What is Public Accounting?

Discussion in 'Accounting' started by TAM, Jul 18, 2003.

  1. TAM

    TAM Guest

    Hi,

    Sorry for the very basic question but I want to know what is meant by Public
    Accounting practice.

    TAM
     
    TAM, Jul 18, 2003
    #1
    1. Advertisements

  2. "TAM" <> wrote
    > Sorry for the very basic question but I want
    > to know what is meant by Public Accounting practice.



    Public accounting is offering your services to the general public. As
    opposed to working for a private firm (generally one "client" that is in
    reality, your employer). Then there are the government employees, educators
    and other accountants that aren't in a public practice, providing their
    services to the public at large.

    Please note that some states prohibit (or have prohibited) the use of the
    term "accounting" by folks that aren't licensed.


    --
    Paul A. Thomas, CPA
    Athens, Georgia
     
    Paul A. Thomas, Jul 18, 2003
    #2
    1. Advertisements

  3. TAM

    Jim Hudspeth Guest

    On Fri, 18 Jul 2003 16:22:03 -0400, "Paul A. Thomas" <> wrote:
    > "TAM" <> wrote
    > > Sorry for the very basic question but I want
    > > to know what is meant by Public Accounting practice.

    >
    >
    > Public accounting is offering your services to the general public. As
    > opposed to working for a private firm (generally one "client" that is in
    > reality, your employer). Then there are the government employees, educators
    > and other accountants that aren't in a public practice, providing their
    > services to the public at large.
    >
    > Please note that some states prohibit (or have prohibited) the use of the
    > term "accounting" by folks that aren't licensed.
    >
    >


    For an in-depth study of the term go to google and search on the following:

    definition: "practice of public accounting"
     
    Jim Hudspeth, Jul 18, 2003
    #3
  4. TAM

    Charles King Guest

    Good question. I'm a CPA and have often wondered why accountants say
    they're in public accounting while lawyers claim to be in private
    practice.
     
    Charles King, Jul 25, 2003
    #4
  5. TAM

    DGG Guest

    Because lawyers wrote the rules. This is why, in Texas, an attorney
    is the only professional who cannot have his licensed revoked for
    nonpayment of court-ordered child support.

    DGG
    "Life was good until the second attorney came along"



    On 25 Jul 2003 04:08:28 -0700, (Charles
    King) wrote:

    >Good question. I'm a CPA and have often wondered why accountants say
    >they're in public accounting while lawyers claim to be in private
    >practice.
     
    DGG, Jul 25, 2003
    #5
  6. TAM

    Jim Hudspeth Guest

    On Fri, 25 Jul 2003 17:43:24 GMT, "TAM" <> wrote:
    > Charles, I agree with you. "Public Accounting" is a wrong term to refer to
    > "private" accounting practice. I wonder how come nobody (accounting
    > association, and accountants) has done to correct it. May be it made sense
    > when the term came into existence and but now for sure it doesn't see
    > descriptive.
    > TAM
    >
    >


    The terms are correct, however many accountants have forgotten their public
    purpose and have tried to act like attorneys.

    Fundamentally, it is an attorney's job to advocate for his client - therefore
    the term "Private Practice".

    Fundamentally, it is an accountant's job to tell it like it is, regardless
    of how his client feels about it - therefore the term "Public Practice".

    If the client refuses to accept the accountants ethical independence,
    it is the accountants duty to refuse the engagement.

    Jim Hudspeth
     
    Jim Hudspeth, Jul 26, 2003
    #6
  7. TAM

    DGG Guest

    I will be the first to tell you that I am not a historian when it
    comes to your profession.

    However, it is my guess that the term "public accountant" probably
    originated when the attestation function gained government sanction as
    a means to protect the *public* investors of a company. It was
    probably a *comfort* term used to differentiate between the
    bookkeepers employed by a company and those whose job it was to
    *certify* the financials on behalf of the *public*.

    This would be different from attorneys in *private* practice because
    the only people who benefit from their actions are other attorneys.

    DGG
    "A moment of clarity in otherwise insane day"




    On Sat, 26 Jul 2003 17:06:34 GMT, Jim Hudspeth
    <jdhcpa@att.(NO_SPAM)net> wrote:

    >On Fri, 25 Jul 2003 17:43:24 GMT, "TAM" <> wrote:
    >> Charles, I agree with you. "Public Accounting" is a wrong term to refer to
    >> "private" accounting practice. I wonder how come nobody (accounting
    >> association, and accountants) has done to correct it. May be it made sense
    >> when the term came into existence and but now for sure it doesn't see
    >> descriptive.
    >> TAM
    >>
    >>

    >
    >The terms are correct, however many accountants have forgotten their public
    >purpose and have tried to act like attorneys.
    >
    >Fundamentally, it is an attorney's job to advocate for his client - therefore
    >the term "Private Practice".
    >
    >Fundamentally, it is an accountant's job to tell it like it is, regardless
    >of how his client feels about it - therefore the term "Public Practice".
    >
    >If the client refuses to accept the accountants ethical independence,
    >it is the accountants duty to refuse the engagement.
    >
    >Jim Hudspeth
    >
    >
    >
     
    DGG, Jul 26, 2003
    #7
  8. TAM

    Ron Todd Guest

    On 26 Jul 2003 17:35:57 -0700, (Charles
    King) wrote:

    >If one assumes that the primary purpose of the accounting profession
    >is the attest function and that lawyers are chiefly concerned with
    >defending criminals (notwithstanding "public defenders")(and which
    >occasionally includes public accountants), then you are probably


    I think your going down the wrong path with that assumption.

    I believe the correct characterization of the lawyer is that of an
    advocate. The public accountant, OTOH, is independent of influence of
    the parties and takes no position other than that of his independent
    opinion.

    However, I think that the long history of mis and malfeasance of
    Public Accountants has shown this isn't what is really happening.

    >right. However, there is a great deal of natural overlap among the
    >professions today concerning the types of services provided and the
    >degree of ethical consideration. I ask you, is there any real ethical
    >difference stemming from an orientation to public or private interests
    >amongst services provided such as audit opinions, legal opinions and
    >prostitution?


    *****************************************
    Boycott list:

    Belgium, France, Germany, Finland, Sweden, Switzerland, PRC, Iran, Syria,
    Hollywood, San Francisco, Massachusetts, New York City, Sierra Club, ACLU,
    Movies of the first blacklist, Turner, Madonna, S. Crowe, Dixie Chicks, Cher, U2, rapp,
    Trudeau, W.Miller, Disney, ABC news, CBS news, NBC news, CNN, PBS,

    Sometimes the only influence you have is to say, "No, I'm not buying."
     
    Ron Todd, Jul 27, 2003
    #8
  9. TAM

    Jim Hudspeth Guest

    On 26 Jul 2003 17:35:57 -0700, (Charles King) wrote:
    > However, there is a great deal of natural overlap among the
    > professions today concerning the types of services provided and the
    > degree of ethical consideration.


    I believe you are right, and I see that as a problem. If we (accountants) are
    going to act like lawyers we should change our creed. When we practice as advocates
    while claiming to be indepentents we betray ourselves, our clients, and the public.

    > I ask you, is there any real ethical
    > difference stemming from an orientation to public or private interests
    > amongst services provided such as audit opinions, legal opinions and
    > prostitution?


    I can't answer that question.

    I personally know a lot of lawyers and accountants. I am an accountant.
    I believe I actually know something about both. On the other hand, I
    do not personally know any prostitutes - or at least any that claim to be.

    Jim Hudspeth
     
    Jim Hudspeth, Jul 27, 2003
    #9
  10. TAM

    Charles King Guest

    I would think that familiarity with accountants and lawyers qualifies
    one as an excellent judge of the character of prostitutes.
    As a friend of mine who is a partner with a final four firm frequently
    confesses, "We're all whores". This is not intended in any way to
    denigrate that noble profession but instead is a reminder that we all
    act in our perceived self-interests. I suspect that the
    public/private orientation will continue to evolve. I also suspect
    that tax, write-up and other non-attest function clients will feel
    betrayed if accountants don't act as advocates.


    Boycott list
    *********************************

    spammers, tightarses, left wing extremists, right wing extremists,
    free-market religionists, government that wants to help me and
    groupies of all stripes
     
    Charles King, Jul 27, 2003
    #10
  11. TAM

    Jim Hudspeth Guest

    On Sun, 27 Jul 2003 08:50:40 -0700, Ron Todd <> wrote:
    > On Sun, 27 Jul 2003 06:26:48 GMT, Jim Hudspeth
    > ....
    >
    > >I believe you are right, and I see that as a problem. If we (accountants) are
    > >going to act like lawyers we should change our creed. When we practice as advocates
    > >while claiming to be indepentents we betray ourselves, our clients, and the public.

    >
    > .....
    >
    > Which begs the questions, if society already has lawyers as trained
    > advocates why would it need CPAs as advocates.
    >
    > IMHO, the reason CPAs are so much less valuable today than they were
    > seventy five years ago is what Jim pointed out as the problem, they
    > crossed the line from independence to advocacy and the public caught
    > it.
    >


    No argument here.

    As someone famously said, "A house divided against itself cannot stand".

    Likewise, a conflicted mind is of deminished value.

    Jim Hudspeth
     
    Jim Hudspeth, Jul 27, 2003
    #11
  12. TAM

    Timo Salmi Guest

    In article <>,
    Ron Todd <> wrote:
    > Boycott list:


    http://groups.google.com/groups?as_umsgid=bdcunr$

    All the best, Timo

    --
    Prof. Timo Salmi ftp & http://garbo.uwasa.fi/ archives 193.166.120.5
    Department of Accounting and Business Finance ; University of Vaasa
    mailto: <http://www.uwasa.fi/~ts/> ; FIN-65101, Finland
    Acc. Journals Links http://www.uwasa.fi/~ts/opas/jott/jottjcgi.html
     
    Timo Salmi, Jul 27, 2003
    #12
  13. TAM

    Jim Hudspeth Guest

    On 27 Jul 2003 20:01:04 +0300, (Timo Salmi) wrote:
    > In article <>,
    > Ron Todd <> wrote:
    > > Boycott list:

    >
    > http://groups.google.com/groups?as_umsgid=bdcunr$
    >
    > All the best, Timo
    >


    Hi Timo,

    Why don't you do yourself a favor and quietly killfile Ron's postings.
    He is obviously offending you, and no doubt enjoying it.

    Best regards,

    Jim
     
    Jim Hudspeth, Jul 27, 2003
    #13
  14. TAM

    Ron Todd Guest

    On Sun, 27 Jul 2003 18:44:05 GMT, Jim Hudspeth
    <jdhcpa@att.(NO_SPAM)net> wrote:

    ....

    >Why don't you do yourself a favor and quietly killfile Ron's postings.
    >He is obviously offending you, and no doubt enjoying it.


    Wrong Jim.

    I filtered years ago.

    BTW, I don't reply to needle people, I actually believe in my
    positions and hold to them until shown evidence to the contrary.
    OTOH, I think some folks on this forum have some very distorted
    perceptions of reality that border on psychosis. I filtered the worst
    offenders out long ago.

    The concept that everyone is worth listening too is not supportable.

    Regards




    *****************************************
    Boycott list:

    Belgium, France, Germany, Finland, Sweden, Switzerland, PRC, Iran, Syria,
    Hollywood, San Francisco, Massachusetts, New York City, Sierra Club, ACLU,
    Movies of the first blacklist, Turner, Madonna, S. Crowe, Dixie Chicks, Cher, U2, rapp,
    Trudeau, W.Miller, Disney, ABC news, CBS news, NBC news, CNN, PBS,

    Sometimes the only influence you have is to say, "No, I'm not buying."
     
    Ron Todd, Jul 28, 2003
    #14
  15. "Ron Todd" <> wrote in message

    > On Sun, 27 Jul 2003 18:44:05 GMT, Jim Hudspeth
    > <jdhcpa@att.(NO_SPAM)net> wrote:
    > ...
    >
    > >Why don't you do yourself a favor and quietly killfile Ron's postings.
    > >He is obviously offending you, and no doubt enjoying it.

    >
    > Wrong Jim.
    >
    > I filtered years ago.
    >
    > BTW, I don't reply to needle people, I actually believe in my
    > positions and hold to them until shown evidence to the contrary.
    > OTOH, I think some folks on this forum have some very distorted
    > perceptions of reality that border on psychosis. I filtered the worst
    > offenders out long ago.
    >
    > The concept that everyone is worth listening too is not supportable.
    >
    > Regards
    >
    >
    > *****************************************
    > Boycott list:
    >
    > Belgium, France, Germany, Finland, Sweden, Switzerland, PRC, Iran, Syria,
    > Hollywood, San Francisco, Massachusetts, New York City, Sierra Club, ACLU,
    > Movies of the first blacklist, Turner, Madonna, S. Crowe, Dixie Chicks,

    Cher, U2, rapp,
    > Trudeau, W.Miller, Disney, ABC news, CBS news, NBC news, CNN, PBS,
    >
    > Sometimes the only influence you have is to say, "No, I'm not buying."



    psychosis? --- might want to look in mirror big guy !
     
    Make love NOT war, Jul 28, 2003
    #15
  16. TAM

    DGG Guest

    I gues this means that you won't get this message.
    DGG
    "This space available for rent"


    >OTOH, I think some folks on this forum have some very distorted
    >perceptions of reality that border on psychosis. I filtered the worst
    >offenders out long ago.


    >The concept that everyone is worth listening too is not supportable.


    >Regards
    >
    >
    >
    >
    >*****************************************
    >Boycott list:
    >
    >Belgium, France, Germany, Finland, Sweden, Switzerland, PRC, Iran, Syria,
    >Hollywood, San Francisco, Massachusetts, New York City, Sierra Club, ACLU,
    >Movies of the first blacklist, Turner, Madonna, S. Crowe, Dixie Chicks, Cher, U2, rapp,
    >Trudeau, W.Miller, Disney, ABC news, CBS news, NBC news, CNN, PBS,
    >
    >Sometimes the only influence you have is to say, "No, I'm not buying."
     
    DGG, Jul 28, 2003
    #16
  17. TAM

    Jim Hudspeth Guest

    Ron Todd wrote:

    > On Sun, 27 Jul 2003 18:44:05 GMT, Jim Hudspeth
    > <jdhcpa@att.(NO_SPAM)net> wrote:
    >
    > ...
    >
    >>Why don't you do yourself a favor and quietly killfile Ron's postings.
    >>He is obviously offending you, and no doubt enjoying it.

    >
    > Wrong Jim.
    >
    > I filtered years ago.
    >
    > BTW, I don't reply to needle people, I actually believe in my
    > positions and hold to them until shown evidence to the contrary.
    > OTOH, I think some folks on this forum have some very distorted
    > perceptions of reality that border on psychosis. I filtered the worst
    > offenders out long ago.
    >
    > The concept that everyone is worth listening too is not supportable.
    >


    Possibly, however if you only listen to those you agree with you can never
    learn anything.

    Best regards,

    Jim
     
    Jim Hudspeth, Jul 28, 2003
    #17
  18. TAM

    Bob Guest

    "Jim Hudspeth" <jdhcpa@(Jim Hudspeth)att.net> wrote in message
    news:eogVa.78099$...
    > Ron Todd wrote:
    >
    > > On Sun, 27 Jul 2003 18:44:05 GMT, Jim Hudspeth
    > > <jdhcpa@att.(NO_SPAM)net> wrote:
    > >
    > > ...
    > >
    > >>Why don't you do yourself a favor and quietly killfile Ron's postings.
    > >>He is obviously offending you, and no doubt enjoying it.

    > >
    > > Wrong Jim.
    > >
    > > I filtered years ago.
    > >
    > > BTW, I don't reply to needle people, I actually believe in my
    > > positions and hold to them until shown evidence to the contrary.
    > > OTOH, I think some folks on this forum have some very distorted
    > > perceptions of reality that border on psychosis. I filtered the worst
    > > offenders out long ago.
    > >
    > > The concept that everyone is worth listening too is not supportable.
    > >

    >
    > Possibly, however if you only listen to those you agree with you can never
    > learn anything.
    >
    > Best regards,
    >
    > Jim


    I agree, I don't know about the psychotics in this newgroup but it helps to
    listen and get feedback from all viewpoints.
     
    Bob, Jul 28, 2003
    #18
  19. TAM

    Ron Todd Guest

    On Mon, 28 Jul 2003 21:15:54 GMT, Jim Hudspeth <jdhcpa@(Jim
    Hudspeth)att.net> wrote:

    >Ron Todd wrote:
    >
    >> On Sun, 27 Jul 2003 18:44:05 GMT, Jim Hudspeth
    >> <jdhcpa@att.(NO_SPAM)net> wrote:
    >>
    >> ...
    >>
    >>>Why don't you do yourself a favor and quietly killfile Ron's postings.
    >>>He is obviously offending you, and no doubt enjoying it.

    >>
    >> Wrong Jim.
    >>
    >> I filtered years ago.
    >>
    >> BTW, I don't reply to needle people, I actually believe in my
    >> positions and hold to them until shown evidence to the contrary.
    >> OTOH, I think some folks on this forum have some very distorted
    >> perceptions of reality that border on psychosis. I filtered the worst
    >> offenders out long ago.
    >>
    >> The concept that everyone is worth listening too is not supportable.
    >>

    >
    >Possibly, however if you only listen to those you agree with you can never
    >learn anything.
    >
    >Best regards,
    >
    >Jim



    With some folks, one message is all it takes to get the agenda.

    *****************************************
    Boycott list:

    Belgium, France, Germany, Finland, Sweden, Switzerland, PRC, Iran, Syria,
    Hollywood, San Francisco, Massachusetts, New York City, Sierra Club, ACLU,
    Movies of the first blacklist, Turner, Madonna, S. Crowe, Dixie Chicks, Cher, U2, rapp,
    Trudeau, W.Miller, Disney, ABC news, CBS news, NBC news, CNN, PBS,

    Sometimes the only influence you have is to say, "No, I'm not buying."
     
    Ron Todd, Jul 29, 2003
    #19
  20. TAM

    Timo Salmi Guest

    In article <>, Bob <> wrote:
    > I agree, I don't know about the psychotics in this newgroup but it helps to
    > listen and get feedback from all viewpoints.


    Yes, Bob, agreed. Differing viewpoints are a richness, even if
    openly and persistently flaunting one's obvious bigotries and
    xenophobias, to the dergree Mr. R.T. does, can be a bit distasteful.
    In a higly professional newsgroup it also is a bit baffling.

    But that is not all there is to it. Inventing one's own facts and
    concepts is in fact a bigger problem, since countering dedicated,
    well-spun disinformation would take much more effort than one is
    willing to put in. Incidentally, a fact well known especially from
    war-time politics.

    All the best, Timo

    --
    Prof. Timo Salmi ftp & http://garbo.uwasa.fi/ archives 193.166.120.5
    Department of Accounting and Business Finance ; University of Vaasa
    mailto: <http://www.uwasa.fi/~ts/> ; FIN-65101, Finland
    Acc. Journals Links http://www.uwasa.fi/~ts/opas/jott/jottjcgi.html
     
    Timo Salmi, Jul 29, 2003
    #20
    1. Advertisements

Want to reply to this thread or ask your own question?

It takes just 2 minutes to sign up (and it's free!). Just click the sign up button to choose a username and then you can ask your own questions on the forum.
Similar Threads
  1. Alan

    Public Sector Accounting

    Alan, Sep 1, 2004, in forum: UK Accountancy
    Replies:
    0
    Views:
    438
  2. Colly
    Replies:
    1
    Views:
    302
    Brian
    Apr 9, 2007
  3. Colly
    Replies:
    0
    Views:
    321
    Colly
    Apr 13, 2007
  4. KT

    Private accounting vs. Public accounting

    KT, Sep 15, 2004, in forum: Accounting Software
    Replies:
    2
    Views:
    2,259
    Sari Browar, CPA
    Sep 28, 2004
  5. employmentatlanta
    Replies:
    0
    Views:
    695
    employmentatlanta
    Aug 30, 2010
Loading...

Share This Page