With the mergers between the 3 accounting bodies, CGA, CMA, and CA under one body, CPA, it is important you understand what value a CPA, CA professional can provide to your business. The CA designation and the new CPA program requires rigorous training and work experience. The partners at MP Group have received their CA designations prior to the mergers and have met the requirement of having 36 months of public accounting experience. We will go over the benefits that your CPA, CA professional can provide to your business.
As noted, CPA, CA professionals require 36 months of training with public accounting firms. As such, for example, the partners at MP Group began practicing in public accounting with large international accounting firms, KPMG, Deloitte and PwC. The governing bodies require that an aspiring CA to become proficient in areas such as assurance, accounting principles, tax, governance, management accounting and ethics. Experience in these areas are also required and developed while working in public practice. Therefore, when you work with a CPA, CA, you know that you are working with an expert that has gone through rigorous training and has a lot of valuable experience.
Financial Statement Preparation
CPA, CA professionals are able to become licenses public accountants. Generally, as they have extensive experience in assurance, tax and accounting, they can meet the necessary ongoing requirements for practicing with a license. When you notice a professional with the CPA, CA, LPA designation, you know that the professional can prepare or review your financial statements to the best quality as possible. The professional can provide assurance over the financial statements at a review or audit level depending on the needs of the users of the financial statements.
Proficient in Tax
When you work with a CPA, CA, you know for sure that they have the expertise and knowledge in assisting your tax return preparation, and provide insights that lead to tax savings. Most CPA, CA have a certain degree of competencies in tax as a requirement; however, some professionals decide to focus greater in tax and expand their knowledge base. For example, MP Group partners have gone through the In-Depth Tax Program with CPA Canada and have worked in the largest corporate tax group in PwC. They still focus on providing their clients with excellent tax advice and service.
Identifying Issues and Thinking Outside the Box
CPA, CA professionals have the knowledge and expertise to provide valuable business insights. With the ability to understand your business to a greater extent, it allow for the ability to identify problems and come up with solutions. Using financial tools such as preparing useful periodic financial statements, developing key performance indicators (such as gross margin, inventory turnover, current ratio, etc.), budgeting and setting benchmark, and reviewing cash flow can identify problem areas. Also, CPA, CA professionals can help you assess how the company is performing and meeting company targets.