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Contemporary issues in Accounting for the year 2016

Question:

Discuss about the Contemporary issues in Accounting for the year 2016.

Answer:

Introduction

This study deals with contemporary issues of accounting for the year 2016. The name of the accounting firm is Collies Accountancy firm mentioned in the assignment. The main purpose of the assignment is to bring out the reason behind increase regulatory activities and complexity of information at the same time (Weil, Schipper and Francis 2013). Senior Partner of the accountancy firm requires detailed client briefing to the potential important client. The client is very unhappy and needs proper explanation regarding the regulatory increase presented in a professional way. The mission of Collies Accountancy is to help clients in maintaining financial viability at present as well as taking proactive approach for achievement of future goals. This particular accountancy firm dedicates meeting for reaching these goals with high standard of professionalism as well as excellence. Dedication to hard work earns respect in the business as well as financial community in and around area. It is believed that direct derivation of firm talent as well as responsiveness implies strong client base (Buchheit et al. 2015). This particular firm takes into consideration whether client is current or prospective. They assure that individuals as well as business will receive competent and timely advice.

Application to client issues

This valuable client of Collies accountancy firm is quite unhappy regarding the increasing fees from firm. It has increased as well as complex accounting regulations. Client issues should be resolved by the accountancy firm by giving justified reason (Henderson et al. 2015).

Reasons for regulatory increase of Collies Accountancy firm

It is a common perception of the accounting firms like Collies who bill as many hours as possible. It is found out that most of the auditors actually work efficiently with their potential clients. Due to excessive regulatory requirements, Collies Accountancy firm’s fees are increasing at a faster pace. Inflation is other issue in case of current business environment that drives the fees of the accounting firm (Fleischman and Funnell 2013). Most of the companies are finding way for mitigating the fees as far as possible. It is mostly inevitable in case of multinational companies due to high compliance cost including audit fees for future analysis purpose. It results ways for testing centralization of audit footprint for automating strategic vision and helped companies for effective auditing activities

What is means for the firm and client?

The firm, Collies Accountancy has been providing high quality as well as personalized financial guidance to local business and individuals at the same time. Their expertise is to provide basic tax management as well as accounting service in form of creating in-depth analysis like audits, financial planning and financial statements in the most appropriate way. It is one of the leading accountancy firms working throughout the area. It aims at combining expertise as well as experience of the team mentality like staff members (Deegan 2013). This particular accountancy firm aims at assuring every client with close analysis as well as attention that they actually deserve. They dedicate to high standards as well as hiring of seasoned tax professionals and work reason for increased client base returns in the upcoming financial year.

From the above brief background on Collies Accountancy, it is viable in understanding the concept that potential customers are given utmost important for attainment of financial viability in the near future.

Status of the issues

The issue came from valuable client and needs proper explanation regarding the excessive regulations and increased fee of Collies Accountancy fees. Status of the issues lies in the fact that senior partner had advised in producing briefing on the real issues stated by the valuable client (Fleischman and Funnell 2013). It requires further attention on matters relating to inflation rates and regulatory environment by the government.

Communicating with the target audience

It is important to consider the fact that communicating with potential target audience is necessary for revenue generation and customer satisfaction (Deegan 2013). This valuable client is important for Collies Accountancy firm and should be dealt with utmost priority at the same time.

Conclusion and Recommendations

It is recommended that valuable client should be given details on automation of internal control for solving the issues. It should review current audit focus on identifying the areas for improvement. Taking inventory of audit helps in downloading reconciliations statement in case of internal controls. Centralizing audit footprint includes audit fees for centralized organization converting into decentralized organizations. It is advisable to reduce audit fees for the client base and submitting quality work within the time. Auditors should understand the importance of proper planning in and before auditing activities. Well-planned audit needs cooperation from both client as well as auditors for audit reduction in the near future. Leading audit firm partner mainly views opportunity in making smooth audit process and addressing the issues.

Reference List

Buchheit, S., Dalton, D.W., Harp, N.L. and Hollingsworth, C.W., 2015. A Contemporary Analysis of Accounting Professionals' Work-Life Balance.Accounting Horizons, 30(1), pp.41-62.

Deegan, C., 2013. Financial accounting theory. McGraw-Hill Education Australia.

Fleischman, R.K. and Funnell, W., 2013. Critical histories of accounting: sinister inscriptions in the modern era (Vol. 11). Routledge.

Grant, R.M., 2016. Contemporary strategy analysis: Text and cases edition. John Wiley & Sons.

Henderson, S., Peirson, G., Herbohn, K. and Howieson, B., 2015. Issues in financial accounting. Pearson Higher Education AU.

Weil, R.L., Schipper, K. and Francis, J., 2013. Financial accounting: an introduction to concepts, methods and uses. Cengage Learning.

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