Characteristics that make it Legitimate
The various characteristics that make accountancy profession legitimate in present scenario are as follows:-
Safeguarding Public and Investors interest
There are some duties that these professional accountants do for public interest and one such role is safeguarding the interest of investors. This role of accountancy is very privileged and has a greater impact on the lives of people. High standard of professionalism should be maintained by the accountants in a company. They play a major role in maintaining the ethics of the company. In short they are making their requirements of accountancy legitimate as the protection of the public interest of the company is main aim of a professional accountant. The profession of accountancy has a great reach in global capital markets and society. The public should have confidence on the financial data and this can only be obtained by maintaining a certain level of ethics in a company. Hence, this is one of the important characteristics that make their professions more important and legitimate in present world.
Evolving Role in complex business scenario
The tasks to represent, promote as well as enhance the global accountancy line of work are carried out by the professional accounting groups. The country’s professional accountants, which include both of accountants who are in practice as well as business, are represented by the professional accounting firm at the national level. Due to the variation in their roles in the society, both the types of professional accountants, in practice and in business, should be well perceived by the society to support the position of accountancy profession.
The professional accounting body helps the accountants in carrying out their work effectively, who are often the most trained and skilled staff in an organization for the accounting work. The body also provides them the resources and the updated skills needed in their daily work. As an instance, the accountants need the support of the experts of subject in the accounting body to advise them on their work. The body should also carry out continuous professional development training programs to update the skills as well as knowledge of the accountants.
As in every other profession, the professional accountants are expected to show their expertise in the capital market along with their skill to progress and accept new challenges. The expectations from the public are quite high, therefore the professional accountants are expected to not only meet up the expectations of their respective organizations but also of the public. The professional accountants who are in business are very important to their organizations in creating and sustaining values and its growth. Their relevance to the organization is tested when their ability to cope up with the changes in the environment is analysed.