Question

a - Many of you are earning an accounting degree. Some of you are already working in the field. It seems like the accounting and finance functions of a firm are often the target for “outsourcing”. What is your career path? Do you feel like your career could be affected by outsourcing? Are there actions you can take to help protect your job security?

b - Many professionals begin their careers by entering the public accounting profession. What types of knowledge and skills are needed by those entering this field?

c - Research Critical Audit Matters (CAMs). Why might the companies being audited not support this new requirement? Why might the auditors not support this new requirement?

Answer 1

Hello answering first question only as per answering guidelines. Please ask rest of the questions separately.

Answer a:

Accounting and finance are often targeted for outsourcing because they are often non-personal activities, that is, they do not require very indepth specialised knowledge of the particular business. But that only applies to very few and lower level jobs. You cannot often have critical and high value financial decisions and actiities to be undertaken by some person seating across oceans.

So I am planning to train and acquire skills which are specialised and are needed in jobs which are more sought after, as compared to regular jobs. Like I would like to train myself in IFRS application and interpretation of accounting standards. These are specialised jobs and they cannot be outsourced to third parties as the company needs some inhouse employee to take these important decisions. This is just an example and as I learn more and more about accountancy and various specialisations it offers, I would focus to acquire those specialisations as per my skill set, so that I am demanded and required in jobs and work areas which cannot be easily outsourced.

One has to provide the company one works for, the value addition which the company requires and soughts. If it is satisfied and happy with your work areas, it would not easily think about outsourcing that job role. Hence I would work to provide that level of performance so that it becomes very difficult decision for the company to outsource that job role.