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community. This would be included in their annual report, positive actions such as
fund raising and also large donations towards charity.
How does an accounting professional engage with the community to add value to
stakeholders and oneself?
Tax practices such as Deloitte run their own program called The Deloitte
Foundation that helps out the local community. This includes partnerships with
charity organisations, work place giving, skilled and hands on volunteering, pro
bono work, emergency and disaster work. for example Deloitte foundation has
been working with Oxfarm Australia trailwalker event and has raised over $400k
in the process, the money is then used to help families in third world countries to
have a better living lifestyle such as building water taps and providing clean
water, building schools and training school teachers to provide people with tools
and skills to earn income in the future. By helping out the community it creates a
good image for Deloitte, which then add values to stakeholders such as the clients
and employees, showing how much they care about the community. Not only will
this provide a good public image but it will lead to future clients seeing how much
Deloitte cares for not only the employees but to charities and the community and
the length that they will go to, to help others succeed and having a better
lifestyle. Another tax practice that engages with the community to add value is EY.
EY works with organisations such as Endeavour, Kiva and networking for teaching
entrepreneurship. The Networking for teaching entrepreneurship program inspires
young people from low income community to find path to success, this is a very
important program since there are thousands of young people with low income
families and community that are finding it difficult to accomplish their goals, EY
employees personally mentor and teaches these young students about key
subjects areas along with business and financial planning. Not only do they
mentor but they also donate USD$300 000 to support NFTE. This would definitely
add value to the employees, as it is an opportunity for them to gain and also
experience help with becoming an entrepreneurship and potentially creates a
good image for future clients as they will personally believe EY will provide
guidance and support for future small business that will potentially grow into a
large company. Investors will see that EY is able to commit to these young
students and provide mentoring skills to help them succeed in their paths, as
investors would want firms that are able to commit and deliver successful results.
What are the strategies and development tools that are appropriate for an
accounting professional to sustain a competitive advantage in terms of
employment and level of competence?
Generally speaking, in the area of accounting and tax practice, it is essential for
accountants to stay professional and follow the ethical codes in order to sustain
competitive advantages in terms of employment and level of competence.
Essential attributes that accountants must have are understanding of the modern
work environments stability and having the ability to apply and adapt to changing
policies and regulations.
The Accounting profession is evolving incessantly; so further study is vital to keep
oneself on top of changes it is all about being proactive; being proactive within
the workplace and with ones studies. Many accountants decide to further their
knowledge and tax practice after working a number of years by taking on a
master degree in the area of taxation. Qualifications these days is an aspect that
distinguish accountants and allow them to stand out amongst other competitors.
As a lot of guest speakers have mentioned during the seminar, to pass the
examination and become a CA or CPA member is a demonstration of an
accountants authorities and abilities.
Gavin Enfield (Deloitte, 2015), an Account Director from Deloitte Tax Division,
explains the pathway to become a partner in a firm requires not only skills and
achievements but also having the right attitude, drive and network. In todays
society it is essential for one to be able to create networks; similarly to building
rapports with your clients, it is about getting yourself out there and letting others
know who you are and what you have done. The people you network with
eventually become your supporters as they could be your next gateway to your
career. A perfect example of networking is LinkedIn; this professional social media
allows you to connect with other professionals and publicise your employment
history, skills and achievements. With the evolvement of technology, employers
now can use such social media as Linkedin to hire their next employee or even
perform background checks. That is why it is important to strategically take
advantage of your Linkedin profile as it may have an impact on future
employment.
Lastly as an accountant understand the power of team work is important, working
in organization and achieving goals is never an one man fight, especially in tax
practice which contain massive amount of data and information..