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M1: ACCCOUNTING AND SOCIETY - Coggle Diagram
M1: ACCCOUNTING AND SOCIETY
PART A: ACCOUNTANT AS MEMBER OF PROFESSION
1.1 Public Interest or Self Interest
1.2 Enlightened self interest
1.3 Ideals of accounting - Entrepreneurship and professionalism
1.4 What is profession?
Self regulation
From self regulation to co regulatory process
Accounting profession + Government = Co-regulation
1.5 What is professional?
1.6 Traditional view vs Market control view
1.7 Trust and profession
1.8 Attributes of profession
Systematic body of theory and knowledge
Extensive education process
Ideal of service to the community
Wellbeing of society
Pursuit of excellence
Community service
High degree of autonomy and independence
Code of ethics for members
Distinctive ethos or culture
Application of professional judgement
The existence of governing body
1.9 The profession's regulatory process
Accounting professional and ethical standard board (APESB)
The quality assurance process
Standard setting
Conformity with standard
Practice reviews
Accounting firm regulation
Professional discipline
Regulation member conduct
Penalties and appeals
PART B: INTERACTION WITH SOCIETY
1.10 Accounting roles, activities and relationship
Relationship and roles
Accounting work environments
Public practice environment
Private or Business sector environment
Public sector environment
Financial advice environment
NFP sector environment
1.11 Social impact of accounting
Social impact example -
Depreciation and behavior
Impacts of higher level of depreciation
Impacts of lower levels of depreciation
1.12 Credibility of the profession
Credibility under challenge
Key issue causing reduced credibility
Creative accounting
Poor audit quality
Lack of auditor independence
Financial accounting distortions
Restoring credibility to accounting
1.13 Capability consideration
Business leadership capabilities
Technical skills, knowledge and experience (TSKE)
Soft skills, knowledge and experience
TSKE and SSKE - Career perspectives