The Role of the Public Accountant in the American Economy
Saint Leo University
THE ROLE OF THE PUBLIC ACCOUNTANT IN THE AMERICAN 2
Independent certified public accountants (CPAs)/auditors performing auditing and attestation engagements play a very important role in the economy. Auditing services can assist businesses with (1) transparency, (2) ensuring they are following proper policies and procedures, (3) ensure internal controls are functioning properly and (4) detect fraud and errors. Auditors provide the necessary checks and balances.
In addition to the services above auditors can also attest to various other types of subject matters including financial forecast, compliance with laws and regulations, and advertising claims. The information they provide must be accurate, dependable and reliable (Whittington/Pany, 2012).
How the requestors of the information utilize the findings can have a negative or positive impact on our economy because these finding can affect (1) whether a bank will grant a business loan, (2) if investors will back a company, or (3) if the government is receiving a fair and reasonable price for goods and services, e.g.
You may be wondering about the various types of auditors. There are (1) Internal Auditors, (2) Government Accountability Office Auditors and (3) Internal Revenue Agents and (4) Defense Contract Audit Agency (DCAA) Auditor e.g. (Whittington/Pany, 2012).
Nearly every major corporation has an internal auditing section. The primary job of internal auditors is to investigate and appraise the effectiveness with which organizational units of the company are carrying out thei...
... middle of paper ...
...in their internal controls. The government utilizing the results you provided them and negotiating downward on a contract and saving hundreds of thousands of dollars and perhaps millions of dollars in some cases. You may also bring fraud to light, which could lead not only in possible jail time for the perpetrator, but it could result in saving employees’ pension plans or exposing faulty mortgage loans (referring to crisis such as the historic Enron and more recently, the mortgage crisis). The affects a ‘good’ auditor can have a business are endless which will trickles down to a positive impact on the economy.
THE ROLE OF THE PUBLIC ACCOUNTANT IN THE AMERICAN 10
Whitting, O. Ray, Pany, Kurt: Principle of Auditing and Other Assurance Services
(18th ed.) . New York, NY: McGraw-Hill/Irwin
Need Writing Help?
Get feedback on grammar, clarity, concision and logic instantly.Check your paper »
- Certified Public Accountant Growing up is scary. Especially when the future is unpredictable, finding the right job can reduce this. It is tough as a kid to think about how to spend the time in the future and what to be doing as a career. There are a lot of decisions to be made. For example, in order to pick the accurate college it is worthy to know what interests me as an individual. There are questions that can be answered that will be able to suggest a better idea of what jobs apply. Well, in the future I would like to have a career as a Certified Public Accountant (CPA).... [tags: wages, federal income tax]
1105 words (3.2 pages)
- What exactly is accountant independence. I have determined that accountant independence is very similar to being an independent auditor. When it comes to auditor independence, it refers to the independence of the internal auditor or the external auditor from parties that may have a financial interest in the business being audited. The initial concept of auditor independence was developed in the 19th century, which primarily originated with the British. In that era, British investors didn’t allow auditors to work in the businesses that they audited.... [tags: Definition, Auditing, History]
783 words (2.2 pages)
- I come from a family of number crunchers. My father owned his business and as a Master Craftsman had to pay attention to detail, precision and accuracy. Two of my sisters are Mathematicians, my brother was a Civil Engineer and Drug Enforcement Administration Pilot. Another sister is a Project Manager and my younger sister is an Analyst for Charleston County 911 Service. Growing up I always wanted to work with numbers but accounting for me was a dream deferred. I had no mentor or role model who were in the accounting field to guide my career path.... [tags: Accountancy, Accountant]
798 words (2.3 pages)
- THE PROFESSION’S IMAGE PROBLEM The U.S. Bureau of Labor Statistics has projected a 16% increase in the number of accounting jobs from 2010 to 2020 while the AICPA has similarly suggested that demand for new accounting graduates will be higher for 63% of CPA firms in the nation. With a bright outlook such as this, the accounting profession should appear more attractive to younger generations who are seeking a promising career path. Despite this, the challenge to promote diversity in the profession remains.... [tags: Accountant, Certified Public Accountant]
1234 words (3.5 pages)
- Before the creation of the PCAOB, the Securities Exchange Commission (SEC) and the American Institute of Certified Public Accountants (AICPA) recognized the Financial Accounting Standards Board (FASB) standards as authoritative. The FASB has been serving as one of the standard setting bodies since the 1970’s. Even with the FASB’s standards, the accounting profession was mainly self-regulated but since the 1990’s the accounting profession has suffered many scandals making it necessary for the FASB and SEC to consider making changes to the accounting standards.... [tags: Enron, Finance, Auditing, Accountant]
1518 words (4.3 pages)
- A very challenging, yet rewarding, accounting certification is the Certified Public Accountant (CPA). Since it can be a long and challenging process, becoming a CPA is not for everyone. People who want to work in public accounting should pursue this certification because it is a necessary requirement in order to work in that setting. If someone wants to work in tax, a CPA certification is necessary for that as well. Moreover, those who want to hold higher positions in a company, such as a controller or Chief Financial Officer, will more than likely need to be a CPA first.... [tags: Certified Public Accountant, Accountant]
976 words (2.8 pages)
- Goals 1. My first goal is to continue my education by earning a Master’s degree in Accounting right after completing my bachelor’s degree. The MSU’s Accounting program attracts me for both its reputation and its career opportunities available for international students. It is my responsibility as a future accountant to be really familiar and proficient at the tools accountants use regularly. Achieving my master’s degree will also help me achieving my second goal of becoming a CPA by meeting the requirement of curriculum.... [tags: Certified Public Accountant, Accountant]
1048 words (3 pages)
- • After my four years of college, I am going to stay an extra twenty hours so that I can sit for the Certified Public Accountant (CPA) Exam. During these hours, I will be taking the necessary classes to major in both accounting and finance. By majoring in both of these fields, more job opportunities will become available. Some businesses are looking for a person that can do the job of an accountant and a finance officer. By double majoring, I am potentially increasing my salary in the future. • After I graduate in the fall of 2017, I will begin looking for a job.... [tags: Accountant, Certified Public Accountant]
1735 words (5 pages)
- I have taken a lot of time this semester to think about and focus on a career path. After much consideration, I am now planning a path to become a licensed accountant. Certified Public Accountants oversee financial operations and examine and make sure financial records are correct. Many people call accounting the “language of business”, because many of the decisions made by companies are not made without looking at an accountant’s report. This job is appealing to me because it is a job that has a routine, I would get to work with numbers, and it is a respectable job that not everyone can do.... [tags: Certified Public Accountant, Accountant]
1267 words (3.6 pages)
- At a glance, accounting might appear as a repetitive cycle of preparing and examining financial statements. However, a brief exposure to accounting has taught me how chaotic it can be for accountants. An accountant captures and represents the information of businesses. By reviewing financial operations, an accountant helps a business run efficiently. This profession can be intellectually stimulating and rewarding. After learning about accounting, I cannot help but be interested and desire to work toward a degree in accountancy.... [tags: Accountant, Certified Public Accountant]
736 words (2.1 pages)