Two accounting-related organizations on available kinds of fraud services, training seminars and other materials and on potential mergers:
The two accounting-related organizations that have been chosen from the provided list of organizations include Ernst & Young, LLP and American Institute of Certified Public Accountants (AICPA). The detailed information regarding these two selected organizations are provided as follows:
Ernst & Young, LLP:
Ernst & Young, LLP (EY) is a global professional services organization and it is headquartered in London, England. In addition, it is one of biggest four accounting organizations in the world (Ey.com, 2017). In 1989, the firm ranking 4th, Ernst & Whinney had merged with Arthur Young ranked 5th for forming Ernst & Young. It had intended to merge its international practices with KPMG in 1997; however, it had been abandoned in 1998 because of opposition of the clients, cost issues, antitrust problems and complexities in merging two different cultures and organizations (Nan & Xiang, (2015).
The organization provides assurance services in the form of financial audit, advisory services related to financial accounting along with fraud investigation and dispute services. In addition, it is engaged in providing tax, advisory and transaction advisory services as well. However, EY has been involved in a fraudulent incident in 2004, as it had developed highly profitable business with one of its audit clients. As a result, the Security Exchange Commission has prevented the organization to accept any new publicly traded firms in the form of audit clients for six months. Finally, the organization is engaged in publicizing by sponsoring the educational show for the children in order to enhance the literacy of mathematics.
American Institute of Certified Public Accountants (AICPA):
AICPA is one of the national professional firms of “Certified Public Accountants (CPA)” in US having above 418,000 members in 143 global nations (Aicpa.org, 2017). The AICPA and its predecessors originated in 1887 at the time the American Association of Public Accountants (AAPA) has been established. The name has been changed to the American Institute of Accountants in 1917 and it has remained the same until 1957 after the name was changed to the AICPA. Moreover, there has been formation of the “American Society of Certified Public Accountants” in 1921, which has been merged into the institute in 1936. However, during that period, the institute had agreed to prevent the future members to CPAs (Wyslocka, 2015).
The mission of AICPA is to empower the global business success. The major services of the firm include the pertinent knowledge, advocacy and resources along with ensuring protection of the evolving public interest. This firm develops generally accepted technical and professional standards for CPAs in diverse areas until 1970; however, it has transferred its responsibility gradually to GAAP and FASB.
AICPA has been offering credentialing programs in various subject areas for the members, which are identical to the certification of state board for attorneys. In addition, it conducts various extensive programs of public interest in the form of 360 degrees of financial literacy for providing the importance of financial literacy services to the American individuals.
Aicpa.org. (2017). Retrieved 18 September 2017, from https://www.aicpa.org/
Ey.com. (2017). Retrieved 18 September 2017, from https://www.ey.com/
Nan, Z. N., & Xiang, D. Z. (2015). On accounting informatization development road based on" internet+ accounting. Special Zone Economy, 9, 048.
Wyslocka, E. (2015). Internet Accounting Offices. Procedia Computer Science, 65, 971-979.