Final answer:
CPAs are generally not allowed to charge contingent fees for services that require independence, such as audits, but rules can vary by jurisdiction and professional body. They may charge contingent fees for other non-attest services within the confines of ethical guidelines.
Step-by-step explanation:
Whether a Certified Public Accountant (CPA) can charge a contingent fee depends on the standards set by professional accounting bodies and can sometimes vary by jurisdiction. Generally, CPAs are prohibited from charging contingent fees for services related to audits, reviews of financial statements, and certain other attestation services because such fees could compromise their objectivity and independence. However, contingent fees might be permissible for other types of non-attest services, provided they comply with the relevant rules and regulations established by professional accounting bodies such as the American Institute of CPAs (AICPA) or state licensing bodies.
To answer the question directly, it is not always permissible for a CPA to charge a contingent fee, and the rules regarding contingent fees vary both by the professional organization's ethical standards and sometimes by jurisdiction. Also, contingent fees are only allowed for certain types of services that do not implicate independence concerns. CPAs must always ensure they are adhering to the ethical guidelines and rules of their profession when determining fee arrangements.