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Friday, February 20, 2015

CPAs increasing role in public trust

While the world is getting smaller due to advancements in information technology, the global role of CPAs is also getting wider and bigger.

This was thoroughly discussed during the World Congress of Accountants (WCOA) 2014 that was held on November 10-13, 2014 in Rome, Italy.

One paper discussed was entitled "Fighting Corruption and Fraud: the Role for Professional Accountants" that greatly emphasizes the public value of accountants and their role in fighting corruption and enhancing transparency in using public resources.

According to a survey report entitled "The accountancy profession's role in creating public value" published by the Association of Chartered Certified Accountants (ACCA), CPAs are ranked as number 2 (medical professionals being number 1) in terms of putting value to the public.

Additionally, the profession's practice which includes the standard-setting process has a powerful impact on the stability of financial markets throughout the world. They have essential roles to play in the development and application of consistent global professional and ethical standards, in promoting good corporate governance, and supporting economic development through access to finance.

While it is quite true that CPAs today are facing several pressures and issues from the complex business world-- the professionals has to increase their value through constant learning and regular stretching of their skillset and knowledge.

The business world is changing rapidly; consequently, the CPAs must adapt to these changes by improving their skills from time to time.

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2 comments:

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  2. Yeah you are very right dear! My professor Dr. Aloke Ghosh also discussed about CPAs increasing role in public trust in our last class. He was planning to write a nice blog on this topic.

    ReplyDelete

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