Accounting in the Profession: Compliance and Enforcement Analysis

This report delves into the multifaceted aspects of the accounting profession, with a specific focus on regulatory enforcement and compliance within the industry. It highlights critical issues faced by accounting professionals and their impact on the broader business environment. The report examines inconsistencies with Generally Accepted Accounting Principles (GAAP) and management accounting techniques, emphasizing their influence on financial statements and shareholder value. It also addresses the reconciliation between management reports and financial reports, the harmonization of Australian Accounting Standards Board (AASB) with International Accounting Standards, the challenges posed by the changing environment, and the pervasive issue of fraud. The analysis covers key areas such as the roles and responsibilities of professional accountants, ethical considerations, and the importance of maintaining public trust. The report offers valuable insights into the evolving landscape of the accounting profession, offering a comprehensive understanding of the challenges and opportunities that shape the field. The report also includes an analysis of the working culture and potential employment opportunities at LinkedIn and EY.

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The work place in any company is governed by the factor of motivation when it comes to the
supporting of the various goals and objectives of the company, thereby achieving them which
is of an utmost importance. It is something which allows the platform for the workers to feel
that they are engaged and which plays a major role when it comes to making contribution
towards success. This concept works on the fact of the opportunity for the individual worker.
His expectations though are that he receives an adequate amount of support and he is given
adequate responsibility and authority to carry on the roles that he has been entrusted with.
He should be inspired and be appreciated so that he could learn and apply the skills and
exercise judgment that he has leant in the past (Carol, 2015). There is trust in one’s
capabilities.
He should grow professionally and he must also work towards the achievement of the
strategic goals of the company.
The main role of the professional accountants here is that they owe a sense of responsibility
towards the public. They are entrusted with the responsibility of ensuring that the company in
which they are employed follows all the rules and the requirements as have been laid down
by the various Acts, regulations and the interpretations. As a professional, they are entrusted
with the privileged position in the society and as the professional of accounting as a whole
since it deals with a wide variety of the issues that are of an interest to the public. They are
required to ensure high standards when it comes to playing a key role in helping the
organisations to play ethically. The public accountants are the people that work closely with
the public in order to protect their interests. The accountants would lose their legitimacy
when they have act as the protectors of the public values. (Sullivan, 2013).
The accountancy profession has a wide reach to the public and the society as a whole. The
accountants would lose their legitimacy when there is a loss of public trust. The confidence in
the financial data is something which is reached at by the professionals in many business
forms which forms the core of the public trust and the public value. They are expected to
work closely with the auditors of the company for the purposes of ensuring that they base
their opinion on the true and accurate financials that have been prepared by the company
(IFAC, 2019). Whenever there is any scandal with regard to the manipulation of the earnings
by any company, professional accountants are also held guilty along with the auditors. Hence,
they owe a sense of responsibility to the public at large.

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Any competent professional accountants is the one who serves as an invaluable asset to the
company. These are the individuals that work towards inquiring their mind so that they can
work on the basis of their knowledge which relates with the financials of the company. They
use their skills and also their understanding of the company along with the environment in
which they operate. They are the ones that ask challenging questions from the professional
accountants. Their training helps in solving the issues with an objective based approach. This
serves as an invaluable asset to the management of the company, especially in the case of the
small and the medium companies wherein there are professional’s qualified members. These
are the people that assist the company in meeting the objectives of the corporate strategy and
also provide guidance and help in the reduction of the business costs. They also help in
improving their top line and in the litigation of the risks. As the board of directors, these
professional accountants help the shareholders of the company. Their role includes the
governing of the company, appointing the appropriate staff etc. working as the Finance
officers of the company, they have an oversight of all of the matters connected with the
financial health of the company. This includes the creation and the driving of the strategic
direction of the business when it comes to analysing, creation and the communication of the
financial information. They play the role of imparting the desired knowledge, skills and
ethical underpinnings in the profession and pass on this knowledge on to the next generation.
They have to use their judgments when it comes to providing an independent assurance to the
management about the risk management, governance and the processes of internal control so
that they could operate effectively.
Conclusion:
In the nutshell, the professional accountants are duty bound to carry out the tasks for the
benefits of the society as the whole. They comply with the various rules and regulations in
order to provide transparency and to ensure that the confidence of the people is not lost in the
system.
References:
Carol, A. (2015). Internal organisational factors influencing corporate social and ethical
reporting. [online] Drcaroladams.net. Available at: https://drcaroladams.net/internal-

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organisational-factors-influencing-corporate-social-and-ethical-reporting/ [Accessed 30 Sep.
2019].
Ifac.org. (2019). Roles and Importance of Professional Accountants in Business | IFAC.
[online] Available at: https://www.ifac.org/news-events/2013-10/roles-and-importance-
professional-accountants-business [Accessed 30 Sep. 2019].
Sullivan, G. (2013). Cultural Influences on Accounting and Its Practices. [online]
Digitalcommons.liberty.edu. Available at:
https://digitalcommons.liberty.edu/cgi/viewcontent.cgi?article=1396&context=honors
[Accessed 30 Sep. 2019].