Profession & Professionalism

Profession:

Definition: 

A body of theory and knowledge which is used to support the public interest.

A profession is distinguished by certain essential and defining characteristics: 

Body of theory and skills:

– Technical skills (such as auditing or accounting standards)

– Acquired by training and education

– An examination system which ensures accountants obtain the knowledge required to act responsibly within their profession

– Maintained by continuing professional development (CPD).

Adherence to common code of values and conduct:

– Established by administrating body

– Maintains an objective outlook

– Ethical standards applicable to all members

Acceptance of a duty to society as a whole:

– Professions can be trusted to act in the public interest

– In return members are granted a qualification and usage of a title (such as ACCA).

Professionalism: 

Definition: 

Taking action to support the public interest 

– Members are seen to be acting professionally, or literally having professionalism.

– Professionalism may also be interpreted more as a state of mind, while the profession provides the rules that members of that profession must follow.

– Professional behaviour imposes an obligation on members to comply with relevant laws and regulations and avoid any action that may bring discredit to the profession.

– Professional behaviour will mean complying with the ethical standards laid down by the professional body.

A reactive approach 

Taking responsibility for any negative consequences of accounting practice and, where appropriate, amending those practices to remove those consequences. 

A proactive approach 

Seeking out and positively contributing to the public interest. 

The accounting profession: 

Over time, the profession appears to be taking more of a proactive, than a reactive, approach.