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THE PUBLIC ACCOUNTING PROFESSION

THE PUBLIC ACCOUNTING PROFESSION. A. WHAT IS A PROFESSION?. SPECIALIZED SKILL OR BODY OF KNOWLEDGE PUBLIC GOOD ENTRANCE REQUIREMENTS CONFIDENTIALITY SELF-REGULATION. B. THE STATE BOARDS OF ACCOUNTANCY. NO NATIONAL REGULATION REGULATION BY STATE NASBA-AICPA EFFORT.

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THE PUBLIC ACCOUNTING PROFESSION

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  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 804-367-8590 FAX 804-367-2474 • Web site http//www.state.va.us/dpor/boards.htm#Accountancy

  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 1-800-862-4272 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 1-800-733-8272 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 • LLP’S

  18. H. A PUBLIC ACCOUNTING FIRM • PARTNERS • MANAGERS • IN-CHARGES • STAFF

  19. OTHER ISSUES • DIVERSITY • TURNOVER • PRESSURE

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