What is the Professional Practice of Accounting?

Abstract This article focuses on the professional practice of accounting. On October 1, 1966, the Council of the American Institute of Certified Public Accountants (CPA) approved for the first time a basic policy statement "A Description of the Professional Practice of Certified Public Accountants." This statement was the first product of the new Planning Committee, which had worked on it for more than a year. The objective of the Planning Committee was to provide a conceptual description of accounting practice which would be as concise and as clear as possible. It was, therefore, restricted to the bare essentials. Every word was carefully weighed. It was believed that such a statement would serve as a basis for expanded versions in the form of articles, speeches, and other communications to students, businessmen, bankers, government agencies, and others. The expanded versions, for example, could be more fully illustrated by examples. They could be set in historical perspective, suggest specific areas of opportunity for CPAs and they could be written in various styles to assure comprehension by the particular audiences to which they were addressed.