Accounting involves the study of how businesses keep track of their assets and income over a given period of time. Some of the activities that’s accountants engage themselves include financial statement, computation of efficiency gains and cost from advanced technologies, using Information systems to keep track of financial performance and active participation in strategizing acquisitions and merger.
The main reason why I choose accounting as a career is the fact that I will have a greater chance of learning how businesses work. The field of accounting offer challenging and stimulating career as accountants spend most of their time scrutinizing businesses performances; hence they learn a lot about businesses. As an accountant, one stands better chances of becoming the Chief Financial Officer (CF0) given the fact that he or she has the best understanding of what bring business and profit to any given company.
Nature of Work
Accountants help in ensuring that business run more efficiently, taxes are paid properly and on time and that business records are kept accurately. They achieve their objective by carrying out the most fundamental task related to this field. This includes preparing, analyzing and verifying financial documents for their clients. There are four major fields of accounting; Public, management, government, and internal auditors. Public accountants serve clients ranging from corporations, NGOs, governments and the general public; performing a broad range of accounting activities like auditing, tax and consultation on important business issues. Many public Accountants are Certified Public Accountants (CPAs), having their own businesses or better still working for Public Accounting firms (Mark Hirschey).
Management accountants work for specific companies, where they record and analyze financial information in addition to budgeting, cost management, evaluation of performance and asset management. Corporate Executives relies on Management accounts in making sound business decisions. Government accountants on the other hand examine and maintain records for government agencies and those businesses regulated by the government. Government accountants ensure that revenues received are used in accordance with laws and set regulations (Mark Hirschey).
Working Conditions
Most accountants work on typical 40 hours per week schedule, within a standard office setting. Self employed accountants generally work longer hours especially if they have many clients. Those accountants who specialize in tax return may have to work long hours during tax season. Government accountants may have to work away from their offices, especially when auditing government facilities. Accountants employed by Public Accounting firms may have to travel on a regular basis to perform their work at client’s premises. Self employed accountant may be able to do their work from the comfort of their home, given the current advance in technology. (Raphael Amit)
Qualifications and Salary
Most accounting positions require one to have at least a bachelor’s degree in Accounting, although many large firms require a master’s degree in Accounting or BA with a concentration in Accounting. One must have a certificate issued by the State Board of Accountancy for them to be Certified Public Accountants (CPAs). For a CPA license to be renewed, one must complete a given number of hours of continued professional education in accounting (Raphael Amit).
Accountant salary can be very lucrative, coupled with well established career growth. Salary range for most accountants remains within the same range across the different accounting career. The main differentiating factor is the size of the accounting firm or the company and individuals’ level of education. Most entry level jobs pays between $35,000 and $50,000. Those Management accountants who successfully end up being the company’s CFO can earn $85,000 plus, per year (Mark Hirschey).
Future Outlook of Accounting as a Career
Employment of Accountants is expected to continue growing in all fields of accounting in the next 5 years. As companies continue to grow and as accountants retire or transfer to other kinds of occupation, there will always be annual job openings for new Accounting graduates. As long as the world economies continue to grow, the number of business establishment will continue to rise, hence requiring more accountants to provide various accounting services. As international business competition increases, many companies will be in increased need of quick and accurate financial information that will guarantee success, hence the need for accountants who are trained in latest trends of International Business Accounting (Raphael Amit).
Conclusion
The study of how businesses keep track of its assets and finances is known as accounting. Accounting is divided into Public, Management and Government with each field having different nature of work. As a career, accounting helps a person to have a better understanding of how business is done. Accounting is one of the careers expected to continue growing given the current competition in international business and the need for accurate financial information, needed in making critical business decisions.
In today’s increasingly diverse world, a well-rounded counselor needs to have a decent grasp of the concept of multiculturalism and apply its best practices on the job. When pursuing the path of a counselor, one should expect that the global tendencies will influence and transform their work approaches. One’s professional development may expose them to foreign populations abroad or diverse communities in their home country, which will necessitate them to improve their cultural communication skills. This paper argues that multicultural counseling is an indispensable element of the counseling profession and provides the rationale for multiculturalism in counseling practice as well as contemporary diversity-related issues.
Counselor in the Changing World
Multicultural counseling is defined as an approach that encompasses effective interventions for culturally diverse clients. A qualified counselor should take into account a client’s race, ethnicity, and cultural background. Other factors to be considered since they influence a client’s worldview and life circumstances are their gender and gender identity, sexual orientation, age, socioeconomic status, religion, and health.
The rationale for the focus on these demographic properties and lifestyle choices is motivated by global changes. In the report submitted by the United Nations (2017), it is stated that between 2000 and 2017, the share of migrants worldwide has risen from 2.8% to 3.4%. Some countries have unusually large migrant populations: for instance, in the United States, every fifth person is a migrant (19.1%), while in Australia, almost one-third of the population (29%) was born overseas. Taking these factors into account, it is safe to say that a counselor is likely to meet a client whose background and life experiences are much different from their own.
Contemporary Trends and Issues
Cultural counseling is especially important during the time dominated by two opposing tendencies. On the one hand, in developed countries, people grow more accepting of minorities. For example, as McCarthy (2019) reports, ever since the introduction of marriage equality in the US in 2015, the support for gay marriage has been stable at 63%. It seems that more people than ever feel comfortable with “coming out” (being open about their sexual orientation): according to Newport (2018), the US self-reported LGBT population has risen to 4.5%.
On the other hand, there are counter-movements to tolerance and equality that still make the lives of those in the underprivileged communities more challenging. Simmons (2017) writes that the Texas House of Representatives attempted to issue a bill that would allow foster houses to prevent gay couples from becoming adoptive parents. These conflicting trends of acceptance and oppression apply to other minority groups as well. It is essential that a counselor understands the realities of these people’s lives and intervenes in an appropriate and culturally informed way.
Some other issues that counselors should be aware of are the effects of discrimination and the availability of services. Molina and James (2016) researched African-American and African-Caribbean populations of the United States and revealed that experiencing racial discrimination increased participants’ odds of suffering from a major depressive disorder. The evidence of such kind suggests that counselors who ignore the cultural side of their interaction with a client coming from a minor community might overlook some of the root causes of his or her issue.
Another example is the availability of services that prevent minorities from seeking the necessary help. Mantovani, Pizzolati, and Edge (2017) studied African-American communities in the United Kingdom and discovered that many of the respondents felt ashamed of their mental issues. They felt pressure from their peers and parents to be strong, hide their weaknesses, and resolve their problems on their own without a specialist’s intervention. Being familiar with these issues should be a part of counselors’ cultural training as they might want to remove the stigma and help their clients to be more proactive.
For the reasons mentioned above, it is essential that organizations have cultural and linguistic standards of services. If they do, when minor communities will feel welcome and be able to receive the help that they need. From a linguistic standpoint, translation and interpretation for diverse communities will eliminate confusion regarding specialists’ advice and prescription. This will promote adherence to intervention and treatment plans. On a personal level, introducing comprehensive standards will improve the lives of the people affected. On a national level, standardization will help to reduce the burden of disease and lead to economic efficiency.
Conclusion
With the rise of globalization, multicultural counseling has become a legitimate and well-recognized subfield of this profession. In their practice, counselors are likely to meet people coming from diverse backgrounds whose life experiences may differ a lot from what counselors themselves have lived through.
A well-rounded counselor needs to understand how he or she fits with global trends. Depending on a person’s race, ethnicity, gender, and sexual orientation, a specialist needs to devise an appropriate intervention plan that would be culturally informed. In the process, the cultural beliefs that having mental disorders is shameful and something to be concealed may impede the process of recovery, especially when it comes to traditional communities where mental health awareness is not particularly high. A counselor needs to adhere to the standards of service and make sure that the client is receiving the recognition that they deserve.
References
Mantovani, N., Pizzolati, M., & Edge, D. (2017). Exploring the relationship between stigma and help‐seeking for mental illness in African‐descended faith communities in the UK. Health Expectations, 20(3), 373-384.
Molina, K. M., & James, D. (2016). Discrimination, internalized racism, and depression: A comparative study of African American and Afro-Caribbean adults in the US. Group Processes & Intergroup Relations, 19(4), 439-461.
CIPD Profession Map plays a very important role in improving the performance of an organisation. It addresses specific HR issues from the top management levels to junior employees to ensure that there is enhanced performance of the workforce. This professional map covers ten professional areas and eight behaviours which are set in 4 bands as shown in the figure above. The structure of the CIPD Professional Map is designed to ensure that talents within an organisation are easily identified, developed and utilized to bring about much-needed success. Drivers of change and influencers of skills are clearly defined to help an organisation understand change patterns and how they should be modelled to bring about the desired outcome.
Summary of the Two Core Areas
At the core of CIPD Professional Map are insight strategies and solutions. The HR manager and all other top levels managers responsible for decision making are always responsible for developing insights as to how the current and future problems within the organisation should be addressed. As defined in this map, these decision-makers need to understand issues that are affecting an organisation, and measures that can be taken to address them. When developing solutions, care should be taken to ensure that there is a clear plan to address both short term and long term problems. According to this map, when developing short-term solutions, care should be taken to ensure that they do not jeopardize long-term solutions. The short term plans should be building blocks that would lead to achievements of long-term strategies. Similarly, it may be unrealistic to develop long-term solutions without considering how they may affect the short-term processes. A comprehensive and effective solution may ensure that the current problems are solved without jeopardizing the ability of the firm to achieve success in the future. Leading HR emphasizes the need for the leader to act as a role model. People always want to emulate their leaders. As such, leaders should ensure that they develop characters and good work ethics that are worth emulating by other junior leaders.
Summary of One Other Professional Area Relevant
Performance and rewards are other professionals are that is very important when it comes to improving the performance of the employees. According to the concepts brought out in this map, it is always important to recognise employees’ special capabilities, behaviour, skills, performance, and experience within an organisation. These should be rewarded accordingly to ensure that employees remain motivated in their work. Financial reward is one of the most commonly used forms of showing appreciation for the effort that employees have put in whatever they do. However, it is important to note that this is not the only form of reward that can be used to boost the morale of employees and improve their performance. For example, a firm may reward employees by giving them promotions if it is confirmed that they do deserve it. A reward can also be given by taking employees on a tour to break away from the monotonous work environment. Such tours also promote team spirit within an organisation.
The current wealth distribution patterns in the U.S. are far from the embodiment of justice. One occupation that I feel is underpaid at the present time is the registered nurse in various healthcare environments. Based on things learned from my acquaintances working as hospital RNs, the degree of responsibility for patients’ well-being does not align with the average financial compensation that these specialists receive. One profession that I believe is overpaid is the National Football League player. Prominent clubs’ growing profits and football matches’ increasing accessibility due to technology advancements probably explain why footballers’ wages are extremely high.
The reasons for selecting these examples pertain to compensation sizes’ desired dependence on the work’s degree of social importance. Specifically, utilitarian ethics could be applied to justify the selection of examples. The central pillar of utilitarianism is an emphasis on actions and choices that maximize well-being and promote the happiness of a substantial number of individuals (Woodard, 2019). In accordance with utilitarianism, an action is good and important if it brings benefits to the masses. Products that RNs and NFL players bring to society cannot be equal in significance. If there were no RNs, hospital inpatients would receive treatment from doctors but would be left without care and constant supervision, resulting in more frequent hospital infections, post-surgery complications left unnoticed until it is too late, and preventable deaths. In contrast, if there were no NFL players, sports fans would have fewer choices when watching sports, which is incompatible with the benefits from RNs’ work. Paying less to footballers and more to RNs would maximize society’s well-being by prioritizing survival over entertainment.
Correcting the injustice addressed above would be challenging but still possible. One hypothetical way is the use of petitions for limiting NFL players’ wages or introducing new taxes for the representatives of overpaid occupations. Imposing profit use rules on large sports entities to make them obliged to donate a considerable part of profits to charity is another controversial but possible opportunity. In these circumstances, large leagues and teams would have to restrict wages. Another way of correcting the injustice would involve petitioning for legislative action to increase minimum wages for RNs. For this step, society’s support would be gathered with the help of arguments that higher wages intensify competition, and competition would lead to increases in care quality, thus promoting better public health outcomes.
Reference
Woodard, C. (2019). Taking utilitarianism seriously. Oxford University Press.
A shareholder is a person who buys or receives securities from an issuing company in exchange for material or intellectual resources. Several types of capital are often attracted for the development of a private enterprise. Contributions can be financial, in the form of personnel and equipment. In addition, risk diversification (minimization) is a logical explanation for why an entrepreneur wants to share industrial responsibility with other partners. For several people to become co-owners of the company, the capital is converted into shares. This usually happens during a period of steady economic growth of the enterprise, when the founders attract new funds for business development.
The scope of shareholders’ rights depends on the number and category of shares owned (the basic rights of the owners of ordinary shares). A shareholder exercises his management rights directly (for example, by selecting the company’s management bodies and approving major transactions) only if alone (Wamba et al., 2018). If there are two or more shareholders, the shareholders exercise their management rights by participating in the general meeting of shareholders. To a large extent, income formation occurs at the expense of the first concept, dividends. It follows from this that the more shares, the more income the shareholder receives.
Dividends can be expressed in a specific amount or as a percentage. Moreover, this indicator is regulated by the statutory documents and the decision of the Board of Directors. The shareholder will receive capital gains only if the shares are sold at a higher price. If this does not happen, then the income is unrealized. Capital gains can even be negative when stocks have been sold at a price lower than they were bought.
In conclusion, the profession of a shareholder is suitable for anyone who knows the specifics of this work. The main thing is to have an identity document. To get a position as a shareholder, you need to purchase shares from their owner or contact a broker (intermediary). If an investor owns shares, then he is a shareholder. In most cases, investors hold most of the money in stocks in investment portfolios since this method of storing money provides the greatest profit.
Reference
Wamba, L. D., Braune, E., & Hikkerova, L. (2018). Does shareholder-oriented corporate governance reduce firm risk? Evidence from listed European companies. Journal of Applied Accounting Research. Web.
There is no clear consensus on whether management is a science or a craft. Recognizing management as a profession and enforcing strictly defined professional standards may promote the former approach but will not be easy to implement. A managerial code of conduct based on the stakeholder theory and enforced by a professional association could potentially increase management’s social responsibility, but it will take time to do so.
Envisaging the code of conduct for managers is inextricably linked to making management a profession in the truest sense of the word. This perspective has its basis in the difference between leadership and management. While leaders have followers and may operate in any context, managers are only managers insofar as they have employees and occupy a corresponding position. Since the definition of management describes a professional arrangement, management can definitely “strive to become a profession” (Khurana & Nohria, 2008, p. 72). If one accepts this idea, one should also agree that management should embrace a professional code of conduct. It may be based on such prominent concepts of business ethics as corporate social responsibility and stakeholder theory, stressing the manager’s obligations to society at large rather than the enterprise alone (Freeman & Dmytriyev. 2017). Enforcing these codes would require creating professional associations that would establish and maintain educational standards as well as monitor pertinent ethical issues through peer review (Ibrahim, 2016). Yet even if all these suggestions come to pass, it will still take years for a new generation of managers to emerge and make a difference.
To summarize, the idea of making management a proper profession is not without merit. There are theoretical underpinnings for it, and practical models of enforcing codes of conduct in other professions. However, this transformation is bound to take a long time for the new institutional practices to settle and start making an impact.
Ibrahim. L. Y. (2016). Ethical issues and professional code of conduct as moral and social obligations for sports management practitioners in Nigeria: A paperwork. European Journal of Physical Education and Sport Science, 2(3), 15-28.
Khurana, R., & Nohria, N. (2008). It’s time to make management a true profession. Harvard Business Review, 86(10), 70-77.
Accounting is generally concerned with transferring an organization’s information to people who need it. The information is structured in the form of financial statements. In a business organization, there is a lot of information that is required in order to assess the performance of the business, its future viability, credit worthiness, and to project its future.
Some of the people who need this information include investors, suppliers, creditors, customers, the government, commissioner of tax, and the general public. The information is usually bulky, thus it has to be summarized into monetary form and presented as financial statements. Accounting principles are applicable in three major categories: auditing, accounting as well as bookkeeping (Alba, Manisha and Matthew 31).
One can take various paths in accounting as a career. The path one takes depends on the type of organization they are working in. Such organizations include government institutions, public companies and public institutions, tax departments, auditing departments, and private companies.
The difference occurs mostly with the person each accountant reports to. One can, therefore, take a path in public accounting. Public accountants are accountants who provide accounting services to companies. They can also work as partners, sole proprietors, or as individuals. One can also take a path in government accounting. These are accountants who work mostly for the government and government institutions.
They deal with government funds. Tax accounting, as the name suggests, deals with taxes for individuals and businesses. Finally there is the auditing career path, which mostly deals with verification of the financial information given by the organization’s accountant (Alba, Manisha and Matthew 31). The auditor seeks to ensure that the information is true and fair.
This essay focuses on differentiating between each career path in terms of scope of work, requirements, and any other difference. The paper will also give any similarities that may exist between the various career paths.
Public Accountant
A public accountant is an accountant who performs a wide range of functions. Public accountants work in organizations, corporations, NGOs, individual, as well as in government institutions. In addition, they work in organizations that range from small organizations to large organizations.
Some of the functions that a public accountant carries out include auditing, offering consultancy services, tax, financial analysis and financial statement preparation, as well as any other accounting activities. Public accountants can give advice to individuals regarding tax matters, as well as other accounting related information. In most cases, public accountants work or offer their services to the public. They are usually hired by accounting firms and offer their services to a wide range of clients (Alba, Manisha and Matthew 65).
Entry requirements
To become a public accountant, one is usually required to attain a bachelor’s degree in accounting and/or being a Certified Public Accountant (CPA). For one to become a CPA in the United States of America, they must have passed the Uniform Certified Public Accountant Exam. After passing this exam, the American Institute of Certified Public Accountants will approve that one has completed and has the right experience to work as a public accountant.
He is then given the designation of CPA designation (Alba, Manisha and Matthew 55). It is important to note that there are different certifications of becoming a public certified accountant in different countries. However, the general principles of accounting have to be followed, regardless of the country of origin. For instance, in a country like Canada certified public accountants are referred to as Chartered Accountants (CA).
However, the qualifications to become a CA are similar to those of becoming a CPA. Other certifications that one can acquire and become a public accountant include Certified Management Accountant (CMA), Enrolled Agents (EA), as well as Certified Fraud Examiner (CFE). CPA is more popular since it is the most common certification in most countries.
Working conditions
Despite the fact that a public accountant is usually employed by accounting firms, they can also be self-employed. They usually work in office settings at the workplace in the firms where they are employed. Public accountants can, however, work at home in some situations. A public accountant can be working for various clients at the same time.
In such cases, they travel often to the various clients. Similarly, they can be working in an organization that has several branches, thus they are required to travel to the various branches to carry out their duties. Accountants mostly work 8 hours a day and five days a week, translating into 40 hours per week. However, this working time may change depending on the scope of work and the terms of work in the organization they are working for. Those who are self-employed may work for longer hours (Alba, Manisha and Matthew 68).
Job satisfaction
This refers to the extent to which one is satisfied with the job they do. There are a number of factors that influence individual job satisfaction. The factors may differ depending on the type of job. Generally, there is high job satisfaction in public accounting.
This is because as the business environment is becoming more and more competitive, organizations are finding ways to satisfy their employees in order to reduce the rate of turnover and increase the organizational productivity. Qualified accountants are generally few and, therefore, organizations offer them good working conditions to increase their satisfaction. Job satisfaction is, therefore, high in public accounting, but this may vary depending on personal factors.
Government Accounting
This is the accounting that mostly deals with government transactions. Governments are expected to respond to a number of individuals and groups. For instance, they are answerable to the general public for their funds usage. Governments are also answerable to the elected officials, government creditors, as well as government investors (Alba, Manisha and Matthew 69).
he government is, therefore, expected to produce reports on how it uses its funds. Government accountants are responsible for preparing these reports, which are usually in the form of financial statements. They prepare financial reports in order to enhance the accountability and transparency of the government. In the United States of America, government accounting standards differ according to the two levels of government in the country.
There is the federal government and the states’ governments. In the former, government accountants follow the standards set by the Federal Accounting Standards Advisory Board (FASAB). In the latter, the government accountants follow the standards set by the Governmental Accounting Standards Board (GASB).
In every country, there are varying standards for government accounting, although they might have some similarities. Government accounting has a number of differences from the rest of the accounting fields. For instance, in government accounting the focus is on the flow of financial resources and not economic resources as the case is in other forms of accounting. In addition, revenue is not acknowledged when earned, but when money is available in treasury.
On the other hand, expenses are only recognizable once the money has been spent on various governmental projects. The financial statements compare the projected expenses with the actual expenses, and the difference is recognized as either surplus in case the projected expenses exceed the actual expenses or as deficit in case the actual expenses exceed the projected expenses (WetFeetFirm 78).
Entry requirements
Possessing a bachelor’s degree in business qualifies one to become a government accountant. Having a bachelor’s degree in accounting can also be considered for the same position. At times, one may be required to have a master’s degree in accountancy or related fields.
There are other additional skills that might be required for a government accountant. For instance, one is expected to have skills in analyzing data and mathematical skills. Strong communication skills and professional integrity are important skills that can help enhance success in the government accountancy career. Having a certification like CPA, CFE, CA, CIA, CGAP, or CGFM is also an added advantage.
Working conditions
Government accountants can work in various divisions within the government. They usually work 8 hours a day and five days a week, translating into 40 hours per week. Government accountants work in office settings where they carry out their duties. Unlike the public accountants, it is not common for government accountants to travel frequently in order to execute their duties. In addition, they cannot work at home and cannot be self-employed (Lewis 110).
Job satisfaction
A government accounting job is arguably the most satisfying among the other accountancy career paths. The remuneration is usually very competitive. The government gives a wide range of benefits to the accountants, as well as allowances. The working hours are favorable for most people.
The availability of various levels also increases the level of satisfaction for government accountants. In most governments, all workers get retirement benefits once they leave employment on the basis of age. A government accountant is, therefore, motivated by the fact that they will be getting a certain amount of money after they retire (WetFeetFirm 77).
Tax Accounting
This is a different field of accounting in that it does not focus on financial statements; instead, it focuses on taxes. Tax accounting differs even in the principles that guide it (Lewis 106).
While Generally Accepted Accounting Principles (GAAP) standard is followed in public accounting, tax accounting is guided by different principles. Usually, Internal Revenue Code is responsible for governing tax accounting. In the United States of America, the accounting principles set for the purposes of tax are usually very comprehensive and they differ from those of other countries.
The tax principles are outlined in the tax laws. It is important to note that there are countries that do not have separate tax principles. However, the general rule is that tax statements are prepared differently from financial statements (Alba, Manisha and Matthew 75). In the preparation of tax statements, balance sheet items are considered and recorded differently from the way they appear in financial statements.
Entry requirements
A first degree in accounting is a prerequisite in becoming a tax accountant. Related academic fields can also substitute for the bachelor’s degree in accounting. Having a master’s degree will be an added advantage in case one wants to become an advanced tax accountant (Lewis 108).
When taking a master’s course it is important to take a program that will focus more on taxation. It will also be beneficial to be a Certified Public Accountant in order to get the accounting license. This means that one has to complete the CPA exams. Other certifications such as CA, CIA, CGAP, and CGFM are also eligible depending on the country or state in question.
Working conditions
Just like the rest of the accountants, a tax accountant usually works for 8 hours a day, five days a week. They carry out their duties in office settings. In doing their work, tax accountants usually utilize various software that assist them in carrying out tax computations. Such software as Excel, Great Plains, as well as accounting packages such as sage, pastel and QuickBooks are used.
Tax accountants can be self-employed, where they establish their self-owned businesses. In such a situation, the tax accountant can work at home and even work for long hours depending on the scope of work that one has. It is important to note that in tax accounting, there is usually the busiest time when most companies have prepared their annual financial statements and are doing computations for tax payable (Lewis 110). This is usually the period between January and May.
Job satisfaction
Job satisfaction in tax accounting is relatively high. However, there are a number of issues associated with the job, despite the fact that the salary scale is usually competitive. For instance, tax rules are highly dynamic and keep changing every often. This means that the tax accountant should constantly be updated on the changes.
The demand for knowledge is, therefore, high. For those tax accountants who are employed, the organizations they work for try to make their working conditions highly favorable to increase their job satisfaction. This is because tax accountants are in high demand and have to be satisfied to prevent them from moving on to other organizations (Alba, Manisha and Matthew 75).
Auditing Accounting
In accounting, the term auditing is used to refer to the independent assessment carried out by an auditor with the aim of ensuring that the financial statements are accurate and that they presented in a true and fair manner (Alba, Manisha and Matthew 73). There are situations whereby the financial statements may be misstated, thereby misleading the company or organizational investors to make the wrong investment decisions in regard to the organization.
The transparency of the statements is guaranteed by sourcing for an auditor to assess them. Auditors are, therefore, hired by shareholders, unlike the rest of the accountants. It is important to note that there is an internal auditor who works in the organization throughout the financial year and the external auditor who is only hired at the end of the financial year to verify the financial statements for that year.
Entry requirements
For one to become an audit accountant, he or she should have at least a bachelor’s degree in accounting or finance. In addition, the candidate should have a certification in accounting, such as CPA, CA, CIA, CGAP, or any other acceptable certification.
The certification differs depending on the country, but most of these are accepted worldwide. Unlike the other accounting career paths, an auditor should have some training on auditing and should have a license to conduct audits. Therefore, one has to pass exams offered by the Chartered Institute of Internal Auditors (CIIA).
The institution offers a designation known as the Chartered Internal Auditor (CIA). This is a certification that has worldwide recognition; therefore, one can work in any country in the world. Once the candidate has acquired the Audit Certificate, they are now ready to do auditing in any organization. It is important to note that one has to be a qualified accountant before acquiring the audit certificate (Alba, Manisha and Matthew 74).
Work conditions
Employed auditors operate from offices. However, an auditor may be self-employed. In such cases, the auditor may work at home. There are auditors who are usually employed by accounting firms. Such auditors have to travel frequently to various clients or business organizations where they are required to offer their services.
The working hours for auditors are normally 40 hours per week. It is, however, possible to find auditors who work for longer hours. Just like taxation, auditing accountants are usually very busy during the final months of the year when most organizations are preparing their annual financial statements.
Job satisfaction
Auditing offers the accountants with a high level of job satisfaction. The job is well paid and the working conditions are good, thereby increasing the level of satisfaction. For auditors to be able to perform their duties properly, they need to be offered conditions that will increase their satisfaction. The job is highly competitive and, therefore, organizations try to retain their auditors by offering them good terms and conditions that increase their satisfaction.
Conclusion
The accounting profession is one of the most common and widely pursued professions by many college and university students. Accounting is known to offer many employment opportunities to people mainly due to the fact that organizations are ever increasing. Each organization, whether profit or non- profit making, needs an accountant, thereby raising the number of opportunities in accounting. The jobs are well paying, but they are demanding in terms of scope.
Works Cited
Alba, Jason, Manisha Bathija, and Matthew Thornton. Vault Career Guide to Accounting. New York, NY: Vault Inc, 2005. Print.
Lewis, Eve. Investing in Your Future. New York, NY: Thomson Texere, 2005. Print.
WetFeetFirm. Careers in Accounting. San Francisco, CA: WetFeet, 2008. Print.
Job analysis is a critical technique that assists businesses in understanding the structure of a profession and the fundamental competencies required to execute it properly. This project aims to undertake a brief worker-oriented job study of a job carried out by Dwight Smith, a former NFL player who established a Super Bowl record. This project aims to gain a thorough understanding of work demands, including the information, skills, abilities, and other attributes (KSAOs) required for effective ability to do the job.
Discussion
The job under consideration is that of a National Football League (NFL) professional football player. The profession requires exceptional physical fitness, endurance, and agility. Professional football players must be exceptionally skilled and knowledgeable in their particular positions (Valeri, 2018). Dwight Smith has vast expertise in the position as a retired NFL player, and his thoughts will be crucial in understanding the job needs.
Dwight Smith is a retired Professional linebacker who played for numerous clubs in the league. He played with the Tampa Bay Buccaneers from 2001 to 2008 and was crucial to the team’s Super Bowl XXXVII victory (Valeri, 2018). Smith made a Super Bowl milestone by recovering two turnovers for touchdowns in the ballgame, earning him the Super Bowl MVP honor (Valeri, 2018). His employment experience and knowledge make him a fantastic resource for this job analysis.
Professional football players must grasp the game well, including its rules, methods, and techniques. They must understand the various jobs and how they contribute to the organizational plan. They should also know the job’s physical requirements and how to preserve peak physical health. Professional football players must possess various technical and physical abilities, such as playmaking, hitting, defending, and receiving. They must be capable of comprehending plays, assessing competitors, and executing split-second judgments depending on the circumstances of the situation. They must also have strong interaction and collaboration abilities to cooperate with their colleagues properly. Professional football players must have a high level of physical ability, which includes power, pace, athleticism, and stamina. They must have great hand-eye synchronization, poise, and situational awareness to play competitively. Athletes must also be intellectually strong and sturdy, coping with the pressure and stress of high-stakes contests.
Regarding other qualities, professional football players must be highly motivated and enthusiastic about the game. They must have a tenacious work ethic, professionalism, discipline, and commitment to attaining their objectives (Gillham & Stone, 2020). They must be prepared to make compromises and engage in the necessary effort to succeed. They also need to adapt to changing conditions and keep a positive outlook.
According to the work analysis, the following performance characteristics are essential for good job execution in professional football: technical skills, tactical skills, and physical fitness. Technical abilities are an important part of professional football effectiveness. The game requires a high level of expertise in certain jobs and methods, such as shielding, tackling, and playmaking (Gillham & Stone, 2020). These are job-specific talents that demand special training and practice to perfect. A quarterback, for example, must have exceptional throwing precision, anticipation, and decision-making abilities. A running back must have great ball-carrying skills such as athleticism, pace, and poise to dodge opponents and gain yards. A defensive back must have quick reactions, high situational awareness, and outstanding ball skills to make recoveries and prevent catches. Technical abilities are typically assessed using statistics and game film analysis (Gillham & Stone, 2020). To analyze a player’s technical expertise, coaches and scouts meticulously study their effectiveness in games and drill sessions. Certain drills, such as the 40-yard sprint or shuttle run, can also offer information on a player’s technical talents.
Tactical abilities are another important aspect of professional football success. Players must be ready to read the game, assess competitors, and establish smart judgments based on the context of the situation. These abilities are critical for team success because they allow teams to perform plays efficiently and make sound judgments on the pitch. A quarterback, for example, must be capable of reading the defense, identifying prospective receivers, and changing the play appropriately (Gillham & Stone, 2020). A defensive coordinator must be able to recognize the other team’s patterns, devise a new strategy, and make modifications dependent on the flow of the game. Tactical abilities are assessed using game film analysis, models, and training sessions (Gillham & Stone, 2020). Coaches frequently subject players to contextual drills, like two-minute or red-zone scenarios, to assess their tactical talents and decision-making capabilities.
Physical fitness is an important aspect of professional football performance. Physical fitness is required for the game, which includes stamina, quickness, agility, and tenacity. Players must retain peak physical well-being and fitness to satisfy the work requirements. A defensive lineman must have good stamina and endurance to overcome opposing offensive linemen and make tackles. Physical fitness is frequently assessed using a combination of objective metrics such as height, body weight, and fat percentage, as well as subjective indicators such as competence in drills and exercise programs (Gillham & Stone, 2020). Coaches and trainers frequently employ specialized gear, such as GPS trackers and heart-rate monitors, to analyze player productivity and maintain ideal physical fitness.
Conclusion
In conclusion, conducting a worker-oriented job analysis can provide a comprehensive understanding of a given position’s specific job requirements, KSAOs, and performance dimensions. This analysis assists businesses in making educated decisions about staff recruitment, selection, training, and advancement, which can increase organizational efficiency and work satisfaction. While this mini-job analysis is tailored to the job of an NFL player, employers may apply the approach and methodology to any position in any industry. Employers can better understand each position’s requirements and constraints by performing a worker-oriented job analysis and designing tactics to promote employee performance and productivity improvement.
Accounting plays a significant role in the collection, analysing, and communicating financial information to society. Nevertheless, to create a broader understanding of the term accounting and on its primary purpose, we have to consider it from a social perspective. In any society, people coexist by the creation of relationships with each other (Walker, 2016). Besides, there are three significant areas in a community; the categories are economic, social, and political arenas.
Therefore for the community sections to effectively function, the communication among them must be active. However, it becomes impossible to achieve interactions without proper accounting. Studies show that accounting information serves multiple essential purposes. This paper focuses on analysing accounting purposes through the identification of various users in the societies, and the implications drawn from accounting needs and functions as this discipline serves the interested parties.
The Purpose of Accounting
Accounting helps in communicating the financial health of an organisation or a business to all parties interested in the information. The role helps in assessing all liabilities, assets, cash flow, or the entity for both current and future investors. Accounting acts like the lifeblood of sensible businesses that provide central information to ensure various organisations get their jobs done. Financial statements are an excellent example of information generated from accounting work (Sherman & Young, 2016). The goals and objectives of private and government organisations depend on informed decisions regarding adequate scarce resource allocations.
Interested parties connected to a given institution like the suppliers, employees, investors, government, researches and many others remain eager to acquire different information about the financial position of the organisation. As a primary function of accounting, various reports are used to update the stakeholders. Updates make it easy to identify and predict the financial status of the organisation and formulating economic policies for upcoming activities and appropriate course of action.
However, the reliance of stakeholders in an organisation on accounting information such as financial statements when making decisions is only wise in ideal situations. Sherman and Young (2016) warn that dependence on accounting information has limits in the real business world. Accounting information may fall off the mark because the generation of financial statements relies on estimates and judgments that are sometimes subjective rather than objective. Conflicted interests amongst managers and executives incentivise them to inject errors into accounting information such as financial statements.
Another role of accounting is to enhance accountability. According to the objectives of responsibility, accounting functions in a principal-agent model. The agent – the accountant – provides a report on how management has utilised the allocated resources and the final results of the performed actions. However, a perfect principal-agent liaison is only possible in an ideal setting. There is an assumption in the relationship that the information the principal receives is fair and right (Andriof, Waddock, Husted, & Rahman, 2017).
The provided reports relate to the concept of truth and fairness concerning juridical interpretation from the perspective of either the agent or the principal in a complete contract setting. However, in a real-life context where many contracts are incomplete, factors such as employee demotivation, conflicts of interest and ulterior motives can thwart the principal-agent relationship, potentially jeopardising accountability.
Accountability happens when an individual or a particular department in an organisation is held responsible for the performance of a specific task. Mostly the parties are reliable right execution of a given role, even if they are not responsible for performing it. Besides, other parties in a given environment monitor the performance of various tasks by those accountable for these tasks. Therefore, the responsible party is the one that carries all blames if things fail. However, through accounting, the mistakes are minimised, and the responsible parties can monitor all activities of the organisation in a way that will prevent errors and fraud.
Legitimation is another role of accounting in society. The majority of the organisation needs to legitimate themselves to acquire resources in a given environment, for example, when trading securities. Organisations tend to have three outputs in nature; talk, decisions, and actions. Through one or a combination of the mentioned outputs, an organisation can legitimate itself by being accountable in the accounting process through the provision of truthful information – budgets and ex-posts among others – to give the actual financial outlook of the firm. Budgets frequently talk about the decision made or the one to be made while ex-post accounting talks on the achieved actions.
Nonetheless, as firms push to legitimatise their positions in the market, the process will likely be erratic. This is because accounting output information relies on the analysis of the data that managers and executives give. If the management provides incomplete – hides information – or wrong information for analysis, it implies that the output will not indicate the exact position of a firm. Different actors in business may desire a specific financial description for their organisations in various contexts, taking into consideration the development of accounting principles. Furthermore, the choice of accounting principles is a component of legitimation.
The elements of subjective influences in firms’ legitimisation processes show the unreliability of the legitimising process and that not all companies viewed as legitimate are indeed legitimate. However, the lack of reliability on the process to be legitimatise is not an accounting problem. It is an ethical problem for management. It can result in other issues compounded for shareholders and other parties that do business with a firm that appears legitimate but is indeed illegitimate. Through the use of accounting reports, different actors and organisations can, therefore, legitimise themselves, if the process is a hundred per cent reliable.
Perhaps the most significant impediment to having an ideal principal-agent model working in accounting is creative accounting. According to Ismael (2017), creative accounting has come under criticism in the contemporary world, primarily due to the collapsing of giant firms such as Enron, World Com, Arther Anderson, and Palmarat. In the beginning, accounting arose from the desire to have financial and economic transparency in firms and industries, creating prestige and trust between stakeholders. However, in the advent and infringement of regulation, scandals have become common within the accounting profession. As Ismael (2017) posits, creative accounting is the alteration of a firm’s real economic and financial position through tools, practices and unrestrained practices facilitated by legal norms. Instead of managers using creative accounting to elucidate a firm’s real economic and financial image, they use creative accounting to preserve their self-interests.
Recording all transactions that occur in an organisation is another significant role enhanced by accounting. The actions should happen as soon as any transaction takes place and involves putting them in journals. It is easy to transfer the journalized information to the ledger accounts. The ledger books are then used to record all the tractions measured in terms of money. Generally, there has been a lot of disputes and fraud experienced in society over the mismanagement of finance. However, with proper accounting, auditing can be done in various departments of organisations. The information recorded acts as reference materials that help in solving future financial conflicts.
Primarily, the world needs accounting because the public needs professionals who will maintain a business’s transactional record to ascertain profit or loss-making of the company as well to depict the financial position of the firm and provide such accounting information to interested parties (Ismael, 2017). Additionally, accounting’s core objective is to safeguard and advance the public interest, even in times when pushing the interests of the public may be in opposition to the position of the executives in a firm (Bracci, Stecollini, Humphery, & Moll, 2015). At no particular time should a professional accountant compromise any isolated objective in favour of the other.
Professional accountants should provide the actual financial information of a firm even if that correct financial position may make the public lose trust in the firm, lower the firm’s share value, lead to a financial crisis or job loss. However, in times when economies are in turmoil, professionals conceal sensitive information because they fear losing investor confidence and stockholders’ trust, but that should not be the case.
The Interested Parties in Accounting and how Accounting Serves their Interests
Accounting information of a given organisation serves the interests of various parties in society. The parties get the information from different parties. Therefore accounting information systems designs of any given institution should provide satisfactory reports based on social needs. Users of accounting information occur in two broad categories; there are internal users and external users of accounting information. To effectively serve society, accounting recognises the executives and managers as internal users. On the other hand, the external users are the investors, government agencies, general public, creditors of funds, employees, and finally, the customers.
Despite the distinction between the two categories of users, the contractual, as well as the financial obligations of internal users towards their external counterparts, defines the boundary for external users in terms of mandate and responsibilities. According to Ismael (2017), every profession has an in-built code of ethics that governs the professionals in it. From June 2019, IESBA’s 2018 rewritten and revamped “International Code of Ethics for Professional Accountants (including International Independence Standards)” came into effect (Jules & Erskine, 2018). Within this code, all professional accountants’ conduct draws from the principles of “integrity, objectivity, professional competence and due care, confidentiality and professional behaviour” (Jules & Erskine, 2018 para. 2).
The principal-agent model postulates that there is a clear distinction in the roles of both parties. Nonetheless, creative accounting has provided loopholes that internal users exploit at the expense of external users. Nonetheless, external users, especially the stockholders or investors, still bear contractual oversight over executives so long as they do not infringe on the functions of the executives. For instance, the board – on behalf of the stockholders – can dismiss an executive if there is evidence of unethical conduct by the executive.
Internal Users
Internal users regularly use a combination of financial accounting and management information to enable the secure governance of their organisations. For instance, company management uses accounting information to evaluate and carry an analysis of the financial position and performance of the company. Accounting evaluation and analysis helps owners to make essential decisions and suitable actions that are necessary to improve the organisational performance in terms of profitability, financial standing, and the cash flow in the firm. As a central function of the managers, setting rules and procedures that will help in achieving organisational goals are attained (Uyar, Gungormus, & Kuzey, 2017).
Through accounting information generated by both financial and managerial accounting systems of the company, the task becomes achievable. On the contrary, owners are responsible for providing the capital investment required to start and run a business with a central objective of earning the profit. The owner needs accurate financial information that indicates the earned profit and losses at a given fiscal period. Only accounting can provide the required information to a business owner who wants to establish how well their businesses are doing. The report helps owners to make a sound future decision like how to expand or contract the organisation.
External Users
Accounting information has a significant role to external users of a given organisation. The use of accounting information is a route and a tool to accomplish the needs of external users. For instance, in a corporate form of organisation, there is a separation of ownership from a management role. In most cases, investors usually provide the required capital, and the management team operates the entire organisation.
Both potential and actual investors utilise the accounting information in the company in various ways. The accounting information is used by real investors to know how management uses their funds and the expected performance of the organisation in the future. Furthermore, the data provides owners with the information they need to decide whether to decrease or increase their shares in the investment. Besides, potential investors typically use accounting information to determine if a given company is suitable to invest in, depending on their needs and the financial performance of the companies as evidenced by financial accounting reports.
In society, lenders are financial institutions or individuals who usually lend money to other firms and business to earn interest on it. Therefore, they require accounting information to evaluate the financial performance and the position of the company (“Users of Accounting Information “, 2019).
With clear assessment, lenders will know precisely the business that they will lend their money. Accounting thus helps lenders to avoid possibilities of fraud and loan default issues due to reasonable assurance obtained from accounting information. Additionally, suppliers in society are organisations or individuals who usually sell raw materials or merchandise to other organisations on a credit basis. The group uses accounting information to get an idea regarding the future creditworthiness of a given organisation or business, thus determining whether they will continue to provide their services and goods on credit.
Government agencies also need financial information about a business to aid in imposing taxes and laws. The general public again uses the accounting information when it comes to seeking education purposes like teaching students on accounting and finance, when researching the impacts of a given organisation on the economy, for public job seeking and opportunities. Another group that benefits in accounting is the customers (“Users of Accounting Information “, 2019).
Through accounting information, customers can access essential data concerning the current position of a company. In society, customers occur in various categories; they are either producers, found at various stages of productions, retailers and wholesalers, as well as the end-users. The accounting information here helps customers to make a judgment about the future of a business organisation. Manufactures or producers at each production stage require assurance that a given organisation will persist in providing goods and services necessary. Besides, retailers and wholesalers need the reliability of constant product supply.
The final consumer also wants a continuous availability of certain products. The mentioned needs of customers, therefore, indicate that accounting information is essential, starting from the primary producer or manufactures to the end-users in a created value chain.
Finally, employees in any organisation lack a hand in significant management practices of a firm. Workers are external users when it comes to accounting information because they are consumers of the accounting information generated even though they ensure that firms remain operational. Employees are more interested in the financial report of a given business organisation because both employees present and future aspects depend on the failures or success of the business.
Through accounting information, workers can evaluate the profitability of working with a company in terms of better remuneration, job security, job promotion, and retirement benefits. The assessment indications enable employees to continue working or quit a given corporate for their current and future interests. The accounting information determines how employees will dedicate themselves at the workplace.
Implications of Accounting
When correctly done, accounting information is of significant use in society, within the political, social, and economic arenas. However, for the functions to be useful and efficient, it calls for openness, fairness, and accountability (Zyznarska-Dworczak, 2018). All institutions in a given environment aim to remain economically sound by making a profit. Nevertheless, it all depends on how the organisation will play to convince the general public and information users. With accounting, all interested parties in a particular organisation need financial information that will guide them to make a proper decision that determines their current and future relationship (Carr, 2017). Studies indicate that companies which provide suitable accounting information to the interested parties tend to prosper.
Considering the vital role that accounting plays in society, and the considerable number of parties that depend on the information accounting generates, one can conclude that it is a delicate field that requires significant attention. With proper accounting, a company can reduce errors in its financial systems. Proper accounting will help to keep essential records that are invaluable in situations of disputes. If an organisation can solve both internal and external conflicts, it will be easy to carry activities because all parties will gain trust in the firm. An increase in the number of stakeholders interested in the accounting information of a company requires accountable for all the activities they carry out. Managers face much pre
ssure from the owners, thus enhancing the spirit of accountability. When the financial information provided to society is reliable, an organisation will create a suitable means of communication. Proper presentation of the accounting information reduces the chances of miss understanding among various parries connected to an organisation. With adequate information provided from the financial documents, any stakeholder can read, evaluate, and make the decision on how to go about based on the understanding.
A firm lacking proper accounting approaches cannot provide reliable information to society. For instance, any business organisation that lacks accountability in its accounting process will lose its legitimacy, resulting in failures. No business stakeholders will want to associate themselves or invest their capital in a fraud organisation. Besides, an organisation that does not provide credible accounting information to society tends to scare away investors.
Incorrect information can be made the government initiate investigations on a company, thus facing closure chances. Consequently, the lack of accountability in government-based organisations will lead to an increase in corruption (Bracci et al., 2015). When not serviced with accounting information, the interested parties, suspect corrupt and dubious undertakings because the responsible accountant lacks the pressure always created through responsibilities.
References
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Carr, C. L. (2017). On fairness. London, United Kingdom: Routledge.
Ismael, A. Y. A. (2017). The impact of creative accounting techniques on the reliability of financial reporting with particular reference to Saudi auditors and academics. International Journal of Economics and Financial Issues, 7(2), 283-291. Web.
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