In the wake of various financial crises around the world, there is need for ensuring corporate accountability through improving financial reporting practices. Dr Humayun Murshed tells you that the opportunities available in this field are not just confined to the domestic market
Accounting plays a critical role in economic development though instituting high-quality and transparent financial reporting, facilitating mobilisation of domestic and foreign investment, and creating a sound financial architecture. United Nations Conference on Trade and Development (UNCTAD) emphasises that in the wake of various financial crises there appears to be a stronger need for ensuring corporate accountability through improving financial reporting practices in line with internationally acceptable practices and codes.
Similar concerns were raised in several G-20 summits and encouraged actions by emerging and developing economies for strengthened transparency, accountability, and enhanced corporate financial disclosures to reduce the risk of market failure.
However, many countries are facing issues with the capacity to implement these measures and thus need to have a coherent approach to building capacity through training professional accountants and imparting them with updated knowledge about international best practices. Australian accounting education is fully in line with international standards and the curriculum pursued by the universities and accountancy professional bodies in Australia are geared towards creating world-class accountants.
These professionals are capable of handling the challenges resulting from the increasing pace of globalisation, international economic integration, and the increased financial accountabilities that organisations need to adhere to in the modern era.
Australia’s accounting education has earned global recognition due to its focus on practical implementation of international standards in the area of accounting and auditing and having a linked pathway to the internationally recognised professional memberships. There are three professional bodies working in Australia. These are : CPA Australia, Institute of Chartered Accountants in Australia (ICAA), and Institute of Public Accountants (IPA). Undergraduate and postgraduate accounting qualifications like bachelor of accounting (BAcc) and master of professional accounting (MPA), offered by universities are recognised by these professional bodies.
The MPA is designed primarily as a conversion course giving students from a non-accounting background the opportunity to develop accounting skills and knowledge in the backdrop of today’s increasingly complex and fast-growing discipline of accounting and finance.
A large majority of international students studying accounting degrees wish to enhance their academic qualifications through obtaining membership from Australian accounting professional bodies. Upon completion of an accredited university degree in accounting; students are eligible to pursue further professional studies in order to become a qualified professional accountant.
Students having either a bachelor degree in accounting or MPA meet the educational requirements of the foundation level and thus are exempted from having to study the CPA foundation level subjects. In order to become a recognised professional accountant, candidates must meet membership requirements of one of the professional bodies. This requires completion of both educational and practical training experience. In the case of the CPA, candidates are required to complete six CPA professional subjects known as CPA professional segments.
Traditionally, candidates have undertaken largely self-directed studies in order to prepare for the professional level examinations. In a recent move, some universities have developed tailor made programmes to support the CPA professional level studies whilst enabling students to gain a postgraduate qualification. These programmes are geared to provide students with a face-to-face learning environment enabling them to build their skills and knowledge to the level required. In these course classes are run by skilled professionals where theory and practical applications are intertwined. Indeed some of the very recent programmes combine the CPA professional level subjects with additional accounting, finance and business subjects to build students’ capabilities and professionalism. One university offering courses that include subjects which provide extensive support and preparation for the CPA programme professional level examinations is Charles Sturt University. The university has launched two new programmes commencing from July 2013.
These programmes are: MPA (CPA Extension) and Master of Accounting Practice (MAP). Both these programmes embed six CPA professional subjects. Studying these programmes will enable the students to complete the CPA professional subjects while obtaining a postgraduate qualification from CSU. Obtaining a professional accounting qualification from Australia can be very rewarding.
An Australian qualification has global recognition which allows the professional to work overseas with an enhanced bargaining power for having a recognised qualification.
(The writer is senior course coordinator, accounting & business, CSU)