we have selected a premier peer review firm for this evaluation and have received “pass without deficiency” (the highest achievable rating) on each of our examinations including the review completed earlier this year. See Appendix A for a copy of the most recent Peer Review Letter.
With professions having this tremendous knowledge regarding a company’s financial standing and not being able to disclose the information to the public it can create major investment errors. With these restrictions in place by the AICPA the accountants and auditors “… in a position of having to choose between earning a livelihood or making a proper ethical choice” (Synder, 2011).
What draws me into the field of accountancy? Why do I want to launch a career as a certified public accountant (CPA)? What is there about numbers, spreadsheets, profit and loss statements, audits, inventory and fiduciary responsibility that appeal me? In this paper I will describe in detail the reasons why I am attracted to this field. Also, what are the duties and responsibilities of a CPA? How available are job openings for a person with the education and experience to work as a CPA? How well to companies compensate those hired as CPAs? These questions and issues will be thoroughly reviewed in this paper.
For the presentation of the literature review, the author used a logical methodology by first explaining the study’s purpose, search strategy, and the basis for the theoretical framework. Delving into the historical literature, the author focused on agency theory, the principal-professional relationship, early IFRS research, and the rationale behind IFRS’ CPE for the Certified Professional Accountant (CPA). Switching gears to current literature, the author again focused on the principal-professional relationship and CPE rationale, and ended the section with a review of IFRS’, its status in the United States, and results from other adopting IFRS in other countries. The author summarized the literature review emphasizing the need for IFRS’ CPE as a responsibility of accountants under the principal-professional relationship through motivation by the professional (accountants) and the profession (accounting agencies).
Nowadays, accountancy sector seems to be more and more attractive to students as accountant is considered as the ‘best job’ in the world according to a survey of LV Company (2013). Therefore, in that competitive position, with most students who are majoring in this area, achieving a qualification from a particular professional body is generally considers as their first aim to the colossal success of career in accountancy. By being qualified, students might be recognised and obtained more global opportunities in business career in such a competitive accounting industry. ACCA and CIMA are two standout accounting bodies which award people those qualifications. ACCA and CIMA have their own policies and operation systems. This essay will