Ethics in Accounting

Impact in Accounting Professional with change in accounting technology

Introduction

We have reviewed the instruction paper “The Future of Jobs, The onrushing wave Previous technological innovation has always delivered more long-run employment, not less. But things can change” The Economist 18th January 2014.” We have therefore reviewed and analyzed the current skills and qualifications required  for accounting and what changes have to be made so to equipped and march with future accounting technologies. We have analyzed and reviewed the different opportunities available with current scenario and ethics for accounting professionals and the advantages and disadvantages of using the future accounting system. 
We have also compared the accounting system of Australia with South Korea and it has results to similar changes in accounting principles and standards from International Accounting standards and Internal Financial Reporting standards. 
We have reported the skills required by each accounting section and how that will be changed with change in future accounting segments.

Current skills and Qualifications required

As per our survey we have reviewed that in current job offers the job providers are specially digging into experience level of the candidates. During our observations it has been observed that for Accounting the current skills and qualifications required differs as per the job requirements and positions of the company. But as a sum of all those skills and qualifications, the basic of all are:
  1. Experience with accounting books like SAP, MYOB, Quickbooks
  2. Experience with Office suits and other accounting packages
  3. Manage the accounting books, taxations, GST, banking works, market structures,
  4. Able to generate the quarter wise report in terms of financial positions of the company like BAS and balance sheets.
  5. Should have experience in related fields so minimum from 2 years to 10 years.
  6. Highly preferred will be a person who have qualified the CA or CPA degree
But here by the different role of the accountant have been presented with their required skills and required qualifications:

a.Senior Accountant the job providers looks into the,

Skills

  • Knowledge of Accounting & Tax which includes  GST, FBT and indirect taxes
  • Understanding of MYOB Books
  • Being experienced with tax planning and how the management settle with the tax liabilities or the settlement of tax burden.
  • Influencing knowledge/experience with Superannuation planning related with the employees and the related compliances
  • Must have strong outlet in liaison business dealing and settlements with different private and public portfolio managers and financers.
  • Should able to review and update the agreements in relation to different stakeholders and business objectives.
Qualifications:
  • Should have experience in related skills for 3-4 years and
  • Should have completed CA or CPA studies
b.Account Manager:
Skills
  • Must have extensive knowledge and understanding of how the OTC market works in related to derivative and cash segments.
  • Skills in such fields have to be extended to a detail and depth understanding of Equities, Derivatives, OTC markets, FX, incomes either fixed or variable in such segments
  • Should have experience with how to work with the MTM, Swift and omgeo CTM, 
  • Probable understanding of how the company identify their risk portfolio and raising portfolio.
  • Able to manage risk based portfolio with the high pick portfolio’s
Qualifications:
  • Should have experience in related skills for at least 2+ years’ industry experience
c.Accounts Receivable Officer:
Skills
  • Should have SAP skills in Accounts Receivable
  • Should have experience in relation to credit control mechanism
  • Should have strong communication skills in term of both verbal and written communications
  • Should able to customize and mitigate the customer litigations.
Qualifications:
  • Should have minimum 2 years of experience in relation to SAP.
d.Accounting and Finance Manager:
Skills
  • Should able to manage the funds in relation to Creditors and Debtors
  • Candidate should been able to create and review the invoices and accounting books
  • Should able to manage the wages and calculate the statutory compliances in relation to the wages, bonus, pensions and other provident funds.
  • Should have good knowledge of the taxation and GST
  • Should have equipped with different accounting programs, should be competent in using Microsoft Office suite;
  • Should be a good presentable and should behave professionally;
Qualifications:
  • Should have experience in accounting works or profile for more than 5 years or as per industry norms.
e.Accounting Officer/Admin/Book keeper:
Skills:
  • Candidate should have strong working experience with MYOB books or any other accounting programs like Xero books, Quickbooks;
  • Should able to generate monthly, quarter and year end reports
  • Should able to generate BAS PAYG reporting and payments
  • Should able to invoicing the stock on regular basis and understanding of the industry stock taking basis
Qualifications:
  • Have experience in above segments for more than 3+ years

Ethics in Accounting

Accounting body have a practice to set up an ethics for their professional members and for each personnel who are in business with or in association of accounting works. So, as per codes and standards of Australia and New zerland a body has been set up to form a code of ethics for their professional members and they believe that their members are then held accountable to the principles which have been set out by the codes of conduct and professional standards by the respective country.
It have been observed that for the Australian members, a code of ethics for accounting professionals have been developed by Australian Professional and Ethical Standards Board (APES) 110. The basic principles that has been encrypted in this code is:
  1. Integrity: An accounting professional should be honest and should be straight forward towards his professional and business works, further he should be far sight viewer to the job he has been allocated.
  2. Objectivity: The work should not be biased on or power of others. The work should be set up on decision based on experience and knowledge.
  3. Professional Competence and due care: Professional should maintain the healthy relation while providing services to their clients in relations to professional advice, standard of work and output by an employer. The decision and observations should be based on actual facts and should not be misleading.
  4. Confidentiality: One work performed for a client should not be shared with others even though the matters related to each other unless permitted by law or by the client.
  5. Professional behavior: A professional is expected to behave professionally everywhere where the professional lives or works. Any adverse behavior by the professional will have adverse effect in the image of the professional bodies.
Current Opportunities
An Accounting professional has a mass opportunities in current environment as a different role models and different profiles:
  • Opportunity as a part time professional and work on as a book – keeper, data analyst and filing books of accounts to the revenue departments.
  • Opportunity has been created by different recruiting experts in the accountancy fields as an manager in tax and accounting profile, senior consultant in National Australian Banks;
  • FP & A Manager, in a luxury retails brand group, as posted by Michael Page
  • Opportunity as an financial Controller and can earn $500- $600 / day in associated with Reo Group
  • Opportunity in Perigon Group Pty Limited as an Financial Controller and can earn from $140- $150 k 
  • Partnership opportunity in Lawson Elliott Recruitment services and can have a handsome deal from $170,000 - $179,999
  • Opportunity in Perpetual Limited as an Revenue & Reporting Team Leader
  • Opportunity as an senior Manager Finance in a leading finance group, True Alliance;
  • An opportunity in a leading FMCG/ Digital Retail business as an Senior Commercial Analyst, the company over heads as TRS group and opportunity has been provided for an accounting and financial professional.
  • An opportunity in one of the world’s largest gold producer group, Newmont USA Limited as an accounting specialist in Perth WA.
  • Opportunity in a leading construction company, Denovo Consulting Group as an accounting and finance Manager in Sydney.
  •  Opportunity as an Technical Accounting manager in a global market and will be equipped with different international market segments as well, in Melbourne CBD VIC.
Future in Accounting
a.Future Accounting Technologies
As per the study and research by different economist and technical experts, the technology have a marsh effect on the Accountings. It is believed that it will not take on the jobs but it will change the job working scenario. For this the future accounting will use the below technology as the business of workings, like:
  • Digital technology such as cloud computing and use of big data and it will over the Artificial intelligence workings and grid computing technologies
  • Globalization will be done for future accounting works, i.e. the accounting services will be outsourced and the expert services will be imported and exported..
  • Wearable technologies, 
  • Cyber Security
  • The regulations will be emerged into new form in terms of tax regulations, there will be a new forms of financial/ corporate reporting, integrated reporting regulations and so on. 
It is believe that incorporating above elements will leads to fill the current gaps of accounting skills. As per the accounting experts, in current scenario the accountants have lack knowledge in transformation of new disclosure regulations, forming new disclosures, having awareness of correcting and connecting different financial and non – financial data and reporting. So, it is believe that by using the future accounting terminologies such as cloud computing, big data, digital technology, integrated reporting, carbon emission accounting will leads to develop a new forms of connecting financial and non- financial reports and present a complete understanding of financial movements of the company.
Advantages and Disadvantages
Advantages:
  • Large accounting corporates and firms can use big data, cloud computing and digital technology to identify fraud/ corruption, which has been lag by the physical system
  • Automation of accounting process will be at a highest peak
  • It will help to increase the management efficiency as future accounting will be fast, focused and more efficient than the current accounting system.
  • It will help to save cost for small and medium sized business which will purchase lower budgeted system for accounting.
  • Cloud computing will leads to maintain an independent platform where one can track down their data from anywhere at any time and the cost will be paid only for the quantity of data used.
  • It may leads to integration with other systems like online filing and banking
Disadvantages:
  • It needs to be protected from the data loss through power failure or virus, hackling, data leakage, and misleading of information
  • Hidden cost are always there for the data maintain at clouds, so these will not provide to achieve the objective.
  • Though the future data will be kept in electronic mode, these needs to be feed manually, so if the accuracy and completeness of data is not examined then it will lead to generate misleading report through accounting software.
  • In case of change in tax rates, change in rules and policies of accountings these should be incorporated in software in quickest time, so to avoid the errors.
  • Highly priced and implementation issues;
  • Support services needed to any issue relating to accounting software and its waste of time.
Future Accounting Ethics
As with the current accounting ethics are mentioned above, the future accounting ethics will have the similar principles to comply with, but these will encrypt some additional requirements which will be required to protect the digital system behavior and has to comply with:
a.Secrecy:
Secrecy here will not only mean to protect the working data from other clients, but in future accounting technology it will be a big deal to take the secrecy of data from one compute to another. Any loss or discrepancy in data will leads to generate misleading report and will affect the financial structure of the company. Secrecy will also be there in terms of providing and safe keeping of audit trails, as loss of audit trails and online data will be a loss to the company.
b.Professional Behavior / care:
In future accounting the professional needs to behave more technically rather than provide consulting services only. More qualifications needs like CISA, DISA so that they can their way of working and tracing the errors and will increase the additional observations.
Accounting skills in the future
  • Accountants will have now need to gain more and enough knowledge of technologies necessary so that they will take an advisory roles to clients about how to use the software and how they will provide the services
  • Should know to use the video- conferencing tools to social media apps so that the accounting techniques and issues will be discussed at anywhere at any time
  • Excellent listening and communication skills will be needed to an accountants
  • Have to bring out a habit to learn everything and have a continuous learning habit about new technology and new updates.
Thoughts about accounting changes
We believe that the change in accounting will provide an opportunity to enhance more in reporting than only to record the financials in the books. As the business structure is been changing the way of accounting should also be changed and so with the help of cloud computing, digital mechanism, wearable computing devices and other future accounting technologies the huge data structure will be recorded at the cloud and we can thus use our accounting books at anywhere at any time. Further the recording of books at one place will provide the ethical structure of all financial needs and will be easy to report all segments from one place. Previously separate stand alone financial structure were prepared and at the end the for the purpose of consolidation a huge efforts were required. But with the use of future accounting technology and Artificial intelligence, one can prepare the consolidation of accounts at any time as the books are being kept at clouds and the person who is authorize can access it anywhere at any time.
So, we believe that change in accounting is a change of a time, where the traditional recording has been replaced with the technical elements.

Comparing accounting in Australia and South Korea

Korea follows the GAAP principles as per the Korean Accounting Standards Board develops from the International Financial reporting standards, whereas Austrian use the accounting standards as suggested by the Australian Accounting standard board. AASB has emerged their accounting standards as per the IASB and emerged with the Australian market. 
Other groups associated with Korean accounting are Korean Institute of certified Public Accountants (KICPA) whereas in Australia, the two professional bodies, so called Australian CPA’s and Chartered Accountants are being associated as professional bodies.
Both company have incorporated the IFRS into their accounting standards but it has been led down through some modification into it.
Usually Australia keeps MYOB as their accounting books of accounts but whereas the Korean have different software to records the financial books.
Each country have to prepare the financial reports one in their own country’s accounting principles and other as per the IASB policies.

Value of accounting course:

The value of accounting course is relevant in every role and every prospects. From the book keeper to the Accounting managers, the updating of accounting course needs to all. So, the accounting course not only provide the knowledge of basic accounting and the recording but it also provide us any updates that needs to be done in the current accounting books and as per generally accepted accounting principles and as per the accounting standards of the country.

Recommendation

It is recommended that as the accounting structure is changing it is equally important to change in the accounting techniques and technology. So, accountants and the professionals are now required to be ready to adopt the changes and find new techniques to report the financial structure of the company. For the corporates it is therefore recommended to opt for the best accounting software and integrate with new technology. Corporate should admire and adopt the consultancy provided by the professional not only in terms of financial matters but also in terms of change in accounting techniques. 
Though there are some sorts of disadvantages in adopting the new technologies but what we need to focus is the good adopting and implementing technique of the future accounting system over the traditional accounting technique. 

Conclusion:

At the conclusion zone, we like to highlight the bullet points that, though the recent opportunities are available in the market but as the financial structure is changing so now the accounting professionals should be ready to incorporate the new accounting technology within their basic skills and update their knowledge at short interval of time. New accounting techniques are used and relevant for making changes in financial reporting. Recording the data in the clouds will leads to save the data from loss and the user can access the information from anywhere at any time. Thus the technology is not came to trick out the employment opportunity, this has come to change the job opportunity mode and structure. The accountants skills have to be updated and then will be used in the new format and way.
So, accountants and professional bodies should adopt the new techniques to record their financial structures.

Referencing:

Careerone.com.au. ,2018, “ job post for senior Accountant”, Available from : http://jobview.careerone.com.au/SENIOR-ACCOUNTANT-Accounting-Tax-Advisory-192683273.aspx#
Gumtree.com.au. , 2018, “Job post for Account Manager”, Available from: https://www.gumtree.com.au/s-ad/sydney-city/funds-management/account-manager/1171153016
Gumtree.com.au. , 2018, “Job post for Accounts Receivable Officer”, Available from: https://www.gumtree.com.au/s-ad/north-ryde/accounts-receivable-credit-control/accounts-receivable-/1171620876
Carrerone.com.au. , 2018, “Job post for Accounting and Finance Manager”, Available from: http://jobview.careerone.com.au/Accounting-and-Finance-Manager-192246817.aspx
Chartered Accountants ANZ. Com. , 2017, “Code of Ethics of professional”, Available from: https://www.charteredaccountantsanz.com/member-services/member-obligations/codes-and-standards
Seek Limited, 2018, “ Current Opportunities in Accounting”, Available from : https://www.seek.com.au/jobs-in-accounting?highpay=True&salaryrange=150000-999999&salarytype=annual
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Biz fluent, 2015, “Advantages and Disadvantages of Future Accounting technology”, Available from : https://bizfluent.com/info-10069475-advantages-disadvantages-accounting-technology.html
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Economia.icaew.com, 2016, “Skills of the future accountant”, Available from: https://economia.icaew.com/features/january-2016/skills-of-the-future-accountant
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