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ACCM4600 The Profession of Accounting

You work for a large consulting firm.
Several of your clients are accounting firms who are concerned about the possible opportunities and threats evident in the international accounting practice, including:
• Keeping up with new technology,
• Keeping up with new standards and regulations,
• Enabling employee work-life balance,
• Weaknesses in the auditing process, following a string of high-profile accounting failures across the world.

Some feel that any of these issues may threaten their current business strategy whereas others believe that these present opportunities to provide services to clients more efficiently.As you are a recent accounting graduate, your Manager David Brown has tasked you with writing a draft report on any ONE of the issues, as it may impact on accounting businesses. The report will be available to clients and used as a marketing tool to showcase the skills of
your consulting firm.

The key elements of your report should be understandable to both accountants and nonaccountants (the boards of the accounting firms often include non-accounting professionals).Your manager has requested that the report contains (but is not necessarily restricted to) responses to the following aspects (as they impact on accounting):

1. What is the “issue of concern”, that you have selected?
2. How has this “issue” impacted the work of accountants in recent decades?
3. Opportunities from proper handling of the “issue”
4. Threats from neglecting the “issue”, including which types of business will be most 'at risk'
5. Making recommendations on how the mitigation strategies for the “issue” should be communicated to clients (i.e. which methods of communication should be used)
6. Arguments for and against having a specialist team to deal with the “issue”,concluding with a recommendation
7. Recommending how staff should be trained on the technical aspects of the “issue”,and on ways to deal with client queries

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