Introduction
From a professional standpoint, the papers and podcasts mentioned during the preceding debate have had a significant impact on how I approach the financial profession. By highlighting the ethical and social facets of accountancy that go beyond its scientific characteristics, they illuminated the discipline’s complexity. These revelations deepen my knowledge of accountancy while highlighting the changing influence of CPAs on corporations as well as society at large.
The idea that accounting is more than just the technical activity of analyzing data and generating financial statements constitutes one of the most significant lessons to be learned from these resources. Although many people think of accountancy as a collection of methods and processes, it is clear from reading articles and listening to podcasts that finance is a discipline with strong ethical and social connections. Accounting extends its reach to affect our daily existence and the operation and development of the community by guiding and influencing the behavior of individuals and organizations. This insight broadens my understanding of accounting as a profession that significantly influences societal morality.
The ethical component of accounting is highlighted by the realization that it is an interpersonal discipline. It is a moral practice that influences both the current and next generations; it is not just a utilitarian or technological endeavor. In this situation, accountants are specialists who need to use their knowledge and ethical assessment. They are not just technologists. As Aristotle’s illustration implies, accounting is not simply about methods but also concerning ends, much like health is to medicine rather than a ship is to construction. This viewpoint emphasizes the importance of moral issues in accounting work and the ethical obligations that come with it for professionals Kommunuri, J. (2022).
The audio interview and publications’ examination of Key Performance Indicators (KPIs) is especially insightful. It demonstrates how accounting has a broad impact on managerial performance and assessment in addition to presenting financial information. KPIs are used to evaluate and guide the conduct of individuals and companies; they are usually created by accountants. This insight highlights the significant influence accounting professionals have on how organizations behave. I now realize that creating and executing KPIs will be a major job for me as an ambitious accountant. Moral concerns are raised by this duty since the KPIs ought to be in line with higher moral standards in addition to being efficient.
The papers also highlight the unexpected repercussions of KPIs, which is an important issue that continues to influence my viewpoint. Good and bad unexpected repercussions are frequently disregarded in favor of the planned results. The Wells Fargo case provides as a sobering reminder of the dangers associated with KPI misuse, which can result in wrongdoing and deception. This insight has increased my awareness of the necessity of making preventative efforts to detect and lessen any unforeseen effects of any future actions I may do. It emphasizes how crucial it is to protect the welfare of companies and the public by taking into account KPIs’ wider ramifications (Syrová and Špička, 2022).
The instances where universities establish goals for grant proposals before taking into account their caliber highlight the risks associated with placing an excessive emphasis on statistical metrics for performance. I find myself inclined to support a more comprehensive and equitable strategy for performance appraisal as a prospective accountant. This means accounting for the output’s excellence, moral concerns, and impact over time in addition to its volume. This methodology concentrates on the wider implications of accounting procedures rather than just pursuing figures. It shows a move away from a specialized, technical viewpoint and toward a broader understanding of accounting’s function in businesses and society (Tsahuridu & Carnegie, 2018).
Research on “Accounting in Transition: Influence of Technology,” it clear that intelligent machines along with associated technologies will play a major role in the major transformation of the accounting sector that is about to occur. These resources provide insightful information about how technology has permeated the field and what it means for those who want to become accountants.
The papers emphasize how the accounting business is changing thanks to technology such as artificial intelligence, machine learning robotic process automation artificial neural networks, and deep learning (Martins et al., 2020). The shift from conventional information systems to intelligence systems is reflected in these technologies. Accounting work is becoming more computerized, driven by data, and dependent on artificial intelligence technology. For someone who might be thinking about going into accounting, this change emphasizes how important it is to adjust and remain current in a field that is evolving quickly.
The papers also show how AI is receiving increasing interest in both academic literature and practical applications. Artificial intelligence has gained prominence due to advancements in technology attained via powerful computers, sophisticated algorithms, and real-time data processing. Bigger firms of accounting in particular are making major investments in AI tools to improve their client relationships and operations. AI has a wide range of possible uses in accounting, from automation of tedious jobs to predicting fraud (Chen et al., 2020).
The necessity for accountants to adapt and upskill to operate productively with artificial intelligence is one important point that these papers underline. Accounting firms possess the chance to advance up the value chain and take on more significant responsibilities as AI replaces repetitive activities. They can become business enhancers rather than just data suppliers by providing insights and knowledge that call for discretion and evaluation. This change is in line with how the finance field is developing (Almufadda & Almezeini, 2022).
The conversations surrounding KPIs have made me aware of the moral quandaries surrounding the creation and application of outcome measurements as well as the significant influence accounting professionals have on business conduct. The necessity for an active approach in identifying and minimizing the potential dangers connected with these metrics has been highlighted by the recognition of the unexpected implications of KPIs.
Examining how innovation affects accountants has shed light on the profound shifts taking place in the field. The shift towards technology systems, propelled by intelligent machines and other technologies, highlights the necessity for prospective accountants to adjust and maintain relevance in a dynamic environment (Carnegie, Parker, & Tsahuridu, 2021). AI is far greater than just a tool; it represents a fundamental change in finance, and accounting will be able to use their judgment and critical thinking to assume more significant responsibilities.
CONCLUSION
To sum up, the podcast and articles have greatly broadened my perspective on the accounting field by highlighting its sociological and moral components in addition to its technical ones. The aforementioned sources have demonstrated that financial reporting encompasses more than just numbers; it also entails influencing moral behavior within businesses and society as a whole. The talks about technology’s impact also emphasize how accounting is changing and how accountants must adapt to AI while maintaining ethical standards. This wider viewpoint, which emphasizes the significance of ethics and societal consequences, has equipped me to negotiate a changing accounting landscape.
REFERENCES
Almufadda, G. and Almezeini, N.A., 2022. Artificial Intelligence Applications in the Auditing Profession: A Literature Review. Journal of Emerging Technologies in Accounting, 19(2), pp.29-42. https://publications.aaahq.org/jeta/article-abstract/19/2/29/172/Artificial-Intelligence-Applications-in-the
Carnegie, G., Parker, L. and Tsahuridu, E., 2021. It’s 2020: what is accounting today? Australian Accounting Review, 31(1), pp.65-73. https://onlinelibrary.wiley.com/doi/abs/10.1111/auar.12325
Chen, X., Xie, H., Zou, D. and Hwang, G.J., 2020. Application and theory gaps during the rise of artificial intelligence in education. Computers and Education: Artificial Intelligence, 1, p.100002. https://www.sciencedirect.com/science/article/pii/S2666920X20300023
Kommunuri, J., 2022. Artificial intelligence and the changing landscape of accounting: a viewpoint. Pacific Accounting Review, 34(4), pp.585-594. https://www.emerald.com/insight/content/doi/10.1108/PAR-06-2021-0107/full/html
Martins, P., Sá, F., Morgado, F. and Cunha, C., 2020, June. Using machine learning for cognitive Robotic Process Automation (RPA). In 2020 15th Iberian Conference on Information Systems and Technologies (CISTI) (pp. 1-6). IEEE. https://ieeexplore.ieee.org/abstract/document/9140440/
Syrová, L. and Špička, J., 2022. The Impact of Foreign Capital on the Level of ERM Implementation in Czech SMEs. Journal of Risk and Financial Management, 15(2), p.83. https://www.mdpi.com/1911-8074/15/2/83
TsahuRidu, E. and CaRnegie, G.D., 2018. Accounting as a social and moral practice. International Federation of Accountants Knowledge Gateway, 30. https://www.google.com/search?q=(Tsahuridu+%26+Carnegie%2C+2018)&rlz=1C1KNTJ_enKE1071KE1077&oq=(Tsahuridu+%26+Carnegie%2C+2018)&gs_lcrp=EgZjaHJvbWUyBggAEEUYOTIJCAEQIRgKGKAB0gEIMTc5MmowajSoAgCwAgA&sourceid=chrome&ie=UTF-8
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