Discuss each issue individually.

Clearly explain why your group consider them as

key issues, why they need to be addressed now, what are the implications of
these issues for the accounting profession (including society and community).
A prominent issue that accountants face in their industry is conflict of interest as
accountants provide services in a variety of areas which include but are not
limited to audits, tax, and bankruptcy, considering that accountants personally
deal with clients as well as represent businesses. If a conflict of interest were to
arise, the accountants would need to deal with the situation efficiently and
effectively as if they fail to do so it will affect the credibility of the accounting
industry and the professionalism of the accountant themselves considering they
have access to personal information. As such policies and procedures should be in
place to reduce the risk of a conflict of interest arising to avoid any further
detriment to accountants. For example in 2013, an accountant named Phelps,
stole about $226,000 from his clients to support his lavish lifestyle. If this issue
doesnt get addressed now, accountants will continuously try to take an
advantage of the opportunities given to them by the clients, even though its
2015, there are still cases of accountants taking advantage of the their clients
such as I couldnt stop: accountant stole and gambled 1.2m from newcrest
(Fairfax, 2015).
Another fundamental ethic that could be seen as an issue is Fairness; Fairness is
acting in a manner that is objective and unbiased. It requires accountants to be
wary of their own prejudices and interests to mitigate any conflicts that may result
in compromising the professional conduct. It is essential for Accountants to
practice fairness in their work as it has a great impact upon society, failure to
provide fair and true reporting can lead not only to the fall of a company but also
the fall to the economy. An example would be the biggest fall in history; Enron
this collapse was due to the lack of care and fairness in reporting. The fall of Enron
had an impacted not only the employees of Enron but also Americas economy as
it was one of the most expensive share on the market. It could seen the drive to
present such fictitious information is greed, thus it is important for accountants to
be wary of such behaviour; whether it may be from colleagues, management or
themselves. Fairness is an important ethic that needs to be constantly addressed
to ensure the economy does not experience a similar fall like Enron.
As nature of accounting is constantly changing with more emphasis placed on
information quality and a source of support in investment decision, the
requirement for accountants and auditors level of ethics also becomes one
popular issue upon discussion. In order to act in accordance with the ethics that
are well-accepted in the market, a professional accountant should not proceed or
disclose any information that is believed to contain false or misleading data, or
statement that are recklessly furnished; ignore or try to hide the information
required to be included in cases of misleading omission or obscurity. The reason
why organisations worldwide are extremely against dishonest conducts is due to
the aftermath of the conduct which impact shareholders and any users who rely
on financial statements for financial decision making. By misleading external
stakeholders about companys current financial situation, one company can
wrongfully hide its ineffective profitability while ruining thousands of investors
who unknowingly put their trust and liquidity into a business without any returns
guaranteed. One significant example of misleading accounting practice is the case
of Kmart in 2002. Former Chief Executive Officer Charles Conaway and former
Chief Financial Officer John McDonald were alleged for materially false and
misleading disclosure about the company's liquidity and caused the business filed
for bankruptcy in 2002. More specifically, company tried to cover its ineffective
inventory purchase system with $850 million worth of goods and serious impact

to companys liquidity by disclosing as seasonal inventory fluctuations and

actions to improve in-stock position.
Respect for rules is another fundamental ethical code that requires all
accountants to follow. Laws, regulations and standards set up ethical boundaries
and guides accountants the procedural steps that they have to follow.
Accountants who disregard the rules can cause significant impact on tax
collection, and even assist crimes and obstruct justice. For example in 2013, the
Australian Taxation Office sued CKI and Power Assets in Australia for the failure to
submit registration documents to IRS fines. ATO speculated these two companies
intensions were doubtful and may be disposed to tax evasion. Moreover, since the
anti-corruption is becoming increasingly fierce in China, money laundering has
been disclosed publicly and become a serious issue. Chartered Accountants
Australia and New Zealand also estimated that money laundering activities cost
the Australian economy at least $10 billion every year. It is evident from this case
that when accountants or organisations fail to respect for rules, their performance
is a reflection of their unprofessionalism. In short, any violations against
accounting rules and regulations may lead to serious ethical issues or illegal
activity.
Whilst the accounting environment is continually changing, it is essential for
professional accountants to obey the standards and be able to obligate not only to
themselves, but also take upon the responsibilities to the public. Confidentiality of
information requires professional accountants to not disclose any information to
any other parties or to use it for personal benefit and third parties advantages of
the member unless there is a legal and proper rights or duty to disclose such
information. An accountable professionals should be aware of the confidentiality
of the information, it shall be disclosed from close business or family member
without clients permission, the information should not be disclosed to a clientss
affairs. In the case of Lilly & Co, it was clearly indicated the importance of respect
client permission to expose information to a third party. Lily&Co is a large
accounting firm and filled with excellent registered tax agent. The firm decided to
minimise its operating costs by entering into an agreement with a data processing
firm in Hong Kong, Zheng & Co and they will perform the bookkeeping and data
processing work for Lilly & Cos clients. In order to post the clients information to
Zheng&Co, Lily&Co discloses clients information without clients explicit
permission. therefore, the firm will have will have primary responsibility for the
provision of the relevant tax agent services, including work undertaken by Zheng
& Co. following the code of conduct does not only help the accountant to gain
trust in an organisation but also support them to avoid unnessary law issues.
What are the factors that influence an organisations work practice and
expectations of an accounting professional?
in the tax practices there are several factors can influence an an organisations
work such as government bodies. within the government bodies there are several
influences such as AASB and ATO. the ATO is a major key in tax practices since
they are australian government revenue collection agency. they also establish
frameworks that implements governemnt policies on tax. with recent cases of
australian business such as BHP Billiton offshoring profits to their Singapore head
offices, the ATO stepped in to stop these business from avoiding paying taxes in
australia. they have used data mining and also publicly displaying the tax payable
on large multinationals companies with profits over 30million, this then affects
AASB since, they will have to implement new legislation and rules to govern the
companies that are offshoring profits. AASB 116 is all of this influences the
tax practices, as stated from Gavin Enfiled tax firms will now have to show the
positive actions that the businesses they represent have done towards the

community. This would be included in their annual report, positive actions such as
fund raising and also large donations towards charity.
How does an accounting professional engage with the community to add value to
stakeholders and oneself?
Tax practices such as Deloitte run their own program called The Deloitte
Foundation that helps out the local community. This includes partnerships with
charity organisations, work place giving, skilled and hands on volunteering, pro
bono work, emergency and disaster work. for example Deloitte foundation has
been working with Oxfarm Australia trailwalker event and has raised over $400k
in the process, the money is then used to help families in third world countries to
have a better living lifestyle such as building water taps and providing clean
water, building schools and training school teachers to provide people with tools
and skills to earn income in the future. By helping out the community it creates a
good image for Deloitte, which then add values to stakeholders such as the clients
and employees, showing how much they care about the community. Not only will
this provide a good public image but it will lead to future clients seeing how much
Deloitte cares for not only the employees but to charities and the community and
the length that they will go to, to help others succeed and having a better
lifestyle. Another tax practice that engages with the community to add value is EY.
EY works with organisations such as Endeavour, Kiva and networking for teaching
entrepreneurship. The Networking for teaching entrepreneurship program inspires
young people from low income community to find path to success, this is a very
important program since there are thousands of young people with low income
families and community that are finding it difficult to accomplish their goals, EY
employees personally mentor and teaches these young students about key
subjects areas along with business and financial planning. Not only do they
mentor but they also donate USD$300 000 to support NFTE. This would definitely
add value to the employees, as it is an opportunity for them to gain and also
experience help with becoming an entrepreneurship and potentially creates a
good image for future clients as they will personally believe EY will provide
guidance and support for future small business that will potentially grow into a
large company. Investors will see that EY is able to commit to these young
students and provide mentoring skills to help them succeed in their paths, as
investors would want firms that are able to commit and deliver successful results.

What are the strategies and development tools that are appropriate for an
accounting professional to sustain a competitive advantage in terms of
employment and level of competence?
Generally speaking, in the area of accounting and tax practice, it is essential for
accountants to stay professional and follow the ethical codes in order to sustain
competitive advantages in terms of employment and level of competence.
Essential attributes that accountants must have are understanding of the modern
work environments stability and having the ability to apply and adapt to changing
policies and regulations.
The Accounting profession is evolving incessantly; so further study is vital to keep
oneself on top of changes it is all about being proactive; being proactive within
the workplace and with ones studies. Many accountants decide to further their
knowledge and tax practice after working a number of years by taking on a
master degree in the area of taxation. Qualifications these days is an aspect that
distinguish accountants and allow them to stand out amongst other competitors.
As a lot of guest speakers have mentioned during the seminar, to pass the
examination and become a CA or CPA member is a demonstration of an
accountants authorities and abilities.

Gavin Enfield (Deloitte, 2015), an Account Director from Deloitte Tax Division,
explains the pathway to become a partner in a firm requires not only skills and
achievements but also having the right attitude, drive and network. In todays
society it is essential for one to be able to create networks; similarly to building
rapports with your clients, it is about getting yourself out there and letting others
know who you are and what you have done. The people you network with
eventually become your supporters as they could be your next gateway to your
career. A perfect example of networking is LinkedIn; this professional social media
allows you to connect with other professionals and publicise your employment
history, skills and achievements. With the evolvement of technology, employers
now can use such social media as Linkedin to hire their next employee or even
perform background checks. That is why it is important to strategically take
advantage of your Linkedin profile as it may have an impact on future
employment.
Lastly as an accountant understand the power of team work is important, working
in organization and achieving goals is never an one man fight, especially in tax
practice which contain massive amount of data and information..