Certified Public Accountant (CPA)
A licensed accounting professional who has passed the Uniform CPA Examination and met state-specific education and experience requirements.
Detailed Explanation
CPAs are licensed by individual state boards of accountancy and are authorized to perform attest services such as audits and reviews, in addition to tax preparation, tax planning, and advisory work. CPAs can represent clients before the Internal Revenue Service in any matter and are bound by professional ethics rules including the AICPA Code of Professional Conduct. The CPA designation requires 150 semester hours of education, passing the four-section CPA exam, and meeting state experience requirements (typically one year under a licensed CPA).
Key Points
- Licensed by state boards of accountancy (not the federal government), with unlimited IRS representation rights.
- Uniquely authorized to perform attest services such as financial statement audits and reviews.
- Requirements typically include 150 semester hours, passing the four-section Uniform CPA Exam, and supervised experience.
- Bound by continuing professional education (CPE) requirements and a code of professional conduct.
- Unlike a non-credentialed preparer, a CPA can represent you in audits, appeals, and collection matters.
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