Services Of A CPA sample essay
Apart from regular functions like auditing the accounts of a company, tax planning, investment planning, a Certified Public Accountant is having multifarious role in these ever-changing corporate climate and this essay reveals some of the new roles assigned to them.
CPA’s advising role to Non Profit Organization:
CPA can advise the non profit organisations to obtain tax exempt status. CPA’s playing in their role as Non Profit organization’s volunteers, employees, directors, advisors and auditors can provide help to improve NPO governance and transparency.CPAs should consider to ensure that an organization is not in danger of engaging in inurnment or an excess benefit transaction. CAP should advise the NPO’s to shun always from political and lobbying activities so as to retain their exemption status. A CPA can assist NPO’s in establishing strong oversight, governance policies and procedures, accountability and fiscal responsibilities as a director, independent accountant, and employee, volunteer.
CPA’s as advisors in Changing Valuation Field:
The business valuation field has undergone a remarkable change. The Uniform Standards of Professional appraisal Practice (USPAP) standardized the performance and reporting of the business valuations .The following court rulings Kumbo Tire Company v. Carmichael and Daubert v. Merrell Dow Pharmaceuticals have had major ramifications on the field of USPAP.
Daubert and Kumbo and the IRS’ regulations on sufficient disclosure on gifts have all poignantly enhanced what had been inconsistent and unreliable valuation practices. Hence CPA having skill, knowledge, experience, education, and training in business valuations can advice in this regard .A CPA runs the hazard of having testimony disqualified, or having a gift of stock pulled back into a decedent’s estate at fair market value years beyond the statute of limitations., if he errs in his valuation technique.
CPA’s function in turnarounds:
CPA have the experience and training to discover the financial deterioration of a company and factors signifying an incipient financial crisis and they have also talents to serve in keys roles in subsequent corporate turnarounds. The method is characterized by three stages: stabilization, crisis and rebuilding.
A CPA can evaluate the financial implications of intermediate, alternate and long-term turnaround plans, supervise controls to achieve proper resource allocation, construct systems, and report turnaround strategy and they are vital in its successful implementation because they are accountable for performing diagnostic reviews and operational audits, preparing documentation and developing systems for internal control and financial reporting.
Claudia L.Kelly, Susan Anderson, (2006), The CPA’s Role in Governance, Accountability and Transparency, The CPA Journal Online, August 2006 Issue.
Quintero, Ronald G (1989), The CPA’s role in turnarounds. The CPA Journal online, September, 1989 issue.
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