Accountancy is the backbone of any financial organization. It helps you determine the financial health of any organization, by compiling the financial transactions into consolidated financial statements. This information is vital for stakeholders to decide whether the entity is credit worthy or not. Even employees do not want to join any loss making unit.
Thus, the accountant carries out the pivotal role of recording financial transactions, monitoring activities, determine budgets, and compile financial statements. At a higher level, finance officers are supposed to determine the financial viability of any project. So, what is the CPA? Just like the CA qualification in India, the CPA (Certified Public Accountant) is the highest professional qualification related to accounting in the U.S. One can move towards becoming a practicing CPA by taking the Uniform CPA exam conducted by the American Institute of Certified Public Accountants (AICPA). Different states in the U.S. have a different set of requirements for accountants to be licensed to practice, however, passing the CPA exam is a common (hence called uniform) requirement across all states. Apart from the U.S., a CPA qualification is highly regarded and accepted globally, including India. With a CPA under your belt, not only can you practice Chartered Accountancy in the U.S., you can also be considered for roles involving international accounting policies in other countries. E.g: an MNC with operations in diverse geographies would definitely be interested in hiring a CPA so that the employee is knowledgeable about global accounting policies.
There are plethora of opportunities for a CPA in risk management, accounting, research, cost management, financial reporting, etc.So how does one sitting in India apply for a CPA exam conducted in the U.S.? Luckily, from October 2014, the exam is now being conducted in the Middle East as well and Indians are welcome to take the test there. So now there is no need to make that trip to America just for the exam.
The CPA designation entails huge responsibility since they ensure the truthfulness of financial statements of the organization. They’ve been conferred the right to conduct mandatory inspection, detect frauds, errors & omissions. In short, he has to carry out the activity of a careful watchdog of financial transactions.