Know Everything about Certified Public Accounting Firms

Certified Public Accountants are responsible to provide auditing, financial, accounting and business consulting services to all private, nonprofit and public organizations and government agencies. Each company must have maximum one licensed and certified financial planner from the home state. All the certification and licensing needs must be fulfilled in the individual states.

Duties of CPA Firms

 Auditing firms in USA  provide several consulting and accounting services, according to the business or agency needs of the entrepreneurs as well as their unique goals and mission. They provide services like auditing and assurance, environmental and forensic accounting, information technology, international accounting, management and business consulting, individual finance and tax planning. In such designations, a certified public accounting firm should have both off-site and on-site accountants in order to deal with daily needs of accounting. They also check out monthly accounting reports, maintain integrity of accounts and prepare the semiannual, quarterly, or annual tax forms required for business operation.

Structure

A lot of CPA firms have maximum one CPA as head of the company or partner, according to the nature and size of company. In accounting departments, the members may have tax accountants, auditors, junior or staff accountants, senior accountants, accounts receivable or payable technicians, information technology or software professionals, cost accountants, project accountants or other accountants as per the clientele of the company. The CPA partners of a company basically manage all new activities in accounts and high-end clients.

Auditing Services

For auditing of financial statements of a public company by CPAs, the company should be registered with Public Accounting Oversight Board owned by the Congress under Oxley Act, 2002.  Public companies are required to submit their financial statements which are true to their knowledge and accurate and complete under Generally Accepted Accounting Principles made federally to the Federal Securities. These must be audited and checked by an individual firm.

Consulting Services

Valuation and forensic services, provided by individual Certified Public Accounting companies, help companies to redevelop records and make an inventory management tool to valuate assets accurately. With improved IT finance systems, CPA companies also help them improve their external and internal fraud protection and detection, and provide planning for personal finance. They also help financial consultants and management to review the procedures and company policies. They also help in record-keeping and financial practices. They can also recommend the improvements of accounting procedures to the companies of all types and sizes.

 

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