Tuesday, September 6, 2011

C.P.A.

In becoming a C.P.A., there are a few distinct memories that shaped my development dramatically. The first was moving into the upper division of the accounting curriculum at Purdue's Krannert School of Management. Pre-recs were done. My classes were all subjects I wanted to take, and not just there to make me more well-rounded. The second was my first tax season. I learned as much in those four months as I did in all of college. The hours were tough, but that wasn't a big deal. Managing everyone's expectations (bosses, co-workers, clients, etc.) was amazing. You learn to juggle quickly when moving into the "real world." The third was my first sitting for the C.P.A. exam. I studied for two months and felt totally unprepared. I woke up early, drove down to the fair grounds, and took my seat on a little wooden chair at a 50-year-old folding table in the sheep barn with 5,000 of my closest friends. They kept the doors open to keep air flowing. Of course it was the beginning of November, so that flowing air was pretty cold. I never thought I passed anything that day. I did know that I would pass it, no matter what it took. These three experiences were key to my meeting the requirements of the C.P.A. license. They made me realize it was going to be a fight. And I fought, and fought, and fought. I can't tell you how proud I am when I look at my license. I am proud because of the fight to get it, and I am proud because of what I can do with it.

The C.P.A. license was established as a way for accountants to regulate themselves. As a C.P.A., I have certain responsibilities. I must stay educated, keep within the guidelines set forth by industry accepted rules, and maintain a strong ethical standard when advising and assisting clients. As a business adviser and income tax specialist, my education consists of keeping up with the latest industry trends and government regulations. The economy and the government's reaction to the economy over the last decade have made this a complicated task. Fortunately, the ever-expanding internet as well as other technological advances have made it possible to keep up. Staying within guidelines isn't as much of a challenge for me as it is for others in public accounting. Auditors for public companies are much more focused on this task. For me, making sure all government filings are done timely and correctly are the main focus. The virtue of ethics is important for all of us. If you cross the line into unethical behavior, you get yourself into a tough situation. Usually, this occurs when something unexpected happens that shouldn't have been unexpected. If you won the lottery in January of last year, April 15th of this year isn't the time to find out how much tax you owe on it. This is an important part of my practice. My advice has to remain honest, and timely. I must strive to keep in strong communication with my clients. At least strong enough to know when they win the lottery. I must also be as true with my advice as possible. If cash flow is tight, and the current business model isn't going to change things, I need to let my clients know. Problems won't be resolved by ignoring them. They must be challenged full on.

The C.P.A. profession is the most unique profession because it is self-regulated. Although certain government agencies have tried to change this over the years, their regulation has paled in comparison to the standard at which we hold ourselves. This is why I am so proud of that license. It makes me a part of the most trusted group around.

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