Licensed public accountants (LPAs) prepare, analyze,
and verify business records and financial reports; prepare profit
and loss statements, balance sheets, cost studies, and tax reports;
and may develop, install, and supervise accounting systems and operations.
Using special computer software packages, they transform raw transaction
data into a variety of specialized reports and tabulations. LPAs work
in one of four major fields of accounting - public, management, government,
or internal auditing. Licensed public accountants are not able to
do audits, nor can they make a statement as to the accuracy of financial
data.
Education & Experience Required:
Applicants must meet one or more of the following requirements: 1)
two years continuous experience as an accounting practitioner in the
employ of a Certified Public Accountant (CPA) or LPA; 2) a graduate
of a four-year college or university accredited by the North Central
Accreditation Association with a major in accounting; 3) a graduate
in accounting from a business or correspondence school accredited
by the accrediting commission of the Association of Independent Colleges
and Schools or the accrediting commission of the National Home Study
Council.
Continuing Education:
One hundred twenty hours of continuing education are required within
a three-year wrap-around period for license renewal.
Examination:
The examination is given in May and November. Applicants wanting to
be licensed as "public accountants" take a separate examination
prepared by the Accreditation Council for Accountancy and Taxation.
