The Benefits of Being a Trailblazer in Accounting

TrailblazerTalented professionals — and the knowledge, passion and dedication they bring to the job — are the lifeblood of any CPA firm or corporate accounting team. For that reason, the AICPA proactively promotes the many benefits of the CPA profession and provides firms and companies with tools that will enhance their recruitment and retention efforts. While interest in the profession is strong, work still needs to be done in some areas, including the recruitment and retention of women and minorities. Although 44% of the accounting profession is female, only 19% of CPA firm partners are women, according to the AICPA’s 2013 Trends in the Supply of Accounting Graduates and the Demand for Public Accounting Recruits study. At the same time, more than one-third of the U.S. population belongs to a minority group, but minorities make up only 10% of the accounting profession. Yet a diverse workforce ensures we have the brightest professionals from the deepest possible talent pool and that we benefit from connections and perspectives that could offer firms and organizations a tremendous competitive advantage.

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The Evolution of Corporate Reporting: A Shift to Value Non-Financial Information

Financial_reportingWhen I tell people that I work on improving the relevance of corporate reporting, I often get asked about the value of reporting on non-financial information. I remind them that not all aspects of a company’s value can be ascertained from historical financial statements, which is why it’s important to consider a company’s intellectual, human, natural and social and relationship capital in addition to its financial and manufactured capital. In recent years, there has been a shift as investors and other users of corporate reports are beginning to consider more than just financial statements in their evaluations.

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Audit Quality: The Profession Benefits from Every CPA’s Contribution

Enhancing-Audit-QualityWhen I was in public practice, I audited both small and large entities, in both the public and private markets. Regardless of the client’s size or its stakeholders, the success of an audit depends on the dedicated efforts of numerous professionals. One or two people may oversee an engagement and chart its course, but its ultimate quality reflects each individual’s contribution and how well the team pulls together to maintain high standards. In essence, everyone has to step up to make sure the team succeeds.

The AICPA recently launched its own team effort: the Enhancing Audit Quality initiative. AICPA President and CEO Barry Melancon describes in his recent blog post how this comprehensive, integrated effort is looking at every area that impacts the quality of private entity financial statement audits. (When we talk about private entities, we are referring to all non-SEC registrants, including not-for-profit organizations, employee benefit plans and governmental entities.)

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ACA: A Maze of Rules and Reporting Requirements

Corn-mazeMy daughter, her fiancé and I were recently looking for something fun to do in Washington, D.C.  As we were poking around, we found a special attraction at the National Building Museum – a maze. 

When we took our first steps into the maze, we felt excited but a little apprehensive. We knew there would be twists and turns to weave through. We wondered, would it be easy to navigate or would we get lost in a sea of offshoots and dead ends? But as we made our way through, apprehension gave way to pure fun!

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Ethics, Legality and the Role of the Management Accountant

Ethics is on the agenda at the 2014 World Congress of Accountants this November, a good reminder of the global nature of this subject. Every day, accountants in both business and public practice face challenges that require ethical decision-making. At the same time, they must adapt to a changing regulatory landscape, cooperate with government agencies, and respond to legislation on fraud and corruption.

A solid foundation in ethics helps them prepare for the next critical decision. For AICPA and Chartered Institute of Management Accountants members, that foundation has several layers. Each organization’s members must abide by their respective codes of ethics, and, in many cases, licensed CPAs must also follow the ethical standards required by state boards of accountancy. Additionally, all professional accountants working in public practice or in business are required to follow the International Ethics Standards Board for Accountants’ Code of Ethics.

To help CGMA designation holders navigate ethical issues and respond in a manner that upholds their professional standards, a collection of ethics resources can be found on CGMA.org, including this CGMA video exploring ethical conduct.

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