Accountancy is not a profession Essay Example | Topics and Well Written Essays - 1000 words - 1

Accountancy is not a profession - Essay ExampleIn the period of time between 1933 and 1934, there occurred tremendous growth in the financial markets and their structure and level of organization modify considerably. That growth can be attri only ifed to the audited financial datas reliability to a considerable finish (Antle and Suner, 2007). However, over the last decade, a wave of scandals has shaken the structure of accountancy as a profession. The pass surrounding the professional status of accountancy can be traced back to the early 20th century. The authoritative court of one of the states in the early 20th century referred to accountancy as a product line that did not benefited the mankind like the profession of law, and further said that the laws of accountancy drive been passed in the interest of those engaged in the occupation and for their protection and advantage rather than in the interest of the public welfare (Turnburee, 1946, p. 47). Profession has been defin ed as a calling, occupation, or vocation distinguished from a treat or handicraft (Webster cited in Turnburee, 1946, p. 47). On the other hand, accountancy has been defined as the art as well as the science of recording, classifying, summarizing of business transactions in terms of money within an write up or financial year, with the help of principles and techniques (Banerjee, 2010, p. 4). ... Formation of such organizations has increased the demand of clarification of the rules. When the accountants get any pressure from the management or are sued, they tend to approach the rule-making organizations and express their concern over lose of clarification of rules in particular cases. Rules are always secondary to professional judgment. In the big picture, this slickness in emphasis from judgment to rules has damaged their professionalism. No profession can rely on rules as the main basis for its work (Sunder cited in Antle and Sunder, 2007). The professional status of accountanc y has also been challenged by some(prenominal) accountants. For example, the accountant David Logan at the IRIS World Event arranged at Twickenham warned the fellows that accountancy is increasingly change state a trade rather than a profession I used to have seven audits, but I could do 95% of my business without being registered. Were competing with anybody who can set up as a bookkeeper. If someone is made redundant and sets up on their own, you cant compete with that (Logan cited in Stokdyk, 2012). The recent changes made to the audit exemption criteria have made things even worse as the firms have started to do the works of accountancy without an accountant. These days, many large companies do such works as register the accounts and bookkeeping without the help of accountants and still no objections are raised by the government (Stokdyk, 2012). Although the government provides business with the relaxation of red tape, yet the accountants are facing restrictions from various avenues for making income. Another accountant capital of Minnesota Scholes encouraged