Opinion Editorial Professional Accountant

Question: Discuss about the Opinion Editorialfor Professional Accountant. Answer: In my studies at Australian Catholic University (ACU), I got a chance research, study, and learn about the challenges that face the accounting field of profession. Not every accountant or even anyone who aspires to become an accountant is happy to how common good objectives have not been realized in the field (Australian Catholic University2017, 1.1.1). Although some accounting firms have shown success in the aspirations of the common good, there is still a lot to be done. There have been delayed creativity and innovativeness in the accounting sector. Professional Accountant I have noted that with advancements in technology, accountants are worried about what the future holds for the industry. I have been observing various companies being put under liquidation and receivership due to poor financial management of the customers. I think the primary cause of this poor fiscal management is the use of outdated technologies by firms whose capital base is not stable. From my experience, increased burden for both private and public accounting firms to succeed by the directors adversely affects common good objectives. In my opinion, pressure to succeed imposes undue stress on accountants when creating financial statements. Unethical accountants have gone to the extent of altering financial statements using creative accounting mechanisms (Australian Catholic University2017, 1.2). As a profession, accountants independence and integrity are always compromised by the directors. In my opinion, auditors have failed in the responsibility of acting as whistleblowers for the company under situations of theft, manipulation, and violations. I think the main reason is ethical dilemma that exists of whether to whistleblow or keep quiet to secure their jobs. This has resulted in massive losses and bad public reputation( Australian Catholic University2017, 1.1.2). Effects of greed by some employees adversely hinders common good goals success in accounting sector. I think that accounting industry has maintained the trust and reputation it has to the key stakeholders. However, greed by financiers has led to shaving ethical boundaries and stepping around safeguards in the name of making extra cash. Some accountants constantly value their pocket thank the companys balance sheet and income statement (Australian Catholic University2017, 2.2). Having read several company websites worldwide, I have noted that companies fail due to poor governance. Lack of ethics by most accounts managers have resulted to the careless omission of some items when preparing final reports. Sometimes corporate managers liaise with chief accountants to omit certain financial figures in the statement of financial position. In my opinion, the left items are usually the ones that damage company's image to publics (Australian Catholic University2017, 1.2.1). Lack of common good in the accounting field is at the level it is today due to lack of work empathy by the accountants. Most accountants have always valued their bank accounts that increasing the net worth of their employing companies. Again, I feel that there is poor interpersonal communication in the accounting field. Improper communication has led to conflicts among accountants and the company and its clients. In my opinion, accountants have been hesitant to respect the code of ethics established by the International Accountants Standards Act (IASB). The lack of objectivity has significantly contributed to the poor preparation of financial statements. Accountants show little or no due care in professionalism when dealing with confidential financial reports. Showing unprofessional behavior have shaped the downfall of the common good in the accounting sector (Australian Catholic University2017, 2.1). In my opinion, the preparation of reliable, relevant, understandable, and comparable financial statements is only achievable by qualified and skilled accountants. However, there has been increased corruption in the accounting field when it comes to recruitment of new personnel. As a result, this has posed serious problems for our sector when it comes to realizing common good. The right recruitment procedures have been ignored. Personal bias by accountants as well as a snapshot of information has adversely affected the quality of financial records. In the interpretation of financial statements, some accountants are affected by personal issues with the management. Again, the failure to offer sufficient and appropriate information required by the accountant by the directorate has also been a factor to the failure of the common good in our sector. List of References Australian Catholic University2017, 1.1.1 What Is Community UNCC300 Unit Materials, viewed 18 April 2017, https://leocontent.acu.edu.au/file/5097fe6c-c77e-4787-bfe9-bf98714d060d/22/M1-CommunityEngagement.html# Australian Catholic University2017, 1.1.2 Community Mind Map UNCC300 Unit Materials, viewed 18 April 2017, https://leocontent.acu.edu.au/file/5097fe6c-c77e-4787-bfe9-bf98714d060d/22/M2-HumanDignity.html# Australian Catholic University2017, 1.2 Identity And Self UNCC300 Unit Materials, viewed 18 April 2017, https://leocontent.acu.edu.au/file/8e8cfd0c-0c07-4862-92c1-118b46d203d4/20/pdf/M3-HistoryAndPrinciplesCST.pdf Australian Catholic University2017, 1.2.1 reflection activity UNCC300 Unit Materials, viewed 18 April 2017, https://leocontent.acu.edu.au/file/8e8cfd0c-0c07-4862-92c1-118b46d203d4/21/pdf/M4-HumanFlourishingCG.pdf Australian Catholic University2017, 2.1 Rethinking Community Engagement - Human Dignity And The Common Good UNCC300 Unit Materials, viewed 18 April 2017, https://leocontent.acu.edu.au/file/8e8cfd0c-0c07-4862-92c1-118b46d203d4/20/pdf/M3-HistoryAndPrinciplesCST.pdf Australian Catholic University2017, 2.2 ACU'S Catholic Identity And Mission UNCC300 Unit Materials, viewed 18 April 2017, https://leocontent.acu.edu.au/file/8e8cfd0c-0c07-4862-92c1-118b46d203d4/20/pdf/M3-HistoryAndPrinciplesCST.pdf Australian Catholic University2017, 3.2 Example Of Global Organisations: Unicef Caritas UNCC300 Unit Materials, viewed 18 April 2017, https://leocontent.acu.edu.au/file/5097fe6c-c77e-4787-bfe9-bf98714d060d/22/M1-CommunityEngagement.html#