I recently ran into an old friend of mine who has lost his lucrative job in a once very successful business. He asked me a question that really touched me. His question to me was; “what are accountants doing to improve the standard of living?” This guy is the bread winner of his family and everyone look up to him for one financial support or the other.
When you think about it, you will realise that qualified accountants have important role to play in the development and growth of an economy. I could not stop thinking about the question that my friend asked me to the extent that I started asking myself the following questions. If accountants truly add value to the economy, what are they doing to…..
- Help reduce bankruptcy and business failure?
- Consistently add more value to the business community?
- Reduce fraud and irregularities
- Become better consultants and business advisors
- Meet the new business needs
- Restore credibility and public confidence to the accounting professional
- Safeguard our environment
- Provide sound financial education
The above question and many more are what kept coming to my mind in my quiet time. I always feel guilty that accountants and other information professionals are not living up to expectation. We seem to be widening the expectation gap on a continuous basis.
Take a look at the number of businesses that has failed and those on the verge of failure. The gross irregularities that took place in some sub sectors of the economy that triggered this global economic crisis that have taken so many lives and made a good number of family go bankrupt could in my own opinion been prevented if accountants, auditors and other information professionals had lived up to expectation.
The rule of business and investment has long changed and is still fast changing and what are we (accountants and auditors) are doing about it? Are we folding our hands wishing and praying that things get better or are we actively seeking solution to this problem?
Major indicators are pointing that more companies will collapse in 2010. What restructuring and repositioning are accountants, auditors and other information professionals taking to prevent what I see happening to businesses in 2010- especially Nigerian banking sector?
The whole world is clamoring for green activities that will help reduce the climatic change. Thank God for the concerted effort of ACCA towards enlightening accountants of the need to advice their company to ensure that all their activities are tending towards green activities and reporting same to the public.
If you are reading this and feel the same way that I feel, I encourage you to go ahead and drop your comment on this blog or better still join our forum to share your thoughts. Tell us what you think that accountants are to do in the face of these ever growing challenges.