THE PUBLIC ACCOUNTING PROFESSION

1
THE PUBLIC ACCOUNTING PROFESSION
2
A. WHAT IS A PROFESSION?

• SPECIALIZED SKILL
• OR BODY OF KNOWLEDGE
• PUBLIC GOOD
• ENTRANCE REQUIREMENTS
• CONFIDENTIALITY
• SELF-REGULATION

3
B. THE STATE BOARDS OF ACCOUNTANCY

• NO NATIONAL REGULATION
• REGULATION BY STATE
• NASBA-AICPA EFFORT

4
C. THE VIRGINIA BOARD OF ACCOUNTANCY

• PART OF DEPARTMENT OF COMMERCE
• ALONG WITH BARBERS AND HAIRDRESSERS

5
C. THE VIRGINIA STATE BOARD OF ACCOUNTANCY

• 3600 WEST BROAD STREET
• RICHMOND, VIRGINIA 23230-4917
• Phone [phone] FAX [phone]
• Web site http//www.state.va.us/dpor/boards.htmAcc
  ountancy

6
C. VIRGINIA STATE BOARD OF ACCOUNTANCY

• ESTABLISHES ENTRANCE REQUIREMENTS
• ESTABLISHES RULES
• ENFORCES RULES

7
ENTRANCE REQUIREMENTS

• EDUCATION
• CPA EXAM
• EXPERIENCE
• ETHICS EXAM

8
THE CPA EXAM

• FOUR PARTS
• ACCOUNTING
• TAXATION AND REPORTING
• AUDITING
• BUSINESS LAW AND PROFESSIONAL ETHICS

9
THE CPA EXAM

• PASSING - 75
• TAKE ALL FOUR PARTS
• PASS TWO AND 50 IN OTHER PARTS

10
ENFORCES RULES

• COMPLAINT
• PRELIMINARY HEARING
• HEARING
• VERDICT
• PUNISHMENTS

11
D. THE AICPA AND STATE SOCIETIES
12
E. THE AICPA

• REPRESENTS PROFESSION - NATIONALLY
• STANDARDS
• EDUCATION
• NETWORKING

13
THE AICPA
P.O. Box 2206 Jersey City, New Jersey
07303-2206 Phone [phone] Web site
http//www.aicpa.org
14
F. VIRGINIA SOCIETY OF CERTIFIED PUBLIC
ACCOUNTANTS

• REPRESENTS PROFESSION - STATE
• STANDARDS
• EDUCATION
• NETWORKING

15
VSCPA
P.O. Box 4620 Glen Allen, Virginia
23058-4620 Phone [phone] FAX
804-272-1741 Web site www.vscpa.com
16
G. PUBLIC ACCOUNTING FIRMS

• LARGE - INTERNATIONAL
• LARGE - NATIONAL
• REGIONAL
• LOCAL

17
CPA FIRMS - FORM OF BUSINESS

• PARTNERSHIPS
• PROFESSIONAL CORPORATIONS
• LLPS

18
H. A PUBLIC ACCOUNTING FIRM

• PARTNERS
• MANAGERS
• IN-CHARGES
• STAFF

19
OTHER ISSUES

• DIVERSITY
• TURNOVER
• PRESSURE