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AYN 520: Integrated Issues in Professional Practice

   

Added on  2020-05-11

14 Pages2804 Words72 Views
Running head: ACCOUNTING IN MYOBAccounting in MyobName of the studentName of the universityAuthor’s nameTable of Contents

1ACCOUNTING IN MYOBPART 1: Self Reflection..................................................................................................................2Part 3: Annual Report......................................................................................................................5Part 4: Tax Reconciliation for Toy Market Pty. Ltd......................................................................11References list:...............................................................................................................................13

2ACCOUNTING IN MYOBPART 1: Self ReflectionProfessional accountants in business are at the frontline of safeguarding the financialreporting integrity. I will be working as graduate accountant in public accounting firm. Inregarding this, I am required to discuss the role and responsibilities of such accountant in thepublic practice and subtleties in dealing with issues of multiple clients. I will be doing literaturereview for demonstrating several non-technical skills that is required by professional accountantwhile dealing with clients. Accounting education is significantly influenced by non-technicalskills resulting from changes in business environment. I believe that for entry level graduates,non-technical skills are considered important for competing and contributing in the current jobmarket. It has been demonstrated from view point of employer as evident from various researchthat gradate accountant are lacking non-technical skills that is required for being efficient inworkplace and gap exist between practice and education (Van der Merwe, 2013). As per mybelief, non-technical skills are applicable to all graduates while dealing with clients. Some ofnon-technical skills that are required by accounting professionals when dealing with clients are:Integrity-A professional accountant is required to be honest and straightforward inperformance of professional services. I think that integrity is considered to be an important traitfor accountants that extent of knowledge. An accountant is honest if he or she has high level ofintegrity and professionals with high integrity is able to recognize that their main responsibility isto provide quality services to their clients (Katz & Margo, 2014). If an accountant is not able toserve their client, then they would not accept any client if they possess high integrity level.Before accepting any clients, it is ensured by high level integrity accounting professional that

3ACCOUNTING IN MYOBthey have through knowledge when dealing. I have able to extract evidence from doing somesecondary research such as published article that despite lack of certainty, high level integrityaccountant will seek to answer every question of their clients. Clients rely on While working in public accountant firm as graduate, I would like to ensure that I am acting withintegrity when dealing with clients and they rely on me to get the things done and solving ethicaldilemmas of client relating to decision making. Relationship building talent-An accountant is required to deal with clients on regularbasis and I think one of the persistent challenge faced by them is creating successful and positiveclient relationship. One of most important part of accounting jobs while working in public firm isthat I have to possess abilities for creating positive client relationship. New graduates needs tohave ability to forge fruitful relationship and successfully cultivate clients that will help in careeradvancements and business growth. I will be following some points in developing fruitfulrelationship with clients while working in firm. First, I will try gain deep understanding andknowledge of clients as it has been identified from recent survey that one of primary source ofdissatisfaction is lack of understanding of clients business. Therefore, I would understandexisting clients of firms. I will try to create complete clarity between both parties in regard toservice, delivery and scope. Successful relationship can be built on trust and all attempts wouldbe taken by me to add value to service. Proactive approach would be adopted by me and I will beacting in client’s best interest. Abilities to communicate-Accountants are required to demonstrate the story behindnumbers presented in the financial report. For the success of accounting role, both verbal andwritten communication skills are considered essential. The human aspect of businessrelationship is recognized by interpersonal communication. Personal finance can be sensitive to

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