Profesi CPA - Salsabila Musfita

Summary

In this video, Salsabila Muskita, an Accounting student from Politeknik Negeri Medan, discusses the accounting profession, particularly focusing on the role of public accountants and public accounting firms. She covers key topics such as the structure and services of accounting firms, the Sarbanes-Oxley Act, the roles of various auditing standards, and the responsibilities of professional accountants. The video also touches on regulatory bodies like the SEC, AICPA, and the Public Company Accounting Oversight Board (PCAOB), while emphasizing the importance of quality control and ethics within the profession.

Takeaways

• 😀 The video introduces the profession of Certified Public Accountants (CPA), focusing on its role, responsibilities, and key regulations.
• 😀 It highlights various services offered by Public Accounting Firms, including audit, tax, accounting, and management consulting services.
• 😀 The script discusses different organizational structures of accounting firms, such as sole proprietorships, partnerships, and corporations.
• 😀 The responsibilities and experience levels of staff at Public Accounting Firms are explained, ranging from assistants to partners.
• 😀 The Sarbanes-Oxley Act and the Public Company Accounting Oversight Board (PCAOB) are discussed as key regulations in the U.S. to improve accountability and public trust in corporate governance.
• 😀 The Securities and Exchange Commission (SEC) oversees the compliance of financial reporting and audit procedures, with specific forms (S1, 8K, 10K, 10Q) for public companies.
• 😀 The American Institute of Certified Public Accountants (AICPA) plays a major role in setting standards for auditing and ensuring professional ethics in the accounting field.
• 😀 International Auditing Standards (ISA) and U.S. auditing standards are explained, highlighting how they influence audit practices globally and within the U.S.
• 😀 The script provides an overview of the General Auditing Standards that all auditors must adhere to, including the need for technical competence, independence, and professional skepticism.
• 😀 It concludes by discussing quality control in Public Accounting Firms, which includes leadership responsibility, ethical requirements, and staff training to ensure high-quality audits and services.

Q & A

What is the main focus of the video presented by Salsabila Muskita?

The video primarily focuses on the profession of Certified Public Accountants (CPA) and covers various topics related to the field, such as the role of Public Accounting Firms, Sarbanes-Oxley Act, standards in auditing, and the responsibilities of different positions within these firms.

What are the key services provided by public accounting firms?

Public accounting firms offer several services, including audit services, assurance services, accounting and bookkeeping services, tax services, and management consulting services, such as advising on risk management, business valuation, and e-commerce system design.

What are the factors influencing the structure of public accounting firms?

The structure of public accounting firms is influenced by three main factors: the need for independence from clients, the importance of organizational structure to foster competence, and the increasing risk of legal liabilities faced by auditors.

What are the different organizational structures of public accounting firms?

Public accounting firms can have various organizational structures, including sole proprietorships, partnerships, corporations, professional corporations, limited liability companies (LLCs), and limited liability partnerships (LLPs). Each structure has its own legal and financial responsibilities.

What is the role of the Public Company Accounting Oversight Board (PCAOB)?

The PCAOB is a regulatory body that oversees auditors of public companies in the United States. It sets auditing standards, ensures compliance with these standards, and conducts inspections of audit firms to enhance public trust in financial reporting.

What is the Sarbanes-Oxley Act and why was it introduced?

The Sarbanes-Oxley Act (SOX) was introduced to improve corporate governance and accountability in the wake of major corporate scandals like Enron and Worldcom. It established stricter regulations for auditing, financial reporting, and internal controls to protect investors.

What are the reporting requirements for public companies as per the Securities and Exchange Commission (SEC)?

Public companies must submit several forms to the SEC, including Form S-1 (for new securities), Form 8-K (for significant events), Form 10-K (annual financial statements), and Form 10-Q (quarterly financial statements). These reports help ensure transparency and inform investors.

What is the role of the American Institute of Certified Public Accountants (AICPA)?

The AICPA is a professional organization that sets standards for the accounting profession in the U.S., provides certification for CPAs, promotes the profession, and supports continuing education for its members.

What are the main auditing standards applied internationally and in the U.S.?

Internationally, the International Standards on Auditing (ISA) are set by the International Auditing and Assurance Standards Board (IAASB). In the U.S., auditing standards are set by the Auditing Standards Board (ASB) and the PCAOB. Both sets of standards aim to ensure the reliability and accuracy of audits.

What is the importance of quality control in public accounting firms?

Quality control in public accounting firms ensures that audits and other services meet professional standards. It involves leadership responsibility, ethical requirements, hiring qualified personnel, proper assignment of tasks, and continuous monitoring to maintain service quality and client trust.