Accounting and Finance : Assignment Solved

ACCOUNTING AND FINANCE
YEAR 12 - GENERAL
RESEARCH PROJECT 2
Name: PHAN VU DIEU LINH
Class: GTACF3
PROFESSIONAL ACCOUNTING ASSOCIATIONS
Table of content
Introduction 2
Discussion 2
Findings 2
Accountants 2
- Who are they? 2
- What types of work do they do? 2
- What knowledge and skills do they have? 2
- How does one become an accountant? 3
- What are the different branches of accounting? 4
Nature and purpose of professional code of conduct 5
- What is ethics? 5
- Why is it important? 5
- Fundamental principles 5
- Threats to accountants 6
Differences and similarities between the different professional accounting
bodies 6
- CPA Australia 6
- IPA Australia 6
- Chartered Accountants Australia and New Zealand (CAANZ) 7
References 7

I. Introduction
Professional accountants are powerful as they deal with all matters associating
with the client’s financial well-being. As they are professional, they have a
professional code of conduct which includes their ethics; the fundamental
principle, such as integrity, objectivity, professional competence and due care,
confidentiality, and professional behavior; and threats faced by professional
accountants are self-interest, self-review, advocacy, familiarity, and intimidation.
Professional accounting bodies also need to focus on accountants, some
accounting bodies are CPA Australia, IPA Australia, and Chartered Accountants
Australia and New Zealand CAANZ.
II. Discussion
From all walks of life and social backgrounds, accountants still play an
indispensable role since they are the essential personnel who access the
monetary data of individuals and businesses. To secure the data and ensure the
trust of others, accountants have to follow all the requirements of the code of
ethics for professional accountants and meet the standards of different
accounting bodies.
III. Findings
Accountants
- Who are they?
Accountants are professionals who report business transactions, manage
bookkeeping, prepare financial documents and point out business issues.
- What types of work do they do?
The accountants analyze revenue and expenditure trends. Then they create
weekly, monthly and annual reports on the financial well-being of the business to
suggest ways to decrease costs, enhance revenues and magnify profits.
They keep up to date with tax laws and changes; ensure that statements and
records comply with laws and regulations; calculate taxes owed, measure tax
returns, secure prompt payment.
They also control payroll which decides payroll requirements, manages payroll
data, plans and runs monthly payrolls.
- What knowledge and skills do they have?
Analytical skills - they need to have detail-oriented eyes to guarantee every
detail is accurate and current. Since they always interpret figures and data, they
have to have an extra examination in detail, an analytical mind and numerical
competence knowledge. Hence, accounting is suited to people who are good with
numbers and who are well organized.

Controllership - as their work involves lots of clients as well as documents, they
need to have experience in controlling the problem and keeping track of
important paperwork while following proper guidelines.
Integrity - this is the fundamental component because they play a direct role in
how the business’s money is managed. Therefore, they should be transparent in
their financial report and decision-making to engage in a trustworthy
relationship.
Information technology - accounting requires knowledge of different types of
computer applications with finance-related software systems. They are also
expected to use various accounting tools like timekeeping software, payroll
software, resource management software, etc.
Communication skill - accountants have to know how to persuade and convince
others. Their ability to effectively communicate, convey ideas and proposals are
extremely important in this field as they have to influence their stakeholders
every day, support co-workers or convince management about the possibility of
a particular project.
- How does one become an accountant?
1. Earn a Bachelor’s Degree
It is the minimum obligation to let people know accounting principles and
theories. The Bachelor degree could be a Bachelor of Accounting or a Bachelor of
Accounting and Finance. People will learn the fundamentals, such as Generally
Accepted Accounting Principles (GAAP) and take subjects like auditing and
accounting information systems.
2. Choose to become whether an accountant or CPA
All CPAs are accountants, but not all accountants are CPAs. CPAs are required to
obtain experience and satisfy the standard requirements to get the licensure.
Also, CPAs earn more and can achieve more success than accountants.
3. Decide on a special accounting major
People should strive to be an accountant major in a particular sector. This makes
accountants valuable to potential customers. Some accounting specialties are tax
accounting, business valuation, governance finance, auditing, international
accounting, etc.
4. Earn a Master’s in Accounting Degree
Getting a master’s in accounting can give accountants a more profound
understanding of the industry and increase their earning potential.
5. Obtain Accounting Certification
Apply to participate in a Certified Practising Accountants (CPA) program or
apply to become a member of a recognized accounting institution, such as
Chartered Accountants Australia and New Zealand (CA ANZ).