The American Association Of Public Accountants - 1841 Words

The American Association of Public Accountants, created in 1887, tasked accounting professionals with the responsibility to ascertain, maintain, and evaluate company financial statements for accuracy, fraud, and compliance utilizing current accounting guidelines. Financial frauds, in the twentieth century, however continued to evaded detection due to loose accounting oversight, and a lack of proper internal and external controls (Events that shaped a century, 2005). Since that time, additional acts of legislation, including the Sarbanes-Oxley Act, and the Dodd-Frank Act, became law as efforts made towards combatting fraud. Further, the Public Company Accounting Oversight Board (PCAOB) and Securities Exchange Commission (SEC) Fraud Task Force now exist in an effort to combat, pursue, and prosecute financial fraud crime (Gupta, Weirich, Turner, 2013). Despite these measures, the methods for combatting financial fraud need updates in consideration of the ongoing advances in technology. While the principles established to date provide a strong precedent, it is necessary for corporate managers to embrace advancements in information technology-based fraud detection to strengthen the corporation’s defense against financial fraud. The need for improve fraud risk assessment noted by fraud examiners, and monitoring-while continuing to improve auditing technologies and computer-assisted audit techniques (CAATs), points to the changing nature of fraud in the current accountingShow MoreRelatedProfessional Development Essay. As A Certified Public Accountant,1360 Words   |  6 PagesProfessional Development Essay As a certified public accountant, there are a couple of organizations that provide opportunities, knowledge, information and other opportunities that can be beneficial to a new accountant, an accountant nearing the end of his career, an accounting firm, or an individual looking to become a certified public accountant. The American Institute of Certified Public Accountants and the Michigan Association of Certified Public Accounts both offer unique benefits to their membersRead MoreThe Role of Accounting in Business Society631 Words   |  3 Pagesanalyzing, verifying, and reporting the results. An accountant is one who is skilled in the practice of accounting or who is in charge of public or private accounts. (http://www.merriam-webster.com, n.d.) Someone who has obtained a bachelor’s degree in accounting can pursue many different accounting career fields. According to the Bureau of Labor Statistics the median annual wage for accountants and auditors was $63,550 in May 2012. Employment of accountants and auditors is projected to grow 13 percentRead MoreA Brief Note On American Psychological Association Style1043 Words   |  5 PagesWrite in APA Format American Psychological Association Style The style that is used for accountants is the American Psychological Association Style (APA). If you ever write a paper for an accounting course, you must follow the APA guidelines so you can understand the writing style, how to format your paper, and how to cite your sources. This is just a summary of the main points of how to write an APA paper, but the Publication Manual of the American Psychological Association offers a more detailedRead MoreAcc 11410 Words   |  6 PagesJuly 17, 2014 1. Question 1: Proficient-level: There are several important functions performed in an organization, among which accounting is one of them. Define the accounting function and discuss how it differs from double-entry bookkeeping. Accountants analyze and interpret financial information, prepare financial statements, conduct audits, design accounting systems, prepare special business and financial studies, prepare forecasts and budgets, and provide tax services. Double-entry bookkeepingRead MoreGraduation Speech : My Favorite Club1265 Words   |  6 PagesAccounting field. As I went more in depth on different types of accountant, I found out that pursue a career as a public accountant requires one to prepare and verify vital financial documents, analyze budgets and plan finances. Public accountants give advice and provide basic financial information to a range of clients, from individuals to corporations. They also perform bookkeeping, consulting and auditing tasks (â€Å"Public Accountant†). These job requirements match the report after I took the MyersRead MoreAccounting Practices And The Field Of Accounting1393 Words   |  6 Pagesarticles. These sources are highly regarded and often used within t he field due to their strong history of providing relevant and credible information, and the pursuit of implementing and foster growth that ultimately translates into producing better accountants. Peer Reviewed Scholarly Journals: The Accounting Review Out of the many sources available to us, scholarly journals are the most credible due to the rigorous and stringent criteria’s that must be met to be labeled as scholarly. As accountingRead MoreWhy The Aicpa Is Becoming More Popular1408 Words   |  6 PagesMany students realize that being an accountant offers a high-paying salary and a very stable job market. Although this may sound appealing, the process in reaching this gratitude may be difficult for some. In most cases, one must become a Certified Public Accountant (CPA) or a Certified Management Accountant (CMA). To becoming certified, you must pass the exams the American Institute of Certified Public Accountants (AICPA) and the Institute of Management Accountants (IMA) give respectively while followingRead MoreCommon Accounting Malpractices in the Philippines700 Words   |  3 Pagesmistakes that sometimes can cause accounting malpractices. â€Å"Historically, the term accounting malpractice described a narrow field of claims by clients against their accountants for failed accounting services. Today, with concerns about the reliability of public financial disclosures and the increasing advisory role taken by accountants, the definition of the term accounting malpractice continues to expand.† (Flaherty and Youngerman) Once you entered the world of accounting there are lots of responsibilitiesRead MoreAccounting Standards Boards Paper 41437 Words   |  6 Pageswas established by the American Institute of Certified Public Accountants (AICPA) because of recommendations from the Wheat committee in 1973. FASB has responsibility to set accounting standards for public company. The members of the FASB are full-time employees from various organizations such as the American Accounting Association; the AICPA; the Association for Investment Management and Research; the Financial Executives Institute; the Government Finance Officers Association; the Institute of ManagementRead MoreAmerican Institute Of Certified Public Accountants1179 Words   |  5 PagesIntroduction American Institute of Certified Public Accountants The non-profit professional organization, American Institute Certified of Public Accountants (AICPA), was founded in the United States of America. The professional organization was founded in 1887, to help ensure that the accounting profession will gain the same respect as the other prestigious occupations have received from the public. The accounting profession, similar to the medical, legal, and engineering profession, is characterized