Certified Public Accountants can provide a broad range of financial advisory and external accounting services for their clients who may possible be you in the near future. What are these CPA duties and responsibilities that you should know? What can they do for you or for your business?
A certified public accountant is a financial professional who, in general, provides the following services: assurance, tax compliance and advisory, mergers and acquisitions due diligence, and estate and financial planning.
The tasks of a certified public accountant also involves a wide range of accounting services too, as well as auditing, tax, and consulting tasks for corporations, small businesses, non-profit organizations, governments, and even individuals. Any public accountant can do most of these tasks. However, a CPA can do two things that an accountant without a CPA license cannot:
- Prepare audited or reviewed financial statements and file a report with the Securities and Exchange Commission.
- Represent clients in front of the Internal Revenue Service.
In addition to this distinction, below is a general list of CPA duties and responsibilities:
Tax Advising and Preparation
CPAs may specialize in the preparation of tax returns. They may also help their clients develop a strategy to legally minimize the amount of taxes that are owed.
Auditing
CPAs may audit financial books and records to verify their accuracy and to ensure that necessary paperwork has been maintained. They also help businesses set up methods of bookkeeping and financial reporting.
Consulting
CPAs serve in a consulting capacity for business owners or those looking to start a business. The CPA will also inform the owner as to the viability of a business idea.
Ethical Conduct
CPAs are responsible for adhering to a strict code of ethics. As such, they must represent the best interests of their clients and maintain the confidence of the public
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