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From Case Study to Professional Practice, image, image, image, image,…
From Case Study to Professional Practice
Problem solving skills to apply in pratice
Trade-off thinking
Recommendations usually have a trade off betwen 2 desired outcomes
Consider which trade off is more beneficial to the company
Address the trade off and how the challenge can be managed
Critical evaluation of data
Analysis is more than just numbers
Recommendations should consider ethics, the external environment, 4IR changes, internal operations etc.
Understanding the context
Analyse issues within the context of the company
Consider the internal business operations and strategies
Understand the external environment the company operates in
Using AI in decision making
Use AI as guidance, not a replacement for decision making
Provide correct and sufficient input data and financial data to AI
Provide background information and context to the AI
Redo the calculations AI has calculated
Breaking down silos whilst making recommendations
Steps when analysing an issue
1. What is the main discipline being dealt with here?
(Accounting, Auditing or Finance)
2. What knowledge from other disciplines can be incorporated?
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Accounting:
Is there any specific accounting treatment needed? Are any IFRS standards relevant?
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Finance:
How will this affect liquidity, profitability, leverage, efficiency or shareholder returns?
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Auditing:
Are there any controls to be implemented? Are there test of controls in place? What risks are apparent from a lack of controls?
Principles to be guided from as a professional accountant
1.Clear and effective communication
Use short sentences in reports
Avoid acronyms in report writing
Explain any techncial terms
2.Be realistic when making recommendations
Avoid impossible recommendations
Make recommendations in line with the company's strategy
3.Justify each recommendation
Support each recommendation with reasoning and evidence
4.Consider the ethical implications
Recommendations should be ethical
Current gaps and plan to fill the gaps
1. Breaking down silos
Weakness: Answering from one point of view/discipline
More practice and awarenenss is needed to master this skill
Planned approach to issues: What accounting treatement is relevant? How is financial performance affected? Are any controls or test of controls that are in place, and are they effective?
2. Answering ethics questions
Weakness: Answering ethics questions with a general answer
Planned approach: understand which type of ethical issue is present, and understand ways to tackle each type of ethical issue
