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Whether providing services as an accountant or auditor, a Certified Public Accountant (CPA) owes a duty of care to the client and third parties who foreseeably rely on the accountant's work. [1] Accountants can be sued for negligence or malpractice in the performance of their duties, and for fraud .
This conflict voids the CPA firm's independence for multiple reasons, including: the CPA firm would be auditing its own work or the work the firm suggested, and, the CPA firm may be pressured into unduly giving a positive (unmodified) audit opinion so as not to jeopardize the consulting revenue the firm receives from the client.
Some states have enacted a non-evidentiary accountant–client privilege. For example, Texas has a privilege rule that requires that a certified public accountant (CPA) not voluntarily disclose information communicated to the CPA by a client in connection with the engagement without the client's permission.
CPA Salaries. Starting Salary: Entry-level CPAs earn an average total compensation of around $59,000. Average Salary: $76,000 annually, with an average range from $54,000 to $123,000, up to over ...
CPA Salaries. CPAs in the US earn an average salary of $97,000 annually, with entry-level positions starting at about $61,000 and experienced roles reaching up to $153,000. How much a CPA makes ...
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Having custody of client assets. Supervising client employees in the performance of their normal recurring activities. Determining which recommendations of the member should be implemented. Reporting to the board of directors on behalf of management. Serving as a client's stock transfer or escrow agent, registrar, general counsel or its equivalent.
Until the year 2011, anyone in the United States could legally engage in the business of preparing a federal tax return. The rules were changed effective January 1, 2011, and for a time imposed certain requirements on individuals engaging in the business of preparing U.S. federal tax returns. [7]