#Auditing CPE - Self-Study CPE Courses

[cpeinc]

What Are CPE Credits for CPAs and How Do You Earn Them?

Continuing Professional Education (CPE) credits are essential for Certified Public Accountants to maintain their licenses and stay up to date with industry developments.

Whether you're a newly certified CPA or a seasoned professional, understanding how to earn and manage CPE credits is crucial for maintaining compliance with state board regulations and professional organizations.

Understanding CPE Credits

CPE credits are units of measurement used to quantify professional education and training for CPAs. These credits help accountants remain knowledgeable about tax laws, financial reporting standards, ethical considerations, and other relevant topics in the accounting industry. Most CPAs are required to earn a specific number of CPE credits within a defined reporting period, usually one to three years, depending on state regulations and professional membership requirements.

Why Are CPE Credits Important?

Regulatory Compliance: State boards of accountancy require CPAs to earn CPE credits to maintain their licenses.

Professional Growth: Continuing education helps CPAs stay informed about changes in accounting standards, tax laws, and technology.

Career Advancement: Keeping up with CPE requirements ensures CPAs remain competitive in the job market.

Ethical Responsibilities: Many CPE programs include ethics courses that reinforce the importance of professional integrity and ethical decision-making.

How to Earn CPE Credits

CPAs can earn CPE credits through various methods, including online courses, live seminars, webinars, and self-study programs. Below are the most common ways to earn CPE credits:

Online CPE Courses

Online CPE courses provide a flexible and convenient way for CPAs to earn credits from anywhere. Providers like CPE Inc. offer a wide range of courses covering essential topics such as:

Taxation

Auditing

Financial Reporting

Business Law

Ethics

Technology in Accounting

Many online courses are self-paced, allowing CPAs to learn at their own convenience and complete courses based on their schedules.

Live Webinars and Virtual Conferences

Attending live webinars and virtual conferences allows CPAs to interact with industry experts, ask questions, and participate in discussions. Many organizations, including CPE Inc. offer live CPE events that provide up-to-date information on regulatory changes and accounting best practices.

In-Person Seminars and Workshops

For CPAs who prefer a traditional classroom setting, in-person seminars and workshops offer structured learning environments. These events are often conducted by professional organizations and accounting firms to provide deep insights into specific accounting and financial topics.

Professional Conferences

Accounting and finance conferences often feature keynote speakers, panel discussions, and specialized training sessions that qualify for CPE credit. These events provide an excellent opportunity for networking while earning required credits.

On-the-Job Training and Firm-Sponsored Programs

Some employers provide in-house training programs that qualify for CPE credit. These programs cover company-specific policies, financial regulations, and industry trends that help CPAs enhance their expertise.

CPE Credit Requirements

CPE credit requirements vary by state and professional organization. CPAs should check with their state board of accountancy and other relevant institutions to ensure compliance. Here are some general guidelines:

Annual or Biennial Reporting Periods: Most states require CPAs to complete CPE credits within a one-to-three-year reporting cycle.

Minimum Credit Requirements: The total number of required credits typically ranges from 40 to 120 hours per cycle.

Ethics Requirement: Many states mandate that CPAs complete ethics training as part of their CPE credits.

Technical and Non-Technical CPE: Some state boards differentiate between technical courses (e.g., accounting, auditing, tax) and non-technical courses (e.g., leadership, communication skills).

Earn Your CPE Credits Today

CPE credits are a fundamental requirement for CPAs to maintain their professional licenses and stay ahead in the evolving field of accounting.

By utilizing resources such as CPE Inc., CPAs can conveniently earn credits through online courses, webinars, and self-study programs. Understanding CPE requirements and taking proactive steps to complete courses ensures CPAs remain compliant, knowledgeable, and competitive in their profession.

To explore high-quality CPE courses, visit CPE Inc. and start earning your credits today!

For more information about Ethics CPE Webinar and Accounting CPE please visit:- CPE Inc.

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Importance of Continuous Professional Education Post-CA

Becoming a Chartered Accountant (CA) is a significant achievement, but the journey doesn’t end there. The dynamic nature of the finance and accounting industry demands that professionals continuously update their knowledge and skills to stay relevant. Continuous Professional Education (CPE) is an essential aspect of a CA's career, enabling them to adapt to regulatory changes, technological advancements, and industry trends.

1. What is Continuous Professional Education (CPE)?

CPE refers to structured learning programs designed to enhance the knowledge and skills of professionals. For CAs, this involves attending workshops, webinars, and training sessions, or pursuing advanced certifications. CPE ensures that CAs remain competent and up-to-date with the latest developments in their field.

2. Why is CPE Important?

a) Keeping Up with Regulatory Changes

The regulatory environment in accounting and taxation is ever-evolving. From amendments in tax laws to updates in International Financial Reporting Standards (IFRS), staying informed is crucial. CPE programs help CAs understand these changes and apply them effectively in their practice.

b) Adapting to Technological Advancements

Technology has transformed the way businesses operate, and the accounting profession is no exception. Tools like cloud accounting, AI-driven analytics, and blockchain are becoming mainstream. Participating in CPE programs ensures that CAs are equipped to leverage these technologies for better efficiency and accuracy.

c) Enhancing Professional Skills

Beyond technical knowledge, CPE focuses on developing soft skills such as communication, leadership, and problem-solving. These skills are critical for career advancement, particularly for CAs aspiring to leadership roles.

d) Maintaining Professional Credibility

Clients and employers value professionals who stay informed and competent. By participating in CPE programs, CAs demonstrate their commitment to excellence, enhancing their credibility and reputation.

3. CPE and Exam Preparation Resources

For aspiring CAs, tools like CA Entrance Exam Books, Scanner CA Foundation Books, Scanner CA Intermediate Books, and Scanner CA Final Books are indispensable during their preparation phase. Similarly, for qualified CAs, CPE programs act as the next step in continuous learning, ensuring they remain relevant and effective in their roles.

4. Benefits of CPE

a) Improved Career Opportunities

Continuous learning opens up new career paths. Specialized certifications in areas like forensic accounting, international taxation, or financial planning can help CAs diversify their expertise and stand out in a competitive market.

b) Networking Opportunities

CPE programs often bring professionals together, creating opportunities to network and exchange ideas. These connections can lead to collaborations, mentorship, or new business opportunities.

c) Personal Growth

Learning new concepts and skills fosters personal growth and boosts confidence. CPE helps professionals approach challenges with a fresh perspective, making them more effective problem-solvers.

5. Popular CPE Programs for CAs

a) Workshops and Seminars

These programs focus on specific topics like GST, transfer pricing, or audit techniques. They are ideal for gaining in-depth knowledge in a short time.

b) Online Courses

Platforms like Coursera, edX, and ICAI’s e-learning portal offer flexible learning options. Topics range from advanced accounting to emerging technologies like blockchain.

c) Certifications

Certifications such as CPA (Certified Public Accountant), ACCA (Association of Chartered Certified Accountants), or CFA (Chartered Financial Analyst) add global recognition to a CA’s credentials.

d) Self-Study Programs

For self-paced learners, resources similar to CA Foundation Scanner, CA Intermediate Scanner, and CA Final Scanner can be used to deepen understanding of complex subjects.

6. Challenges in Pursuing CPE

a) Time Constraints

Balancing work and learning can be challenging, especially for practicing CAs. Prioritizing and scheduling time for CPE is essential.

b) Cost of Programs

Some CPE programs can be expensive. However, many organizations reimburse these costs as part of professional development initiatives.

c) Choosing Relevant Topics

With numerous options available, selecting programs that align with career goals and interests can be overwhelming. Identifying areas of improvement and industry demand can guide this decision.

7. How to Incorporate CPE into Your Career

a) Set Clear Goals

Identify your career aspirations and choose CPE programs that align with those goals.

b) Leverage Technology

Use online platforms and virtual webinars to learn at your own pace.

c) Track Progress

Maintain a log of completed CPE activities to track your learning journey and ensure compliance with mandatory requirements.

d) Stay Consistent

Make CPE a regular part of your professional life. Even short courses can accumulate into significant learning over time.

8. Conclusion

Continuous Professional Education is a cornerstone of success for Chartered Accountants. Just as resources like CA Entrance Exam Books, Scanner CA Foundation Books, CA Intermediate Scanner, and Scanner CA Final Books are vital during the exam phase, CPE is essential for professional growth post-qualification. By staying updated with industry trends, enhancing skills, and embracing lifelong learning, CAs can ensure their relevance and effectiveness in a rapidly changing professional landscape. Invest in CPE to not only advance your career but also contribute to the broader accounting and finance community.

[takillarichards]

A Primer on the CISA Designation

In the rapidly evolving landscape of information systems, ensuring security and efficient auditing practices is paramount for organizations worldwide. The Certified Information Systems Auditor (CISA) designation is the global gold standard for professionals overseeing information systems, particularly in auditing, control, and security realms. It is issued by the Information Systems Audit and Control Association (ISACA), a global organization that focuses on developing, adopting, and using globally accepted practices for information systems.

Those earning the CISA designation are qualified to assess the technology systems in their companies, review risk areas, and complete information systems audits. Following an audit, a CISA presents the findings and frequently suggests necessary actions or steps to the company’s management.

ISACA notes that the CISA certification is uniquely tailored for IT auditors. It is also relevant for compliance analysts, program managers, risk analysts, data protection managers, security officers, and IT consultants. The designation typically takes five years to complete.

The path to obtaining a CISA involves several steps, including attaining a score of 450 or higher on the CISA exam and a comprehensive 150-question, four-hour test. This exam assesses knowledge of five key job practice areas, including auditing information systems, managing IT systems, acquiring information systems, protecting information assets, and supporting operations and business resilience.

ISACA provides a range of CISA exam preparation options, including a four-day in-person course organized at multiple locations throughout the US and online self-paced training. Training can be arranged onsite for companies wishing to certify employees together. The organization’s online Engage community offers exam preparation assistance via a platform where candidates can connect with peers. Additionally, numerous third-party companies like Infosec Institute, Learning Tree, Cybrary, Secure Ninja, Career Academy, BSI, and others offer exam preparation courses and boot camps outside ISACA's offerings. ISACA provides CISA exam study materials in multiple languages.

Candidates for the CISA designation must prove they have five years of applicable work and educational experience in information systems auditing, control, or security. Alternatively, candidates without sufficient work experience may waive up to three years of the work employment requirement if they meet specific education credentials or have gained previous knowledge in areas such as non-information systems auditing.

Those who earn the CISA designation must follow the ISACA's Code of Professional Ethics to retain it. To maintain their credential, they must also complete 20 hours of yearly training and 120 hours of learning within three years. ISACA provides various options, such as attending specific conferences, completing ISACA Training Week courses, engaging in certified online training, participating in tech education events, or undertaking on-demand learning to earn continuing education credits (CPE).

CPE credits can also be made by taking journal quizzes available exclusively to members, volunteering with ISACA or One in Tech, and attending specified ISACA activities or meetings. ISACA charges an annual maintenance fee for CISA designation renewal.

CISA holders constitute a specialized segment within the business sector and enjoy numerous career advantages, including recognition for specialized knowledge and increased salary potential. According to ISACA, those possessing the designation experienced a 22 percent increase in their salary and a 70 percent increase in job satisfaction. The CISA certification increases job prospects as it holds universal recognition and is transferable across various industries.

[illumeo]

CPE for CPAs

https://www.illumeo.com/cpe-for-cpas

Illumeo's Continuing Professional Education (CPE) program is the ultimate resource for Certified Public Accountants (CPAs) and finance professionals. With an extensive library of over 1,600 courses and the option to attend 100 live webinars, it's designed to keep you at the forefront of the ever-evolving field of accounting. Our cloud-based Learning Management System (LMS) is tailor-made for CPAs, making it seamless to access and complete courses. Whether you're an individual CPA or part of a large company, we cater to your professional development needs. Trusted by CPAs and top audit and assurance firms, Illumeo offers the highest level of expertise and return on investment (ROI). Elevate your career and stay up to date with the latest in accounting by exploring our world-class, on-demand accounting continuing education and CPA CPE self-study learning.

[ultimatecpe]

At Ultimate CPE, we provide continuing professional education for CPA'S. Some of our CPE topics cover accounting and auditing, taxation, consulting services, tax planning, GAAP, and CPE courses.

[accpe]

We offer professional education for accountants looking for low-cost self-study programs. Some of our cpe topics cover accounting and auditing, taxation, consulting services, tax planning and cpe courses for enrolled agents, and specialized courses, too.https://www.accpe.com/

[supercpasandiego-blog]

Virginia CPA CPE Requirements

Virginia CPA CPE requirements differ depending upon the "status" of the CPA and the number of years which have passed since successful completion of the CPA exam.

The Virginia Board of Accountancy is the governing body overseeing the requirements for the number and the type of CPE hours which a CPA must complete in order to renew his or her Virginia CPA license.

Please refer to these clarifications when reading the requirements that follow:

Referring to one's self as a Certified Public Accountant or CPA, includes the use of the "CPA" title on individual business cards, letterhead and all other documents (excluding a CPA wall certificate).

The performance of professional services to the public for purposes of CPE requirements include: accounting or auditing skills, issuing reports on financial advisory or consulting services, preparing tax returns, or giving tax advice.

For the purposes of this article, the terms "CPE credits" and "CPE hours" are used interchangeably.

CPE requirements for Virginia CPA's who use the CPA designation and perform services for the public.

General requirements:

Any person referring to himself or herself as a Certified Public Accountant or "CPA," and who is performing or offering to perform the professional services as listed above for the public must complete 120 CPE credits during each CPE reporting cycle with a minimum of 20 CPE hours per CPE reporting year. The CPA licensee may choose the specific courses and areas of study.

Timing of application for Virginia CPA license:

Any person applying for a CPA certificate three or more years after successful completion of the CPA exam, who intends to provide any of the professional services described above, must complete the 120 CPE hour requirement as though it had been applicable during the three years prior to the date of his application.

Any CPA certificate holder whose original application for CPA certification was received by the board less than three years after completion of the CPA exam, and who provides any of the professional services described above (after December 31, 2000), must have obtained 40 CPE credits within the 12 months preceding the date such services are first offered to the public. The CPA must complete the remaining 80 CPE hours by the end of the second CPE reporting year following the date of providing the indicated professional services. A minimum of 20 CPE hours must be completed in each of these two CPE reporting years.

CPE requirements for Virginia CPA's who use the CPA designation and perform services other than for the public.

General requirements:

Any person referring to himself or herself as a Certified Public Accountant or "CPA," and who is performing or offering to perform any professional services as listed above for an employer or other organization or as an educator in the field of accounting, and not for the public, must meet the following CPE requirements to renew a CPA certificate:

For the three-year reporting period beginning January 1, 2006, a minimum of 90 CPE credits with a minimum of 15 CPE hours per year

For the three-year reporting periods beginning on or after January 1, 2009, a minimum of 120 CPE credits with a minimum of 20 CPE hours per year.

Any person applying for a CPA certificate three or more years after successful completion of the CPA exam, who intends to provide any of the professional services described above, must complete the 120 CPE credit requirement as though it had been applicable during the three years prior to the date of his application.

If the CPA obtained his CPA certificate at a time when he did not intend to provide services for the public and later decides to provide for the public the services, then he or she must, prior to performing such services, meet the 120 CPE credit requirement.

Requirements for retaining records of continuing education.

It is the responsibility of the CPA to keep all evidence of completion of CPE credits for a period of three years. The documentation must be in the form of a sponsor provided certificate of completion or other verification or written statement from the provider of the CPE course.

The CPA certificate holder has the responsibility to provide documentation of completed CPE to the board only if requested.

Granting of continuing professional education credit.

The Virginia Board of Accountancy permits credit hours for CPE courses as follows:

One credit hour for each 50-minute period of classroom instruction.

CPE Credit for College Courses: One semester hour of college credit is worth 15 CPE credits. One quarter hour of college credit is worth 10 CPE credits.

CPE Credit for Instructors: A CPA certificate holder can also gain CPE credit for instructing courses that qualify for CPE credit. Instructors. The instructor must keep evidence to support the request for CPE credit and will be awarded two additional CPE credits for each CPE credit hour of instruction. The instructor will not be given CPE credit for "substantially identical" subject matter in subsequent sessions of the course. The CPE credit given for instructing is limited to 30 CPE credits per CPE reporting cycle.

Interactive vs Non-interactive Self study CPE: CPE hours for self-study courses should be established by the sponsor. Interactive self-study programs receive CPE hours equal to the average completion time. Non-interactive self-study programs receive CPE hours equal to one-half of the average completion time.My site here CPA San Diego

Comparing CPE Providers

Because the Virginia Board of Accountancy does not require registration of CPE providers, the following are some things to look for when selecting a CPE course.

* Does the provider specify written learning objectives for each course?

* Does the provider require a final exam with a minimum passing score at the conclusion of the course?

* Does the provider issue certificates of completion for each course?

The Virginia Board of Accountancy does not require that CPE providers be pre-approved or registered with the state board. Therefore, Virginia CPA's should be diligent in selecting a quality provider of CPA CPE.

[my-cpe]

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➡️Here's why: Approved by NASBA: myCPE is authorized by NASBA (Sponsor id: 143597) to provide CPE credits to CPAs. You can trust our courses to meet the highest standards of quality and relevance.

➡️Complete Compliance: This package includes 60 hours of self-study webinars that align perfectly with the Tennessee State Board of Public Accountancy's requirements. Stay on track and fulfill your obligations hassle-free.

➡️Diverse Course Offerings: Our 60 CPE Package covers a wide range of subjects to enhance your professional knowledge. With 23 hours in Accounting and Auditing, 25 hours in Taxation, 7 hours in Finance, 1 hour in Business Management and Organization, and 2 hours in Computer Software and Application, you'll gain valuable insights across various domains.

➡️Technical Expertise: Fulfill your technical subject area requirements with 57 CPE hours included in this package. Along with 3 hours of ethics. Stay up to date with the latest developments and maintain your professional edge.

➡️Accounting and Auditing Focus: If you provide attest services (including compilations), our package offers 23 hours of content in Accounting and Auditing, surpassing the minimum requirement of 20 hours. Stay on top of your game in this critical area.

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Don't miss out on this fantastic opportunity to fulfill your CPE requirements with ease. Subscribe today and empower your professional growth! For more detailed information, visit our website or the Tennessee CPE Requirement Page. Stay compliant, stay ahead!See less

[cpeinc]

Where CPAs Can Find CPE Courses on Blockchain Technology

For CPAs interested in staying up-to-date on blockchain and cryptocurrencies while earning CPE credits, there are several courses that offer detailed learning opportunities on these topics. CPE Inc. in particular offers a variety of quality courses that cover the subject, including their 5-hour self-study course titled "Cryptocurrencies & Blockchain Technology: The Impact on Finance & Accounting."

This course covers the fundamentals of cryptocurrencies, blockchain technology, their impact on finance, audit considerations, and relevant financial accounting issues. It's designed for accounting professionals to stay updated on digital currency trends and the technology that underpins them, providing valuable insights for audit and risk assessments. Let’s take a closer look at the benefit of blockchain CPE courses for CPAs and why staying on top of the cryptocurrency industry is so important.

Benefits of Blockchain CPE Courses for CPAs

For CPAs, blockchain technology presents both opportunities and challenges. Understanding this technology is crucial for various reasons:

Compliance and Auditing: Blockchain changes the nature of evidence available for audits. Gaining a deep understanding of blockchain can help CPAs navigate compliance and regulatory issues, and adapt audit procedures accordingly.

Advisory Services: Blockchain presents a chance for CPAs to expand their services into advisory roles, guiding clients on implementing and using blockchain technology effectively for their business needs.

Competitive Advantage: As blockchain adoption continues to grow in finance, having expertise in this field gives CPAs a competitive advantage in their practice, positioning them as forward-thinking professionals who are knowledgeable in cutting-edge technologies.

Blockchain and Cryptocurrency Self-Study Course

One of the leading platforms for CPAs looking to gain expertise in blockchain technology is, as we mentioned above, CPE Inc. They offer a wide range of on-demand webinars and self-study courses tailored to the needs of finance professionals. Their self-study course titled "Cryptocurrencies & Blockchain Technology: The Impact on Finance & Accounting" provides CPAs with an in-depth understanding of blockchain fundamentals, cryptocurrencies, and their influence on accounting and finance.

This course is particularly beneficial for those new to blockchain, as it explains how cryptocurrencies function, the technology behind decentralized public ledgers, and how blockchain is transforming financial transactions. It also addresses auditing considerations for cryptocurrency and blockchain technologies, making it an ideal choice for accountants and auditors interested in understanding risk and control issues associated with blockchain.

Key Highlights of CPE Inc.’s Blockchain Course:

Duration: 5 hours of self-study.

Topics Covered:

Understanding blockchain technology.

Detailed anatomy of cryptocurrency transactions.

Audit considerations related to cryptocurrency and blockchain.

Specific regulatory concerns regarding crypto assets.

Level: The course is designed for an overview-level audience, making it suitable for those who may have no prior exposure to blockchain but want to start building their knowledge.

The course costs $219 and qualifies for 5 CPE credits in the NASBA field of study, specifically within Accounting. Since it is a self-study course, CPAs can complete it at their own pace, which is particularly convenient for busy professionals.

The Best CPE Courses For CPAs Online

CPAs who want to stay up-to-date with blockchain technology while earning CPE credits have many options to choose from. Platforms like CPE Inc. offer comprehensive blockchain courses tailored to the needs of finance professionals, along with a variety of other courses that cover just about any subject that a CPA would need to know.

Whether you are looking to expand your advisory services or simply stay informed about technological advancements in finance, blockchain CPE courses provide valuable insights that will help future-proof your career.

For more information Conferences For Finance Professionals and CPE Course please visit:- CPE Inc.

[accountanttraining]

The Strategic CFO™ | Accountant Training

The Financial Management Workshop overviews accounting professionals through The Art of the CFO™. We offer a selection of training options for the accounting professional that intends to boost your companies' financial statements, crucial efficiency indicators, economic reporting, and also capability to demonstrate just how financial information, as well as reporting, impacts management choices and strategy.

Accounting professional Training

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Take your seat at the exec table with confidence

Enhance your capacities to give insight right into business financial plan and instructions

Accounting Training Courses

Real-time little class workshops

Customized and also customized individually training is readily available

Earn as much as 40 overall CPE credit scores

Our four-day online program is designed to guarantee today's accountancy professionals are always in-the-know. The Art of the CFO™ takes a deep study the latest topics while using proceeding specialist education credit reports. Participants can arrange the workshop times, customize the curriculum to fit their requirements, and also established the place.

Can not attend in person-then Virtual is for YOU

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Make approximately 40 total CPE credit scores

Our on-line sessions give the CPE's needed to maintain your certified public accountant certificate while offering you with present sector expertise. You additionally will certainly gain from our efficient program delivery as well as depth of understanding from a location that's convenient for you.

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[ultimatecpe]

Ethics-Self-Study CPE Courses|Ultimate CPE

If you are taking a course that meets your training program with great improvement in your career through Ethics - Self-Study CPE Courses to become a best CPAs in Future. Ultimate CPE is the best platform where you can gain advanced knowledge with huge experience and become a strong CPAs. Our Online Ethics Courses CPE for CPAs and Self-Study CPE will help you in your future career as a milestone to your Life. Our CPE course is the efficient learning solution that gives you extra learning skill to enhance your inner quality through Accounting or Finance.

[accpe]

Accounting CPE | American Center for Continuing Professional Education | ACCPE

Our accounting CPE courses cover a wide range of self-study topics for any CPA including CPE for accounting, auditing CPE, and consulting services CPE.

[my-cpe]

 Calling all Rhode Island CPAs!

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[rbbox]

Certified Public Accountant Not to be confused with Chartered Accountant, Certified Practising Accountant, or Chartered Professional Accountant. Certified Public Accountant (CPA) is the title of qualified accountants in numerous countries in the English-speaking world. In the United States they will have passed the Uniform Certified Public Accountant Examination and will have met additional state education and experience requirements for membership in their respective professional accounting bodies and certification as a CPA. Individuals who have passed the exam but who have lapsed their continuing professional education or have requested to be converted to inactive status are, in many states, permitted the designation "CPA Inactive" or an equivalent phrase. In most U.S. states, only CPAs are legally able to provide to the public attestation (including auditing) opinions on financial statements. Many CPAs are members of the American Institute of Certified Public Accountants or their state CPA society. In many circumstances, a CPA licensed in one state is prohibited from using the CPA designation in a second state until a license or certificate from the second state is obtained. Texas additionally prohibits the use of the designations "accountant" and "auditor" by a person not certified as a Texas CPA, unless that person is a CPA in another state, is a non-resident of Texas, and otherwise meets the requirements for practice in Texas by out-of-state CPA firms and practitioners. Many other countries also use the title CPA to designate local public accountants. Services provided The primary functions performed by CPAs relate to assurance services. In assurance services, also known as financial audit services, CPAs attest to the reasonableness of disclosures, the freedom from material misstatement, and the adherence to the applicable generally accepted accounting principles (GAAP) in financial statements. CPAs can also be employed by corporations—termed "the private sector"—in finance functions such as Chief Financial Officer (CFO) or finance manager, or as CEOs subject to their full business knowledge and practice. These CPAs do not provide services directly to the public. Although some CPA firms serve as business consultants, the consulting role has been under scrutiny following the Enron scandal where Arthur Andersen simultaneously provided audit and consulting services which affected their ability to maintain independence in their audit duties. This incident resulted in many accounting firms divesting in their consulting divisions, but this trend has since reversed. In audit engagements, CPAs are (and have always been) required by professional standards and Federal and State laws to maintain independence (both in fact and in appearance) from the entity for which they are conducting an attestation (audit and review) engagement. However, most individual CPAs who work as consultants do not also work as auditors. CPAs also have a niche within the income tax return preparation industry. Many small to mid-sized firms have both a tax and an auditing department. Along with attorneys and enrolled agents, CPAs may represent taxpayers in matters before the Internal Revenue Service. Whether providing services directly to the public or employed by corporations or associations, CPAs can operate in virtually any area of finance including: Assurance and attestation services Corporate finance (merger and acquisition, initial public offerings, share and debt issuings) Corporate governance Estate planning Financial accounting Governmental accounting Financial analysis Financial planning Forensic accounting (preventing, detecting, and investigating financial frauds) Income tax Information technology, especially as applied to accounting and auditing Management consulting and performance management Tax preparation and planning Venture Capital Financial reporting Regulatory reporting CPA exam Main article: Uniform Certified Public Accountant Examination In order to become a CPA in the United States, the candidate must sit for and pass the Uniform Certified Public Accountant Examination (Uniform CPA Exam), which is set by the American Institute of Certified Public Accountants (AICPA) and administered by the National Association of State Boards of Accountancy (NASBA). The CPA designation was first established in law in New York State on April 17, 1896. Eligibility to sit for the Uniform CPA Exam is determined by individual state boards of accountancy. All states have adopted what is known as the "150 hour rule" (150 college semester units or the equivalent), which usually requires an additional year of education past a regular 4 year college degree, or a master's degree. (As such, universities commonly offer combined 5-year bachelor's/master's degree programs, allowing a student to earn both degrees while receiving the 150 hours needed for exam eligibility.) The Uniform CPA Exam tests general principles of state law such as the laws of contracts and agency (questions not tailored to the variances of any particular state) and some federal laws as well. Other licensing and certification requirements Although the CPA exam is uniform, licensing and certification requirements are imposed separately by each state's laws and therefore vary from state to state. State requirements for the CPA qualification can be summed up as the Three Es—Education, Examination and Experience. The education requirement normally must be fulfilled as part of the eligibility criteria to sit for the Uniform CPA Exam. The examination component is the Uniform CPA Exam itself. Some states have a two-tier system whereby an individual would first become certified—usually by passing the Uniform CPA Exam. That individual would then later be eligible to be licensed once a certain amount of work experience is accomplished. Other states have a one-tier system whereby an individual would be certified and licensed at the same time when both the CPA exam is passed and the work experience requirement has been met. Two-tier states include Alabama, Florida, Illinois, Montana, and Nebraska. The trend is for two-tier states to gradually move towards a one-tier system. Since 2002, the state boards of accountancy in Washington and South Dakota have ceased issuing CPA "certificates" and instead issue CPA "licenses." Illinois planned to follow suit in 2012. A number of states are two-tiered, but require work experience for the CPA certificate, such as Ohio. The experience component varies from state to state: The two-tier states generally do not require that the individual have work experience to receive a CPA certificate. (Work experience is required, however, to receive a license to practice.) Some states, such as Colorado and Massachusetts, will waive the work experience requirement for those with a higher academic qualification compared to the state's requirement to appear for the Uniform CPA. As of July 1, 2015, Colorado no longer offers the education in lieu of experience option and all new applicants must have at least one year of work experience. The majority of states still require work experience to be of a public accounting nature, namely two years audit or tax experience, or a combination of both. An increasing number of states, however, including Oregon, Virginia, Georgia and Kentucky, accept experience of a more general nature in the accounting area. This allows persons to obtain the CPA designation while working for a corporation's finance function. The majority of states require an applicant's work experience to be verified by someone who is already licensed as a CPA. This requirement can cause difficulties for applicants based outside the United States. However, some states such as Colorado and Oregon will accept work experience certified by a Chartered Accountant as well. Over 40 of the state boards now require applicants for CPA status to complete a special examination on ethics, which is effectively a fifth exam in terms of requirements to become a CPA. The majority of these will accept the AICPA self-study Professional Ethics for CPAs CPE course or another course in general professional ethics. Many states, however, require that the ethics course include a review of that state's specific rules for professional practice. Like other professionals, CPAs are required to take continuing education courses toward continuing professional development (continuing professional education [CPE]) to renew their license. Requirements vary by state (Wisconsin does not require any CPE for CPAs) but the vast majority require an average of 40 hours of CPE every year with a minimum of 20 hours per calendar year. The requirement can be fulfilled through attending live seminars, webcast seminars, or through self-study (textbooks, videos, online courses, all of which require a test to receive credit). In general, state boards accept group live and group internet-based credits for all credit requirements, while some states cap the number of credits obtained through the self-study format. All CPAs are encouraged to periodically review their state requirements. As part of the CPE requirement, most states require their CPAs to take an ethics course at some frequency (such as every or every other renewal period). Ethics requirements vary by state and the courses range from 2–8 hours. AICPA guidelines grant licensees 1 hour of CPE credit for every 50 minutes of instruction. Other accounting designations sometimes confused with CPA Many states have (or have had) a lower tier of accountant qualification below that of CPA, usually entitled "Public Accountant" or "Licensed Public Accountant" (with designatory letters "PA" or "LPA"), although other titles have included "Registered Public Accountant" (RPA), "Accounting Practitioner" (AP), and "Registered Accounting Practitioner" (RAP). Such designations were originally intended to license non-CPA accountants who were practicing public accounting before a state law was enacted which would serve to regulate the practice of public accounting in that state. The majority of states have closed the designation "Public Accountant" (PA) to new entrants, with only six states continuing to offer the designation. Many PAs belong to the National Society of Accountants. Many states prohibit the use of the designations "Public Accountant" or "Licensed Public Accountant" (or the abbreviations "PA" or "LPA") by a person who is not certified as a PA in that state. Inter-state practice An accountant is required to meet the legal requirements of any state in which they want to practice. Also, the term "practice of public accounting" and similar terms are given definitions PA status under reciprocity to a CPA licensed in another state. CPAs from other states with less stringent educational requirements may not be able to benefit from these provisions. This does not affect those CPAs who do not plan to offer services directly to the public. Moreover, most states would grant the temporary practicing rights to a CPA of another state. In recent years, practice mobility for CPAs has become a major business concern for CPAs and their clients. Practice mobility for CPAs is the general ability of a licensee in good standing from a substantially equivalent state to gain practice privilege outside of his or her home state without getting an additional license in the state where the CPA will be serving a client or an employer. In today’s digital age, many organizations requiring the professional services of CPAs conduct business on an interstate and international basis and have compliance responsibilities in multiple jurisdictions. As a result, the practice of CPAs often extends across state lines and international boundaries. Differing requirements for CPA certification, reciprocity, temporary practice and other aspects of state accountancy legislation in the 55 U.S. licensing jurisdictions (the 50 states, Puerto Rico, the District of Columbia, the U.S. Virgin Islands, Guam and the Commonwealth of the Northern Mariana Islands) make the interstate practice and mobility of CPAs more complicated. By removing boundaries to practice in the U.S., CPAs are able to more readily serve individuals and businesses in need of their expertise. At the same time, the state board of accountancy’s ability to discipline is enhanced by being based on a CPA and the CPA firm’s performance of services (either physically, electronically or otherwise within a state), rather than being based on whether a state license is held. The American Institute of Certified Public Accountants (AICPA) and the National Association of State Boards of Accountancy (NASBA) have analyzed the current system for gaining practice privileges across state lines and have endorsed a uniform mobility system. This model approach is detailed through the substantial equivalency provision (Section 23) of the Uniform Accountancy Act (UAA). The UAA is an "evergreen" model licensing law co-developed, maintained, reviewed and updated by the AICPA and NASBA. The model provides a uniform approach to regulation of the accounting profession. Under Section 23 of the UAA, a CPA with a license in good standing from a jurisdiction with CPA licensing requirements essentially equivalent to those outlined in the UAA is deemed to be “substantially equivalent,” or a licensee who individually meets the requirements of: Obtaining 150 credit hours (150 college semester units or the equivalent) with a baccalaureate degree Minimum one year of CPA experience Passing the Uniform CPA Examination Uniform adoption of the UAA’s substantial equivalency provision creates a system similar to the nation’s driver’s license program by providing CPAs with mobility while retaining and strengthening state boards’ ability to protect the public interest. The system enables consumers to receive timely services from the CPA best suited to the job, regardless of location, and without the hindrances of unnecessary filings, forms and increased costs that do not protect the public interest. As of October 2012, a total of 49 out of the 50 states and the District of Columbia have passed mobility laws and are now in the implementation and navigation phases. Only the Commonwealth of the Northern Mariana Islands, the Virgin Islands, Hawaii, Puerto Rico and Guam have not passed mobility laws. On September 20, California Governor Jerry Brown signed legislation that permits cross-border mobility for CPAs. The law went into effect July 1, 2013. The District of Columbia passed mobility laws that went into effect on October 1, 2012. AICPA membership The CPA designation is granted by individual state boards, not the American Institute of Certified Public Accountants (AICPA). Membership in the AICPA is not obligatory for CPAs, although some CPAs do join. To become a full member of AICPA, the applicant must hold a valid CPA certificate or license from at least one of the fifty-five U.S. state/territory boards of accountancy; some additional requirements apply. AICPA members approved a proposed bylaw amendment to make eligible for voting membership individuals who previously held a CPA certificate/license or have met all the requirements for CPA certification in accordance with the Uniform Accountancy Act (UAA). The AICPA announced its plan to accept applications from individuals meeting these criteria, beginning no later than January 1, 2011. State CPA association membership CPAs may also choose to become members of their local state association or society (also optional). Benefits of membership in a state CPA association range from deep discounts on seminars that qualify for continuing education credits to protecting the public and profession's interests by tracking and lobbying legislative issues that affect local state tax and financial planning issues. CPAs who maintain state CPA society memberships are required to follow a society professional code of conduct (in addition to any code enforced by the state regulatory authority), further reassuring clients that the CPA is an ethical business professional conducting a legitimate business who can be trusted to handle confidential personal and business financial matters. State CPA associations also serve the community by providing information and resources about the CPA profession and welcome inquiries from students, business professionals and the public-at-large. CPAs are not normally restricted to membership in the state CPA society in which they reside or hold a license or certificate. Many CPAs who live near state borders or who hold CPA status in more than one state may join more than one state CPA society. State Associations Florida Institute of Certified Public Accountants (FICPA) source - Wikipedia Because the study material is quite expensive, not all can buy it. The RBbox does the same small cache of the same information and study material to reach you for free. You also help in making this case successful by cooperating. You also have some information that you can send to others as a post or article. We will publish it with your name and picture. www.rbbox.in https://ift.tt/2pTxCTP

[ashleydpalmerusa]

Government Auditors Say the Institute of Internal Auditors Is Making a ‘Big Mistake’ By Phasing Out the CGAP Credential

The Certified Government Auditing Professional (CGAP) is one of three specialty certifications that are being phased out by the Institute of Internal Auditors (IIA)—and several government auditors who hold the CGAP aren’t very happy about it.

“I’m disappointed but not surprised by the IIA’s short-sighted decision to phase out new applications to the CGAP,” Chris Horton, PhD, CIA, CGAP, CCSA, CRMA, county auditor for Arlington County, Va., told Going Concern. “I’m disappointed because having the premier global internal audit association elevate the craft of government auditing through an exam-based certification helps all government auditors better tell the story of our value to our organizations and communities. However, I’m not surprised either, as my experience in the IIA has shown that government auditors are generally not seen as critical stakeholders for the IIA.”

A chief audit executive, who holds the CGAP and Certified Internal Auditor (CIA) credentials, told Going Concern that the IIA’s decision is a “big mistake because government auditors play a major role as the eyes and ears of taxpayers.”

“My CIA certificate shows that I understand auditing, but the [CGAP] certification shows that I understand the role of a government auditor,” said the chief audit executive, who wanted to remain anonymous. “Government auditors play a large role today and face many things that a corporate auditor does not face on a day-to-day basis. This certification provides credibility.”

CGAP transitioning to assessment-based certificate

The CGAP, along with the Certified Financial Services Auditor (CFSA) and Certification in Control Self-Assessment (CCSA) credentials, are being “repositioned” so the IIA can shine a brighter light on its core CIA certification.

That means the CGAP and the CFSA are transitioning from exam-based certifications to assessment-based certificates. According to a FAQ about the CGAP, CFSA, and CCSA transition, an assessment-based certificate program includes the following pieces:

A curriculum;

A course of instruction based on the curriculum, which could be offered by IIA Global or IIA affiliates;

An exam based on the curriculum, to assess participants’ achievement; and

A certificate awarded only to those who pass the exam.

By comparison, the CGAP exam included 115 multiple-choice questions, covered four domains, and required a completion time of two hours and fifty-five minutes. The four domains included:

Standards, Governance, and Risk/Control Frameworks (10 to 20%)

Government Auditing Practice (35 to 45%)

Government Auditing Skills and Techniques (20 to 25%)

Government Auditing Environment (20 to 25%)

IIA President and CEO Richard Chambers said in a press release that internal audit practitioners “must master specialized competencies within specific industries and lines of business, and be able to tackle a dizzying array of emerging risks. Assessment-based certificates will be an effective way to obtain the necessary education and training.”

And because internal control is becoming a significant part of risk management, the CCSA program will be integrated into the Certification in Risk Management Assurance (CRMA) through the next CRMA exam update, according to the IIA.

During this transition, the IIA is emphasizing that the CGAP, CFSA, and CCSA certifications will remain valid and continue to be recognized by the IIA. Those who currently hold the specialty certifications “may continue using the designation as long as they meet CPE requirements,” according to the IIA. But the IIA added that it will no longer accept new CGAP, CFSA, and CCSA certification applications after Dec. 31, 2018.

CIA “challenge exam”

As of June 30, 2018, there were 47,434 CIAs in the United States, according to data provided to Going Concern by the IIA. There were 2,241 practitioners who hold the CGAP, 4,245 who hold the CFSA, and 1,591 who hold the CCSA—but many of these professionals are not CIAs. Therefore, starting in 2019, the IIA will be offering a 150-question “challenge exam” to active CGAP, CFSA, and CCSA holders who want to obtain the CIA.

Jennifer Ruttman, CPA, CFE, CGAP, city auditor for the city of Mesa, Ariz., doesn’t think the IIA has provided enough information on how the proposed assessment-based certificate program compares to the current program.

“To earn my CGAP designation in 2014, I took a four-part review course, I studied the curriculum, and I passed an extensive formal examination. That sounds exactly like the new program they describe in their FAQ document,” Ruttman told Going Concern. “The bottom line is, if they are completely phasing out the CGAP designation, allowing me to keep mine is of little value to me or anyone else. I also find it very disappointing that the IIA has not more proactively communicated this to those of us who hold the certifications.”

She chose to pursue the CGAP because she works for a government entity and has spent her entire career as a government auditor.

“I thought it was more relevant to me and my employer than the CIA. The CIA is a respected credential, but I have found it to be primarily associated with the private sector,” Ruttman said. “For me, the CGAP demonstrates a commitment to excellence in the government auditing field, and it tells the people I work for—elected officials and citizens—that I have the support of the profession behind me. That means something to them because they don’t necessarily understand exactly what we do.”

An audit manager, who asked to remain anonymous, told Going Concern that the CGAP “is a necessary distinction” for government auditors.

“Having worked in a government audit shop for most of my career and also having some experience in an audit shop in the banking field, I have found that the distinction is representative of my commitment to public service auditing and allows me to be recognized as being knowledgeable in government audit,” she said. “I also hold a CIA and have concerns that the once four-part exam is now being reduced to one 150-question challenge exam. That means the requisite knowledge required for the CIA designation is being greatly reduced.”

An internal audit director, who wanted to remain anonymous, said having the CGAP helped him earn at least three promotions in the government audit profession.

“The best thing about being a CGAP is the validation to others that I’m considered an expert in government auditing and it lends more credit to my work,” he told Going Concern. He added that the IIA’s decision to phase out the CGAP “denigrates the importance of the certification.”

IIA responds to criticism

When asked by Going Concern to respond to government auditors’ concerns about the CGAP being repositioned, Chambers said in an email:

“I understand the views of those Certified Government Audit Professionals (CGAPs) who may have concerns about the transition. I have been a CGAP myself for more than 15 years. But I am confident that the CGAP will remain a credible and important credential for those of us who hold it for many years to come. The IIA Board of Directors carefully reviewed results of a global market study and the recommendations of a global task force of volunteer leaders before making the decision regarding the CGAP. The fact that current CGAPs are being afforded the opportunity to acquire the Certified Internal Auditor (CIA) through a ‘challenge exam’ is a reflection of the in-depth knowledge already acquired in successfully earning the CGAP designation. It acknowledges the time and effort practitioners spent obtaining the certification.”

The Accounting News Roundup newsletter is back! Every Friday you’ll get a recap of recent content posted on Going Concern, On This Date in Going Concern History, list of hot remote and hybrid accounting jobs, and more. Sign up here today.

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The post Government Auditors Say the Institute of Internal Auditors Is Making a ‘Big Mistake’ By Phasing Out the CGAP Credential appeared first on Going Concern.

from Accounting News https://goingconcern.com/iia-phasing-out-cgap-big-mistake/

[lisarprahl]

Government Auditors Say the Institute of Internal Auditors Is Making a ‘Big Mistake’ By Phasing Out the CGAP Credential

The Certified Government Auditing Professional (CGAP) is one of three specialty certifications that are being phased out by the Institute of Internal Auditors (IIA)—and several government auditors who hold the CGAP aren’t very happy about it.

“I’m disappointed but not surprised by the IIA’s short-sighted decision to phase out new applications to the CGAP,” Chris Horton, PhD, CIA, CGAP, CCSA, CRMA, county auditor for Arlington County, Va., told Going Concern. “I’m disappointed because having the premier global internal audit association elevate the craft of government auditing through an exam-based certification helps all government auditors better tell the story of our value to our organizations and communities. However, I’m not surprised either, as my experience in the IIA has shown that government auditors are generally not seen as critical stakeholders for the IIA.”

A chief audit executive, who holds the CGAP and Certified Internal Auditor (CIA) credentials, told Going Concern that the IIA’s decision is a “big mistake because government auditors play a major role as the eyes and ears of taxpayers.”

“My CIA certificate shows that I understand auditing, but the [CGAP] certification shows that I understand the role of a government auditor,” said the chief audit executive, who wanted to remain anonymous. “Government auditors play a large role today and face many things that a corporate auditor does not face on a day-to-day basis. This certification provides credibility.”

CGAP transitioning to assessment-based certificate

The CGAP, along with the Certified Financial Services Auditor (CFSA) and Certification in Control Self-Assessment (CCSA) credentials, are being “repositioned” so the IIA can shine a brighter light on its core CIA certification.

That means the CGAP and the CFSA are transitioning from exam-based certifications to assessment-based certificates. According to a FAQ about the CGAP, CFSA, and CCSA transition, an assessment-based certificate program includes the following pieces:

A curriculum;

A course of instruction based on the curriculum, which could be offered by IIA Global or IIA affiliates;

An exam based on the curriculum, to assess participants’ achievement; and

A certificate awarded only to those who pass the exam.

By comparison, the CGAP exam included 115 multiple-choice questions, covered four domains, and required a completion time of two hours and fifty-five minutes. The four domains included:

Standards, Governance, and Risk/Control Frameworks (10 to 20%)

Government Auditing Practice (35 to 45%)

Government Auditing Skills and Techniques (20 to 25%)

Government Auditing Environment (20 to 25%)

IIA President and CEO Richard Chambers said in a press release that internal audit practitioners “must master specialized competencies within specific industries and lines of business, and be able to tackle a dizzying array of emerging risks. Assessment-based certificates will be an effective way to obtain the necessary education and training.”

And because internal control is becoming a significant part of risk management, the CCSA program will be integrated into the Certification in Risk Management Assurance (CRMA) through the next CRMA exam update, according to the IIA.

During this transition, the IIA is emphasizing that the CGAP, CFSA, and CCSA certifications will remain valid and continue to be recognized by the IIA. Those who currently hold the specialty certifications “may continue using the designation as long as they meet CPE requirements,” according to the IIA. But the IIA added that it will no longer accept new CGAP, CFSA, and CCSA certification applications after Dec. 31, 2018.

CIA “challenge exam”

As of June 30, 2018, there were 47,434 CIAs in the United States, according to data provided to Going Concern by the IIA. There were 2,241 practitioners who hold the CGAP, 4,245 who hold the CFSA, and 1,591 who hold the CCSA—but many of these professionals are not CIAs. Therefore, starting in 2019, the IIA will be offering a 150-question “challenge exam” to active CGAP, CFSA, and CCSA holders who want to obtain the CIA.

Jennifer Ruttman, CPA, CFE, CGAP, city auditor for the city of Mesa, Ariz., doesn’t think the IIA has provided enough information on how the proposed assessment-based certificate program compares to the current program.

“To earn my CGAP designation in 2014, I took a four-part review course, I studied the curriculum, and I passed an extensive formal examination. That sounds exactly like the new program they describe in their FAQ document,” Ruttman told Going Concern. “The bottom line is, if they are completely phasing out the CGAP designation, allowing me to keep mine is of little value to me or anyone else. I also find it very disappointing that the IIA has not more proactively communicated this to those of us who hold the certifications.”

She chose to pursue the CGAP because she works for a government entity and has spent her entire career as a government auditor.

“I thought it was more relevant to me and my employer than the CIA. The CIA is a respected credential, but I have found it to be primarily associated with the private sector,” Ruttman said. “For me, the CGAP demonstrates a commitment to excellence in the government auditing field, and it tells the people I work for—elected officials and citizens—that I have the support of the profession behind me. That means something to them because they don’t necessarily understand exactly what we do.”

An audit manager, who asked to remain anonymous, told Going Concern that the CGAP “is a necessary distinction” for government auditors.

“Having worked in a government audit shop for most of my career and also having some experience in an audit shop in the banking field, I have found that the distinction is representative of my commitment to public service auditing and allows me to be recognized as being knowledgeable in government audit,” she said. “I also hold a CIA and have concerns that the once four-part exam is now being reduced to one 150-question challenge exam. That means the requisite knowledge required for the CIA designation is being greatly reduced.”

An internal audit director, who wanted to remain anonymous, said having the CGAP helped him earn at least three promotions in the government audit profession.

“The best thing about being a CGAP is the validation to others that I’m considered an expert in government auditing and it lends more credit to my work,” he told Going Concern. He added that the IIA’s decision to phase out the CGAP “denigrates the importance of the certification.”

IIA responds to criticism

When asked by Going Concern to respond to government auditors’ concerns about the CGAP being repositioned, Chambers said in an email:

“I understand the views of those Certified Government Audit Professionals (CGAPs) who may have concerns about the transition. I have been a CGAP myself for more than 15 years. But I am confident that the CGAP will remain a credible and important credential for those of us who hold it for many years to come. The IIA Board of Directors carefully reviewed results of a global market study and the recommendations of a global task force of volunteer leaders before making the decision regarding the CGAP. The fact that current CGAPs are being afforded the opportunity to acquire the Certified Internal Auditor (CIA) through a ‘challenge exam’ is a reflection of the in-depth knowledge already acquired in successfully earning the CGAP designation. It acknowledges the time and effort practitioners spent obtaining the certification.”

The Accounting News Roundup newsletter is back! Every Friday you’ll get a recap of recent content posted on Going Concern, On This Date in Going Concern History, list of hot remote and hybrid accounting jobs, and more. Sign up here today.

Image: iStock/iammotos

The post Government Auditors Say the Institute of Internal Auditors Is Making a ‘Big Mistake’ By Phasing Out the CGAP Credential appeared first on Going Concern.

from Accounting News https://goingconcern.com/iia-phasing-out-cgap-big-mistake/