What is a CPA?

Certified Public Accountants (CPAs) advise individuals, businesses, financial institutions, nonprofit organizations and government agencies on a wide range of financial and related matters.

In Indiana, CPAs are licensed by the Indiana Professional Licensing Agency to practice public accounting.

• CPAs are distinguished from other accountants by stringent licensing requirements.
• To become a CPA, an individual must have a college degree, pass a rigorous national exam, and meet certain experience requirements.
• To maintain their licenses, CPAs must meet continuing education requirements that keep them current on the latest business issues, as well as changing accounting standards and tax laws.

Among the most trusted financial advisors, CPAs adhere to strict professional standards of conduct, which stress independence, integrity, objectivity, technical competence and adherence to professional standards.

Services CPAs Provide
People turn to CPAs for a wide range of assistance - everything from business advice to help with income tax preparation. CPAs can also help with personal financial planning to build college funds, plan for retirement and create estate plans.

Business owners and managers routinely depend on CPAs for auditing services and help with developing effective accounting systems, maximizing operating results and resolving management problems. CPAs often serve as consultants on human resource and litigation issues. They also assist businesses in designing and installing data processing and automated management information systems.

What Qualifications You Should Look for in a CPA
First, decide what you want from your CPA. While all CPAs meet the same basic education, training and licensing requirements, not all provide the same range of services. Then, consider the answers to these key questions:

1. Is the CPA licensed to practice in your state?
   CPA licenses can be verified online with the Indiana Professional Licensing Agency.
2. Is the CPA's expertise compatible with your needs?
   Analyze your present and future financial needs and be sure to talk about these goals with your potential CPA. You can use the Indiana CPA Society's Find A CPA service to find a CPA with the expertise you need.
3. How active is he or she in professional organizations?
   Professional membership is important. CPAs who are members of the INCPAS and/or the American Institute of CPAs are regulated by a strict code of professional ethics and a strict standard of practice and behavior. What's more, members in public practice are subject to rigorous peer review of their accounting and auditing practice on a regular basis. All this adds up to a solid assurance of quality that should be a guiding factor in choosing your CPA.

Consider, too, whether the person's business style and attitude match your own, be it formal or informal, conservative or aggressive. A long-term working relationship between you and your CPA can offer you an informed, consistent approach to personal and business financial issues, so compatibility is important.

How To Find A CPA

• INCPAS has a Find A CPA service that allows you to be matched to a CPA with the expertise you need, right in your geographic region.
• Referrals from friends, neighbors and coworkers are a great way to find a CPA who meets your needs.
• Business people, especially those in your field can also help. So can lawyers and bankers. CPAs are also listed in phone directories.

What CPAs Charge
CPAs normally base their fees on the time required to perform the services you request. Fees depend on the type of services you require, the prevailing costs in the community, the CPA's level of expertise and the complexity of your work. Talk frankly with your CPA about fees. Compare the cost of having work performed by a staff accountant under CPA supervision, a higher-level employee such as a supervisor, or perhaps a manager or firm partner.

Get the Most Value out of a CPA's Service
To get the most value from a CPA's services:

• Discuss your plans and goals with your CPA.
• Consult with your CPA when considering business or personal financial decisions.
• Do not pay unnecessary fees. Keep good records and prepare routine work ahead of time.
• Keep your CPA informed of changes in your personal and professional life. A recent marriage or divorce, the birth of a child, a career change or an especially generous bonus can all have a significant impact on your tax liability and personal financial goals.

Ensuring Quality in the Profession

Peer Review
The CPA profession has taken steps to ensure the quality of attestation engagements - audits, reviews and compilations. Since 1988, the AICPA has required firms and individual licensees who perform attestation work to enroll in a peer review program. Read more>

Complaint Procedures
The Indiana CPA Society (INCPAS) has the authority to investigate actions of its members. Complaints to INCPAS will be reviewed by the INCPAS Ethics Committee.

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