Back to basics necessitated by law

Recent corporate governance mandates and an emphasis on ethics and accurate financial reporting have led to heightened scrutiny and a back-to-basics approach in the accounting profession. Accountants increasingly have become prominent contributors among organizations, and their responsibilities and visibility have risen accordingly.

What does this mean for the next generation of accountants? There will continue to be myriad opportunities for those who can help companies meet compliance requirements and support business expansion projects. This is just one trend identified in "Next Generation Accountant: A New Outlook on a Timeless Profession," a research initiative conducted by Robert Half International, Menlo Park, Calif., a staffing service specializing in accounting and finance.

Among the highlights of the study:

* Pressure to meet compliance deadlines is the biggest impact of increased corporate governance on business, according to 37% of chief financial officers surveyed.

* Fifty-eight percent of CFOs at privately held firms say their organizations are implementing new practices in response to governance mandates for publicly held companies.

* Fifty-three percent of CFOs indicate that it will be important for accountants to have a solid understanding of foreign accounting regulations in the next five years.

* Forty-nine percent of CFOs suggest they would recommend pursuing a background in general accounting to someone just beginning an accounting career.

"Corporate governance mandates, new business practices, and recently created regulatory agencies have made this a dynamic time for accounting and finance professionals at all levels and have led to new opportunities and challenges," notes Max Messmer, chairman and CEO of Robert Half International. "To succeed in this environment, accountants must go beyond their traditional roles of simply delivering financial data. Rather, they will need to discuss the implications of this data in the broad context of compliance and how it impacts other areas of the business."

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