Wednesday, April 10, 2019
Services Of A CPA Essay Example for Free
Services Of A certified public accountant EssayApart 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(prenominal) of the new roles assigned to them.CPAs advising role to Non Profit OrganizationCPA can indicate the non profit organisations to obtain tax exempt status. CPAs playing in their role as Non Profit organizations volunteers, employees, directors, advisors and auditors can provide help to improve NPO governance and transparency. CPAs should consider to reassure that an organization is not in danger of engaging in inurnment or an excess benefit transaction. tough should advise the NPOs to shun always from political and lobbying activities so as to retain their exemption status. A CPA can assist NPOs in establishing strong oversight, governance policies and procedures, accountability and fiscal r esponsibilities as a director, independent accountant, and employee, volunteer.CPAs as advisors in Changing Valuation FieldThe line of products valuation bailiwick has undergone a remarkable change. The Uniform Standards of Professional appraisal Practice (USPAP) standardized the process and explanationing 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 fallible 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 decedents estate at fair market value years beyond the statute of limitations., if he errs in his valuation techn ique.CPAs function in turnaroundsCPA have the experience and training to check 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 guess 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 playacting diagnostic reviews and operational audits, preparing documentation and developing systems for internal control and financial reporting.REFERENCESClaudia L.Kelly, Susan Anderson, (2006), The CPAs office staff in Governance, Accountability and Transparency, The CPA Journal Online, August 2006 Issue.Quintero, Ronald G (1989), The CPAs role in turn arounds. The CPA Journal online, September, 1989 issue.