Accounting is arguably the third noblest profession. Accountants are the lifeline of business, making sure systematically that profits are made and losses are within controllable limits. So important is their work especially in the government that the fate of the nation depends on a well managed expenditures of budget and collection of taxes.
The medical profession is undoubtedly the first followed by teaching. Lawyers and builders argue that they should be on the third but definitely there could be no construction without first arriving at a budget. Lawyers too will argue their place but that's where they are good at - arguing. And they continue arguing their case but still money figures are far more attractive to deal with and lawyers only step in when there disputes regarding the dispensation on those figures.
In the book " J. Edgar Hoover ", the first 50 recruits to be trained as agents of the FBI (Federal Bureau of Investigation were all Certified Public Accountants. When the President summoned Hoover for clarification, the latter reasoned out that what he really need are people with "a nose for the job, and accountants can easily figure out if something is wrong."
The same thing in the movie, "Schindler's List", Oscar Schindler, played by actor Liam Neeson emphasized the importance of accountants in his take over of the factories owned by the Jews. It also took an accountant to bring down the almost untouchable Al Capone for tax evasion. The FBI, unable
to pin him down with a string of murder cases have to resort to digging up his tax accountability so he be sent to jail. But the best movie about accountants was Stephen King's "Shawshank Redemption". Its a story of revenge told in a strange way but highlighting the accountant's slow but sure plan to alter the course of his life after being put into prison.
However, every accountant should never forget the CPA's Golden Rule - Do not allow emotions to overcome your judgement. CPA's deal with numbers and numbers things should be. You put in your conclusions based on the numbers and figures provided for you to evaluate if the transaction records are done in abeyance with the right procedures.
Here is a short story I read from a book - a collection of short stories of Ancient Chinese Wisdom.
A long time ago, palace accountant had a dream. He dreamed that an angel came to visit him that he was to die in a years time. He could live another 50 years if he will be able to do ten thousand good deeds within the year. It was an impossible task and he could not think of a way to accomplish the feat in such a short time. Confused and worried of the dream, he consulted the village sage about the meaning of his dream.
The old sage advice him to go home first and heal the rift in his family before going back to the palace. The accountant had a long standing feud with his elder brother whom he thought squandered the family inheritance which the latter acted as administrator. His elder brother tried to explain how he lost the family business and their land but he was so angry he did not bother to find out what happened. Following the old man's advice. he confronted his elder brother who showed him the records of all the transactions he entered into while he was handling the affairs of the family. Indeed records showed that he made some mistakes in judgement but he was able to account for every expenses made. With the records set right, the family was reunited and all the fingerpointing was settled.
Then the accountant came back to the palace and re-organized his record books. Realizing that he has very little time left, he reviewed the records of all the residents in the villages ruled by the emperor and made some changes. He started to consider the effects of the typhoon that ravaged certain areas in the kingdom and deducted a tenth of the taxes to be levied from the emperor's subjects. Furthermore, families who suffered loses from death of family members, sickness, and fire were also given deductions in the taxes they have to pay. He also reduced the interest rates of loans extended and proposed pensions for the elderly and disabled.
And yet, no matter how hard he tried, he could not think of any other way to earn the ten thousand merits required of him. He again consulted the old sage. The old sage told him that he has done more than enough to earn the merits required of him. The merits he earned by bridging the gaps between his family has earned him about a hundred merits. Since all his brothers and sisters reconciled, all their children, grandchildren, house-helps and farm-hands benefited.
He earned over a hundred thousand merits from the reduced taxes he proposed since all the kingdom's subjects benefited. All the people improved their lives with more food on the table, and more money to spend for their other needs. It maybe just work for him but his job affects hundreds of thousands.
The accountant came to live for another fifty years enjoying the respect he deserved.
As the saying goes ...
" While the worriers are worrying, while the planners are planning and the accountants are figuring out how to keep things in balance, debit = credit. "
Profits and loss are revealed by the financial records which had to be interpreted and CPAs can decipher them better than anyone else. Financial losses can be traced by verifying the veracity of the transactions through the paper trail instead of relying on hearsay testimony of parties involved. Between the two versions is the truth supported by receipts, issued checks and other bank transactions. When you shy away from the chance to uncover the truth because of emotions and prejudgement, then you're an accountant on the job and not an accountant by heart.
to pin him down with a string of murder cases have to resort to digging up his tax accountability so he be sent to jail. But the best movie about accountants was Stephen King's "Shawshank Redemption". Its a story of revenge told in a strange way but highlighting the accountant's slow but sure plan to alter the course of his life after being put into prison.
However, every accountant should never forget the CPA's Golden Rule - Do not allow emotions to overcome your judgement. CPA's deal with numbers and numbers things should be. You put in your conclusions based on the numbers and figures provided for you to evaluate if the transaction records are done in abeyance with the right procedures.
Here is a short story I read from a book - a collection of short stories of Ancient Chinese Wisdom.
A long time ago, palace accountant had a dream. He dreamed that an angel came to visit him that he was to die in a years time. He could live another 50 years if he will be able to do ten thousand good deeds within the year. It was an impossible task and he could not think of a way to accomplish the feat in such a short time. Confused and worried of the dream, he consulted the village sage about the meaning of his dream.
The old sage advice him to go home first and heal the rift in his family before going back to the palace. The accountant had a long standing feud with his elder brother whom he thought squandered the family inheritance which the latter acted as administrator. His elder brother tried to explain how he lost the family business and their land but he was so angry he did not bother to find out what happened. Following the old man's advice. he confronted his elder brother who showed him the records of all the transactions he entered into while he was handling the affairs of the family. Indeed records showed that he made some mistakes in judgement but he was able to account for every expenses made. With the records set right, the family was reunited and all the fingerpointing was settled.
Then the accountant came back to the palace and re-organized his record books. Realizing that he has very little time left, he reviewed the records of all the residents in the villages ruled by the emperor and made some changes. He started to consider the effects of the typhoon that ravaged certain areas in the kingdom and deducted a tenth of the taxes to be levied from the emperor's subjects. Furthermore, families who suffered loses from death of family members, sickness, and fire were also given deductions in the taxes they have to pay. He also reduced the interest rates of loans extended and proposed pensions for the elderly and disabled.
And yet, no matter how hard he tried, he could not think of any other way to earn the ten thousand merits required of him. He again consulted the old sage. The old sage told him that he has done more than enough to earn the merits required of him. The merits he earned by bridging the gaps between his family has earned him about a hundred merits. Since all his brothers and sisters reconciled, all their children, grandchildren, house-helps and farm-hands benefited.
He earned over a hundred thousand merits from the reduced taxes he proposed since all the kingdom's subjects benefited. All the people improved their lives with more food on the table, and more money to spend for their other needs. It maybe just work for him but his job affects hundreds of thousands.
The accountant came to live for another fifty years enjoying the respect he deserved.
As the saying goes ...
" While the worriers are worrying, while the planners are planning and the accountants are figuring out how to keep things in balance, debit = credit. "
Profits and loss are revealed by the financial records which had to be interpreted and CPAs can decipher them better than anyone else. Financial losses can be traced by verifying the veracity of the transactions through the paper trail instead of relying on hearsay testimony of parties involved. Between the two versions is the truth supported by receipts, issued checks and other bank transactions. When you shy away from the chance to uncover the truth because of emotions and prejudgement, then you're an accountant on the job and not an accountant by heart.
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