Core Services: The work we perform for a fee or salary. Ideally, our work is challenging and elicits premium rewards for ourselves, our employers, and clients.
Assurance and Information Integrity: Provide a variety of services that improve and assure the quality of information, or its context, for business decision-making.
CPAs provide unique value in the level of trust they earn and maintain with clients, employers, colleagues, and users of CPA services. Assurance and information services apply in all settings to provide interpretations as to the quality, accuracy, and meaning of diverse information. CPAs will increasingly provide quality advice that enhances the understanding, confidence, and ability to make decisions in relevant contexts. The tradition of public interest rests within the heart of assurance services of all types.
Technology Services: Services that leverage technology to improve objectives and decision-making including business application processes, system integrity, knowledge management, system security, and integration of new business processes and practices.
CPAs understand technology systems and will develop the ability to process and integrate information among various areas of business practice. CPAs can provide solutions to complex issues by integrating specialized technology with their extensive experience to create new strategic business processes. CPAs will provide knowledge regarding the security, effectiveness, and reliability of information, applications, and new and effective business practices and processes. Technology and the changes and challenges it creates not only for the profession, but also for the economic and business world, is the single largest force facing CPAs.
Management Consulting and Performance Management: Provide advice and insight on the financial and non-financial performance of an organization’s operational and strategic processes through broad business knowledge and judgment.
CPAs have a comprehensive set of problem-solving skills that apply to a wide range of business management and performance issues. CPAs have the understanding and ability to link internal operations and marketplace issues. CPAs will capitalize on their ability to strategically evaluate risks and opportunities and devise appropriate action plans.
Financial Planning: Provide a variety of services to organizations and individuals that interpret and add value by utilizing a wide range of financial information. These include everything from tax planning and financial statement analysis to structuring investment portfolios and complex financial transactions.
CPAs play a vital role in business decisions through the ability to interpret the relationship between financial and non-financial information. CPAs have a unique understanding of investment and financing strategies, and of the implications for tax and life events. CPAs can add value to financial information and should enhance their position as the professionals of choice for financial management in all segments of the profession.
International Services: Provide services to support and facilitate commerce in the global marketplace.
CPAs will develop competencies to assist clients and employers moving into new foreign markets. CPAs can assist business clients and employers in coping with the complexities of import and export regulations and cultures. CPAs should become the preferred financial professional to assist multi-national corporations and to leverage opportunities in global capital markets.
The world has changed since 1998, do these core services still apply today to the CPA profession? Will they apply in the future? To weigh in, view these videos, share your insights and voice your thoughts in the discussion forums.