Issues of Accounting Profession - Term Paper Example

If the expression “general account” does not include a general trust account and if the sum of $2,800 is not related to a financial service, Warren has breached section 248 (1) of the Legal profession Act 2007 (hereafter, the Act).... hellip; This attracts a maximum of 100 penalty units (Legal profession Act, 2007).... Warren Robinson is also deemed to have breached section 34 of the Legal profession Regulation 2007 (hereafter, the Regulation) governing receipt of trust money....

The accounting profession is an all weather employment profession.... However, the silver lining is that accounting jobs for graduates of accounting courses have been increasing with the signs of recovery that are visible now.... This is because of the fact that the financial statements and other methods of accounting need to be taken care of at all times.... This paper is about career opportunities for business students in four year colleges and pursuing financial accounting courses....

Many issues plague the accounting profession as would be outlined in the article "Getting the Accounting "Right": Accounting and the Savings and Loan Crisis" as Ms.... What are some to the issues plaguing the profession What conflicts-of-interest-are identified Many issues plague the accounting profession as would be outlined in the article "Getting the Accounting "Right": Accounting and the Savings and Loan Crisis" as Ms.... The various "actors" in the accounting profession and regulating the savings and loans and other financial entities include: The Federal Home Loan Bank Board (FHLBB) and The Financial Accounting Standards Board (FASB)....

The report proposes the straight-line, declining-balance, and sum-of-years approaches, while giving real world examples of equations which may be used in this most important part of accounting.... The report has also looked into issues of adjusting lower cost of market inventory, capitalizing interest on building construction, and adjusting goodwill for impairment.... Relative to adjusting cost of market inventory, accounting Introduction The current report looks at a plan for explaining to a client why an accountant would require various reports....

We also discuss why independence is often considered the cornerstone of the auditing profession and why it was a primary concern of Congress when they developed the Sarbanes-Oxley Act.... ext, we also discuss why independence is often considered the cornerstone of the auditing profession and why it was a primary concern of Congress when they developed the Sarbanes-Oxley Act.... We also discussed why independence is often considered the cornerstone of the auditing profession and why it was a primary concern of Congress when they developed the Sarbanes-Oxley Act....

According to Northrup (2009), there are several implications of SOX on the accounting profession.... Moeller (2008) asserts that the rules inflicted on the accounting occupation by the Public Company accounting Oversight Board (PCAOB) require sovereign auditor to evaluate the efficiency of the internal controls over financial reporting by the use of a method of recognition.... The PCAOB develop some issues which are related to the registration and reporting of public accounting firms, inspections, professional standards, investigations and adjudications....

ccording to Statement of Ethical Professional Practice issued by the Institute of Management Accountants' (IMA), all members of the accounting profession have the responsibility to mitigate conflicts of interest and communicate regularly with associates in the field to nullify apparent conflicts of interest (Longstaff, 2010).... The publication uses common theories of accountancy and ethics to give guidance to those in accountancy profession on how to go beyond mere technical advice of the profession to ensure services that are in the best interest of the society....

The author concludes that based on the number of scandals that have rocked the accounting profession and which has led to insurmountable problems for investors, it is clear that a lot needs to be done to clean up the profession and restore it to nobility … I am happy that I can attest to the fact that in my role as an accountant I carried out my duties in accordance with the code of ethics and I believe that it will continue to be my guide as I face the challenges that have dogged the profession....