Financial Accounting Wealth Management

Question: Discuss about theFinancial Accountingfor Wealth Management. Answer: An accounting firm is an organization that provides various kinds of advices to their clients. More specifically, the accounting firms provide various kinds of accounting advices to their clients. These types of accounting firms use to be certified accounting firms. It can be seen that different kinds of accountants use to work in these firms. The role of these accountants is to provide various kinds of accounting advices to their clients on different topics like audit, tax management, wealth management, advice on different kinds of investments and others. The accountants of an accounts firm have many kinds of responsibilities to play. The customers or clients go to them with their different kinds of financial and accounting problems as they seek experts advice on their problem matters. The accountant advisors provide them the advices from best of their knowledge (Levy, 2015). In the provided case study, it can be seen that Joe Doyle has received a significant amount of money or property after the death of her mother. He wants this money to be invested in a renowned business organization so that he can get healthy returns in future as he has the plan to retire in an early age. Now, he wants to invest his money in Woolworths Limited, but he has detected some accounting issues in the financial statement of the company. For this reason, he seeks advice on these issues (Florou Pope, 2012). In this situation, a professional accountant in an accountant firm with a good knowledge and experience can provide the desired advice to Joe Doyle. The professional accountant deals with these kinds of matter on a regular basis. This is the reasons he knows that what needs to be done in these kinds of situations. The accounting profession is the kind of profession that needs some specific skills and qualities. There are some major accounting skills and qualities that an accounting graduate must have at the time of joining a graduate accounting job. Looking at the career path in accounting, there are some strengths and weaknesses. The major strength is accounting knowledge. In order to join a graduate accounting job, one must have sufficient accounting knowledge. It can be seen that accounting is the kind of profession where the bookish accounting knowledge is a crucial factor (Opdecam Everaert, 2012). The accountants need to apply their knowledge in accounting in order to solve different kinds of issues and problems in accounting. The next strength is to be ethical. In the profession of accounting, there are ample scopes to manipulate the financial data and information of the organizations. In this kind of situation, it is the responsibility of the accountants to be ethical in the profession . Another important strength is to be customer centric. In the profession of accounting, the accounts need to be devoted to the customers as all the problems in this profession are related to the customers. Time management and leadership quality are to major strengths as both are needed in the profession of graduate accounting. Apart from these strengths, there are some weaknesses. One of the weaknesses is the lack of practical experience (Hoyle, Schaefer Doupnik, 2015). As being an accounting graduate, there is not any previous practical experience in the field of accounting. This is a major weakness. Another weakness is the lack of exposure to the accounting problems. Due to not have any kind of previous experience in the process of accounting, there has not been any opportunity to expose to the practical accounting problems. These ate two weaknesses of the graduate accountant. References Florou, A., Pope, P. F. (2012). Mandatory IFRS adoption and institutional investment decisions.The Accounting Review,87(6), 1993-2025. Hoyle, J. B., Schaefer, T., Doupnik, T. (2015).Advanced accounting. McGraw Hill. Levy, H. (2015).Stochastic dominance: Investment decision making under uncertainty. Springer. Opdecam, E., Everaert, P. (2012). Improving student satisfaction in a first-year undergraduate accounting course by team learning.Issues in Accounting Education,27(1), 53-82.