Professional_Knowledge_and_Abilities_Paper

Professional Knowledge and Abilities Paper There are several organizations and associations that are dedicated to the success of professionals. One that I have found to be interesting is the American Institute of Certified Public Accountants (AICPA). This organization was first started in 1887, which was known as American Association of Public Accountants (AAPA) at the time; and consisted of a small group of members. In 1916 AAPA was replaced by the Institute of Public Accountants, which was renamed American Institute of Accountants the following year (Tiffany Bradford June 9, 2008). It was not until 1957 that the organization took on its current name American Institute of Certified Public Accountants; and currently more than 300,000 people are members. When the AICPA was first established in 1887 its purpose was to provide members of its organization as well as the state licensing board with information and guidance. Today the main purpose of AICPA is to support and improve the accounting profession (Tiffany Bradford June 9, 2008). This is done by designing and grading the exams that are given to become a Certified Public Accountant (CPA); sets CPA technical standards; and issues statements of position. It also provides various forms of information that improves technical and professional abilities, and helps guide the accounting profession. The members of AICPA are required to continue their professional education to keep them well informed of business and current accounting issues. The American Institute of Certified Public Accountants is devoted to the success of Certified Public Accountants. The AICPA supplies its members with the up dated resources needed to stay on top of the game. There are considerable amounts of resources that provide this form of information; whether it is through professional education, publications, programs, or services. It is imperative for any accountant to be well informed and up-to-date. There can be several changes made to laws; technology, software, and how certain procedures are to be done that can affect the success of any accountant. For example, tax laws are changing all of the time; that affects the amount one is to pay in taxes; what credits can or cannot be used; and even how income taxes can be filed. If a tax accountant is not informed of such changes, it can cause several problems not only for the client but also the accountant as well, which can result in fines, penalties, law suites, or prison time. In the long run being a member of AICPA is an investment that pays for its self by aiding in the success of Certified Accountants.