Keywords

Certified Public Accountant (CPA) — a professional who has:
1. completed a minimum of a four-year degree in accounting (with at least 150 total credit hours, effective 2006).
2. passed a rigorous exam consisting of questions exploring all areas of accounting and audit.
3. had a minimum of three years of accounting/auditing experience.

CPAs are also required to take 40 hours per year of continuing education in order to retain their CPA designation.

Audit — The object of an audit is to provide a reasonable basis for expressing an opinion as to the fairness of financial statements taken as a whole. It is the highest level of service that can be performed by a CPA under professional standards.

Review — a review involves inquiries and analytical procedures that provide a basis for expressing limited assurance by CPAs that no material modifications should be made to the financial statements.

Compilation — the object of a compilation is to present information that is the representation of management in the form of financial statements, without expressing assurances of those statements. It is the minimum level of service that can be performed under the professional standards of CPAs.

Business Valuation — the act or process of determining the value of a business enterprise or ownership interest therein. Closely held businesses are often valued for the purposes of buying and selling companies, estate and gift tax planning and compliance, ESOP regulatory requirements, litigation support, financial reporting, and strategic planning.