Question

What are some of the internal weaknesses of the profession which must be addressed before it can take advantage of the opportunities noted in the CPA Vision Project?

Answer 1

CPA Vision Project is an initiative taken by the AICPA to help CPA professionals grow throughout their career.The economic scenario is constantly changing and the CPA vision project is designed to keep professionals abreast of the difficulties at all times.

The internal weaknesses of the profession which must be addressed for taking advantage of the CPA vision project are as follows:

-Continuing Education:

​​Many professionals stop the learning process after acquiring the CPA degree. However, to stay professionally competent and relevant to cater to growing businesses across the world, continuosly growing and evolving is extremely important.

-Lack of technology:

​New technology based measures are introduced everyday to make a CPA's jobs easier. However, some professionals choose to stick to old age manual methods as a force of habit. This needs to be overcome and CPA's need to become technologically adept to grow personally and professionally.

-Lack of awareness of broad business issues:

​​Many professionals have a very narrow perspective while doing their work and follow a bird's eye approach methodology while executing their work. However, to really excel in the field of accounting and auditing, knowledge of business developments happening thoughout the world must be acquired by all CPA's.