SIGNIFICANCE OF ACCOUNTING

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SIGNIFICANCE OF ACCOUNTING PROFESSION


Accounting as a profession like any other profession plays a vital role in terms such as accountants guiding management, investors and other interested parties in efficient allocation of resources and optimum decision making. It is changing from information processor to consultant. The CPA Vision Statement states “CPAs are the trusted professionals who enable people and organizations to shape their future. Combining insight with integrity, CPAs deliver value…” (www.aicpa.org)


However, no occupational group can call themselves professionals unless there are rules and regulations for guidance and accumulation of power. Professionalism should be viewed in terms of determinist that is collectivism because professionalism is not autonomous or free willed.


According to Emmet, (160) some of the characteristics that should be met before orderliness can be identified as professionals are


Cheap University Papers on SIGNIFICANCE OF ACCOUNTING

· Systematic body of theory, to be recognized as a profession, this skill must be supported by a body of theory, the matter of which is a prerequisite to the acquisition of the skill. The theory is a grand work for practice, preparation for a profession is therefore, considered both an intellectual and a practical experience.


· Professional Authority is the existence of a specialized body of knowledge confers the authority, which embodies a monopoly of judgment.


· Sanction of a community- it has the right to set conditions for entry, examine and audit numbers, set standards of conduct and regulate. In fact, society grants the profession autonomy as well as self-regulation.


Certified accountants have for many years regarded themselves as professionals, equal in every respect to the more uniformly recognised professionals of law, medicine, and theology. In recent years, furthermore, they have come to be regarded by society as deserving of that appellation. As the subject matter with which they are concerned has increased in volume and complexity, in accordance with similar changes in society, their services have become more critical and more in demand. Our industrialized world of today could not get along without this newest member of the learned professions. (Windal and Corley, 1807)


Every professional accountant has certain responsibilities to the party or parties he serves. If in public accounting, that party is a client. One of the ethical principles adopted by the AICPA, although written in the context of responsibilities to clients, serves well to describe the obligation of all professionals to those they serve. “A certified public accountant should be fair and candid with his clients and serve them to the best of his ability, with professional concern for their best interests, consistent with his responsibilities to the public.” (AICPA Professional Standards)


The Biblical admonition “As ye would that men should do to you, do ye also to them likewise” is an appropriate standard for relationships among accounting professionals. (Luke 61) These relationships encompass a broad range of activities and include the relationship between the auditor and the internal professional whose financial statements he is examining, between the management consultant designing an accounting system and the controller of the concerned company, and between a division accountant and his superior at corporate headquarters. All such relationships must be carried out in an atmosphere of mutual respect and honesty. (Windal and Corley, 18016)





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