CPD
ACCOUNTING AND AUDITING UPDATES – GOLDEN OLDIES or JUST OLDIES?
Written by Annalien Carstens 2024
MCom, CA(SA), Registered Auditor, Chartered Tax Adviser
Managing Director
ac@altimax.co.za
If you studied to become an accountant, the proverbial
‘’Annual Accounting Update’’ and ‘’Annual Auditing Update’’ have become part
and parcel of your existence. These seminars are often the most attended of all
CPD offerings on the annual CPD calendar of professional body and service
provider offerings. One also finds that many of the attendees at these seminars
are no longer in typical accounting, financial reporting and auditing roles.
That begs some analysis:
1. Are
we creatures of habit and therefore we attend what we feel we know?
2. Do
Accounting and Audit remain relevant for us no matter which future roles we
take on?
3. Is
there nothing better on the average CPD offering list?
Are we creatures of habit and therefore we attend what
we feel we know?
Those who studied Accounting are often (sometimes jokingly
so) referred to as creatures of habit, certainty and consistency. I have not
seen many scientific studies specifically determining this to be the truth, but
most of us have done some kind of personality test in the past and some
personality and character traits are certainly more prevalent amongst those
that studied Accounting.
So, I guess it is true that we do tend to go back to what we
have fundamentally been schooled in as a safe haven. It should also be noted
that things change so fast in our profession that many of the readers will
agree with me that one sometimes feels one knows nothing anymore or everything
that you have studied has since changed. So, attending those Annual Accounting
Update and Annual Auditing Update definitely assist to address that uncertainty
and fear.
Do Accounting and Audit remain relevant for us no
matter which future roles we take on?
Many
accountants remain in either financial reporting or audit and related roles. Obviously
for those it is critical to be on the forefront of developments and annual
updates in the fields of Accounting and Auditing are an essential part of these
individuals’ personal and professional development plans.
Several others move on to other parts of life but mostly
being entrepreneurs, business owners or having senior management and executive
roles in various other businesses. What remains paramount is that most of these
individuals will still work with the budgets, financial forecasts, financial
reporting, project plans and so forth of the businesses where they operate.
These individuals will also play paramount roles in making various investment
and financing decisions. For these, the ability to analyse historic, current
and future financial information and the pronouncement of auditors on these are
a critical part of the decision-making process.
That means that no matter where those who studied Accounting
and Auditing function in future, they will always be close to that information
and decisions that are underpinned by information produced by the field of
Accounting and having been evaluated by professionals from the field of
Auditing. So yes. Accounting and Auditing remain very relevant for us no matter
our future roles.
Is there nothing better on the average CPD offering
list
Never have professional bodies and CPD service providers offered such a variety of new, interesting and diverse topics on their CPD calendars. So, we are very certain that the high attendance at the Annual Accounting Update and the Annual Auditing Update is not because of a lack of choice. In fact, we are more than ever spoilt for choice.
In essence, Accounting and Auditing will always be cornerstones and beacons of hope and familiarity in the life of any professional who studied to become an accountant. Whether such an accountant functions in the traditional and classic roles associated with financial reporting and auditing or has ventured on to play a range of other senior roles in various businesses, Accounting and Auditing will play a role somewhere in the information, advisory and decision-making processes of that role.
