Forprofessionalsorabusinessmanwhoare lookingforaccountants,It'sveryimportantto knowthedifferencebetweenanaccountant andCPA.Whileitmayseemthatpeopleuse thesetermsinterchangeably,thereare distinctionsbetweentheseprofessionals.
ThisPresentationwillhelpyoudifferentiate betweenaCPAandanaccountant,aswellas.
Accountant and CPA are not the same thing. A professional with a bachelor's degree in accounting often works as an accountant. A practitioner who has obtained their Certified PublicAccountant(CPA)credentialbyacombinationofeducation,experience,andtestingis knownasaCPA.
CPAsdifferfromunlicensedaccountantsinthefollowingways:
AprofessionalgoverningbodylicencesCPAs.
CPAsmustcompletecontinuingeducationrequirementsinordertokeeptheirlicence.
CPAsmustadheretostrictprofessionalstandardsaswellasanethicalcode.
CPAs are held to a fiduciary standard, which means they must prioritise the interests of theirclientsoverallelse.
WhileCPAsandaccountantsperformsimilar functions,thereareseveraldifferences betweenthem.
Anaccountantisqualifiedtooverseeday-todayfinancialoperations.Amongthese responsibilitiesare:
Organizingandrecordingfinancial transactions
Reconcilingaccounts
Analyzingfinancialstatements
Preparingbudgets
CPAsareconsideredexpertsintheirfields bythegovernmentduetotheirhigh standards.Asaresult,CPAsareregarded asmorequalifiedtoperformaccounting functionsandarepermittedtoperform dutiesthatotheraccountantsarenot permittedtoperform,suchas:
Preparingauditedfinancial statements.
Actingasrepresentationinfrontofthe IRS
Conductingcompanyaudits.
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