This guide has everything you need to know about being a CPA, including general CPA duties and responsibilities, CPA qualifications that most firms look for, differences between being a CPA and other similar roles (e.g. CPA vs accountant, CPA vs CMA vs CFA, etc.), and most importantly, templates with samples of a CPA job description if you want to work for an accounting firm.
What is a CPA? Understanding What a Certified Practising Accountant (CPA) Is
A Certified Practicing accountant (or a CPA for short) is a professional who successfully took the CPA exam and obtained a CPA certification. Expected to understand accounting principles, regulations, and financial procedures deeply, CPAs ensure the accuracy and transparency of financial reporting for businesses and organisations.
When you’re a CPA, you’re expected to uphold high ethical standards and adhere to strict codes of conduct set forth by professional accounting organisations, like the Accounting Professional & Ethical Standard Board (APESB).
To maintain your CPA licence, you must participate in ongoing education and training to stay current with industry trends, especially with many changes in accounting, tax, and general financial regulations.
What Does a CPA Do? CPA Duties and Responsibilities
Generally, CPA duties and responsibilities involve creating and managing financial documents, records, and information. The following are among the CPA duties and responsibilities that most firms require:
- Managing company audits
- Making and setting budgets
- Reducing debts and company costs
- Keeping up with trends in the industry
- Providing advice on company spending
- Creating financial statements and tax reports
- Updating company policies according to current tax/accounting laws
Meanwhile, the CPA duties and responsibilities that are relevant mostly in Australia are the following:
- Filing reports to the ASIC
- Certifying financial statements and external audits, among other important reports related to taxation and accounting
- Helping clients navigate complex financial challenges and make better financial decisions, ultimately to reach their long-term goals
- Providing expert guidance on tax compliance, auditing, consulting, and financial planning
- Achieving the long-term financial goals of their clients precisely, while sticking to the company values that have been established
What is a CPA Licence?
Arguably the most prestigious licence in accounting, the CPA licence is a widely recognised professional credential that can cut across different industries. It distinguishes accounting professionals for their niche-specific expertise, distinctive industry skills, and upstanding ethics, among other factors that prove their credibility as accounting professionals.
As mentioned above, acquiring a CPA licence sets you apart from other accountants — a CPA can certify external audits and financial statements whereas accountants without a CPA licence can only audit internally and prepare financial statements while still needing a certification from a CPA.
Known for their dedication to the accounting industry, CPAs don’t simply stop upon the acquisition of their CPA licence — they continue with educational programs and courses required for the maintenance of their credentials long after successfully accomplishing their licensure.
How to Pass the CPA Program Exam and Become a Licenced CPA?
The CPA Program Exam is conducted and regulated by CPA Australia. After completing of their bachelor’s degree in accounting or a related field from an accredited university, aspiring CPAs must then undertake further education through a postgraduate qualification such as a Master of Professional Accounting or undertake the CPA Program offered by CPA Australia.
This program consists of coursework and examinations designed to test candidates on their knowledge and practical skills in various areas of accounting and finance. Upon successful completion of the program and meeting all other eligibility requirements, aspirants can now apply to become a member of CPA Australia and obtain their CPA designation.
Note that continuing professional development is also required to maintain this certification, ensuring that CPAs stay up to date with current industry standards and practices.
Every CPA is an accountant, but not every accountant is a CPA. The main difference between a CPA and an accountant is their credentials — CPAs have more authority and responsibilities that they can carry out. Below is a table that compares the key qualifications of an accountant with those of certified practising accountants (CPAs).
Certified Practicing Accountant (CPA)
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Earned a bachelor’s degree in accounting and obtained their CPA licence
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Taken and passed the necessary examinations for CPAs
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Worked for 36 months under a recognised employer for aspiring CPAs
Accountant
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Earned a bachelor’s degree in accounting
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No need to pass the CPA Program Exam
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Can qualify for entry-level accounting roles
Meanwhile, below is a comparative table of the responsibilities of a certified practising accountant (CPA) and an accountant.
Responsibilities of a Certified Practicing Accountant (CPA)
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Filing reports to the ASIC
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Focusing on financial reporting, compliance, and strategic financial management
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Providing a wide range of services like auditing, tax planning, and business advisory
Responsibilities of an Accountant
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Preparing reports
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Focusing on recording financial transactions
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Identifying potential cost-saving opportunities, reconciling bank accounts, and ensuring regulatory compliance
PA vs CMA vs CFA: Same Same but Different?
Now that we can confidently differentiate between a CPA and an accountant, there could still be some confusion regarding CPAs and other accounting roles that require certifications. You might have heard of certified management accountants (CMAs) and chartered financial accountants (CFAs). While there could be some overlaps in these roles, they are still distinct and have unique functions.
A certified practising accountant or CPA is an accountant that earned enough credentials to perform certain tasks that other accountants cannot. Meanwhile, a CMA is largely involved in making business decisions for firms that hire them. On the other hand, a CFA is mostly a niche-specific financial expert, specialising in investments analysis.
Below is a table that compares these three roles:
| CPA | CMA | CFA |
|---|---|---|
| Focused on general accounting (audit, tax, etc.) | Focused on helping businesses with general financial decision-making | Focused on helping with decision-making on investments |
| Regulated by the Accounting Professional & Ethical Standard Board (APESB) | Regulated by the Institute of Certified Management Accountants (ICMA) | Regulated by CFA Society Australia |
| Mostly work for public accounting and corporate accounting firms, businesses, and non-profit sectors, among others | Can work for both the public and private sectors | Mostly work for consulting firms, risk assessment and management practices |
Sample Template for CPA Job Description
If you’re looking for a relevant CPA job description, then look no further. As we have narrowed down the top CPA duties and responsibilities that you can incorporate into your CPA job description, you can make use of this CPA sample template for an up-to-date, industry-relevant job description for certified practising accountants.
Role: Certified Practising Accountant (CPA)
Industry: HRTech
Setup: Onsite
Salary Range: $300 – $500 an hour
Relocation: Yes
Type: Full-Time/Exempt/Benefits
Overview of the Role:
As a Certified Practising Accountant (CPA), you will play a crucial role in ensuring the financial health and compliance of our clients’ businesses. You will be responsible for providing expert financial advice, managing financial records, and ensuring compliance with all state and federal regulations.
Join our team and be an integral part of our clients’ success while enjoying the opportunities that our firm has to offer.
Requirements:
- Active CPA licence
- 2-3 years of tax experience
- Master’s Degree preferred
- Prepare/review business and individual returns
- Experienced with all types of returns
- Proficient with tax and/or accounting software like QuickBooks and Karbon
- Proficient with MS Excel (functions like VLOOKUP, HLOOKUP etc.)
- Committed and responsible; meticulous and attentive to details; excellent decision-making and problem-solving skills
- Can answer questions from the juniors and communicate effectively with clients
- Proven specialisation through passing the exams operated by ICAS, ACCA, & CIMA
Key Responsibilities:
- Preparation, analysis, and certification of financial reports/statements with an in-depth knowledge of Generally Accepted Accounting Principles (GAAP) and the International Financial Reporting Standards (IFRS)
- Conducting internal and external audits for the assessment of financial controls and the identification of areas for improvement
- Ensuring tax laws compliance through the management of tax planning, preparation, and compliance to state and federal tax laws and regulations
- Staying updated regarding rules and changes in accounting standards and industry trends, ensuring compliance and mitigating financial risks
- Providing insightful financial analysis and advice to clients for more informed budgeting, realistic risk assessment and research-backed forecasting to help clients achieve their mission and vision
- Collaboration with legal, operations, and finance teams to ensure the alignment of financial goals for the entire firm
Think you have what it takes? Submit your resume to [name]@[companyemail].com
Position Overview:
We are looking for a Certified Practising Accountant. He/she will be responsible for the preparation and certification of financial statements, conducting internal and external audits, updating our financial accounts and records, and filing reports to the ASIC.
Role Qualifications:
- Graduate of Accounting or any related course
- Passed the CPA Program exam and obtained CPA certification
- Experience in Accounting (preferably Australian Accounting)
- Similar experience as a Certified Practising Accountant
- Proficiency in accounting software (Quickbooks, Karbon)
- Multi-tasking skills
- Accuracy and attention to details
- Time management and organisational skills
Job Type: Full Time
Benefits:
- Vision insurance
- Dental insurance
- Health insurance
- Disability insurance
Schedule: Monday to Friday, 8 AM to 5PM
Salary: $300 – $500 an hour
Which Career Path is Better: Accountant or CPA?
While this depends on the current demand for accounting talent (or which path aligns the best with the skillset or career goals of the accounting professional), a CPA generally has more career prospects since the role includes more duties and responsibilities that general accountants cannot take on, like filing reports to the ASIC or conducting external audits for firms.
If accounting professionals prefer to take on more general accounting roles instead of overseeing accounting operations, then sticking to accountant roles with less regulations would be a better-suited option for them – roles like those of billing analysts, accounts payable clerks, or staff accountants.
However, recent trends show us that there is a significant decline in accounting graduates in Australia, which can be attributed to multiple factors like accountant burnout and career satisfaction issues. Whether accounting firms are looking for a general accountant to handle internal audits or a CPA to take charge of bigger responsibilities, they might not be able to find what they need, especially in an increasingly small domestic talent pool.
Can Your Firm Escape the CPA Talent Crunch?
The industry-wide talent crunch caused by the imbalance between the supply and demand for skilled CPAs continues yearly at alarming rates. With a growing number of retirements and a limited pool of experienced professionals entering the industry, firms are struggling to recruit and retain top talent.
To combat this issue, accounting firms must focus on strategic planning to attract top candidates. Investing in training programs and mentorship opportunities to develop junior staff into future leaders is one way to do this – up-and-coming institutions like Topfirm are trailblazing in shaping accounting firms to be their best possible version, going beyond CPA coaching and consultancy.
Accounting firm owners should also adapt to the changing times and consider alternative staffing models such as outsourced work arrangements to protect their practice from the negative impact of the industry-wide talent crunch. By adapting this approach to talent management, accounting firm owners can better position their practice for success in the increasingly competitive landscape of accounting.
Access to Top Outsourced CPA Talent with TOA Global
Secret’s out! Accounting firms can escape the CPA talent crunch with outsourcing, and TOA Global is your key to secure a team of highly skilled outsourced accounting professionals for your practice. With outsourcing, you won’t need to worry about your firm maximising its capacity, suffering from significant losses, or the local talent crunch that has already negatively impacted other practices.
When you partner with TOA Global, you gain access to the best outsourced accounting professionals like CPAs. Top-quality outsourced accounting services has never been more accessible. Book a no-charge, obligation-free consultation with us today.
