Week 6

Pag .29

1.

a. Obtaining a degree in accounting or finance, usually at the bachelor's or master's level.

b. Participation in an internship or internship program, where the candidate works under the supervision
of an experienced accountant to gain practical experience.

c. Passing a licensing or certification exam in accounting.

d. Obtain the necessary credentials to be able to work as an accountant in various fields, such as tax
accounting, auditing or financial management.

2... Expert Accountant and Chartered Accountant

- Financial Auditor

-For Chartered Accountant and Chartered Accountant you must complete the following: a. Obtain a
bachelor's or master's degree in accounting or finance.

b. Completion of a 3-year internship of practical training under the supervision of an authorized

accountant.

c. Passing an aptitude test in accounting and finance.

d. Obtaining authorization from the Body of Chartered Accountants and Chartered Accountants from
Romania (CECCAR).

And for the financial auditor: Obtaining a bachelor's or master's degree in accounting or finance.

b. Carrying out a practical training internship in the field of financial audit under the supervision of an
authorized financial auditor.

c. Passing an aptitude test for financial auditors.

d. Obtaining authorization from the Chamber of Financial Auditors in Romania.

A pag. 29

1 Most accountants work for accountancy firms F

Most accountants work in-house for companies or organisations in the private, public or voluntary
sectors

2 There are a number of different specialist areas in accounting T

Those employed by accountancy firms, on the other hand, usually specialise in very specific areas, such
as auditing, taxation, insolvency or forensic accounting

3 Accountancy firms only operate in their domestic market. T

Despite the existence of global accounting practices serving global clients, the accountancy bodies that
oversee training are almost entirely domestic and serve the needs of their domestic market

4 Accountancy training is mainly oorganised locally. F

accountancy training naturally tends to occur at a national level.

5 With a recognised accountancy qualification, you are sufficiently trained for the rest of your working
career F

But accountancy training is not just 40 about the initial qualification. The big challenge is keeping
accountants up to date in a changing world. To support its members, IFAC sets very broad standards for
education programmes, including continuing professional education and lifelong learning.

6 I FAC does not expect accountants to get any further training once they have obtained their initial
accountancy qualification. T

Business and relationship skills have huge financial implications

7 Giving its accountants business-skills training can have a serious impact on a firms' success. T

With a qualified accountancy profession, these countries will continue to be able to attract inward
investment and aid from agencies such as the World Bank.

B Pag 29

1 Which phrase in paragraph F has the same meaning as the edge in the title?

The phrase in paragraph F that has the same meaning as the edge in the title is "competitive advantage."

2 What are the three main advantages of an employee who holds a recognised accountancy qu
The three main advantages of an employee who holds a recognized accountancy qualification are proper
training, experience, and professional standards.alification?

3 Why do accountants generally train in their own country

ccountants generally train in their own country because taxation is a national issue, and accountancy
training naturally tends to occur at a national level.

4 How does IFAC describe itself?

FAC describes itself as "the global organization for the accountancy profession." It has 2.5 million
members from all areas of the profession, belonging to 157 member and affiliated bodies and
accountancy associations from all over the world

5 Which two broad sets of skills do large accountancy firms value as much as the purely technical
accounting skills?
Large accountancy firms value both strategic and managerial skills as much as purely technical
accounting skills.

6 What does KPMG see as being the most important asset in its accountants?

KPMG sees values, skills, and behaviors as the most important assets in its accountants.

7 Which major barrier to this does KPMG's Senior Training Manager mention?

KPMG's Senior Training Manager mentions the lack of portability of national qualifications as the main
barrier to mobility within the profession.

8 Which markets would currently benefit from having more accountants trained to a high level?

Developing countries would benefit from having more accountants trained to a high level.

9 Which attributes do employers need their internationally mobile employees to share?

Employers need their internationally mobile employees to share a common accounting language and set
of standards and ethics.

10 What sort of economic benefits would a stronger accountancy profession bring to developing
countries, according to ACCA's Chief Executive?

A stronger accountancy profession would bring economic benefits to developing countries by helping
them attract inward investment and aid from agencies such as the World Bank, according to ACCA's Chief
Executive.

A Definitions

Pg. 31

1-a

2-c

3-b

4-d

1. business adviser concept – PwC

B Pag 32

Read paragraphs G and H again and match each of these nouns or noun phrases with either PwC

or KPMG.

1 business adviser concept - PwC

2 mobility - KPMG

3 values and behaviours -KPMG

4 team-management skills-PwC
5 coaching- PwC

6 employee appraisal-PwC

7 relationship skills-PwC

C pag 32

1. Due to a sharp drop in sales, the company was not able to pay its creditors and eventually entered
intoinsolvency

2. Accountants need to deal with clients, so it is important for them to haverelationship skills as well as
technical ones.

3. It is important to haveteam-managementskills if you are going to be responsible for groups of

employees.

4. Accountants involved inauditingcheck that their clients’ financial statements present a true and
honest picture of the company.

5. The company was suspected of being dishonest in its financial reporting, so the forensicaccountants
were called in to investigate its dealings.

6. Accountants need to developemployee appraisalskills in order to give appropriate feedback to the

teams they manage.

D pag 32

1-c,

2-b,

3-f,

4-d,

5-e,

6-4

E pag 33

1-a,

2-a,

3-a