URGENT- challenges faced by the accounting industry

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#1

hi… does anyone know abt the challenges faced by the accounting industry? tried to google it but nothing seems to be useful.

#2

Credit crunch = potentially more regulation from the FSA = more work for accounting industry but also might = more revenues.

Other challenges = increased competition for clients, smaller boutique firms competing for other clients, difficulty in holding onto associates for a sustained period of time…

#3

can someone give me an example of a regulation that FSA do? how is it different from IASB’s standards?

#4

You’re really not gonna be asked much more than a brief overview providing you’re good enough at explaining it in the first place… I certainly wasn’t at KPMG yesterday.

#5

Is this for an interview Jobseeker? - if so, where’s it at?

Something else worth considering is the current debate on whether accounting firms (e.g. PwC and Deloitte) should have consulting arms cosely linked to their main accountancy practice. Consulting for and accounting/auditing for a firm, could lead to diminished objectivity in the accounting process. It’s debatable, but it’s an issue that is certainly being discussed right now, as a consequence of quite a lot of bad accounting/auditing practice by big firms such as PwC - for example Northern Rock (they audited it and said everything was fine, just before it went bust) and I believe AIG (similar story).

JoyRevision is right, don’t worry about swatting up TOO much - a general view/opinion is sufficient - see our article on [[commercial awareness]] to get a hold on these types of interview questions.

Regarding the FSA - I’m not too hot on them/exactly what they do, but if you really want to find out and get to know what they do in detail - call them. Call them up, tell them you are a student/graduate and either that you have an interview coming up (or even better, a university project - they’ll probably be more willing to help you for this than an interview) and just get them to put you through to someone who can explain the work they do in relation to accountancy. If you get the right person, you’ll sure to get good info - but please come back and let us know what you find out!

Good luck.