Abstract The author describes the challenges to the accounting profession in this article. He provides an insight to the background of accounting, the necessity of recording the terms of business transactions and the development of accounting techniques. He illustrates the increase in number of public accountants and the development of accounting as a profession with quotations as to the definitions of a profession. Discussing current challenges faced by the accounting profession he divides them into two categories which are the challenges within the profession and those initiated outside the profession. He further divides the outer challenges into two divisions which are, those which arise through technological changes in methods of recording and those which are enforced through the action of some who would take over certain segments. The author describes how more people can be encouraged to adopt the accounting profession and discusses questions related to certified public accountant certificate (CPA) examinations. He also describes the standards of education and experience for CPA candidates, the sphere of activities of a CPA and the formulation of accounting principles and standards of reporting.

Abstract Twenty-five years ago the U.S. Council elected the first Board of Examiners of the American Institute of Accountants. The date exactly was September 20, 1916. At that time the Institute was known as the Institute of Accountants in the United States of America and had just become the successor organization to the American Association of Public Accountants and shortly thereafter the name was changed to American Institute of Accountants. At the outset the purpose of the Board was to conduct examinations into the qualifications of applicants for membership in the Institute and that function it continues to exercise. Accordingly, the first rules and regulations of the Board, which were adopted November 13, 1916, related to requirements for membership in the American Institute of Accountants. Uniformity in examinations for the C.P.A. certificate throughout the nation is today nearer the goal which was envisioned back in 1917 than it has ever before been. The examinations for the C.P.A. certificate in the U.S. states continue to be of high caliber and are comparable with the standard examination used by the 46 State and Territorial Boards as prepared by the American Institute.

Abstract Forty-four states in the U.S. and territories and the District of Columbia have adopted as their written examination for candidates for the certified public accountant certificate the standard examination prepared by the American Institute of Accountants. The committee on enrollment and disbarment of the Treasury Department has recently adopted the Institute's problems in accounting theory and practice as a part of its examinations for candidates for a treasury card who are not members of the Bar nor certified public accountants. The responsibility for producing the standard examination rests with the Institute's board of examiners. The Institute's board believes that the certified public accountant certificate should signify that its holder is qualified to practise public accounting and has passed an examination that tests his practical ability as well as his theoretical knowledge. Members of a number of state boards have suggested that the standard of knowledge and ability properly expected of a candidate for the certified public accountant certificate should be that of a senior staff accountant, and the standard examination is intended to require ability of about that level.