Accounting Profession Paper

ACCT525
Week 7 Assignment

Summarize the four themes that you believe are the most important to the accounting profession and the impacts on the profession.

1. Technology:
Requires accountants to understand and leverage relevant technology in conjunction with core CPA competencies to deliver superior services. CPAs must staying current with technology for increased efficiency and expansion of services. It is important to keep the stakeholders and investors up to date in real time to increase transparency. CPAs must embrace mobile technologies and social media to modernize and enhance interaction and collaboration with clients and colleagues. Fraud can be easier to commit than to detect or prevent. CPAS have a responsibility to ensure
CPAs must get involved with current affairs to staying current with regulations and standards and social, economic, technological and political trends domestically and abroad. As well as develop interpersonal skills to enhance relationships with colleagues, clients, businesses and employers. Real-time learning and current tutorials in the workplace will change the way CPAs learn and will help them adopt and adapt quickly and knowledgeably to ever-changing circumstances. New CPAs must remain rigorous and demanding and be practical and relevant. New CPAs must have a broad knowledge of business and soft skills and not simply focus on technical accounting.
3. Worldwide Profession:
Position the CPA as a preeminent designation of the accounting and finance profession throughout the world. CPAs must be increasingly aware of international business issues and trends. Staying current with global accounting enhances the quality of professionalism in which the CPA operates. By assessing the trends toward outsourcing overseas and create opportunities to expand services to serve these markets. CPAs must continue to market the quality and value of their services in order to expand and thrive globally. This also broadens the CPAs horizon in the global networking.
4. Demographic
In order to attract and retain younger generations, employers must increase flexible work arrangements and work-at-home options. The profession must continue to support and enhance programs that build awareness of the CPA profession to young audiences.
Questions:

1. Do you agree with the impacts?
I do agree with the impacts technology has had on the accounting industry with convenience, real-time and social media. I also think accounting has evolved in technology in actual preparations of financial reports and how they are processed. I agree that Pre-certification and Lifelong Learning is essential to CPAs staying current and in real time with their clients and the world.
I also agree that CPAs must stay well rounded, teachable and reachable to contend with global trends and changes.
I definitely agree that our young people are our future and need to be nurtured into the business to be fully prepared for all that the profession has to offer.
2. Can you think of more impacts?
There is so much already going on and being put into place as the financial accountancy arena restructures to accommodate an ever changing world. I can’t think of anything else at this point.
3. Do you agree with the ten