You may think that training to become an accountant involves being taught about financial reporting, audit and tax. It does. They are all technical elements of being accountant. But there is more to it than that. Training to become an accountant means training to become a professional.

What is a professional?

A professional is someone who has the knowledge and know-how which is recognized and valued by society. Doctors, lawyers and accountants are all professionals. They have trained in their field to develop the highest level of specialist skill and knowledge which means that they are generally trusted and respected by the public and industry.

A professional has a duty to put public interest above their own and to make accurate judgements based on their knowledge, expertise and experience. They are responsible for ensuring that they keep up do date on developments in their profession so that their skills and knowledge are regularly refreshed. For accountants, the independent exercise of judgement, based around ethical guidelines and technical skills, is the key to their future value to the business world.

Ethical accountancy

The reputation of accountancy has suffered from the major scandals over the last decade. For example, scandals which involved Enron, WorldCom and Parmalat have all challenged the accountancy profession. Placing trust in accountancy professionals has been questioned and their impartiality in offering advice openly disputed.

Therefore accountants of today face a challenge. Their services are in higher demand but so is the level of regulation. They will often face conflict from competing interests which could pose a threat to their professional values. The accountants role has evolved into focusing on corporate governance, managing uncertainty, complexity and strategic decision-making within an overall context of heightened governance.

Ethics and the ACCA Qualification

So how does this affect you if you are thinking about accountancy as a career? Whatever sector you enter into you will be made aware of your responsibilities as an accountant. It is important that you know about the issues that are affecting the industry as they will have a direct impact on your job. The professional accountancy bodies have also taken this issue to the top of the agenda which will impact on what you learn.

ACCA (Association of Chartered Certified Accountants) launched their new qualification in January 2007 which is specifically designed to embed the global accounting education standards set by the International Federation of Accountants (IFAC).

Their three pronged approach means that students will complete:

• the 14 exams all of which have a running theme of professionalism
• an online ethics module focusing on their own ethcial viewpoints
• three years relevant practical experience in accountancy.

’Students studying towards the ACCA Qualification will find that there is an increased focus on professional values, ethics and governance which are essential skills needed for accountancy as it moves towards strengthened codes of conduct, regulation and legislation,’ commented Clare Minghington, MD of education, learning and development at ACCA.

’After the scandals of recent years, it’s vital for the accountants and finance professionals of tomorrow to be equipped to operate in an industry subject to close scrutiny.’