I use the phrase ‘Google age’ to represent the age of information superhighways because that is the age we are living in now. Eras where changes occur too fast that one hardly digest any change before they disappear. Problems faced by accountants in this age takes after the age that we are in. Changes in realities take place too soon that accountants and business communities finds it difficult to handle business challenges as they unfold.
Technological breakthroughs constantly place more challenges in the hands of accountants and other finance professionals that only those with lion heart can manage to handle the situation and all the problems that comes with it.
PROBLEMS FACED BY ACCOUNTANTS
The problems accountants face will be discussed under four different headings: VIZ,
As auditors: as auditors, accountants continue to face the challenge of compliance and lose of confidence from the general public. Apart from the compliance problems, auditors face the problem of handling the issue of auditor’s independence. The nature of today’s economy has added to the already difficult situation of establishing auditor’s independence. As if that isn’t enough, the pressure from the general public questioning the relevance of auditing in the face of various scandals that constantly rock the accounting and auditing world continues to rise. Thanks to risk based auditing that has provided answer to most of the challenges posed by auditing.
As business accountants: accountants that are working in the business as consultants to management on managerial issues will have to wrestle with the uncertainties that characterize business as a whole. The challenge placed by globalization is enough to extinct any business that does not take a global perspective in all of its activities. Accountants are now at the forefront of marketing and strategic planning functions in various sectors of the world. Corporate governance and reconciliation of the interest of shareholders and other stakeholders of a business is enough to give an average accountant many headaches.
As tax consultants: problems that are facing accountants are even made worse by the increase in tax fraud cases reported in recent time, business owners now employ all sorts of trick to averse tax. Accountants that act in the capacity of tax consultants are faced with the challenges of keeping abreast with the constant change in finance Acts (in the UK). As tax consultants, more and more is being expected from them as far as tax fraud is concerned.
As fraud fighters: fraud in business is now proving to be a problem that has defied every solution. Accountants are always called upon to help prevent fraud. The worst of the matter is that fraud and other financial crimes are now being perpetrated through the computer and the internet. This development has led to the development of new credentials in the accounting profession that will reasonably equip accountants to fight the online and internet fraud that is trying to erode the confidence reposed on e-commerce, forensic accounting for example.
You will agree with me that the challenges that faces accountants are on the increase but that shouldn’t deter you from being the great accountant that you are. You should be encouraged and carry on with the challenges. Remember again that one way of combating these challenges is to be fully prepared both in the areas of finance and technological advancements.