George Ammar is a Certified Public Accountant, or CPA. He founded and owns Ohio CFO, LLC, based in Cleveland, Ohio, Over the years, he has built a significant directory of clients for his business and George S. Ammar is known for his keen business acumen and excellent quality of work. Additionally, he is someone who places his own health as a priority, engaging in healthy eating and being fit and active at all times, something he also promotes among his clients. Here, he explains what it means to be a CPA, however.
George Ammar on Being a CPA
A CPA is far more than just an accountant. They have received a lot more training above and beyond bachelor degree education, which has enabled them to sit for the Uniform Certified Public Accounting Examination. Additionally, they must meet licensing requirements as relevant to their own state. A CPA in Cleveland, OH, therefore, could have completed different training than one in Mobile, AL. That said, the uniform examination is, as the name describes, uniform, which means all CPAs have passed the same, grueling exam. So grueling, in fact, that the first time pass rate continues to be less than 50%.
CPAs work with a variety of different clients. In George S. Ammar’s directory, for instance, there are many small businesses that look for services above and beyond what a bookkeeper or regular accountant can offer them.
Within the world of accounting, most CPAs work with businesses on a contract basis. Their role is to ensure all the financial statements made by their clients are accurate, reasonable, and within the relevant rules and regulations, specifically the generally accepted accounting principles (GAAP). Additionally, they attest that the statements and disclosures that are made are free from what is known as “material misstatements”.
CPAs also function as auditors, however. This means that they have to adhere to various state and federal laws and to remain independent at all times. As auditors, they work on their own and create an attestation. CPAs, therefore, often are consultants and play a strong advisory role as well. They demonstrate what acceptable business practices are and they ensure company’s financial management is done properly. However, if they take on a consulting or advisory role for a business, they cannot also audit that business as that would be a conflict of interest.
To retain CPA certification, people like George Ammar also have to complete at least 40 continuing professional education (CPE) hours every year. These CPE credits relate to the new rules and regulations in the world of business, accounting, finances, and taxes. This further demonstrates the high expectations placed on CPAs. Typically, they keep up with this by being members of their state association.
The above shows just how much work is involved in being a CPA. It is a good thing, therefore, that people like George Ammar place a strong emphasis on their own health as well. It would be all too easy to become overwhelmed with work and education otherwise.