The world has witnessed rapid changes in the global economy. The recent and ongoing episode of the worldwide liquidity/credit crunch and the global economic crisis has been an eye-opener for world leaders. Measures are being sought to tackle this problem and many countries, in collaboration with their economists and accountants, have come up with certain plans to handle the pressure. The need for action, particularly from accountants and such professionals has been really felt across the globe. However, it is often that once such incidents are successfully tackled with, the efforts of accountants are rarely praised and are much easily forgotten.
Apart from such global economic issues, accountants are needed in every sector of business, even to address basic issues such as conventional book-keeping. The accountancy field is increasing in scope day by day, expanding and even enriching accountants' work roles. Accountants, like members of a professional body such as the ACCA, can fit into various roles as they have been tested rigorously in different subjects including IT, law, taxation, people management, corporate reporting, audit and assurance and others. Most recently, the areas of Risk advisory services, Forensic accounting and Environmental and Social Reporting are gaining prominence, owing to the circumstances of frauds, money-laundering and environmental concerns such as global warming. The traditional role of the accountant has been modified and extended to cover all such current issues.
The accountancy is a field which is based on mutual trust and understanding, for instance, shareholders rely on accountants/auditors to provide them assurance regarding the truthfulness and fairness of their company's financial statements. As part of Corporate Governance and after major corporate scandals, this reliance on accountants has much more meaning. This position of trust that accountants/auditors hold require them to be independent and objective in all their professional and business relationships. Not only this, they have to be seen to be as such in order to maintain their and their profession's credibility. The public relies on accountants to maintain high standards of professionalism.
'Green' issues are also to be considered as organizations attempt to minimize their environmental footprint. The accountant's role is of significance here; by monitoring the policies implemented and recommending more viable ones, he/she can even add value to the client's business and at the same time can lend a helping hand in addressing environmental concerns.
Today's world is fast-paced, in which organizations often operate in dynamic environments and rapidly changing economies. Their every action is being closely monitored not only by their shareholders, but also by other stakeholders and even the general public. It is therefore vital that organizations act in the best interests of all and come up to the expectations of their stakeholders. In doing so, an accountant can be of much help. The versatility of the accountant can enable an organization to tackle various issues with ease. The accountant can use his skills and expertise to serve the needs of his organization as well as its stakeholders'.
Accountants are made much more responsible by the trust placed on them by the people. They have a continuing duty to keep up to that expectation and provide confidence to those concerned. It is of no use if the accountants misuse their position within an organization by, for instance, preparing false accounts, being involved in fraudulent activities, or in simple terms, misleading the public. In doing so, if discovered, the accountant will not only be prosecuted, he/she would also be discrediting the profession at the same time. Therefore, accountants are accountable to the public and are responsible for providing consistently high quality service and safeguarding the public interest.
The accountant's role in an organization is valuable both to the organization itself and to those interacting with it, that is, its stakeholders. It is therefore vital that the accountant preserves that value and even add to it.
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