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CPA’s in Today’s Society
Certified Public Accounting has a wide range of accounting, taxing, auditing, and
management services that are required by different groups of people. Accounting, therefore,
is an essential aspect of modern society because of its necessities in the business sector.
Accounting is the primary language of every business because it gives interpreting
information about an organization's finances and operations. Thus, public accountants offer
their services to these business operations at a fee based on decision making. Besides, many
organizations choose to employ professional accountants. Whether it is a small business or a
large operational organization, different methods are used to keep records and produce
financial reports at the end of what they refer to as their fiscal year (Schaltegger, Stefan, and
Dimitar. 333-361). Financial information like it is interpreted by CPA enables the leadership
and management of the organization to make decisive decisions that prompt the success of
the business. The financial report includes the growth of the business over time and
predictions on likely happenings in the future.
CPA has been of great benefit to society, mainly because it has become possible to vet
and scrutinize the use of funds in public institutions. Public institutions are of significant
impact on the life of the general public in the country. Shareholders in these institutions need
to have financial information on the performances so that they make decisions based on the
transparent information provided to them (Baden, Adam, and Duncan Wigan. 130-142).
Therefore, accountants have come in to protect the interest of the public in making sure that
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funds are used most efficiently without misappropriation of any kind. Besides, the public is
protected from exploitation by the private business holders by the use of accounting standard
requirements.
The duty of the professional accountants has in today's society become vital due to its
nature of intersecting in all departments of any organization. An organization is a legal entity
that should abide by the laws of taxation of the country. A clear understanding of the law will
require that an organization consult from a law profession while it has an accountant to
perform the required activities and responsibilities. Therefore, accountants employed as staff
members in these organizations are expected to calculate the taxes and make payments to the
respective institutions. Compliance with the laws of taxation where adhered to or not auditing
firms are sent to these organizations to prove that what was submitted was correct. Therefore,
it is clear that the legal profession and accounting intersect in their line duty. In this case, the
law and the legal system of the country are makings sure that economic development and
growth will be delivered to the society with increased revenue collected by the government.
On the other hand, the business through the accountant profession makes sure to calculate the
profit attained after subtracting its incurred expenses.
Different types exist defined as income and transfer taxes imposed on estates and the
trust of any business. Asset transfer creates a legal interest because, depending on the type of
ownership, it is possible to impose the correct taxation requirement. Therefore, the
accountant professions could be liable to the clients based on breached contracts, fraud, and
negligence. In such a situation, the accountant profession will require a law profession to
navigate these challenges so that they can view them from another perspective. The current
society is in great need of the accountants and law professions who will make sure that
business runs smoothly with the adherence to the law.
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Work Cited
Baden, Adam, and Duncan Wigan. "Professional activists on tax transparency." Professional
networks in transnational governance (2017): 130-142.
Schaltegger, Stefan, and Dimitar Zvezdov. "Gatekeepers of sustainability information:
exploring the roles of accountants." Journal of Accounting & Organizational
Change 11.3 (2015): 333-361.
