The American Institute of Certified Public Accountants (AICPA) was formed in1921. The organization, however, does have history dating back to 1887. The AICPA is the face of the CPA profession. Rule-making and standard-setting for the profession is handled by the AICPA. The organization also serves an advocate before interest groups and legislative bodies. Besides developing standards and grading the Uniform CPA Examination, the AICPA also enforces technical and ethical standards. Being a member of the AICPA has many advantages to advance a profession’s career. Every year the AICPA offers at least sixty conferences and workshops. These workshops are open to the 400,000 members. Not only are these conferences and workshops great networking
Section 5082 through 5095 of the California Accountancy Act establish the requirements to become a CPA. Which principle of the AICPA Code of Conduct is related to these requirements? Explain the relationship.
These methods include the structure of the CPA firm and the procedures established by the firm. The CPA firm follows its specific quality control procedures to help the firm meet auditing standards consistently on every audit engagement. Quality control policies and procedures should be documented by each CPA firm, and the procedures should focus on the size of the firm, the number of offices, and the nature of the practice. The quality control procedures that firms use should address six elements such as leadership responsibilities for quality within the firm, relevant ethical requirements, acceptance and continuation of clients, human resources, engagement performance, and monitoring. CPA firms must also be enrolled in an AICPA approved practice-monitoring program or peer review in order for other CPA firms to determine and report if its quality control system is in effect and
The principles of the AICPA Code of Conduct should guide the work that Jose and Emily do as auditors. The principles that specifically apply to this situation are Responsibilities, The Public Interest, and Due Care. CPAs have the responsibility to “exercise sensitive professional and moral judgments in all activities.” (Mintz, p. 19)
There is always the symposium which is a good place to get your name out and make connections.
The non-profit professional organization, American Institute of Certified Public Accountants (AICPA), was founded in the United States of America. The organization was founded in 1887, to help ensure that the accounting profession would gain the same respect as the other prestigious occupations had received from the public. The accounting profession, similar to the medical, legal, and engineering professions, 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). These five characteristics
American Express Tax & Business Services, a subsidiary of the American Express Corporation acquired CPA practices all over the United States. This practice by a non-CPA firm can encourage its employees not to serve the public interest as the firm is not subjected to as many regulations as a CPA firm would be. A financial firm providing accounting services poses a conflict of interest for its CPA employees. For example, the CPA provides accounting services along with financial services like insurance sales. The CPA would be endorsing the insurance products of the company which can affect the CPA’s objectivity with respect to the product being offered to third-parties (Ponemon, 1996). The scope and nature of the services performed influence the accountant to great lengths.
The AICPA Code of Professional Conduct defines independence as consisting of independence of mind and independence in appearance. According to the AICPA Code of Conduct, Section 55 Article IV, An accountant member should maintain objectivity and be free of conflicts of interest in discharging professional responsibilities. Moreover, a member who practices their accounting work in a public firm should be independent in fact and appearance when providing auditing and other attestation services (aicpa.org). According to the case study What Lies Beneath, I think that Betty did not show her professional skepticism since she built trust on her client, which she could not have as an auditor. As an auditor,
In order to become a Certified Public Accounting (CPA) one must take and pass the CPA exam issued by the American Institute of Certified Public Accountants (AICPA). In order to receive licensing, one must follow the guidelines of their respective state in order to obtain a license from that state’s Board of Accountancy to get into practice. With any practice there are rules and guidelines that a person must follow. The Code for CPAs is in place in order to ensure that licensees practice accounting without any problems or discrepancies. As we all know, with any law, rule, or guideline there are loopholes and people that try to work their way around the rules or blatantly not follow them. In the state of South Carolina, there are many people and firms that violate the Code. When the Code is violated, the state board will hold a hearing and decide on the matter and issue a penalty. The following explains a few of these violations made in the year 2008 and the penalties issued by the South Carolina State Board, along with an opinion on the decisions made.
Attending the American College of Healthcare Executives (ACHE) Congress on Healthcare Leadership conference would be helpful for students such as myself who want to make connections with others in this field. Lastly, having the curriculum designed for students like me who have no experience in the U.S. healthcare system with the required internship makes this program a perfect fit for me.
It is highly essential for accountants and business professionals to maintain a standard of ethical conduct in the workplace as the nature of their work places them in position of trust. (Senarante, 2011). Accountants have the responsibility to ensure that their duties are performed in accordance with the five fundamental principles set out in the Code of Professional Ethics such as integrity, objectivity, professional competence and due care, confidentially and professional behaviour (Cunningham et al. 2014). Accountants are expected to be reliable and trustworthy. Thus they are required to act ethically in relation to their clients, employers and the general public in order to provide quality services in the best interest of the society (Eginiwin & Dike, 2014). The International Federation of Accountants (IFAC) have established a code of ethics for accountants, allowing each specific country to add their own national ethical standards to the code to reflect cultural differences. The code provides emphasis on the five fundamental principles as well as resolution of ethical conflicts. In Australia, professional accounting bodies such as CPA Australia, Institute of Chartered Accountants in Australia (ICCA) and the Institute of Public Accountants (IPA) adopt the Australian Professional and Ethical
Accountants are becoming a needed job in the business industry and play a very important role in the success of many businesses. This job usually requires at least a bachelor’s degree in accounting and sometimes even a CPA (Certified Public Accountant). There are many other things that are needed to be considered before choosing this career. The job environment, education, skills, and benefits are just some of the many things that need to be thought through before considering this career.
Before stating my career goals, I would like to mention my motivation in choosing accounting as my career path, the origin of which is elaborated in essay three. As a rigorous and responsible girl with strong rule consciousness, I will commit to providing more accurate and timely accounting information, in order to optimize the business management and help the public understand the operating condition better, thus defending social justice and contributing to well-being.
Networking: What journals and affiliations are prominent in your field? What is required to join the most prominent organizations associated with your industry? What are the benefits of membership? Are there annual conferences or conventions intended for networking and professional development within your field?
My second goal is to become a Certified Public Accountant (CPA). I plan to take the CPA exam immediately after my completion of Master’s program. The CPA certificate will not only to show my competence in independent work but also promote my opportunities to enter a managerial position. To realize my long-term goal of becoming a partner of Ernst & Young, I must be a role model who is familiar with advanced-level knowledge and certification exam.
Change is inevitable. Yogi Berra once said “The future ain’t what it used to be.” It is clear that the future of the accounting profession ain’t what it used to be (Gormon and Hargadon 1). The changes occurring are happening fast, they are dynamic and they are completely and undeniably real. Since the world around the accountant is changing, the accountant has no option but to change as well. The field of accounting has always been one to know change and to know adjustment, but within the recent past and certainly within the next few decades, the changes that are occurring and will occur absolutely are the most dramatic and exponential yet. Obvious changes lie in the expanding scope of services performed by accountants, the increased use of