"accounts & their financial reporting which should be adhered to the compliance formatting ofthe regulatory bodies upon which the organization ethics, integrity & disciplined frameworkis dependent upon. The management just reviews & understands the crucial elements of thefinance reporting prepared by the professional accountants for the organization.The quality& ethics needs to be adhered before producing such reporting as any slight mistakes ofnumbers or figures can have devastating effects on the organization ethics, goals &profits/loss calculations. As we all know that business also plays a sign of prosperity & growth development in thesociety it attributes to, so as an accountant one needs to integrate the overall stability & play avital role in the acknowledging the development of the business.Their diversified rolesshould be clear, concise & obey the responsibilities of the professional accountant personworking towards the contribution & betterment of the society.Role of an accountantAs the role of the accountant is quite serious there are number of issues which an accountantneeds to deal with professionally & personally. There are several pitfalls & traps upon whichthe job of the accountant falls for the unethical values & breach f moral standards. Firstly as arule of the honour one need to oblige to the golden rule of obeying rules of finance,accountants & calculation to do work ethically & diligently. The second rule is to not tobreak the rules or breach of work upon which the accountant principles lies. At a time themanagement or the other influential forces can create ruckus & make the accountant underthe pressure create havoc rules or mould the ethical values upon which the financial reportingwill be prepared. 5 For example in the Satyam Computers case the financial reporting, balance sheets, profit/lossstatements were all inflated upon which the errors, frauds & company’s revenue were falselyprojected to the stakeholders. Such things needs to be avoided & an in-depthethics, valuations of the work, adhering to the standard protocols need to be maintained to. Itis unethical for the accountant to succumb to pressure of the managements. The other issuesfound is the not obeying the rules to the framework of the regulatory bodies such as formingthe meeting quarterly, annually, appointing of the independent directors, auditors & otherimportant stakeholders to fix the issues, discussions surrounding to it regularly.There otherissues such as not keeping up with the public interest or adhering to the protocols ofthe organisation lay. Not forming rules & regulation, obeying & following the protocols ofthe organisation upon which the organisation rests.Forming one own rules of conduct & notobeying the guiding principles of the accountancy & of the organisation which makes theframework of the organisation strong & integral to operate. Not reviewing one’s own work &miscalculation, misusing the work for own reference & guidance are some of the key factorswhich are breach on the part of the accountant standards laid down. One of the importantissues is using the organisation information & discussing or formulating strategies discussingwith the competitors. Making an unsound decision based on the quarterly & annually resultsupon which the organisation formulates decision or is dependent on the making decision. Discussing it with the competitors or the peer companies before publishing the results publically are some of the key concerns which the organisation needs to tackle when dealing withthe accountant unprofessionalism. Application of the degree studyAs a professional accountant who has an in-depth knowledge of the facts,figures, canconceptualized problems, present the problems with the correct depending financial reporting6 & statistics it has resulted in a making me address a correct analysis & draw a verifiedconclusion. Often it is seen the facts which are sent out to me during my workplace has adistorted facts & numbers. Through my conceptualized analysis, I am able to present a good& sound judgment which has a convincing impact on the clients, managements & variousstakeholders. As drawing a conclusion or a judgment based on the facts can sound to befictitious but drawing a conclusion based on the numbers can still lead to dealing with goals,objectives, and judgments in a better manner. In my workplace, it was often seen thatmanagement was making an uncanny assumption upon which it was deriving a variable &unachievable goals & targets. Due to the achievable targets, it uses to lead to unrest &unsettlement in the organization in making them achieve the targets. Hence due to my degreestudy, I was able to exercise my knowledge in forecasting the achievable targets based on thegoals of achieving profits set for the quarter. Once the goals were set which was derived onthe basis of the past projected sales & outputs, it was decided to learn & achieve a profit of10% by this quarter which was still manageable & acceptable by the staff. Once the goal wasset, the next step was to keep a budget aside in order to target the sales & gain the profit. Theassociated cost cutting along with managing the budget to control finances (Gorman, 1997).After this step, it was decided to allocate month-by-month sales target & to achieve themwhich would lead to the accomplishment of the long-term quarterly goal.The other problem which was highlighted was the succumbing to the pressures of themanagement to make & project an unrealistic financial reporting which was baseless &inflated. It was given a common sense of disbelief for the stakeholders & shareholders whowere not able to understand the inflated projected profits which were based upon the factiousassumptions.My degree enabled me to understand the ethics of the professional accounting,upon which one needs to work, hold & value the work delivered to the ethical standards. Itwas done on the basis of the set guidelines & rules of the finance working based upon which7 the calculation, forecasting & projection were done. It helped to give a clear picture & clarityto the investors & various stakeholders.Though the management was unable to understandthe huge difference in the profits & sales figures projected with the help of my degree I wasable to make them understand a realistic & a rationalize picture of the financial figures whichwould help them draw a sound conclusion & judgment. As the financial reporting wasdependent on the past sales, outputs, profits/losses hence through my calculation & projectedfigures I was able to make them understand a realistic picture with clear directions & scope ofachieving it. The third concern was to adhere to the regulatory body’s standards, rules & procedures uponwhich the meetings with the investors, shareholders & various stakeholders need to beconducted. This is important as the investors also have their share of input in the firm & theyhold basic rights to know the future of their money & invested hard earned income. For thisadherence to appointing of the independent external auditors who could review our financialreporting semi-annually was appointed with the external parties who would value &analyseour profits/losses. This element helps the investors & the government know the signs of thered flags in the accounting standards.Along with this, there should be an adherence to theappointment of the independent directors while involving them in the boards of meetings.This is again required as per the ruling of the regulatory bodies to have unbiased opinions ofthe invested money of the investors & utilization of the public funds. All these elements arecrucial to judging if the company is not conducting any accounting frauds, showcasing theirfinancial reporting ethically & adhering to the compliance protocols of rules & conducts(Hawkins, 2010). Any warning signs or red alert flags can be considered as an indication towork towards in resolving it.With the help of my degree, I was able to establish some concrete rules of workingprocedures which were dependent on the education, technical know-how & interpretation of8 "