CWSCPA - Cincinnati Women's Society of Certified Public Accountants

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Copyright and Trademark Notice
The contents of all material available on this Internet site are copyrighted by the CWSCPA unless otherwise indicated, and the compilation of materials on this Internet site is also copyrighted by the CWSCPA. Copyright is not claimed as to any part of an original work prepared by a U.S. or state government officer or employee as part of that person's official duties. The name "CWSCPA" and logo of the CWSCPA are trademarks and service marks of the Cincinnati Women's Society of Certified Public Accountants. All rights are reserved by the CWSCPA and the content may not be reproduced, downloaded, disseminated, published or transferred in any form or by any means, except with the prior written permission of the CWSCPA, or as indicated below.

Members of the CWSCPA may download pages or other content for their own use, consistent with the mission and purpose of the CWSCPA, on a single computer. However, no part of such content may be otherwise or subsequently reproduced, downloaded, or disseminated, published or transferred, in any form or by any means, except with the prior written permission of, and with attribution to, the CWSCPA.

Legal Notice and Disclaimer
The CWSCPA does not endorse, approve or certify the information present on this site, nor does it guarantee the accuracy, completeness, efficacy, timeliness or correct sequencing of such information. No one should rely on the accuracy, completeness, efficacy and timeliness of such information. Reference herein to any specific commercial product, process, or service by trade name, trademark, service mark, manufacturer or otherwise, does not constitute or imply endorsement, recommendation or favoring by the CWSCPA.

The CWSCPA (including its employees and agents) assumes no responsibility for consequences resulting from the use of the information herein, or from use of the information obtained at linked Internet addresses, or in any respect for the content of such information, including (but not limited to) errors or omissions, the accuracy or reasonableness of factual or scientific assumptions, studies or conclusions, the defamatory nature of statements, ownership of copyright or other intellectual property rights, and the violation of property, privacy or personal rights of others. The CWSCPA is not responsible for, and expressly disclaims all liability for, damages of any kind arising out of use, reference to, or reliance on such information. No guarantees or warranties, including (but not limited to) any express or implied warranties of merchantability or fitness for a particular use or purpose, are made by the CWSCPA with respect to such information.

Links to Other Internet Sites
At certain places on this CWSCPA Internet site, live 'links' to other Internet addresses can be accessed. Such external Internet addresses contain information created, published, maintained or otherwise posted by institutions or organizations independent of the CWSCPA. The CWSCPA does not endorse, approve, certify or control these external Internet addresses and does not guarantee the availability, accuracy, completeness, efficacy, timeliness or correct sequencing of information located at such addresses. No one should rely on the accuracy, completeness, efficacy and timeliness of such information. Reference therein to any specific commercial product, process or service by trader name, trademark, service mark, manufacturer or otherwise, does not constitute or imply endorsement, recommendation, or favoring by the CWSCPA.

Privacy Statement
The goal of CWSCPA.org is to provide a rich array of information and online tools to CWSCPA members and the public. To do this effectively, certain user data may be collected and/or reviewed so that we can understand our users and in turn make CWSCPA.org more and more relevant to each individual user. Information about members and the public is used in different ways, as outlined below.

This privacy statement may change from time to time as we add features to CWSCPA.org. If you have questions or comments, please contact the CWSCPA webmaster at webmaster@cwscpa.org.

Information Collected and its Use

Information collected from both members and the public includes: Server log information: When you visit CWSCPA.org or any other website, you are identifiable as a unique number, called an IP address. Your IP address is automatically collected in server logs. We use this information to help diagnose problems with our server and to analyze server traffic to learn which pages on CWSCPA.org receive more or fewer visitors. This information is anonymous and cannot be traced back to a specific individual. The server log also can tell us which browser you are using (i.e. Internet Explorer or Netscape), and the name of the website that referred you to our site. (i.e., if you were visiting a different website and clicked on a link to CWSCPA.org, you were "referred" through the other site).

Cookies
These are text files which our website places on your computer's hard drive to keep track of your preferences. We may use cookies to personalize your experience on CWSCPA.org. That is, cookies may help us remember who you are and deliver content and services based on your personal preferences.

Information collected from members only includes: User-supplied information: Current and future services on CWSCPA.org, particularly under the "Contact " section of the website, may require that you give us your name, email address, or other personal information. By providing this information, you can and will be able to transact business regarding your membership via the Internet which in the past required telephone or mail contact. These online services are provided as a convenience to our members, and allow CWSCPA to provide you with efficient and high-quality service.

Access to some services is protected by a password. We recommend that you not divulge your password to anyone.

Security We have security measures in place to prevent the loss, misuse, or alteration of information under our control.

CWSCPA Questions and Answers

Are you making the most of the services a certified public accountant has to offer? These trusted advisers can work as partners, offering valuable advice on all your financial needs. Along with a tradition of serving companies and individuals with competence, integrity and objectivity, CPAs possess the up-to-the-minute skills and training needed to translate increasingly complex information into information critical to making informed decisions. If you haven't already used these services, it's time to find out more about how these highly trained practitioners can expand your financial horizons. If you have worked with CPAs in areas with which they are traditionally associated–such as tax and accounting services–you may be surprised to learn about the many other types of engagements they perform. CPAs have the financial and technological expertise to address a broad variety of business and personal issues. They can help you make sense of a changing and complex world.

Why Should You Choose A CPA?
One advantage of working with CPAs is that they speak your language. These professionals live and work in your community and grapple with the same economic issues you do. Each practitioner is trained to complete tasks as complex as evaluating a business's options for global expansion and as simple as routine tax preparation. Because they apply their skills every day in real-life situations, they are adept at untangling financial as well as non-financial puzzles and illustrating the total picture with clarity and objectivity. Whether you are struggling with questions about how to chart the future of a rapidly growing company or trying to finance a child's education, a CPA can help you assess your options.

What Is a CPA?
CPAs are distinguished from other accounting practitioners by strict licensing regulations. To become a CPA, it's necessary to pass a rigorous two-day national exam and meet stringent experience requirements in addition to completing a five-year course of study in a college or university. To maintain their licenses, CPAs pursue continuing professional education that keep them current with the latest business and related issues. When you work with a CPA, you can be assured that he or she has mastered a significant body of specialized knowledge. CPAs function as advisers to individuals, businesses, financial institutions, not-for-profit organizations and government agencies on a wide range of financial and related matters.

CPAs also are governed by a strict code of professional ethics that emphasizes the CPA's commitment to serving the public and protecting the public interest. One of the most demanding found in any field, this code embodies the hallmarks of the accounting profession: competence, independence, objectivity and integrity.

In addition, CPA firms regularly undergo independent reviews by their peers in the profession to ensure that their services and procedures meet high quality control standards.

Finally, CPAs are consistently on the cutting edge of the financial world, leading the way in the technology revolution and continually seeking valuable, new information-based services that will benefit individual and business clients.

What Services Do CPAs Offer to Businesses and Individuals?
CPAs are very good at anticipating and creating opportunities for their clients. They might be able to help you lower your tax burden or take advantage of an overlooked business option. Business owners and managers consult CPAs for help in creating strategic plans, updating technology systems and assessing new opportunities, as well as for auditing and accounting services. Audit clients can be assured of confidentiality because of the strict code of conduct that CPAs follow. Individuals turn to CPAs for assistance with tax preparation as well as with personal finance issues such as retirement and estate planning and investment decisions. Here's a review of some of the services CPAs offer.

Audits, Reviews and Compilations
These important services include the following:

Financial Statement audits of public companies.
The Securities and Exchange Commission requires companies that sell stock to the public to issue annual financial statements that have been audited by independent CPAs. These audits provide reasonable assurance to investors and other users of financial information, such as banks and financial analysts, that the financial statements are reliable.

Audits of small and closely held businesses.
Many smaller organizations call on CPAs to audit their financial statements to provide them with the type of assurance usually required to obtain bank loans and to offer management vital information for internal decision making.

Reviews.
This service and compilations are widely used by privately held companies. In a review, the CPA applies analytical procedures to a business's financial statements and makes inquiries of management in order to issue an accountant's review report on the company's financial statements. An accountant's review report may be used by a variety of third parties, including creditors or regulatory agencies.

Compilations.
In a compilation engagement, the CPA assembles financial statements using the client's data but does not provide assurance on the financial statement. Compilations are useful in assisting small, nonpublic companies in the preparation of their financial statements.

Tax assistance.
Not only do CPAs prepare tax returns for businesses and individuals but they also help them chart and implement tax strategies. A CPA's suggestions for timely, prudent financial steps can help minimize taxes and enhance investment prospects. CPAs also represent taxpayers before the tax authorities–during a tax audit by the IRS, for example–and provide consulting on tax strategies and other issues. A 1998 federal law created a confidentiality privilege between clients and CPAs who represent them before the IRS in most matters.

Personal financial planning.
CPAs offer clients objective, independent assistance in creating financial plans designed to preserve and increase assets, and they help in planning for important life events. A CPA can provide guidance in:

Estate planning.
Your CPA can develop a plan that will limit estate taxes while preserving assets for your heirs. For businesses, CPAs can create viable succession plans and help address special family concerns.

Retirement planning.
A CPA can determine the amount of savings and investment returns that will be necessary to reach your goals for a financially secure retirement and can offer investment planning guidance.

College funding.
In recent years, soaring tuition costs have turned financing a college education into a major financial challenge. CPAs can help project future college costs, develop a sound investment plan and offer advice in navigating the financial aid process.

Risk management
Sound financial planning includes making sure you have adequate insurance coverage. A CPA can help you assess your current level of coverage; identify gaps in life, health, disability, long-term care and property insurance; and develop a plan to fill them.

Investment planning.
CPAs provide varying levels of investment services. Whether you are looking for information about your choices, guidance in choosing a money manager or help in selecting specific investments, there's a CPA who can do the job.

Consulting Services.
CPAs play a vital role in helping businesses make better use of their resources and increasing their efficiency and profitability. Because CPAs work with a variety of companies on a broad range of issues, management often seeks their technical knowledge and business experience. Some of the consulting engagements in which CPAs are involved include:

Developing accounting and other internal information systems.

Reengineering a company's finance function.

Installing, upgrading or assessing computerized information systems.

Accumulating, analyzing and reporting financial and operational information for management decision making.

Assessing a business's system of internal control.

Performing special studies of finance, inventory, cost accounting, credit and collection.

Assisting with loans and letters of credit.

Advising on mergers, acquisitions and business expansions.

Offering advice on expansion into international markets.

Structuring transactions for capital markets to meet financing needs.

Working with legal experts in litigation that involves financial and other issues.

Helping to address HR concerns, such as recruitment, training, benefits and retirement systems and outsourcing.

Determining the value of businesses and estates for insurance or tax purposes.

Assurance Services.
CPAs can also provide a variety of new types of emerging services that are designed to improve the quality of information or its context for decision-makers. This information can be financial or nonfinancial, historical or prospective. The American Institute of Certified Public Accountants (AICPA) has established a strategic initiative to broaden the utility of the existing Professional Standards used by auditors in an effort to begin offering these services. The dynamic developments in this field of assurance services demonstrate the profession's ability to satisfy cutting-edge market needs as they occur.

One of the new assurance services currently being performed by CPAs is engagements to provide assurance to consumers who engage in electronic commerce on the World Wide Web. Although use of the World Wide Web has significantly expanded in the past few years, many consumers are still reluctant to buy goods and services over the Internet because they are required to reveal personal and financial information online or they are unsure of the business practices of a company that conducts business on the Internet. CPAs are now able to provide assurance to these consumers regarding the integrity, security, privacy and reliability of the systems and tools used in electronic commerce through the new CPA WebTrust^TM service.

CPAs will also be equipped to offer a number of new assurance services in the near future. This diverse range of services will include engagements to provide assurance to senior management of companies and other interested third-parties on the reliability of computerized information systems (Systrust Services^TM) to services designed to provide personalized financial and nonfinancial services to elderly citizens (ElderCare Services^TM).

How Should I Choose 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. Analyze your present and future financial needs, considering these kinds of questions:

Will you need help with personal financial issues, individual or corporate tax returns, retirement, estate or college planning?

Are you seeking investment help?

Do you need financial statements prepared for your business?

Must those statements be audited or reviewed?

Will you need special financial reports for government agencies?

Do you want help preparing a personal or business loan application?

Will your business need specialized services, such as technology installations, strategic planning, electronic commerce assurance or cost management studies?

After you have determined your goals, the next step is to seek recommendations from people who might have consulted with CPAs for similar reasons. You might turn to friends and relatives, colleagues and business contacts or to other professionals, such as bankers, attorneys and insurance agents. CPAs are also listed in phone directories, and most state CPA societies offer help in locating practitioners.

How Can I Tell If a CPA Is Right for My Needs?
Once you have outlined your personal and business objectives, set up an interview appointment and be prepared to ask specific questions. Following are some key ones:

Are you a certified public accountant?
Since this designation is awarded only to people who have passed a rigorous two-day national exam and stringent state licensing requirements, it offers assurance that a CPA has developed technical mastery of financial concerns.

Are you licensed to practice in my state?
This is particularly important if you are working with someone in a neighboring state.

What are your training and experience in the areas most important to me?
While all CPAs have a thorough knowledge of business and tax issues, many have further training in specific areas of practice. Ask prospective CPAs about their background in the disciplines that concern you and how much of their business is devoted to these areas.

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.

What Does Membership in the AICPA Mean?
It's important to know whether the CPA you're choosing belongs to the American Institute of Certified Public Accountants (AICPA). Membership in this national professional organization is a mark of distinction shared by more than 344,000 CPAs, each of whom is governed by an exacting Code of Professional Conduct. AICPA members also must satisfy extensive continuing education requirements, which means they remain informed about professional trends and changes in the law. New AICPA members are required to have completed 150 semester hours of higher education. In addition, AICPA members must regularly undergo a review of their accounting and auditing practices. All of this adds up to solid assurance of quality that should be a guiding factor in choosing your CPA.

What Do CPAs Charge?
There are no fee schedules common to the profession. CPAs normally base their fees on the time required to perform services, the type of services required, the prevailing costs in the community, the CPA's level of expertise and the complexity of the work.

Talk frankly with your CPA about fees. Different types of services command different rates because of the expertise level of the people who perform them. Find out how much you will pay for the tasks done by a staff accountant under the supervision of a CPA, by a higher level employee such as a supervisor and by a manager or partner of the firm.

CPAs and clients often sign engagement letters before work is performed to avoid misunderstandings. The engagement letter describes in detail the services to be rendered, fee ranges and other terms and conditions of the engagement.

How Can I Get the Most Value From a CPA's Services?
CPAs have these suggestions on how you can make the best use of their services and get the most value for your money:

Be prepared to discuss your plans and objectives. CPAs can most effectively advise you and serve your best interests when they understand your goals.

Gather all relevant personal and business financial information so you can give the CPA a clear picture and ask specific questions.

Be clear and candid about what you expect from the CPA's services.

To save yourself unnecessary fees, keep good records and avoid using the CPA's professional time for routine work.

Keep your CPA informed of changes in your professional and personal life. A marriage or divorce, the birth of a child, an inheritance, a career change or a generous bonus can have a significant impact on your tax liability and financial goals.