A Certified public accountant, commonly identified as CPA is a qualified and skilled accountant who has passed a series related examinations from a recognised institution. In addition to this the accountant must have an additional experience of work in this field.
Most of the countries including Canada use this standard prerequisite to call a person as CPA although in some areas these professionals are also known as CA i.e. Chartered Accountants. There may be various ways which may lead to this qualification.
But the best path, as told by Toronto CPA, is to start the career as a public accountant once obtaining the basic education in commerce and afterwards extending this education to CPA with the help of passing the necessary examinations and gaining experience of a related job.
CPAs have to adhere to the common rules and regulation of accounting. They are also expected to keep the financial information of their client secured. One more thing that they help in is to assure the freedom from misstatement.
A CPA can provide many types of services, but their main focus is on public accounting, which is also called as financial audit services. Generally, these services are also referred as assurance services. All these services are covered under tax planning Toronto services.
Most of the CPAs are professionals and offer their services and proficiency in specific areas whereas there are some who work with small businesses, are generalists and responsible for a variety of financial services.
As these CPAs are well informed of the professional principles of Federal and Provincial Laws, they may also carry an audit successfully. Mostly the CPAs whose professional role is of consultation, do not work as auditors.
In general, small to medium sized organizations hire a CPA for handling their taxation process and simultaneously they also have an audit department, just to make sure that their hired CPA is following correct practices.