Certified Public Accountant (CPA)
A licensed accounting professional who has passed the CPA Exam and met state education and experience requirements, qualified to perform audits and attest functions.
What is CPA?
A Certified Public Accountant (CPA) is a licensed accounting professional who has satisfied the education, examination, and experience requirements set by a state Board of Accountancy. In the United States, the CPA designation is issued by individual states, but the Uniform CPA Examination — administered by the AICPA and NASBA — is the same nationwide. The exam covers auditing and attestation, financial accounting and reporting, regulation (tax and business law), and business analysis and reporting. CPAs are the only professionals licensed to sign audit opinions and attest to the accuracy of public company financial statements — a function mandated by the SEC. Beyond auditing, CPAs work in tax planning, management consulting, forensic accounting, and corporate finance. The CPA carries a fiduciary obligation and must adhere to the AICPA Code of Professional Conduct, including independence, objectivity, and confidentiality standards.
Example
Under SEC rules, all publicly traded companies must have their financial statements audited by a registered CPA firm. When Apple files its annual 10-K, an independent CPA firm (currently Ernst & Young) reviews and signs an audit opinion attesting that the financial statements present fairly, in all material respects, the company's financial position in accordance with GAAP. This independent attestation provides investors with confidence in the reported numbers.
Source: AICPA — CPA Exam and Licensure