CPAs in Non-Profit
CPAs in Non-Profit : CPAs in not-for-profit organisations provide the information these institutions need to determine that the benefits and services they provide do not exceed revenues. Whether a CPA is on the staff of a not-for-profit organisation or serves in an advisory capacity, he or she can help the organisation solve tax problems, set up an internal control system, budget resources and prepare financial data for fund raising.
Staff Positions at Not-For-Profit Organisations vary depending on the size of the organisation.
Staff-Financial Accounting & Reporting (1-3 years) works under the direction of a Senior Accountant performing detailed work assignments in one or several of the following areas: receivables, payable, payroll, property, general ledger and financial statements.
Staff-Internal Audit (1-3 years) works under the direction of a Senior or Manager in conducting compliance audits and tests internal controls and information systems.
Senior-Financial Accounting & Reporting (3-6 years) supervises the work performed in one or more of the general accounting areas such as receivables, payable and financial reporting. May also be responsible for special reports and analyses involving financial data.
Senior-Internal Audit (3-6 years) supervises the testing of internal control and accounting information systems. Frequently conducts statistical samples of document approval, performs special tests to uncover defalcations and performs operational audits for profit improvement recommendations.
Controller functions as the Chief Accounting Executive responsible for organising, directing, and controlling the work of the accounting personnel in collecting, summarising and interpreting financial data for the use of management, creditors, investors, and taxing authorities. As a member of the top management team, helps develop forecasts for proposed projects of the organisation, measures actual performance against operating plans and standards, and interprets the results of operations for all levels of management.
Chief Financial Officer (CFO) is typically designated Vice President–Finance. The CFO advises the President of the organisation with respect to financial reporting, financial stability and liquidity, and financial growth. Directs and supervises the work of the Controller, Treasurer, and sometimes the Internal Auditing Manager. Other duties may include maintenance of relationships with financial institutions.
Positions are available as an Audit Committee Chair
or Audit Committee Member for not-for-profit.
CPAs in Non-Profit: ABOUT CPA
CPAs in Non-Profit : Certified Public Accountant (CPA) is the title of qualified accountants in numerous countries in the English-speaking world. In the United States, the CPA is a license to provide accounting services directly to the public. It is awarded by each of the 50 states for practice in that state. Additionally, almost every state (49 out of 50) has passed mobility laws in order to allow practice in their state by CPAs from other states. Although state licensing requirements vary, the minimum standard requirements include the passing of the Uniform Certified Public Accountant Examination, 150 semester units of college education, and one year of accounting related experience.
Continuing professional education (CPE) is also required to maintain licensure. Individuals who have been awarded the CPA but have lapsed in the fulfillment of the required CPE or have requested to be converted to inactive status are in many states permitted to use the designation “CPA Inactive” or an equivalent phrase. In most U.S. states, only CPAs are legally able to provide to the public attestation (including auditing) opinions on financial statements. Many CPAs are members of the American Institute of Certified Public Accountants and their state CPA society.
State laws vary widely regarding whether a non-CPA is even allowed to use the title accountant. To illustrate, Texas prohibits the use of the designations “accountant” and “auditor” by a person not certified as a Texas CPA, unless that person is a CPA in another state, is a non-resident of Texas, and otherwise meets the requirements for practice in Texas by out-of-state CPA firms and practitioners.
CPA Overview: Services provided
The primary functions performed by CPAs relate to assurance services. In assurance services, also known as financial audit services, CPAs attest to the reasonableness of disclosures, the freedom from material misstatement, and the adherence to the applicable generally accepted accounting principles (GAAP) in financial statements. CPAs can also be employed by corporations—termed “the private sector”—in finance functions such as Chief Financial Officer (CFO) or finance manager, or as CEOs subject to their full business knowledge and practice. These CPAs do not provide services directly to the public.
Although some CPA firms serve as business consultants, the consulting role has been under scrutiny following the Enron scandal where Arthur Andersen simultaneously provided audit and consulting services which affected their ability to maintain independence in their audit duties. This incident resulted in many accounting firms divesting in their consulting divisions, but this trend has since reversed. In audit engagements, CPAs are (and have always been) required by professional standards and Federal and State laws to maintain independence (both in fact and in appearance) from the entity for which they are conducting an attestation (audit and review) engagement. However, most individual CPAs who work as consultants do not also work as auditors.
CPAs in Non-Profit
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