Accountancy Self-Reflection Report: Strengths, Weaknesses, and Career

This report is a self-reflection exercise focused on accountancy skills, career development, and professional ethics. It begins with an introduction to self-reflection and its importance in the field of accountancy, emphasizing the need for continuous analysis and improvement. The report then analyzes the application of professional knowledge and skills in the workplace, comparing manual and computerized accounting systems. It explores career pathways, including becoming a certified auditor, and discusses various professional roles and responsibilities within a company, with a particular focus on the HR manager role. A SWOT analysis is conducted to identify strengths, weaknesses, opportunities, and threats. The report includes a case study on ethical considerations in accounting, detailing how to address issues of non-compliance with accounting standards. Finally, the report concludes with reflections on the self-assessment process and its impact on personal and professional growth, referencing key sources throughout.

By student name
Professor
University
Date: 14 September 2017.

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Contents
Introduction.…………………………………………………………………...2
Analysis.........…………………………………………………………………...2
Conclusion....…………………………………………………………….....….5
Refrences.....……………………………………………………………….......6
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Introduction
Self reflection is very important as it helps us in analyzing our strength and weakness and
understanding our performance better. It helps un in understanding those areas where we need to
much more efforts and also helps in analyzing the current situation and taking better and fruitful
decisions for the future.
It is very important to be reflective practioner in accountancy, because it involves a lot of practical
application of what we learn throughout our theoretical classes. And practical knowledge and skill will
only be enhanced if we keep putting our efforts and analyze our mistakes and correct the same
accordingly (Bae, 2017).
Application of professional knowledge and skills in the workplace
In an accounting department there are various factors that work together for a successful work.
While using the accounting set information, it is important to get the correct information from the
clients, and record the same in proper order. The entries that have been entered manually must be
cross checked. Proper communication must be established between the team members so that they are
able to convey their ideas and opinions. Interpersonal skills and development also plays a important part
in the all round development of the individual and the team as a whole (Fay & Negangard, 2017).
Using a manual resource system is better than using a computerized system, because in a
computerized system everything is done with the help of the software, only the input has to be given
and the output is processed. But in case of a manual system everything from entering the data,
processing the same and generating the output is done on an individual basis. Hence it helps in better
development of skills.
Particular Manual Computer
Limitations It takes a lot of time to process
the time and there are more
chances of error in the same.
It helps in better development of
Automation often makes the
human being machine
dependant and hence there is
less scope of personal growth.
It takes less time to process the
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Benefits personal skills and in the growth
of the individual.
data and there is a reduction in
all kinds of errors and mistakes.
The system easily detects them
Career pathways
 In case if one wants to become a certified auditor than they can go for the CA or CPA
qualification. It can be pursued along with the graduation. The term of the same varies
from 3-5 years,
 At this point of time, I want to become a good accountant and want to understand the
in-depth of the accounting system. I want to build my career on accountancy and audit. I
want to become a certified accountant, I will either go for CA or CPA or any masters
program in accountancy.
 In case If I am not able to obtain a CA or CPA qualification, I can go for a master’s
program in finance and accountancy after completing my graduation. This will also open
many jobs in this avenue in various companies. It will also help me in keeping myself
indulged with the accountancy roles and help me in developing my skills (Jones, 2017).
Professional roles in the workplace and their associated responsibilities
 There are a variety of professional roles in the work place apart from the role of accountancy
and audit like the manager, the sales person, the marketing guy or the HR manager. Each roles
have different responsibilities and have different duties. The manager is responsible for
managing the entire team, the sales person is given the responsibility of managing the sales
department and look over the sales of the company. The HR guy is given the responsibility of
recruiting fresh talent for the company in case there is vacancy in the company. The marketing
person looks after brand promotion and product development of the company, and helps in
marketing of the products (Raiborn, Butler, & Martin, 2016).
 The most interesting role as per me is of the HR manager. It involves many vital responsibilities
for the company. It will help me in improving my communication skills and interacting with a
large number of people. It will help in development of interpersonal skills. Previously there was
not much demand for the HR, but now a day it has become a very part of many top companies
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and thus there will be much job opportunities in this particular field. So I found this role most
exciting (Sonu, Ahn, & Choi, 2017).
SWOT ANALYSIS
STRENGTHS WEAKNESS
As an accountancy student I feel that my most
important strength is that I have a good
knowledge of the accounting concepts and
practices and can apply them in a better way in
my practical work. I am also good in critically
examining situation and think rationally, giving
my own feedback.
I feel that my weakness lies in the fact that I am
not good in interpersonal communication and
find it difficult to interact with people. This
makes it difficult for me to work in teams, and
put my thoughts forward. These problems in
having effective communication skills have often
hampered my performance in the past.
Opportunities Threats
The major opportunities that I will have by
working in this field are that there are a large
number of jobs for CA and CPA. I will always
have some work, and will never be jobless. I will
also have the option to do my own practice or
work as an accountant in any company. The jobs
are mostly very high paying (Jones, 2017).
The threats that are associated with this kind of
profession are that there are various rules and
regulations to be followed. In case there in any
non compliance than my degree can also be
canceled. Hence these are the few threats that
are associated with this kind of profession.
Professional development options to develop careers
Along with studying for CA or CPA there are many other degrees that can be pursued
simultaneously. These degrees will help in all round development of the individual, like CS, FRM or
CFA. These are all finance related degree and have very high demand in the professional field or
study.
CASE STUDY
 In the capacity of being a professional accountant, it is my duty to see that the books of the
company are showing the true and fair view of the accounts of the company. There should
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not be any errors in the same. In case I come across any such situation where the company
has debited the research related expenses to the research and development heading, which
is against the provisions of the respective accounting standard, I will inform my manager for
the same. I will also go to higher authorities if the manager is also involved in the matter and
ask the management of the company to make the necessary changes and incorporate the
true figures in their accounts; else a modified audit report will be issues (Raiborn, Butler, &
Martin, 2016).
 As a professional it is important to comply with the professional code of ethics that states
that includes maintaining proper sincerity, integrity, professional standards, confidentiality
professional approach and behavior in their work. The auditors are also required to maintain
professional skeptics in their behavior while they are working on a project. Hence as per the
code of ethics, the act of the company should be disclosed to the higher authorities
(Grenier, 2017).
 In order to resolve the issue, I will consult with my team members and my senior managers
who are working with me on the project. After taking their suggestions, I will inform about
the same to the higher authorities of the company and ask the management to make the
necessary changes. In case if they fail to do so than the audit report will be modified and
proper reasons for the same shall be disclosed there under. Thus in this way this issue can
be resolved, because the poor performance of the company should not be faked (Knechel &
Salterio, 2016).
Conclusion
After completing this self reflection exercise I have gained a lot of knowledge regarding my choices and
what and how my thought process works do. I have understood the areas which need special attention
and I will try to work on the same. I have understood my strengths and the opportunities that I have and
how important It is for my to put me efforts to do well in my career. The written communication skill
exercise was an eye opener and has helped me in a lot of avenues not only professional but also in my
personal growth overall (DeZoort & Harrison, 2016).
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REFRENCES
Bae, S. (2017). The Association Between Corporate Tax Avoidance And Audit Efforts: Evidence From
Korea. Journal of Applied Business Research, 33(1), 153-172.
DeZoort, F., & Harrison, P. (2016). Understanding Auditors sense of Responsibility for detecting fraud
within organization. Journal of Business Ethics, 1-18.
Fay, R., & Negangard, E. (2017). Manual journal entry testing : Data analytics and the risk of fraud.
Journal of Accounting Education, 38, 37-49.
Grenier, J. (2017). Encouraging Professional Skepticism in the Industry Specialization Era. Journal of
Business Ethics, 142(2), 241-256.
Jones, P. (2017). Statistical Sampling and Risk Analysis in Auditing. NY: Routledge.
Knechel, W., & Salterio, S. (2016). Auditing:Assurance and Risk (fourth ed.). New York: Routledge.
Raiborn, C., Butler, J., & Martin, K. (2016). The internal audit function: A prerequisite for Good
Governance. Journal of Corporate Accounting and Finance, 28(2), 10-21.
Sonu, C., Ahn, H., & Choi, A. (2017). Audit fee pressure and audit risk: evidence from the financial crisis
of 2008. Asia-Pacific Journal of Accounting & Economics , 24(1-2), 127-144.
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