| [Print Page] | [Close] | |||
|
|||
In the Loop - Standards in Transition
July 7, 2011
When failure is not an option - press on
Still trying to find the time to become proficient with the new accounting and auditing standards? Procrastination is risky.
There is no question – staying on top of the new accounting and auditing standards is challenging; for accounting professionals, it is vital.
The Institute of Chartered Accountants of British Columbia (ICABC) ran an eye-opening article in the May issue of Beyond Numbers magazine. Chris Utley, ICABC Director of Ethics, writes about an audit firm that ran up against complaints, investigations and legal battles for failing to stay current on professional standards. The names and circumstances have been changed to preserve anonymity, but the article points out some important risks.
The article relates specifically to auditors, but all accounting professionals are affected by new accounting and auditing standards. No matter how busy you are, words like ‘complaints, investigations and legal battles’ are compelling.
Accountants are noted for professional perseverance in demanding circumstances. With an unprecedented amount of change in the standards that are the cornerstone of our profession, persistence is a definite asset right now. In the words of Calvin Coolidge, “Nothing in the world can take the place of persistence… The slogan 'Press On' has solved and always will solve the problems of the human race.”
Here are some links that will help you press on:
- Ethical Dilemmas: Trouble with an Audit of a Public Company, Beyond Numbers, May 2011
- Resources are available through the Canadian Institute of Chartered Accountants:
Now you’re in the loop.
In the Loop – Standards in Transition helps you keep pace with the changing Canadian standards landscape