Acc /545/ Week - 1 - 15789

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  • From: Finance,
  • Posted on: Thu 21 Mar, 2013
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Request Description


Acc 545 Week 1




Solution Description


Acc 545 Week 1




To: Mary Robert, Manager


From: Jane Tucker, CPA


Date: July 6, 2011


Subject: Summary of CPA responsibilities


On Friday, July 1, 2011, you asked me to provide information to external CPAs regarding deferred taxes, accounting changes and error corrections, and establishing the subsidiary as a corporation. The answers for those questions are contained in attached brief. Additionally, you wanted to know about my professional responsibilities as a CPA, and difference between a review and an audit.


Professional responsibilities of a CPA:


A CPA is a financial professional. In order to become a Certified Public Accountant (CPA), strict educational as well as experience requirements have to be met. CPAs can work in various capacities, such as tax advice as well as preparation, auditing or consulting. They may be self-employed or could also be working for the public accounting firms.


CPAs might specialize in preparing tax returns for different types of businesses. They may advice their clients about ways of minimizing tax liabilities too. If the client plans to expand or acquire another business, CPA could inform the owners about possible tax ramifications.CPAs may also audit financial statements for verifying their accuracy and for ensuring that required paperwork is main