Accounting Industry Research

Document Type:Research Paper

Subject Area:Accounting

Document 1

Being a sensitive role in the businesses, accountants have to go through training and certification which shows that they can handle various business activities with effectiveness. Accountants have to ensure that they operate within the standards as indicated by the organizations governing the profession. Accountants have helped corporations making their companies progress in their activities. All organizations have accountants which makes them vital in the business environment. The American Institute of Certified Public Accountants (AICPA) is one of the institutions offering to account as a professional course. Some of the committees attached to the corporation were formed early in 1887 and currently, these committees play an essential role in drafting the rules and regulations that govern the certification of accountants. The institution has 120 committees in operation to date and they have facilitated the achievement of organizational success through various efforts to craft qualified professionals in accounting.

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The task forces in the company also support its operations to ensure that there is the achievement of organizational goals and objectives. AICPA has more than 2,000 volunteer groups that have made it possible to achieve its goals in its role in developing accounting professionals. Currently, AICPA has 418,000 members and operates across 143 countries in the world. AICPA also gets involved in the publishing of journals as well as newsletters which educate and inform the CPAs on any issues related to the profession. AICPA is also involved in facilitating and conducting seminars continuously with the aim of updating the members on any development in the profession as well as any changes in law that may impact on their roles in corporations where they provide the accounting skills (American Institute of Certified Public Accountants.

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, & Commerce Clearing House, 1986). The association also ensures that its members understand changes in the law that affect their operations. • Certification and licensing of the new members joining the institution The AICPA has the function of CPA designation to the accounting professionals after undertaking and passing the CPA exam. These requirements aim at having qualified members with an experience in the field so that they can succeed in their roles in various positions in companies (American Institute of Certified Public Accountants, 2017). The licensing process ensures that candidates have the qualifications and experience required to successfully work in this field. The qualified professionals must thus have a one year experience in accounting to ensure that they can take care of the organizational needs and overcome challenges arising in the course of their operations.

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• Content of exams The CPA exam consists of four sections namely Auditing and Attestation, (AUD), Financial Accounting and Reporting, (FAR), Business Environment and Concepts, (BEC) and Regulation, (REG). Each of the sections is allocated four hours within which studying should take place. BEC is allocated three hours and covers some topics including business structures, the economic concepts applied and financial management as well as information technology (American Institute of Certified Public Accountants, 2017). The section aims at testing the ability of the candidates to distinguish these aspects in the business environment. FAR, on the other hand, is allocated four hours and covers the standards required in the creation and interpretation of financial statements. For example, the various aspects in the financial statements and the types of transactions in accounting (Bates, 2018).

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Also, it covers the reporting methods used by different companies including governmental, not-for-profit companies and the non-governmental organizations. Conclusion The business environment has become highly dynamic and companies have to incorporate the requirements of the trends in the market so that they can remain in the market. There is high competition in the business environment and companies have to adopt the right strategies to make their business operations successful. Achievement of organizational goals and objectives is a major focus and a reason why corporations embrace the application of accounting strategies and measures that provide success. Certified Public Accountants have experience and the required qualifications that make it possible for them to aid managers in making the right decisions which drive organizations towards success.

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