An Analysis of Ethical Issues Surrounding the Profession of Accountancy
On 31 January 2013, Margaret Hodge, chairman of the UK House of Commons public accounts committee, told specialists from PwC, Deloitte, Ernst & Young and KPMG that their skills ought to be directed to nobler ends than minimising tax bills for big business. She said, “What really depresses me is you could contribute so much to society and the public good and you all choose to focus on working in an area which reduces the available resources for us to…...
Internship at Inglis House in Philadelphia
During the past summer I interned with Inglis House in Philadelphia as an accounting intern. I worked in the business office with the responsibilities of assign in daily accounting tasks. As a senior at Rowan University, I am pursuing a degree in liberal studies with the two sequences of business and sociology. I chose business because I have never really worked in a business setting. I have always worked with children since I was sixteen. I worked at an after…...
Ethics in Accounting
From my point of view, ethics should be an important part of accounting classes. The most important reason for this is that actions of accountants do not only impact themselves but it also impacts different parts of society. As their actions can have a huge impact, they should be ethical when it comes to making decisions. In addition, being unethical can display bad human characteristics such as greed and selfishness. The tendency to be unethical can justify the expression “The…...
New Accounting Trends
Number of changes has been happened in various ways in accounting. Many accounting based firms carry out new trends in order to simplify their work to a great extent. Through this article you will be able to get some knowledge about recent trends that influences accounting. At the end of 2018, Accounting has been able to find out 5 main trends. Cloud Accounting Automation Social Media Strategy Collaborative Accounting Outsourcing Cloud Accounting Now days’ most of the businesses use cloud…...
Public and Private Accounting
Someone once told me a story about a house and its basement; he made a point saying that people pay attention to things like an attractive kitchen or number of bathrooms and bedrooms and not at the basement although the basement is the most important part of the house. The basement makes up the house’s foundation and holds up the rest of the house so that would make it the most important part of room in the house. He continued…...
Managerial Accounting Ethical Issues
According to my research, the managerial accounting focuses on providing information to internal users and decision-makers in many areas, such as cost-benefit analysis, investing and financing making decisions, performance evaluation, and many others. One of the most noticeable ethical issues in managerial accounting is performance evaluation. As Kenton B. and Gary M.(Management Accounting Quarterly Spring 2013, Vol.14, No.3 ) noticed, 'The business area is replete with stories about how employees engage in dysfunctional, questionable ethical, and sometimes illegal behaviors in…...
AccountingEthical Issues In The Workplace
Audits: Materiality, Risks, and Internal Controls
The audit process is a set of eight sections, including materiality, risks, and internal controls. Auditors determine with reasonable certainty that financial statements are free from material misstatements. The only way auditors can complete this task is by determining the level of misstatements during audit planning, starting with preliminary judgments, and ending at using materiality when evaluating the audit findings. Auditors must consider various risks associated with planning and completing an audit. Risks which could affect the completion of an…...
AccountingControlFinanceInternal ControlRiskRisk Management
Role Of Financial And Managerial Accounting
Financial accounting pertains the preparation of an organization’s financial statements. The role of financial accounting therefore is to come up with information that can help the users of financial statements in making decisions. Some of these users include employees, shareholders, suppliers and financial Institutions. Managerial accounting on the other hand aims at providing information that is u7sed by managers in the planning and controlling functions of the organization. In an organization therefore, financial accounting plays the role of analyzing and…...
Why auditors exists in the world?
This paper will discuss professional responsibilities and ethical obligations in auditing by understanding why auditors exists and analyzing the need for professional ethics in auditing, their duties and their powers on their issuance of their opinions on financial statements, their report on the internal control. The paper will likewise connect their auditor’s responsibilities and ethical obligations with the nature and objectives of financial statement audit. 2. 1 What are professional responsibilities and ethical obligations of auditing? Professional auditors Auditing as…...
Financial analysis for General Motors
Introduction: This paper seeks to make a financial analysis supplemented by research for General Motors and answer the following questions: the type of business of company General Motors, any significant recent events affecting the company's operations or financial position. Discuss the auditor's report and the role of the auditors. How many shares of common stock did the company (General Motors) have outstanding? Does the company have any preferred stock outstanding? What is the company's total paid-in capital? What was the…...
What is an Incurred Cost?
Cost incurred during the development phase must be capitalized. This is because capitalization the cost incurred during the development phase will bring a positive outcome on a company's balance sheet which would help the company's value keep increasing by increased the value of asset. (Cam Merritt, 2018) The value of the asset will be increased when a company consider capitalizing the cost by increase significantly to the value of a current resource or enhance a part of assets that company…...
The US Financial Accounting Standards Board (which issues the U. S. Generally Accepted Accounting Principles) and the International Accounting Standards Board (which produced the International Financial Reporting Standards) signed a Memorandum of Understanding in 2002 aiming to provide a joint effort in aligning the two standards. The IASB said that the parties were developing compatible standards that can be utilized for domestic and cross-board reporting of financial results (IASB, pp. 2, 2005). In April 21, 2005, the Securities and Exchange…...
Australian Accounting Standards
Introduction The Australian Accounting Standards Board (2013) makes the Australian Accounting Standards, including Interpretations. The neutral Standards was adopted when AASB merged with Public Sector Accounting Standards Board and it is now to be applied to all types of entities that are required to prepare financial reports by the Corporations Act 2011, the General Government Sector (GGS) and entities in the for-profit or not-for-profit private or public sectors that are reporting entities. However when the first standards came out it…...
In the highly competitive contemporary business outlook, it is very essential for the corporations to sustain and grow in terms of their financial health. Inside as well as outside stakeholders keenly follow all the relevant aspects of the financial situation of the company to decide their further association with the firm. While doing so, a number of financial metrics are taken into consideration. An important one of them, to gauge the ability to pay off debts in short term, is…...
AccountingBusinessFinanceWorkWorld Wide Web
Transparency in Corporate Governance
Many recent corporate governance scandals have caused government to implement a number or regulatory modifications. One factor in relation to these changes is improved disclosure requirements. An example, Sarbanes-Oxley (SOX), created because of Enron, WorldCom, and additional public governance malfunctions, with detailed reporting of off-balance sheet financing and extraordinary use entities. Furthermore, SOX amplified the punishment to executives for misrepresenting. (more…)...
Threat and treatment for fair value accounting and accounting information system
Threat and treatment for fair value accounting and accounting information system. 1. Introduction to threats to accounting information system and fair value accounting: Threats as clear from the word signifies the harm that a person or an organization is expected to get from the other person or an organization. Actually the risks on the life and survival of both the person and the organization is called threat. An accounting information system is developed in the businesses to stay in touch with…...
The Body Shop International Plc
Finance bored the pants off me. I fell asleep more times than not. 1 —Anita Roddick, founder, The Body Shop International In the late 1990s, The Body Shop International PLC, previously one of the fastest growing manufacturer-retailers in the world, ran aground. Although the firm had an annual revenue growth rate of 20% in the early to middle 1990s, by the late 1990s, revenue growth slowed to around 8%. New retailers of the naturally based skin- and hair-care products entered…...
The Accounting Profession and Its Obligation to Society
Over the last decade or so the credibility of the accounting profession has taken some major hits. Enron, WorldCom, and the Australian HIH Insurance case are just a few examples where the executives of corporations have served their own self interest while leaving the stakeholders and society to cop the blow. So how can the accounting profession safeguard against these huge corporations destroying their credibility? Will there have to be a major shift towards accountants being ultimately responsible to society…...
Strategic Management Accounting
Firms are now should face a lot of competition because a lot of changes in contemporary business, such as globalization of world trade, changing product life cycle, changing customers tastes that demand to improve levels of service in cost, quality, reliability, delivery and the choice of new products; and the emergence of e-business and so on. As a result of the defects of traditional accounting have been unable to meet these changes new management themes have evolved which in turn…...
AccountingBusinessOutsourcingStrategic Management Process
SOP- ESC Clermont MIM
STATEMENT OF PURPOSE With the histrionic advance in the technological world, it would be difficult to play down the significance of Management in the business today. It is against this atmosphere that I have realized the need to pursue further education in Management at the ESC Clermont Graduate School of Management in order to realize my career objectives, which is to establish a thriving career in Management field. I chose to enrol my Master's In Management (MIM) program with you…...
Risks of Being a Partner in an Accounting Firm
Partners in large accounting firms can make over $250,000 per year, with top partners drawing over $800,000. However, consideration of those incomes should take into account the risks that partners take and the fact that the incomes of partners in small accounting firms are often much lower. Partners are not compensated in the same way as managers in corporations. Partner's income is not guaranteed, but rather is based on the performance of the partnership. Also, each partner is required to…...
John Lewis Partnership Organization Analysis
The organisation chosen in this paper entails John Lewis Partnership. This is a well established firm, which is ranked as one of the top ten retail business in the United Kingdom. During the year under review, 2008, John Lewis had 69 department stores and 187 Waitrose supermarkets (John Lewis 2009, p 1). The competitor selected in this financial analysis is Debenhams, which is an organisation also engaged in the retail industry. This firm specialises in clothing, health and beauty and…...
Nine Steps of Accounting Cycle
When it comes to Accounting there are nine steps that one must follow. The nine steps as followed in the accounting cycle are: 1. Analyze Transactions 2. Journalize Transactions 3. Post to Ledger Accounts 4. Prepare a Trail Balance 5. Journalize and Post Adjusting Entries 6. Prepare an Adjusted Trail Balance 7. Prepare Financial Statements 8. Journalize and Post Closing Entries 9. Prepare a Post Closing Trail BalanceIn the first step of accounting the analyze transactions is something that is…...
Negotiations Over Accounting Issues
Recent events in the financial world have led to increasing research on issues relating to accounting negotiations. Auditing standards and economic models generally portray the auditor-client management’s reporting, rather than seek to modify it. However, recent negotiation research is of the view that if there is a difference in opinion between the auditor and client management about the client’s reporting, both parties can resolve the difference. (more…)...
Managerial Accounting In the Power Generation Sector
Introduction The emerging business on a global scale and the accompanying competitive environment continue to become impacted and influenced by the growing operating complexity and intricacies of the industrial workplace. In more cases than one, managers and decision makers are learning to understand and appreciate the need to adopt managerial accounting strategies and techniques in confronting the issues and problems in the modern organization. Business, especially those that have entered the international market have become fiercely competitive and diversified…...
Management Practices Traditional vs Modern Innovative
The modern management accounting practice are typically different from that of traditional management accounting as they enable managers to make sound decisions to minimize cost as well In the same time add value to the products and services by improving the quality of products, which is required by the customers, and reduce waste. In addition, the modern management accounting systems allow the organization as whole to develop the innovative capacity of the organization and flexibility so that It can continually…...
Management Accounting Techniques
For example, manufacturing companies use management accounting techniques to sees their operations such as budgeting, variance analysis and breakable analysis. These methods help organizations to plan, direct and control operating costs and to achieve profitability. Furthermore, Management Accounting Practices (MAPS) can be dividing as 3 topics which are risk management topics, Performance management topics and performance measurement topics. Besides, risk management topics can be defined as the ability to evaluate the strategic, operational, and financial risks and ensure that these…...
Management Accounting Systems: a Balanced Scorecard
I New Customer Sign-ups I To ensure that the Tallest store is constantly growing in long-term fiscal terms with he addition of new customers I Monthly customer sign-ups I Sign-up of between 1 and 100 - satisfactory (Store is signing new business)Sign-up of more than 100 customers a month - good (Store is signing a large degree of new business every month) I The Tallest store should endeavourer to sign up new customers each month. Signing new business will ensure…...
Management accounting system for fast food industry
The ingredients or raw materials needs to be replenish, ordered and stock-up. J. The number of complaints from disgruntles customers. The above information is much needed to be available daily for a smooth operation of the outlet and to recognize any defects that need immediate remedies or action. (2) The regional manager who supervises of all the retail outlets in a three- Tate region will need a summarized or report of each outlet by weekly or monthly. Such report includes:…...
Management accounting and decision making
If an example of Information Technology is to be awaken then It Is realized that once they were left to do IT related Jobs or make computers work however, in today's world IT professionals are now moving into higher level management positions which require them to perform many other tasks which may not be directly related to the their profession. Therefore, a stereotypical role of an accountant was once considered a "number person" but today's era demands accounting professional to…...
AccountingBalanced ScorecardDecision MakingEconomyManagement
As companies grow, they continuously look for ways to save on costs, be more productive, and overall be more efficient. Many companies are starting to implement lean accounting. The traditional accounting method focuses mainly on reducing costs and creating increased shareholder value, whereas lean accounting is mainly focused on increasing capacity, creating more customer value, and reducing the amount of waste. Successfully changing the accounting system within a company can take a considerable amount of time and resources, and does…...
Is Accounting as a discipline has no theory?
Accounting is concerned with the collection, analysis and communication of economic information, which can be used to make decisions and plans about business by various users. The Committee On Terminology of the American Institute of Certified Pubic Accountants defined accounting as follows: "Accounting is the art of recording, classifying, and summarizing in a significant manner and in terms of money, transactions and events which are, in past at least, of a financial character and interpreting the results thereof". (Ahmeo Riahi-Belkaou,…...
Introduction to Management Accounting
According to the AAA Committee on Management Accounting, It Is the application of appropriate techniques and concepts in processing the historical and projected economic data of an entity to assist management in establishing a plan for seasonable economic objectives and in the making of rational decisions with a view towards achieving these objectives. Purpose Management Accounting supplies the information needs of management. This information should be more detailed, forward looking, and presented and analyzed differently to cult the unique Informational…...
Information and Business Transaction
Accounting DB2-2 The field of accounting is mainly the process of systematic organization of all the relevant informations and details regarding the regular and routinary transaction inside the business operations. In this aspect, all of the significant economic events accumulated through the business operations are recorded and classified in organized ledgers to determine their effects towards the different economic elements in the business. Aspects such as the income generation and economic standings are mainly determined using this aspect thus, aiding…...
Business Ethics in Managerial Accounting
Importance of Business Ethics in Managerial Accounting When companies don't see the importance of business ethics in managerial accounting they usually end up down the same road as Enron: bankrupt. And while that isn't always true, the importance of business ethics in managerial accounting cannot be understated if you want your company to be a success. (more…)...
Importance of Business Ethics in Managerial Accounting
When companies don't see the Importance of business ethics In managerial accounting they usually end up down the same road as Enron: bankrupt. And while that isn't always true, the importance of business ethics in managerial accounting cannot be understated If you want your company to be a success. Why Ethics Is Important in Managerial Accounting The Enron scandal is probably the most well-known example of improper accounting ethics on the part of a business' managers. But others companies have…...
Importance of Bookkeeping
In business, there are many factors that must be considered in order to ensure that they business is on the right track, specifically in financial matters. One of these is the aspect of bookkeeping. This paper discusses the importance of bookkeeping and will discuss laws that govern accounting aspects. Importance of Bookkeeping Bookkeeping is one of the most important aspects in financial management. It is the process of recording the financial transactions made by the company and considered as the…...
IFRS and International Diversity in Accepted Corporate Practices
Introduction Increasing globalization has led to the need o harmonize the world economy and this has been the case with financial standards. COSO (2009) considers monitoring of internal control as the best way to produce the most reliable information which is why there is need to control financial reporting according to certain standards. International Finance Reporting Standards (Formally known as International Accounting Standards) are a set of standards specifying rules and treatments of various financial and accounting reporting standards. The…...
History Of Accounting
The name that looms largest in early accounting history is Luca Pacioli, who in 1494 first described the system of double-entry bookkeeping used by Venetian merchants in his Summa de Arithmetica, Geometria, Proportioni et Proportionalita. Of course, businesses and governments had been recording business information long before the Venetians. But it was Pacioli who was the first to describe the system of debits and credits in journals and ledgers that is still the basis of today's accounting systems. The industrial…...
Hilton Manufacturing Company
In February 2004, George Weston was appointed general manager by Paul Hilton, president of Hilton Manufacturing Company. Weston, age 56, had wide executive experience in manufacturing products similar to those of the Hilton Company. The appointment of Weston resulted from management problems arising from the death of Richard Hilton, founder and, until his death in early 2003, president of the company. Paul Hilton had only four years' experience with the company, and in early 2004 was 34 years old. His…...
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To become eligible to take the exam, a four-year degree from an accredited university must be earned. The bachelor’s degree requirements consist of passing college courses totaling to 150 hours of credit. According to AccountingEdu.org, “76 semester hours are upper level accounting courses, 30 semester hours of accounting courses above the intro and principle level, 3 hours of auditing credit, and 9 hours of upper business courses such as Marketing, Finance, Economics, etc.” (5 Steps to Becoming a CPA in Oklahoma). The additional credits consist of the basic level courses that include English, History, Algebra, and many more.
Many academic institutions contain their own requirements in order to graduate from their university. For example, at Northwestern Oklahoma State University, the school requires that Business Administration majors must maintain a certain grade point average to remain in the program and graduate. This is a requirement that potential accounting majors must keep in mind when searching for the right university to attend. To apply and take the CPA exam in Oklahoma, the accounting graduate must provide their final transcript to prove they have completed the educational requirements.
National Association of State Boards of Accountancy
After graduating from an accredited university with an accounting degree, the National Association of State Boards of Accountancy reviews and approves the applicant’s transcript based on the specific state’s requirements. This first step is very important because each state has their own requirements for applicant’s to complete before applying for licensure. Once the accounting program graduate is approved by NASBA to attempt the exam, the applicant is recommended to review “The Candidate Bulletin” which is a guide in providing steps to successfully complete the CPA exam (How to Get Licensed ).
There are 5 steps NASBA shares in their booklet called “The Candidate Bullet” (How to Get Licensed ). These steps include Applying to take the exam, receiving the notice for scheduling, scheduling the exam, taking the exam, and finally receiving your official scores. The first is a section that provides information pertaining to how an applicant can apply for the licensure exam. This handy bulletin not only explains in step in detail, but it provides background information pertaining to CPA’s in the United States. If an accounting graduate is interested in obtaining their CPA license, this is the first website the candidate should visit.
Accounting graduates that obtain their CPA licensure have more options when choosing where they want to work. Financial institutions are more apt to hire management personnel with a CPA license because they believe them to be more knowledgeable and less of a risk. A CPA has proved they are qualified to serve in the best interest of the public. When potential employers see an applicant who has their CPA, it is already known they are aware of the state’s laws and regulations regarding accounting procedures. Another benefit of receiving a CPA license is they a paid more in salaries compared to an accountant that did not get their license.
Chief Financial Officer
There are countless career options open to an accounting professional after they obtain their CPA license. One top paying position is the Chief Financial Officer who has authority over all accounting and has the final word in most important accounting decisions (40 Top Paying Accounting Jobs ). This position requires financial managers to report to them daily and their role is to consistently think about the future stability of the company. Generally, this position does not require a CPA, but it is more beneficial for the organization to hire a candidate who does. The reasoning for this is due to the demands of the CFO and the knowledge that is required to keep all financial processes running smoothly.
Another position that does not necessarily require a candidate to have their CPA is the Financial Controller. The Financial Controller oversees all accounting personnel and assures the board that their department is complying to necessary accounting standards. The Financial Controller is a step down from the CFO and typically answers to them. It is their job to also ensure the financial/accounting department is efficiently running smoothly. When there are questions or problems within the department, the Financial Controller is the one who will assist in resolving issues and leading employees in the right direction.
Finally, a third position that does require CPA licensure is a Tax Accountant. This position entails providing tax services to clients so they can file federal and state taxes for the year. In some instances, tax accountants are employed by well-known tax agencies such as H&R Block because they do not wish to run their own operation. When an accountant chooses this type of employer, they are not always required to obtain their license (40 Top Paying Accounting Jobs ). However, most Tax Accountants have their own business and provide tax services to the public. In this situation they are required to have their CPA. This is the most recognized profession when individuals think of a CPA.
In conclusion, the accounting profession is highly complex and involves candidates to overcome several requirements. All accounting graduates are not required to obtain their license because there are many positions available without the licensure. Although, CPA’s earn more in salaries and are more apt to finding a job easier than an accountant without their license. Obtaining a CPA license gives someone a trusted reputation because they have proved to be knowledgeable which is more attractive to employers. Attempting the CPA license is a goal accounting majors should consider because the certification will separate them from other regular applicants.