Updated July 24, 2015
What Does an Accountant do Chicago Illinois
What do accountants do Chicago Illinois
All About Accounting
An accountant is a practitioner of accounting, which is the measurement, disclosure or providing of assurance about financial information that helps managers, investors, tax authorities and others make decisions about allocating resources. Most accountants are employed in commerce, industry and the various governmental agencies. Generally accountants take the work prepared by bookkeepers once it gets to the trial balance stage, and create financial statements and tax returns for various governmental agencies.
In the United States, legally practicing accountants are Certified Public Accountants (CPAs) and in certain states, Public Accountants (PAs), and other non-statutory accountants are Certified Internal Auditors (CIAs), Certified Management Accountants (CMAs) and Accredited Business Accountants (ABAs). The difference between these certifications is primarily the legal status and the types of services provided, although individuals may earn more than one certification. Additionally, much accounting work is performed by uncertified individuals, who may be working under the supervision of a certified accountant. However, as noted above the majority of accountants work in the private sector or may offer their services without the need for certification.
A CPA is licensed by the state of their residence to provide auditing services to the public, although most CPA firms also offer accounting, tax, litigation support, and other financial advisory services. The requirements for receiving the CPA license vary from state to state, although the passage of the Uniform Certified Public Accountant Examination is required by all states. This examination is designed and graded by the American Institute of Certified Public Accountants.
U.S. tax law grants accountants a limited form of accountant-client privilege.
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Chris Amundson is the President of Accounting Solutions Ltd., a full service public accounting firm of Certified Public Accountants and Enrolled Agents handling the bookkeeping, accounting, tax preparation, and audit representation needs of Businesses, Estates, Trusts, and Upper Income Individuals.