They only love you when they need you? The green eye shade accounting profession has been undergoing a systemic change over the past decade. The significant decline in accounting major graduates from college and the intense scrutiny of the profession and professional firms in the field has led to some difficult realizations.
In a world sparked by controversy over the quality and efficacy of auditing and the apparent policing of external reporting by companies, the impact on accounting professionals has taken a toll. Fewer accountants to audit complex issues means quality reporting suffers for companies, lenders, and investors. The role of the CFO has been getting harder for decades. The impact of a failed audit can sometimes lead to bankruptcy and the dissolution of a company. Solving the CPA gap will take more than encouraging enrollments and providing scholarships dedicated to the profession.
Hopefully, students and young accounting professionals will stick to this venerable field. It has been a great career for many and a trusted voice for those who are the recipients of their work. This trend is worth careful attention... our capital markets and public confidence in reporting depend upon it.
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