Accounting - V

A Certified Public Accountant is an accounting professional which is committed to protecting the interests of the members of the public. As far as their work is concerned, the Certified Public Accountant provides the financial statement audits and some other attestation services hence helping in ensuring that the investors are informed on matters related to the financial health of their businesses. Moreover, the Certified Public Accountant provides different families with the required knowledge and advice so as to enable them to plan their finances in the best way possible. The families are again advised on the taxes they pay in different platforms. (Hargadon, 2018)

The occupation is of importance to business because as they are offered world taxes advisory services as well as financial reporting services hence driving effective decisions to the management of the business. This plays significant roles in facilitating the success of the organizations because they are able to experience growth in different sectors.

On the other hand, the Certified Management Accountant (CMA) is a professional certificate which handles the matters of both financial management fields and management accounting. The study is carried out to equip the person with knowledge in planning, analysis, control, decision support, and professional ethics. As a result of Certified Management Accountant (CMA), the person having the certificate is able to manage different businesses in the best way possible as he has the required knowledge and skills which ensure that the right activities are carried out. The certificate is therefore provided in the Institute of management accountants. (Cheng, 2018)

Moreover, the knowledge in this field of study helps in ensuring that the businesses available in the market are managed in the best way possible. This ensures that the obstacles experienced by the businesses are handled in an effective manner hence bring the success of the organization. The person is able to analyze different activities, therefore, coming up with effective decisions which enable the business to run in the right direction.

As far as the differences between the Certified Management Accountant (CMA) and the Certified Public Accountant are concerned, it is true that the Certified Management Accountant is more practical while the Certified Public Accountant is more prestigious in nature. On the other hand, the Certified Public Accountant deals with income taxes, audits and financial reporting in different businesses. However, the certificate is made to prepare the professionals for roles made to face the customers in the business. The customer-facing roles range from the private sector, small businesses and large business which might be hard to manage the customers.

Again, the Certified Management Accountant (CMA) ensures that the professionals work in large financial departments due to the fact they are unable to face the customers in the business. However, the professionals are subjected to both managerial and executive roles hence leading the business to its success. The knowledge acquired from the study enables the professionals to run and manage different businesses in the best way possible.

Finally, the Certified Management Accountant (CMA) is used in the managerial accounting in different business while the Certified Public Accountant (CPA) is more applicable in the financial accounting as the professionals are able to carry out auditing exercises for the purposes of ensuring that the businesses are run in the best way possible. (Looknauth, 2018)

References

         i.Cheng, S., Hope, O. K., & Hu, D. (2018). Strategic Entry Deterrence in the Audit Industry: Evidence from the Merger of Professional Accounting Bodies.

ii. Hargadon, J. M., & Fuller, L. R. (2018). DUAL CERTIFICATION: It's a Win-win! With this updated nine-step program, highly motivated undergraduate accounting students can pass the CMA examination before graduation and the CPA exam within six months after graduation. Strategic Finance, 99(9), 40-48.

           iii. Looknauth, T., & Bélanger, C. H. (2018). Accountants’ satisfaction following the unification of Canadian accounting bodies. Journal of Accounting & Organizational Change, 14(3), 250-272.