ACCT 525 Week 7 Assignment

Acct 525

Homework Week 7

Read CPA Horizons 2025 found in the DeVry online library. In the document, 10 themes emerged that give insight into how the profession is conducting and will conduct business, serve clients and employers, attract and retain employees and new business and remain competitive in the marketplace throughout the next 15 years.

Summarize the four themes that you believe are the most important to the accounting profession and the impacts on the profession. Do you agree with the impacts? Can you think of more impacts? Do you agree with the ten themes? Are there any you would add?

The four themes that I consider most important in the accounting profession are:

Summary

  1. Pre-certification and lifelong Learning:

A CPA must keep up with the dynamic changing nature of the business in matters related to regulations and government compliance for our profession.

There are many actions that a CPA can take in order to meet this need; a CPA must dedicate time to stay current with regulations, standards and social economics, technology, and political trends domestically and abroad as well; a CPA must cultivate his/her interpersonal skills in order to improve the relationship with colleges, clients and employees. A CPA must take advantage of the real time experience in the workplace, this will the CPA to adopt new regulations and adapt quickly and competently to every change of circumstance.

The process of how an accountant can become a CPA must be strict and challenging, it also has to be practical and relevant in order to get certified professionals with great qualities and ethics; new CPA’s should not only know about technical issues but they should also develop knowledge about how to perform in business and people’s skills.

Do you agree with the impact?

I agree because a CPA should be knowledgeable to provide a high quality service to the community and to the world of society. CPA should be up to date with all new regulations and rules to be ready to work with different industries or organizations. However,

The CPA should be attentive to identify colleagues and customers that consider him/her as a advisor of trusted and showing professionalism pride and values. However, CPA should maintain integrity by following all mandatory step to provide high standard of services.

  1. Pride in the profession:

Do you agree with the impact?

Based on “CPA horizons 2025” I agree, because CPA with high level of objective, integrity and skills to communicate with clients is an example for people to follow when doing business accounting. However, CPA has the ability to practice or manage any change or situations in different territory beside the United States. Therefore, CPA has to acknowledge and identify as leaders by colleagues encourage the trust of clients in the business.

CPA has to demonstrate the value proposition by showing the professional core value of their business to the society. CPA must be vigilant and attentive to communicate with clients and employers in order to understand their needs or problems. Therefore, CPA should be able to provide high level of services to public that include the values proposition of their profession at all time in order to be successful.

  1. Value Proposition:

A CPA core value is based on their professional Quality, competence, integrity, neutrality, lifelong learning, and importance in the world of business. However, CPA needs to show the competences of core in leaderships, communications, problems solving skills, assimilation and collaboration, serving evolving needs and assuming.

Do you agree with the impact?

I agree because, CPA supposed to be ready to verify the regulation and compliance of all new business opportunities that continue to change the world of business economics. Obviously, the competences and the core value will change the business conduct and the CPA will have more opportunity to open new business.

Do you agree with the impact?

  1. World-wide Profession:
  2. CPA has to be consistent to observe the issues and movements of international businesses in order to get to the recent career opportunities to provide higher business for the company. Therefore, CPA will be available to upgrade services to the recent international markets. However, CPA will be able to expand and provide value and quality services to increase globally his earnings.

I agree, because CPA must be ready to take the opportunity in the business worldwide where people can work virtually in different location.

Yes I agree with the theme. In this globalized world where a person can be in one place and conduct business virtually at any location a CPA has to be prepared to take advantage of this opportunity. With the creation of the international accounting standards it is going to be much easier to expand business worldwide. In addition, a CPA practicing around the world has to keep the same high quality standards as if he was on the United States creating a solid business base that can be increased.

Do you agree with the ten themes?

Yes I agree. These ten themes cover the most important issues that CPA’s have to considerer in order to keep up with the profession. These themes were brought up to discussion by more than 75,000 CPA’s in all the segments of the accounting profession. All these themes are necessary in order to conduct business in a manner that serves clients and employers, attract and retain employees and new business, while remaining competitive in the market. Al these themes can be summarized by a conduct that has to be followed by the CPA: 1) be open to change 2) be quick and agile 3) be collaborative 4) Have forward thinking.

Can you think of more impacts? Are there any you would add?

There is a double challenge for CPA’s; first the CPA must understand how these themes affect the future of the profession and the entities that he serves. Second CPA’s need to assess the implications of accounting standards and process accounting standards and regulations as a whole.

I could add the fallowing impacts to the profession:

http://www.accaglobal.com/content/dam/acca/global/PDF-technical/futures/pol-af-doc.pdf

  1. Organizational remit: The increase of expectations by CFO’s and high accounting positions plays a greater role in everything, from strategic decision making to the design of new revenue models. It’s a challenge for CPA’s to make the business environment understand that entities must put have in place responsible practices for the pursuit of growth. Companies need to open the door for accountants to participate in the business decision making; by doing this, the CPA could apply his financial expertise in combination with analytical, creative, and risk management skills which he acquired during his training process (i.e. college, licenses and professional experience). This will result in gaining access to new risk development and testing innovative practices that will improve the revenue models.
  2. Politics and Law: a CPA could be impacted by the level of political volatility that can influence the regulations that rule the accountancy practice. Politics can impact regulations in both the form of volume and complexity. The scale and complexity of regulations and the twin challenges of governance and quality assurance of public sector outsourcing are also emphasized.