Certified Public Accountants in many countries in the English-language world is known as Certified Public Accountant or CPAs. It’s commonly equivalent to the name of a chartered accountant in many other English-language countries. In the United States, however, the CPA is merely a professional license to offer certified accounting services to the general public. CPAs are required to be licensed by the American Institute of CPAs (AICPA) and pass a test that assesses their understanding and skills in financial management. They must also complete an additional three years of experience as a Norfolk Certified Public Accountant with the Internal Revenue Service (IRS). This professional accreditation assures potential clients that CPAs have the necessary skills and knowledge to perform the tasks related to accounting and bookkeeping.
A certified public accountant’s major responsibility is preparing the financial records of a company. He or she can prepare individual income statements, payrolls, and reports on the day to day financial activities of the corporation. The CPA can also prepare tax reports that include the company’s annual report to the federal government and individual tax returns for the year. CPAs also prepare detailed financial reports for investors, lenders, and other sources.
Today, there are several career paths available in the CPA profession. Certified Public Accountant training programs offer students the ability to choose two of four main concentrations. They may choose to specialize in accounting or business law, taxation, Social Security and Medicare, or health care. All students will receive comprehensive training to prepare them for their Certified Public Accountant designation and to ensure that they have strong analytical and communication skills to succeed in this challenging and rewarding profession.