The Association administers a mandatory standards program of continuing professional education, practice review, professional liability insurance, and member discipline to assure the highest level of service, consistent with the public interest. In addition to providing tax planning and statutory audit services, members provide accounting financial planning, feasibility and forecasting services. Members assist in the selection and implementation of computer systems as well as offer other management services. Professional accountants offer many services to clients, in addition to audit, review and compilation engagements. To understand the work performed by professional accountants, it is helpful for users of financial statements to gain an understanding of the relative difference between auditing and accounting engagements.
Professional accountants refer to the work they do for a specific client as an engagement.