What Services should you Expect from a CPA
Tampa CPA or a certified public accountant would be engaged in numerous advisory roles for his or her clients. He would be your best bet for handling the following:
- Audits and reviews
The primary task of the accountant has been auditing the books of the clients. In the event of the resulting financial statements of the client meeting the evaluation criteria of the accountant, they would issue an opinion of the auditor concerning the financial statements along with the statements issued to the third parties. They would also conduct a review preferred by the clients due to its lower cost.
- Taxation services
They would require providing relevant advice on tax strategies to clients along with preparing their tax returns.
- Consulting services
Clients might inquire the accountant for engaging in numerous consulting activities inclusive of advising on the adequacy of the control system, helping in the installation of information systems, and describing prospective strategic options.
- Forensic accounting
Accountants specializing in forensic accounting services would reconstruct destroyed financial records along with investigating the occurrence of fraudulent activities.
- Financial planning
The accountant might advise you with financial planning advice. It would be inclusive of ways to transfer a business to the buyer with a minimum amount. They would devise ways to ensure a short-term tax impact on the client. It could extend to estate planning whereby the clients could bestow assets at the lowest tax cost to recipients.
- Litigation services
The accountant could provide a detailed analysis needed by an attorney in the court of law. These skills would be required for settling divorce cases, bankruptcy proceedings, business disputes, and more. An experienced accountant could also provide testimony as an expert witness.
Requirements for a certified public accountant
A CPA is certified to conduct an audit. The non-certified public accountants would provide the other items. However, the designation of a certified public accountant would imply a higher level of expertise and training, as he or she would need to undergo some kind of continuing professional education. He or she would be required to pass the ethics examination periodically. These needs or requirements might attract clients despite there being non-CPA competition willing to provide similar services.
Are there any limitations?
The CPA may have a few limitations for providing services other than audit work to the client. It would be inclusive of avoiding giving the appearance a close association with the client. The option would be to provide audit services only or everything but audit services.