A Vision for CPAs of the Future
- UNCP Author/Contributor (non-UNCP co-authors, if there are any, appear on document)
- Layla Edwards (Creator)
- Institution
- The University of North Carolina at Pembroke (UNCP )
- Web Site: http://www.uncp.edu/academics/library
- Advisor
- Sharon L. Bell
Abstract: Dwight D. Eisenhower once said, "Neither a wise man nor a brave man lies down on the tracks of history to wait for the train of the future to run over him." This is a perceptive statement made by President Eisenhower, and the Certified Public Accounting profession is taking his advice. The Certified Public Accounting profession is in need of reshaping as the millennium rapidly approaches. The profession faces many changes in the future, along with new and unanticipated problems. There are technological advancements which need to be made, along with a broadening of the scope of services. Currently, there is an effort to bring about these much needed changes within the profession. This project is being conducted by the America Institute of Certified Public Accountants (AICPA) and has been entitled, "The CPA Vision Project".My thesis will take a brief look at the history of the Certified Public Accounting profession, what are CPAs, and what exactly CPAs do. One might be surprised that CPAs do not just sit in a corner and county beans all day. Also, I will explore in detail the changes that need to be made to CPAs can better perform in the future and better serve their clients or their respective employers. Before CPAs can change themselves, they need to evaluate where they are and where they want to be. Once the goals are determined, the CPA profession will need to develop a plan. This plan should be as simple as possible, but effective. It is a matter of sink or swim for the, "more than 18,000 mid to small size firms and more than 27,000 individually practicing CPAs" in the United States ("Enduring Values, Changing Competencies: A Road Map for CPAs" 1).Many of us do not like changes and we often resist change in our lives. Life may be uncertain, but one thing we can be certain of in our lives in change. However, many of us never think about what changes lie ahead. Sure, we cannot be certain of what will happen. Nevertheless, we can look at circumstances and plan ahead as best we can so we will be ready to face change. The Certified Public Accounting profession has recognized this need to look ahead, and is revamping itself for the 21st century.The "CPA Vision Project" is the means by which the Certified Public Accounting profession is attempting to revamp itself. This process involves conducting "Future Forums" at both the national and the state level. At these "Future Forums" CPAs met and discussed where the Certified Public Accounting profession needs to be in the coming century. Issues such as what types of services need to be offered, what type of values the profession needs to maintain or obtain, among other visions for the future were addressed.After these ideas were compiled, CPAs are going to need to implement these into their practices. These are the things which will keep the profession into the coming century. A very important factor is the issue of new services. It is not going to be feasible for CPAs of the future to perform the basic accounting services that they have over the years. There is a broad market for financial planning and consulting, along with other services. CPAs will be missing out on opportunities for growth and financial gains if they do not expand into these areas. "A Vision for CPAs of the Future" will hopefully enlighten readers as to what the future possibly holds for the Certified Public Accounting profession and what needs to be done in order for the profession to remain a step ahead of those who are not certified accountants. The Certified Public Accounting profession is going to have to have something to set them apart from the competition (i.e. accounting firms which do employ "Certified" accountants). Certified Public Accountants must remember that, "your future can be as dim as your blind spots, or as brilliant as your imagination" (The Project, The Process and The People: An Introduction")
A Vision for CPAs of the Future
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Created on 5/4/1998
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Additional Information
- Publication
- Thesis
- Language: English
- Date: 1998
- Keywords
- Certified Public Accounting, CPA, Accounting, CPA Vision Project,