The Partner level is coveted since only about 2 percent of all persons entering CPA firms will reach this plateau. The financial rewards are significant. The Partner normally purchases equity in the firm and therefore shares in all profits. Typically, a professional must be a CPA to become a Partner. In larger firms, an equivalent position of Principal is available to deserving specialists who are non-CPAs. An Audit, Tax, or Consulting Partner is typically responsible for overall client-related activities.
A Manager supervises Seniors and Staff. They are responsible for audit program approval, personnel scheduling, audit working papers review, financial statement disclosure footnote approval, day-to-day client relationships, determination of billings for engagements, and training and evaluation of Staff and Seniors. They approve corporate tax returns prepared by Audit Staff, and are available to Seniors and Audit Staff for consultation. They also perform tax planning and preparation for individuals, estates, trusts, and small businesses, and research unusual tax matters. Achievement of this level is critical to long-term success within a CPA firm, since it is awarded only to those with Partner potential.
A Senior works under the general direction of a Manager. Responsibilities include the direction of audit field work, assignment of detail work to Staff, and review of their working papers. They also prepare financial statements, develop corporate tax returns, and suggest improvements to internal controls. They prepare or review tax returns for individuals and organizations, research tax questions, offer suggestions for tax planning, and study law for potential tax savings.
Staff accountants generally perform the detail work of a financial audit under the supervision of a Senior. Staff Auditors will often start to direct small audits at the two-year level. They also prepare tax returns, research tax questions, and counsel clients on tax problems under the supervision of a Senior and/or Manager.
The Administrative Staff at Maginnis & Carey is responsible for keeping the behind the scenes operations running smoothly. Responsibilities of members of our Administrative Staff include billings, scheduling, project tracking, network administration, human resources, word processing, data entry, and general clerical work.
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