Additional Certifications For CPA's: A Quality Control Issue

Abstract

Over the last twenty years public accounting firms have started to provide additional services other than attest services and tax preparation, such as business valuations and financial planning, which can be very profitable for the firms.  However, the Certified Public Accountant (CPA) designation that has been used in many cases to market these services provides no assurance that the accountant is adequately trained in these new fields since CPA certification requires neither knowledge nor experience in these areas.  This paper reviews the services being provided by accountants and the additional professional certifications available to help accountants deliver quality services consistent with the public’s expectations of CPAs.  In addition, firms that may be thinking of expanding into new niche areas can make sure that they hire professionals or train existing staff with the appropriate credentials.