Discuss each issue individually. Clearly explain why your group consider them as key issues, why they need to be addressed now, what are the implications of these issues for the accounting profession (including society and community).

A prominent issue that accountants face in their industry is conflict of interest as accountants provide services in a variety of areas which include but are not limited to audits, tax, and bankruptcy, considering that accountants personally deal with clients as well as represent businesses. If a conflict of interest were to arise, the accountants would need to deal with the situation efficiently and effectively as if they fail to do so it will affect the credibility of the accounting industry and the professionalism of the accountant themselves considering they have access to personal information. As such policies and procedures should be in place to reduce the risk of a conflict of interest arising to avoid any further detriment to accountants. For example in 2013, an accountant named Phelps, stole about $226,000 from his clients to support his lavish lifestyle. If this issue doesnt get addressed now, accountants will continuously try to take an advantage of the opportunities given to them by the clients, even though its 2015, there are still cases of accountants taking advantage of the their clients such as I couldnt stop: accountant stole and gambled 1.2m from newcrest (Fairfax, 2015).

Another fundamental ethic that could be seen as an issue is Fairness; Fairness is acting in a manner that is objective and unbiased. It requires accountants to be wary of their own prejudices and interests to mitigate any conflicts that may result in compromising the professional conduct. It is essential for Accountants to practice fairness in their work as it has a great impact upon society, failure to provide fair and true reporting can lead not only to the fall of a company but also the fall to the economy. An example would be the biggest fall in history; Enron this collapse was due to the lack of care and fairness in reporting. The fall of Enron had an impacted not only the employees of Enron but also Americas economy as it was one of the most expensive share on the market. It could seen the drive to present such fictitious information is greed, thus it is important for accountants to be wary of such behaviour; whether it may be from colleagues, management or themselves. Fairness is an important ethic that needs to be constantly addressed to ensure the economy does not experience a similar fall like Enron. As nature of accounting is constantly changing with more emphasis placed on information quality and a source of support in investment decision, the requirement for accountants and auditors level of ethics also becomes one popular issue upon discussion. In order to act in accordance with the ethics that are well-accepted in the market, a professional accountant should not proceed or disclose any information that is believed to contain false or misleading data, or statement that are recklessly furnished; ignore or try to hide the information required to be included in cases of misleading omission or obscurity. The reason why organisations worldwide are extremely against dishonest conducts is due to the aftermath of the conduct which impact shareholders and any users who rely on financial statements for financial decision making. By misleading external stakeholders about companys current financial situation, one company can wrongfully hide its ineffective profitability while ruining thousands of investors who unknowingly put their trust and liquidity into a business without any returns guaranteed. One significant example of misleading accounting practice is the case of Kmart in 2002. Former Chief Executive Officer Charles Conaway and former Chief Financial Officer John McDonald were alleged for materially false and misleading disclosure about the company's liquidity and caused the business filed for bankruptcy in 2002. More specifically, company tried to cover its ineffective inventory purchase system with $850 million worth of goods and serious impact to companys liquidity by disclosing as seasonal inventory fluctuations and actions to improve in-stock position.

Respect for rules is another fundamental ethical code that requires all accountants to follow. Laws, regulations and standards set up ethical boundaries and guides accountants the procedural steps that they have to follow. Accountants who disregard the rules can cause significant impact on tax collection, and even assist crimes and obstruct justice. For example in 2013, the Australian Taxation Office sued CKI and Power Assets in Australia for the failure to submit registration documents to IRS fines. ATO speculated these two companies intensions were doubtful and may be disposed to tax evasion. Moreover, since the anti-corruption is becoming increasingly fierce in China, money laundering has been disclosed publicly and become a serious issue. Chartered Accountants Australia and New Zealand also estimated that money laundering activities cost the Australian economy at least $10 billion every year. It is evident from this case that when accountants or organisations fail to respect for rules, their performance is a reflection of their unprofessionalism. In short, any violations against accounting rules and regulations may lead to serious ethical issues or illegal activity.

Whilst the accounting environment is continually changing, it is essential for professional accountants to obey the standards and be able to obligate not only to themselves, but also take upon the responsibilities to the public. Confidentiality of information requires professional accountants to not disclose any information to any other parties or to use it for personal benefit and third parties advantages of the member unless there is a legal and proper rights or duty to disclose such information. An accountable professionals should be aware of the confidentiality of the information, it shall be disclosed from close business or family member without clients permission, the information should not be disclosed to a clientss affairs. In the case of Lilly & Co, it was clearly indicated the importance of respect client permission to expose information to a third party. Lily&Co is a large accounting firm and filled with excellent registered tax agent. The firm decided to minimise its operating costs by entering into an agreement with a data processing firm in Hong Kong, Zheng & Co and they will perform the bookkeeping and data processing work for Lilly & Cos clients. In order to post the clients information to Zheng&Co, Lily&Co discloses clients information without clients explicit permission. therefore, the firm will have will have primary responsibility for the provision of the relevant tax agent services, including work undertaken by Zheng & Co. following the code of conduct does not only help the accountant to gain trust in an organisation but also support them to avoid unnessary law issues.

What are the factors that influence an organisations work practice and expectations of an accounting professional?

in the tax practices there are several factors can influence an an organisations work such as government bodies. within the government bodies there are several influences such as AASB and ATO. the ATO is a major key in tax practices since they are australian government revenue collection agency. they also establish frameworks that implements governemnt policies on tax. with recent cases of australian business such as BHP Billiton offshoring profits to their Singapore head offices, the ATO stepped in to stop these business from avoiding paying taxes in australia. they have used data mining and also publicly displaying the tax payable on large multinationals companies with profits over 30million, this then affects AASB since, they will have to implement new legislation and rules to govern the companies that are offshoring profits. AASB 116 is all of this influences the tax practices, as stated from Gavin Enfiled tax firms will now have to show the positive actions that the businesses they represent have done towards the community. This would be included in their annual report, positive actions such as fund raising and also large donations towards charity.

How does an accounting professional engage with the community to add value to stakeholders and oneself?

Tax practices such as Deloitte run their own program called The Deloitte Foundation that helps out the local community. This includes partnerships with charity organisations, work place giving, skilled and hands on volunteering, pro bono work, emergency and disaster work. for example Deloitte foundation has been working with Oxfarm Australia trailwalker event and has raised over $400k in the process, the money is then used to help families in third world countries to have a better living lifestyle such as building water taps and providing clean water, building schools and training school teachers to provide people with tools and skills to earn income in the future. By helping out the community it creates a good image for Deloitte, which then add values to stakeholders such as the clients and employees, showing how much they care about the community. Not only will this provide a good public image but it will lead to future clients seeing how much Deloitte cares for not only the employees but to charities and the community and the length that they will go to, to help others succeed and having a better lifestyle. Another tax practice that engages with the community to add value is EY. EY works with organisations such as Endeavour, Kiva and networking for teaching entrepreneurship. The Networking for teaching entrepreneurship program inspires young people from low income community to find path to success, this is a very important program since there are thousands of young people with low income families and community that are finding it difficult to accomplish their goals, EY employees personally mentor and teaches these young students about key subjects areas along with business and financial planning. Not only do they mentor but they also donate USD$300 000 to support NFTE. This would definitely add value to the employees, as it is an opportunity for them to gain and also experience help with becoming an entrepreneurship and potentially creates a good image for future clients as they will personally believe EY will provide guidance and support for future small business that will potentially grow into a large company. Investors will see that EY is able to commit to these young students and provide mentoring skills to help them succeed in their paths, as investors would want firms that are able to commit and deliver successful results.

What are the strategies and development tools that are appropriate for an accounting professional to sustain a competitive advantage in terms of employment and level of competence?

Generally speaking, in the area of accounting and tax practice, it is essential for accountants to stay professional and follow the ethical codes in order to sustain competitive advantages in terms of employment and level of competence. Essential attributes that accountants must have are understanding of the modern work environments stability and having the ability to apply and adapt to changing policies and regulations.

The Accounting profession is evolving incessantly; so further study is vital to keep oneself on top of changes it is all about being proactive; being proactive within the workplace and with ones studies. Many accountants decide to further their knowledge and tax practice after working a number of years by taking on a master degree in the area of taxation. Qualifications these days is an aspect that distinguish accountants and allow them to stand out amongst other competitors. As a lot of guest speakers have mentioned during the seminar, to pass the examination and become a CA or CPA member is a demonstration of an accountants authorities and abilities.

Gavin Enfield (Deloitte, 2015), an Account Director from Deloitte Tax Division, explains the pathway to become a partner in a firm requires not only skills and achievements but also having the right attitude, drive and network. In todays society it is essential for one to be able to create networks; similarly to building rapports with your clients, it is about getting yourself out there and letting others know who you are and what you have done. The people you network with eventually become your supporters as they could be your next gateway to your career. A perfect example of networking is LinkedIn; this professional social media allows you to connect with other professionals and publicise your employment history, skills and achievements. With the evolvement of technology, employers now can use such social media as Linkedin to hire their next employee or even perform background checks. That is why it is important to strategically take advantage of your Linkedin profile as it may have an impact on future employment.

Lastly as an accountant understand the power of team work is important, working in organization and achieving goals is never an one man fight, especially in tax practice which contain massive amount of data and information..