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Requirement
Discuss the value that your role (Assistant Accountant) and personal attributes may bring to your Organisation.
Solution
Assistant Accountant
D’Mello Chartered Accountants caters to diverse and unique clientele ranging from taxi drivers to multinationals (http://www.ddmello.co.nz). An Assistant Accountant will provide assistance in preparing financial statements and accounts, processing invoices, budgeting and tax returns.
Personal Attributes:
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1. The role imbibes within itself the appreciation towards being client focused and respecting confidentiality. This is crucial since the role involves actively communication internally and externally with the clients and regulatory agencies.
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2. The role involves accepting responsibility for the actions and maintaining professional conduct by being proactive to regulatory and reporting changes.
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3. Ability to work independently and collegially is paramount for any professional services firm which needs to be reflected within the attributes set of its members and employees.
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4. Assistant Accountant needs to have good organisation skills as the work will involve maintaining accounting records
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5. Ability to pay attention to details is considered to be an important attributes since the role involves preparing accurate accounting and taxation records.
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Values:
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1. Core value of respect for and sensitivity in cross-cultural dealings is imperative as the role would involve communicating with the diverse clientele as is the case with D’Mello Chartered Accountants.
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2. Assistant Accountant needs to uphold values relating to integrity. The role involves honest and ethical behaviour with all the stakeholders and teams.
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3. The values of transparency in dealing with the client matters so that the clear channels of communication is established between the client and the organisation. It is more important that transparency is maintained through an open process and valuing team effort within the organisation.
Current Issues
The year 2016 is significant to New Zealand’s financial reporting framework as the country will complete its transition during this year. There have been changes in statutory preparation, audit and filing requirements in addition to implementation of new accounting standards framework (“Financial Reporting Guide, 2016). This entails a change in accounting framework to ensure timely compliance to new provisions. The issue facing the accounting industry is that the pace of external changes owing to the adaptation of revised financial reporting framework and implementation of new standard continues to accelerate and the accountants need to continuously adapt to these changes.
This will bring new business opportunities for the accounting professional firm as entities would seek their guidance and support to comply with the new provisions. The accounting systems and procedures would need to be aligned to new reporting and revised accounting standards framework. Businesses will seek seasoned and professional players within the domain which would be an exciting opportunity for D’Mello Chartered Accountants.
The firm needs to come out as a practice leader and train its staff for the upcoming challenges. The firm will have to actively engage in robust professional training of recent amendments and updates for the entire team of accountants and other professionals.
Concepts
1. Corporate Social Responsibility (CSR) can be summed up as involvement in business practices which benefits the society. It involves corporations taking on social and environmental objectives in addition to main business objective of making profits (Kloeten, 2014).
Entities eventually earn by charging consumers for the product or services they provide. As a good corporate citizen the entities needs to give back to the society through CSR initiatives.
Example: The most common form of reporting CSR is a triple bottom line report. This involves disclosing a firm’s social, environmental and financial performance for an accounting period in a report
2. Ethics and business
Ethics implies identification of what is right or wrong in the workplace and doing the right thing required to be done based on moral principle (Mcnamara, n.d.). It is imperative to note that the concept of ethics has equal importance across all businesses be it for profit or for non-profit.
The business needs to ensure that they maintain positive public image through adherence to strong ethical values and principles driven by the moral compass.
Example: In a breach of ethical practices as asset out by the New Zealand Institute of Chartered Accountants' code of conduct, an accountant was fined (Chapman-Smith, 2012)
3. Sustainability
Sustainability from the business perspective implies being environmentally responsible as it depends on social and environmental resources in conduct of its business (TKI, 2016)
The entities need to be a part of society and ensure that they use the social resource in an efficient ways. Business needs to establish procedures to get the maximum output with use of minimal social resources.
Example: Globally there is an increasing trend for businesses to issue sustainability reports either separately or as part of traditional financial reports (KPMG, 2008).
4. Globalisation refers to a process wherein the people and communities around the globe spread across various countries experience an increasingly common social, economic and cultural environment. (“Globalisation and Environment”, 2012)
The businesses are no longer restricted to geographical boundaries of the country. They expand their reach across continents to serve ever increasing consumer base and tweak their business products and services in accordance to different geographical market they cater to.
Example: New Zealand has already adopted New Zealand equivalents to International Financial Reporting Standards (NZ-IFRS) for all for-profit entities that have public accountability and for all large for-profit public sector entities.
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Chapman-Smith B (2012, October 31), Accountant to pay $26,000 for ethics breach, [Online], Retrieved from http://www.nzherald.co.nz/business/news/article.cfm?c_id=3&objectid=10844155
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Financial reporting guide (January 2016), Retrieved from http://www.ey.com/Publication/vwLUAssets/financial-reporting-guide-january-2016/$FILE/ey-financial-reporting-guide-january-2016.pdf
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Globalisation and the environment (2012, February 23), Retrieved from http://ifsw.org/policies/globalisation-and-the-environment/
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Kloeten N (2014, September 18), Kiwis lag on corporate social responsibility, [Online], Retrieved from http://www.stuff.co.nz/business/better-business/10513699/Kiwis-lag-on-corporate-social-responsibility
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McNamara (n.d.), Complete Guide to Ethics Management: AN Ethics toolkit for Managers , [Web log post], Retrieved from http://managementhelp.org/businessethics/ethics-guide.htm
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New Zealand Post (2015), Annual review 2015, Retrieved from https://annualreview2015.nzpost.co.nz/
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TKI (2016), Retrieved from http://seniorsecondary.tki.org.nz/Social-sciences/Education-for-sustainability/What-does-sustainability-mean
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KPMG International Survey of Corporate Responsibility Reporting, 2008, Retrieved from www.kpmg.com/global/en/issuesandinsights/ articlespublications/pages/sustainability-corporate-responsibility-reporting-2008.aspx
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