Reflection on Professional Accounting

Questions: 1. When you think of the accounting profession what comes to your mind? 2. What contextual factors do you think could influence the accounting profession? 3. Describe the people you expect to interact with as an accountant? 4. What role do you think you should play in contributing to your community as an accountant? 5. What might the clients and fellow employees expect of you as an accountant? 6. What skills do you think you should possess to be a successful accountant? Answers: 1. When I think of accounting as a profession, financial accounting, audit, business consultancy and advisory, and tax functions come to my mind. The accounting profession consists of broad range services aimed at ensuring financial reports have the best quality. I believe that accountancy professionals get tasked by accounting firms to offer advice and help businesses reduce costs and mitigate risks (Weygandt, Kimmel, and Kieso, 2015, p. 6). Also, after attending an internship program for three months, I have realized that the accounting profession focuses on preparing and publishing financial reports for the benefit of investors, stockholders, creditors, and tax authorities. 2. The accounting profession is influenced by various contextual factors. From my experience, I thought governance and tax regulation laws were the only contextual factors that might affect the accounting field. However, I have come to realize that the accounting standard bodies, registrar of companies, department of the public enterprise, capital markets, the securities exchange organizations, and globalization also influence the accounting profession (Buchan, 2005, p. 170). Further, after attending accounting conferences, I have realized that technological advancement, public perceptions, and company ethics also influence the accounting sector. 3. As an accountant, I expect to interact with different people. To begin with, I expect to maximumly interact with colleague workers who we will be working with the company. Again, I expect to interact with the management of the company as the chief accountant (Von Nordenflycht, 2010, p 156). Being the senior analyst, expect to cooperate and interact with the company's key stakeholders who include the investors, creditors, customers, suppliers, and the tax authorities. Further, I expect to interact with auditors and lawyers of the company. 4. As an accountant, I think it is important to engage in corporate social responsibilities for the benefit of the community. In this regard, I think is should provide accurate and viable financial data to the community that truly portray the picture of the company. I think I should organize seminars with industry partners to gain new skills of making sound financial decisions about my firm (Buchan, 2005, p. 170). From my studies, I have learned that excellent leadership and communication skills are critical in extending accounting benefits to the community as a whole. I think I will be technologically sensitive and will always apply new accounting technologies to account for all company finances accurately. 5. Obviously, I believe that fellow employees and business clients will have ambitious expectations on me. First, the staff and customers of the company must expect me to act with integrity, competence, and ethically for the maximum interest of the business (Von Nordenflycht, 2010, p 156). Again, I think that the employees and clients expect me to possess exceptional leadership, communication, business, technical, interpersonal, and analytical skills while handling accounting managerial functions of the company. 6. A successful accountant needs to be skillful. As an accountant, I think I should have excellent technical skills for easy interpretation of new technological advancements in the accounting sector. Second, I have to be a good time manager since this goes hand in hand with organizational capabilities (Chartered Institute of Management Accountants., 2011, p 5). Also, as a sufficient accountant, I need to possess distinguishable communication skills which will help me advance professionally. Other required skills are adaptability, openness, leadership, and organizational skills which are all invaluable. References Buchan, H.F., 2005. Ethical decision making in the public accounting profession: An extension of Ajzens theory of planned behavior.Journal of Business Ethics,61(2), pp.165-181. Chartered Institute of Management Accountants., 2011. Developments in the global accountancy sector. United Kingdom, London SW1P 4NP. Von Nordenflycht, A., 2010. What is a professional service firm? Toward a theory and taxonomy of knowledge-intensive firms.Academy of Management Review,35(1), pp.155-174. Weygandt, J.J., Kimmel, P.D. and Kieso, D.E., 2015.Financial Managerial Accounting. John Wiley Sons.