Customary Credentials and Professional Organizations Associated with Accounting
Peer Edit Activity:
In-person: Post a copy of your complete written report draft (including References page) to the correct discussion board on Canvas by class time. Peer edits is a component of the individual report.
Virtually: Students will be broken up into random groups of 3. Each student is expected to do a “screen share” of their document to receive feedback during the break out session. Using the annotation feature for those giving feedback, or the chat box is encouraged.
The student editing process will provide each student an opportunity to receive feedback.
Other Details:
This assignment is twofold.
Each student will study their proposed profession. Research the customary credentials needed to attain professional status (ex: degrees, exams, etc.). Find the professional organization(s) associated with this field of work. Examine the laws or governing bodies associated with the profession.
Identify a case in which someone transgressed the norms of the profession and caused a problem within their company. For example, accounting fraud at Enron (you can’t use this one). Discuss what important aspects of the profession were impacted by this case. Were laws or credentialing changed due to the outcome of this case?
Guidelines:
Use at least five reputable sources. Blogs and wikis are not appropriate. Keep track of your sources: cite them in the text and list them in your References. Incorrect attribution causes a substantial reduction in your report grade. The references must be as current as possible given the company you highlight in your report.
Must use APA format.
The text of the report should be single-spaced, font 12pt, Arial or Times New Roman, 1-inch margins, (the References page and Cover Page do not count as text of the report).
Use titles for each section.
Proofread carefully and SPELLCHECK.
You will not receive credit for the assignment if not formatted correctly. Only acceptably formatted documents will be graded: pdf, doc, docx. All other formats cannot be opened and will receive an automatic zero.
Accounting Profession
Student's Name
Institutional Affiliation
Course
Professor
Date
Accounting Profession
The rising demand for professionals in the field of accounting has prompted various governments to introduce regulations for the attainment of relevant titles. Such qualification and regulation have adopted degrees, exams, demand for field experience, and oversight bodies. While different states have varying demands, the federal guidelines act as a template to add additional requirements. These requirements permit an individual to practice accounting and be used as a basis for prosecution in fraud instances. At the minimum, the government requires that an individual pass the Uniform Certified Public Accountant examination developed by the AICPA with the NASBA's assistance to ensure competence and adherence to ethical accounting principles.
Research the customary credentials needed to attain professional status (ex: degrees, exams, etc.)
Certification to become an accountant varies from country to country. However, a certified public accountant (CPA) is conferred on qualified accountants in most English-speaking nations. Within the United States, the CPA is a license that is offered after engaging in 150-semester modules, passing the uniform certified public accountant examination, and completing a 12-month accounting linked work experience (AICPA, 2021). All states also require that qualified accountants engage in continuing professional education (CPE) to maintain their licenses (AICPA, 2021). Failure to engage in this continuous development results in designation as CPA inactive, prohibiting an individual from practicing accounting. Such continuous development has become critical in the contemporary era due to the continually evolving nature of accounting needs.
Find the professional organization(s) associated with this field of work.
The American Institute of Certified Public Accountants (AICPA) is the primary body assigned to develop and grade the uniform CPA examination. Since its inception in the year 1887, the company has developed ethical guidelines for accounting and auditing standards applicable to various organizations throughout the United States (AICPA, 2021). The AICPA collaborates with the National Association of State Boards of Accountancy (NASBA) which regulates the accountancy profession concerning interstate compatibility standards (AICPA, 2021). NASBA has the primary role of facilitating discussion between state boards concerning reciprocal recognition of CPA qualifications (AICPA, 2021). In addition to this, it also enables the different boards to reach a consensus acceptable to the AICPA and the Federal government.
Examine the laws or governing bodies associated with the profession.
In the absence of regulatory standards and the pertinent bodies to enforce them, corporations would indiscriminately publish financial information to enhance their reputation and fulfill their demands. In the United States, the Financial Accounting Standards Board (FASB) is charged with developing financial accountin...