Factors Affecting Accounting Department: Importance Of Self-Reflection In Accountancy

Practical Application of Accounting Knowledge and Skills

Question:

Discuss About The Accounting Department Are Various Factors?

Self reflection is very important as it helps us in analyzing our strength and weakness and understanding our performance better. It helps un in understanding those areas where we need to much more efforts and also helps in analyzing the current situation and taking better and fruitful decisions for the future.

It is very important to be reflective practioner in accountancy, because it involves a lot of practical application of what we learn throughout our theoretical classes. And practical knowledge and skill will only be enhanced if we keep putting our efforts and analyze our mistakes and correct the same accordingly (Bae, 2017).

In an accounting department there are various factors that work together for a successful work. While using the accounting set information, it is important to get the correct information from the clients, and record the same in proper order. The entries that have been entered manually must be cross checked. Proper communication must be established between the team members so that they are able to convey their ideas and opinions. Interpersonal skills and development also plays a important part in the all round development of the individual and the team as a whole (Fay & Negangard, 2017).

Using a manual resource system is better than using a computerized system, because in a computerized system everything is done with the help of the software, only the input has to be given and the output is processed. But in case of a manual system everything from entering the data, processing the same and generating the output is done on an individual basis. Hence it helps in better development of skills.

Particular	Manual	Computer
Limitations Benefits	It takes a lot of time to process the time and there are more chances of error in the same. It helps in better development of personal skills and in the growth of the individual.	Automation often makes the human being machine dependant and hence there is less scope of personal growth. It takes less time to process the data and there is a reduction in all kinds of errors and mistakes. The system easily detects them

• In case if one wants to become a certified auditor than they can go for the CA or CPA qualification. It can be pursued along with the graduation. The term of the same varies from 3-5 years,
• At this point of time, I want to become a good accountant and want to understand the in-depth of the accounting system. I want to build my career on accountancy and audit. I want to become a certified accountant, I will either go for CA or CPA or any masters program in accountancy.
• In case If I am not able to obtain a CA or CPA qualification, I can go for a master’s program in finance and accountancy after completing my graduation. This will also open many jobs in this avenue in various companies. It will also help me in keeping myself indulged with the accountancy roles and help me in developing my skills(Jones, 2017).

• There are a variety of professional roles in the work place apart from the role of accountancy and audit like the manager, the sales person, the marketing guy or the HR manager. Each roles have different responsibilities and have different duties. The manager is responsible for managing the entire team, the sales person is given the responsibility of managing the sales department and look over the sales of the company. The HR guy is given the responsibility of recruiting fresh talent for the company in case there is vacancy in the company. The marketing person looks after brand promotion and product development of the company, and helps in marketing of the products(Raiborn, Butler, & Martin, 2016).
• The most interesting role as per me is of the HR manager. It involves many vital responsibilities for the company. It will help me in improving my communication skills and interacting with a large number of people. It will help in development of interpersonal skills. Previously there was not much demand for the HR, but now a day it has become a very part of many top companies and thus there will be much job opportunities in this particular field. So I found this role most exciting(Sonu, Ahn, & Choi, 2017).

STRENGTHS	WEAKNESS
As an accountancy student I feel that my most important strength is that I have a good knowledge of the accounting concepts and practices and can apply them in a better way in my practical work. I am also good in critically examining situation and think rationally, giving my own feedback.	I feel that my weakness lies in the fact that I am not good in interpersonal communication and find it difficult to interact with people. This makes it difficult for me to work in teams, and put my thoughts forward. These problems in having effective communication skills have often hampered my performance in the past.
Opportunities	Threats
The major opportunities that I will have by working in this field are that there are a large number of jobs for CA and CPA. I will always have some work, and will never be jobless. I will also have the option to do my own practice or work as an accountant in any company. The jobs are mostly very high paying (Jones, 2017).	The threats that are associated with this kind of profession are that there are various rules and regulations to be followed. In case there in any non compliance than my degree can also be canceled. Hence these are the few threats that are associated with this kind of profession.

Along with studying for CA or CPA there are many other degrees that can be pursued simultaneously. These degrees will help in all round development of the individual, like CS, FRM or CFA. These are all finance related degree and have very high demand in the professional field or study.

• In the capacity of being a professional accountant, it is my duty to see that the books of the company are showing the true and fair view of the accounts of the company. There should not be any errors in the same. In case I come across any such situation where the company has debited the research related expenses to the research and development heading, which is against the provisions of the respective accounting standard, I will inform my manager for the same. I will also go to higher authorities if the manager is also involved in the matter and ask the management of the company to make the necessary changes and incorporate the true figures in their accounts; else a modified audit report will be issues(Raiborn, Butler, & Martin, 2016).
• As a professional it is important to comply with the professional code of ethics that states that includes maintaining proper sincerity, integrity, professional standards, confidentiality professional approach and behavior in their work. The auditors are also required to maintain professional skeptics in their behavior while they are working on a project. Hence as per the code of ethics, the act of the company should be disclosed to the higher authorities(Grenier, 2017).
• In order to resolve the issue, I will consult with my team members and my senior managers who are working with me on the project. After taking their suggestions, I will inform about the same to the higher authorities of the company and ask the management to make the necessary changes. In case if they fail to do so than the audit report will be modified and proper reasons for the same shall be disclosed there under. Thus in this way this issue can be resolved, because the poor performance of the company should not be faked(Knechel & Salterio, 2016).

Conclusion

After completing this self reflection exercise I have gained a lot of knowledge regarding my choices and what and how my thought process works do. I have understood the areas which need special attention and I will try to work on the same. I have understood my strengths and the opportunities that I have and how important It is for my to put me efforts to do well in my career. The written communication skill exercise was an eye opener and has helped me in a lot of avenues not only professional but also in my  personal growth overall (DeZoort & Harrison, 2016).

References

Bae, S. (2017). The Association Between Corporate Tax Avoidance And Audit Efforts: Evidence From Korea. Journal of Applied Business Research, 33(1), 153-172.

DeZoort, F., & Harrison, P. (2016). Understanding Auditors sense of Responsibility for detecting fraud within organization. Journal of Business Ethics, 1-18.

Fay, R., & Negangard, E. (2017). Manual journal entry testing : Data analytics and the risk of fraud. Journal of Accounting Education, 38, 37-49.

Grenier, J. (2017). Encouraging Professional Skepticism in the Industry Specialization Era. Journal of Business Ethics, 142(2), 241-256.

Jones, P. (2017). Statistical Sampling and Risk Analysis in Auditing. NY: Routledge.

Knechel, W., & Salterio, S. (2016). Auditing:Assurance and Risk (fourth ed.). New York: Routledge.

Raiborn, C., Butler, J., & Martin, K. (2016). The internal audit function: A prerequisite for Good Governance. Journal of Corporate Accounting and Finance, 28(2), 10-21.

Sonu, C., Ahn, H., & Choi, A. (2017). Audit fee pressure and audit risk: evidence from the financial crisis of 2008. Asia-Pacific Journal of Accounting & Economics , 24(1-2), 127-144