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Questions:

1.Work Practice and Expectations of an Accounting Professional?
 
2.How does an Accounting Professional engage with the community to add value to Stakeholders and Oneself?
 
3.What are the Strategies and Development tools that are appropriate for an Accounting Professional to sustain a Competitive Advantage in terms of Employment and level of Competence?
 
 

Answers:

1.Three major characteristics for the operating environment of public sector are –

  • Managing the public resources – the organization must used the available resources in most beneficial way so that to minimize the wastes from the resources
  • Avoid the internal beneficial transactions – the inter-business transaction that are carried out solely for profit purposes
  • Profit shall not be the main aim – while carrying out the business, apart from the profit, other factors like social and environmental shall be taken care of (Zadek, Evans and Pruzan 2013).

The profession of accounting in the public sector is to collect the information and process the collected information to decide, forecast, evaluate and prepare the budget for the economic activities of public sector. Their ultimate goal is to enhance the efficiency and effectiveness for the public management. Three influential factors for the accountants are the accounting standards, national goal and cultural background. Control of the waste and managing them is one of the crucial issues that are associated with the financial and environmental benefit.  Owing to these factors, the role of accountant become more important with regard to the cost that is expensed and the benefits acquired out of them (Goretzki, Strauss and Weber 2013). (See figure 1)

 


2.The accountants are directly associated with the reduction and control of cost and enhance the profit at the same time. They are responsible for preparing the budgets and identify the costs that can be minimised to achieve higher profits. Further by helping the community, the accountant builds good image for the organization, which in turn, contribute values to the shareholders, employees and clients. This will not only provide good image to the public, but also lead the potential clients that how much the organization cares for them moreover, the transparency in the financial statements give the shareholders an idea regarding the investment of their funds. Further, the financial statement that are prepared with the the best knowledge of the accountants with consideration of accounting standards and professional approach will definitely create good faith of the shareholders about their organisation (Brown, Henze and Milford 2017). (See figure 2)

3.Normally, the accounting and tax are essential for the accountants to follow the professional and ethical codes of conduct to obtain the sustainable competitive advantages with regard to the competence level and employment terms. The key factors here that the accountants must have clear idea of the stability of the modern working environment and must be able to adapt the changing regulations and policies. As the accounting environment is changing continuously, it is crucial for the accountant to follow the standards and must consider their responsibilities towards the public as well as society. Many accountants now-a-days choose to go for further studies related to accounts and tax as qualifications plays an important role that make the difference between the accountants and other competitors. Moreover, if the accountants give detailed report regarding the performance of the company both externally and internally, it will improve the internal control system of the organization and the community will be assured that the business practices of the organization are in order and being carried out as per the regulation (Guerrero 2013).

 

References:

Brown, K.E., Henze, D.K. and Milford, J.B., 2017. How accounting for climate and health impacts of emissions could change the US energy system. Energy Policy, 102, pp.396-405.

Goretzki, L., Strauss, E. and Weber, J., 2013. An institutional perspective on the changes in management accountants’ professional role. Management Accounting Research, 24(1), pp.41-63.

Guerrero A., 2013, “Solid Waste Management Challenges for Cities in developing countries”, Journal of Science Direct, Vol 33, pp 224-237.   

Zadek, S., Evans, R. and Pruzan, P., 2013. Building corporate accountability: Emerging practice in social and ethical accounting and auditing. Routledge, pp (84-108

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