Glossary

The most comprehensive list of business process outsourcing related terms and definition.

Certified Public Accountant (CPA)

Definition

A certified public accountant (CPA) is a designation for licensed professionals who are called to uphold the accountancy practice that is committed to generally serve the public interest. After passing the licensure exam and gaining the license to practice, a CPA must be committed to the prevailing laws and ethics of their discipline. Engaging in a practice (whether public or private) means taking up the responsibility to perform their duties with adherence to the Code of Professional Conduct (CPC) and generally acceptable accounting principles (GAAP).

A certified public accountant can either engage his/her profession in public and private practice. CPAs in public practice work in accounting firms that offer these primary service lines: auditing and assurance, tax compliance, financial accounting and reporting, and management advisory. Aside from firms, public practice also involves working in the government. On the other hand, CPAs in private practice work as accountants of businesses, accounting consultants, personal accountants, or as teachers of accounting-related subjects in universities.

Businesses can hire accountants directly or outsource through accounting firms. Outsourced CPAs can perform financial reporting duties such as the preparation and presentation of financial statements. Aside from that, they can also serve as financial advisors to a business regarding crucial decisions (e.g., buy or make). CPA’s also perform audits and prepare tax returns in accordance with tax laws. Outsource Accelerator matches you with the best finance and accounting outsourcing companies in the Philippines, where you can save up-to 70% on staffing cost.

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