Accounting Organization Key Terms

Learn basic accounting organization designations and standards key terms
By Kimberly Huber Accounting organizations offer networking, education and training opportunities. They also set industry standards and offer certification and career promotion opportunities. The financial industry is comprised of many types of professionals, all with various designations, and each designation is earned and directly connected to the type of accounting job the individual performs. To connect with the right accounting organization, you need to understand the basic types of financial professionals and the associations that certify and govern them.

Public Company Accounting Oversight Board (PCAOB)

The PCAOB was created in 2002 by the Sarbanes-Oxley Act. The PCAOB is a private, nonprofit entity used to supervise auditors of non-government or publicly held companies.
Try:  The PCAOB's website has a more detailed description of the organization's intended purposes.

Certified Public Accountant (CPA)

A CPA is an accountant who has achieved the necessary levels of education, has experience in the industry and passes the CPA examination.
Try:  The American Institute of Certified Public Accountants (AICPA) is the major organization for CPAs in the United States.

Certified Management Accountant (CMA)

A CMA is an accountant who has industry experience, the necessary education and has passed an examination. This accreditation is conferred by the Institute of Management Accountants.
Try:  More details can be found at the Institute of Management Accountants.

Auditor and Certified Internal Auditor

An auditor is an accountant who examines the details of financial accounts and records that others have handled. A Certified Internal Auditor is an auditor who has passed the exam required by the Institute of Internal Auditors.
Try:  The Institute of Internal Auditors has more information on the certification process.

Certified Financial Planner (CFP)

A CFP is an accountant who develops and executes financial plans. CFPs are certified after they have completed the necessary education and experience. Ethics training and an exam are also required. Rather than the government doing the regulation, the Certified Financial Planner Board of Standards attempts to ensure quality standards in the industry.
Try:  More detail can be found at the Certified Financial Planner Board of Standards.

Certified Government Financial Manager (CGFM)

A CGFM is an accountant who has experience and education and passes an examination covering the whole field of government financial management at federal, state and local levels. Candidates must have a minimum of two years experience in government financial functions.
Try:  The Association of Government Accountants confers the CGFM, and more information on the certification process can be found on its website.