Major Issues for the CPA Profession

The Wisconsin Statistical Database maintained that an accountant is considered to be practicing the duties of a Certified Public Accountant when:&nbsp.a) &nbsp. &nbsp. &nbsp.a person conducts himself in a manner conducive to the attribution that he is skilled and knowledgeable in accounting or when he holds himself as one licensed to conduct related services all for compensation.
c) &nbsp. &nbsp. &nbsp.the person conducts himself as a professional certified public accountant capable of conducting an audit of financial transactions and he puts forward his services to the public for compensation.
d) &nbsp. &nbsp. the person creates a statement of audit, balance sheets and other financial documents in behalf of a client that are to be submitted in compliance to state regulation, for legal purposes or any other related cause.
As a title, the CPA is equivalent to a designation conferred to an individual who has successfully hurdled an examination administered by the state (Carter 19). This means that a student with a degree in Accounting is not automatically deemed a CPA as he must first pass a test, in some cases a series of exams to be able to receive such title. Additionally, individuals seeking to take the said examination must possess certain pre-requisites such as on-the-job experience, bachelor’s degree, relevant training and other key requirements set by the state or the instrumentality made responsible for such (Carter 16).&nbsp.

Relatively speaking, the Accounting graduate is not precluded from performing accounting duties absent the CPA title. However, there are certain responsibilities that only a CPA can perform (Lee 292). Lee states in his work that primarily, the duties of a CPA revolve around the rendering of financial audit services and public accounting. This pertains to the task of the CPAs to attest to the truthfulness and veracity of a submitted financial document and the statements proper adherence to the rules and guidelines set under the Generally Accepted Accounting Principles (GAAP). Private corporations are the primary&nbsp.receptacle of CPAs as they often serve as business consultants, finance managers, accounting supervisors and even high-ranking officers such as Chief Executive Officer (CEO), Chief Operating Officer (COO) and Chief Finance Officer (CFO) (Lee 292).&nbsp.