Current issues in accounting
Need formulating a response to the following two post:
1. Accountants are very important people who manage a lot of responsibility. To be a good accountant in the future they need to have organizational and time management skills to keep track of responsibilities. Most accountants become CPAs and when this happens it is natural that accounting regulations would be second hand. For the future, I would still agree this is needed along with the skill to be adaptable. Many more revisions are to come with accounting knowledge and accountants need to be receptive to this new information that may ultimately force a different way of thinking. Being adaptable includes with technology as that changes frequently. Overall, future accountants need to be honest with a high moral/ethical standing. Accounting scandals are causing the finance world to really analyze the reasons behind them and troubleshoot. In the future, scandals should be harder to achieve with all the pressure therefore causing unethical accountants to be exposed. There are a multitude of other skill sets accountants should possess in the future, but these are good to serve as a base ( JOHNALYNN-wed).
2. The accounting profession has been slower to adapt to current technogical advances and will need to cover some ground to get caught up. The accounting profession will need to embrace current and future technogy and incorporate it into a new expanded framework. There will also be a need to leverage social media platforms to improve access to information for clients, employees, and investors. A major issue the profession will face is the increased need for cloud based cybersecurity to protect their assets and those of their clients. They will also need to pay attention to possible opportunities for fraud created by technological advances (sueellen-today).
