Financial Analysis Report

Questions: 1. When you think of the accounting profession what comes to your mind? 2. What contextual factors do you think could influence the accounting profession? 3. Describe the people you expect to interact with as an accountant. 4. What role do you think you should play in contributing to your community as an accountant? 5. What might the clients and fellow employees expect of you as an accountant? 6. While referring to the skills you have learnt in this unit from industry partners presentations, describe what skills do you think you have which an accounting professional should possess? 7. What do you think are the major issues accountants face in their profession? Answers: (1). Earlier before I started to think of my profession in accounting, I used to think of accountant as a person who sits before a computer and keeps on feeding data from vouchers, making journal, tallying balance sheet. It was only when I entered in the real accountancy world when I realized there is much more than mere journal entries in the accountancy world. Now, for me accounting is the stream where an individual not only requires bookish knowledge but he also has to be a person who can effectively manage to work in a team. A person has to be good in communication, technology, etc if he opts for the accounting profession (Williams, 2012). (2). There are various contextual factors which can influence the accounting profession such as law and regulations, the economic conditions, the regulatory bodies who are reviewing the work of the accountants, etc. Also the factors such as technological advancement, ones level of professional skepticism and due diligence also effects accounting profession (Williams, 2012). (3). I expect to interact with most of the departments of an organization, be it, other employees, accountants, the management, the internal auditors, the stores department, the legal department, etc. Communication is an important key in an accountants profession. In order to gain information and data an accountant needs to be continuously active in communication with the right people. (4). The role of an accountant has become very important taking into scenario the current cases of fraud. The failure of the organization to give the true data of the financial conditions of the organization not only affects the stakeholders but it also affects the economy (Spiceland et. al, 2011). Also, the public looses faith in these organizations and hesitates to invest funds, which has a negative impact on the economy (Laux, 2014). In order to safeguard the interest of public various regulations are being imposed on the organizations and the auditor such as Sarbanes Oxley Act, corporate governance, etc (Needles Powers, 2013). Therefore, as an accountant I would like to contribute to the community by providing them with the true disclosure. Also, working with due diligence and taking care while making proper reports/statements. (5). The clients and fellow employees will expect from me to perform my duties in the most efficient manner. They would me act professionally and ethically while making all the decisions. Also, I would be expected to maintain a work life balance. It would be expected of me to be proficient in technical, business, interpersonal skills. My seniors would expect me to work and make people work in a team. It may happen that I would be delegated with a load some of work, my time management skills would be expected to work then. Therefore a lot more than just my professional knowledge would be expected from me. (6). An accountant has to be a bag of knowledge as various other skills. An accountant has to be efficient in team work, professional skill, business skill, interpersonal and communication skills, time management, etc. (7). There are a lot of issues that an accountant can face in his profession. The major issues are work life balances, time management, expectations of all the other around him, etc. he shall also have to face the challenge of the work of the industry in which he works. An accountant needs to be updated with knowledge all the time (Houstan Brigham, 2009). With work he needs to manage time to keep himself updated with the latest prevailing laws and regulations. References Houston, J. F Brigham, E. F 2009, Fundamentals of Financial Management, Cincinnati, Ohio. Laux, B 2014, Discussion of The role of revenue recognition in performance reporting. Accounting and Business Research, vol. 44, no. 4, pp. 380-382. Needles, B.E. Powers, M 2013, Principles of Financial Accounting, Financial Accounting Series. Cengage Learning. Spiceland, J., Thomas, W. and Herrmann, D 2011, Financial accounting, New York: McGraw-Hill/Irwin, University Press Williams, J 2012, Financial accounting, New York: McGraw-Hill/Irwin.