Preparing For Successful Careers In The Global Economy Through Accounting/Commerce Graduate Program

Attributes Employers Seek When Hiring Recent Graduates

Question:

Discuss About The Success Careers Increasing Global Economy?

According to the 2017 ATO graduate job position, the attributes that the employers are looking for when hiring recent graduates encompasses better educational background that will enhance their growth and productivity (Armendáriz, and Labie, 2011). Diverse employers also look for quality skills and experiences on each predetermined field because this aspect will enable the company continues with its operation. Accounting or Commerce is one of the ATO graduate program stream that I am interested in because it prepares me for successful careers in the ever increasing global economy. The program also provides me with wide skills and knowledge that will assist me in making decisions about investments.

Accounting or Commerce graduate program stream is an important program because it prepares me for successful careers in the ever increasing global economy. In this program, obtaining a wide range of chronological learning and understanding of accounting, comprising of a logic of development overtime, and a gratitude of the cultures (Awrey, Blair, and Kershaw, 2013). Funds management is one discipline specific skills needed for accounting concept. This is because it enables an individual to have a better knowledge in the management of personal and company funds to ensure that there is the reasonable utilization of available funds in profit making portfolios.

Consequently, attaining the confidence to assume self-directed knowledge, making the utmost efficient use of resources and time, and gradually defining individual’s goals and questions are some of the transferable skills needed. This is important because an individual who has a significant interest in accounting will have the capability to utilize the skills in his or her day to day business operations (Chen, Shin and Yang, 2012). Analytic skills gained from the program will enhance the capability to understand and synthesize complex content, problem solving, deliberate the big image while managing particulars, apply innovative research approaches, make resolutions consistently about theoretical information, and exercise best judgment. 

Basically, I believe that I meet the ATO’s expectations because my strengths lie in my academic background and the ability to engage myself with the program (Bowie, 2017). During my class period, I joined the International Business Program and Entrepreneurship class (Chun, Shin, Choi, and Kim, 2013). This was important to me because I realized that the skills and knowledge I gained from the program could assist me in my ambition of becoming a great accountant, bank investor or a business person. The ability to understand as aspect easily would also enhance my expectations, accounting skills needed for the program was instrumental because of the capability to adapt and learn at a great level, self-confident, and respond suitably to large extents of information that were needed. Possession of the required skills and knowledge will enable individuals in the organization to perform their duties with minimal supervision and ensures higher production of the company (Christensen, Peirce, Hartman, Hoffman, and Carrier, 2007). This is vital because having a strong academic base from a higher institution will provide the needed skills that will be utilized in the day to day employment opportunities.

Importance of Accounting/Commerce Graduate Program Stream for Successful Careers in Global Economy

Ability to communicate is another strength. This is vital because it enhances my ability to rationally organize diverse material for other, enable discussions and speak up efficiently. Basically, my strengths lie to this aspect because it often enhances the capability to work with others in the work station. In this case, conflict resolution is an area that I need improvement because resolving diverse conflicts that arise in the organization is a significant activity that is needed for each employee. Employers often need conflict solving individuals because they will enhance unity among other employees in the work places (Armendáriz, and Labie, 2011). Ethics and integrity are vital aspects because of control of these appropriate professional and personal values and the capability to make better decisions based on these in work connected situations. Basing on the relevance of this case, learning MAA250 will help me meeting ATOs expectation by providing me with necessary skills that are needed by the organization. It will also offer me the opportunity to develop my career in a dynamic and high-profile national organization which provides diverse work experiences that prepare an individual for exciting career paths.

From the action plan perspective, the action plan is still appropriate because it basically offers me with the suitable guidelines that guide me in my day to day operations. Action plans aspect should be maintained and used effectively because it guides us on most of the operations (Boatright, 2013). This document lists the steps that should be taken so as to attain a specific objective. This action plan is appropriate because it helps us to elucidate the resources needed to reach the objective, formulate a framework when precise tasks needs to be accomplished and determine the required resources. Since I joined the first year, I have further developed KSAs.

ATO position learning: Basing on the aspect that most of the employees presently work below production level, my goal is that by February 2018, I will improve my capability in my work. I will quantify the progress towards these objectives via monthly evaluations.

Professional practice: In order, to attain this objective, ATO will offer me with knowledge that consist of writing prospects on a monthly basis, comprising of skill-directed from accounting or Commerce program (Ferrell, and Fraedrich, 2015). I will monitor my accounting or commerce graduate program learnings by tracking the frequency and type of my duty and gathering a section of the response that I offer.

Skills and Knowledge Acquired Through Accounting/Commerce Graduate Program Stream

Part B: ATO Tax Fraud Scandal

In May 2017, the Australian Tax Office (ATO) was involved in the largest tax fraud worth US$165 Million. The scam was a conspiracy to divert Pay As You Go withholding tax that was owed to the Australian Tax Office (ATO). The operation is believed to have run from June 2016 to May 2017, and the scam basically raised an amount believed to be US$165 Million (Musa, 2015). The scammers took control of the Plutus Payroll Australia which was a firm that offered administration of payroll services for legitimate customers and larger cooperate, employers. In this case, the scammers set up many second tire firms into which they basically installed unrelated small time crooks and firm directors that would enable them disguised their involvement in the conspiracy. Plutus would transfer the payroll money to the second tier firm where it would pay the customer’s firms payroll as needed but it would only forward part of the Pay As You Go contributions to the tax man (Jamnik, 2011). The funds dishonestly retained by Plutus and the second tire firms were transferred to the scammers through fake invoices or other bank accounts utilized to fund their lavish lifestyles.

After reviewing Australian Tax Office (ATO) Code of Conduct, developing better security and use of biometrics could basically be enhanced so as to prevent such fraud and scam activities like the recent Australian Tax Office (ATO) that happened in May 2017. This security aspect will basically enable companies or tax collecting organizations from losing any of its funds through the scam. Strict measures could also be enhanced where an individual working with Australian Tax Office (ATO) is found guilty should be prosecuted and jailed on a lifetime basis. According to the scandal, the main cause of this scam was the potential loophole that enables the perpetrators to carry out the activity (Bowie, 2017). The connection and relationship between the chief perpetrator and the ATO deputy tax commissioner were also the main cause of the fraud because the scammer would get access to required files, checked restricted information of the office tax files and thus obtain viable data that aided in the fraud activity (Trevino, and Nelson, 2016).

The scam had a big impact because the country lost most of its funds that were utilized by the perpetrators to fund their lavish lifestyles. From the scam, it was learned that most of the funds get lost through n authorized access to the restricted data and that proper measures should be laid up so as to prevent such activities from happening in the near future. According to the research, the corporate culture at the Australian Tax Office (ATO) is that the organization attempts to ensure that it collects enough funds for the country to ensure smooth provision of services to its citizens (Cragg, 2005). Australian Tax Office (ATO) ensures that there is transparency in its operations and that there is an equal collection of taxes from both individuals and the companies.

Importance of Transferable Skills for Personal Development, Academic Growth, and Professionalism

Australian Tax Office (ATO) mission statements accentuate in contributing to the social and economic well-being of Australians by fostering willing participation in the tax and superannuation systems. Its core values involve being a leading superannuation and tax administration known for the contemporary services, expertise and also integrity for the Australians (Woodbine, 2004). According to the website, its ethos accentuates of easy goals for Australians to participate so as to have respectful and purposeful relationships. The recent Australian Tax Office (ATO) tax scandal should be the main topic in the contemporary business world because being accountants; we should ensure that we try to avoid such unethical cases because it often affects the credibility of organizations and that there will be less trust from its shareholders. Graduate employees seeking employment should basically explain how such ethical cases should be handled and reduced because most unprofessional and unethical activities such as fraud often reduce credibility and confidence from its shareholders (Crane, and Matten, 2016). From the ELI lens report, I have been able to obtain diverse knowledge that most of the frauds carried out by organizations are usually as a result of the company employees. In the business world, we should ensure that proper managements of funds and employees have been intensified because it will enhance strict prevention of such unprofessional and unethical activities. The report has basically assisted me to gain more insight in making ethical decisions when carrying out a business or even seeking portfolio to initiate (Rooney, Mandeville, and Kastelle, 2013).

Unprofessional and unethical activities should be avoided significantly because it affects the company productions and also my confidence level. My ethical lens findings may assist me to enhance the cooperate culture at the Australian Tax Office (ATO) by prioritizing the pressure between sensibility and rationality as well as equality and autonomy which will be done through paying attention to beliefs, attitudes, and behavior in the organization. This will assist me to carry out my duties effectively if I successfully gained employment with the organization. From the ethical lens, it came to my surprise that following the community wisdom and sensibilities so as to exemplify the virtues that add up for excellence in the society is an important aspect (Cragg, 2005). In this particular case, my ethical path is considered to be the best method to be utilized so as to become ethically aware and mature to my capacity to make future ethical choices in my career.

Less practical activities globally about ethics can be some of the weaknesses that may basically hinder the capacity to make future ethical choices because of lack of enough information about ethics and being professional in the business world. The highlighted ethical sensibility has made me view my future job application and roles differently; this is because my profession involves being accountable to both the company and the shareholders. Shareholders expect me to be transparent and ensures that the company financial statements show the true picture of its financial statements (Oh, Park, and Ghauri, 2013). The financial statements should be prepared in accordance with the set guidelines from the FASB. Any unethical and unprofessional behavior strongly affects the company operations because in most case it reduces the credibility of its operations and that most of its customers will also lose confidence in its products.

References

Armendáriz, B. and Labie, M., 2011. The handbook of microfinance. World scientific.

Awrey, D., Blair, W. and Kershaw, D., 2013. Between law and markets: is there a role for culture and ethics in financial regulation?.

Boatright, J.R., 2013. Ethics in finance. John Wiley & Sons.

Bowie, N.E., 2017. Business ethics: A Kantian perspective. Cambridge University Press.

Chen, H.G., Yu-Chih Liu, J., Shin Sheu, T. and Yang, M.H., 2012. The impact of financial services quality and fairness on customer satisfaction. Managing Service Quality: An International Journal, 22(4), pp.399-421.

Chun, J.S., Shin, Y., Choi, J.N. and Kim, M.S., 2013. How does corporate ethics contribute to firm financial performance? The mediating role of collective organizational commitment and organizational citizenship behavior. Journal of Management, 39(4), pp.853-877.

Christensen, L.J., Peirce, E., Hartman, L.P., Hoffman, W.M. and Carrier, J., 2007. Ethics, CSR, and sustainability education in the Financial Times top 50 global business schools: Baseline data and future research directions. Journal of Business Ethics, 73(4), pp.347-368.

Cragg, W. ed., 2005. Ethics codes, corporations, and the challenge of globalization. Edward Elgar Publishing.

Crane, A. and Matten, D., 2016. Business ethics: Managing corporate citizenship and sustainability in the age of globalization. Oxford University Press.

Ferrell, O.C. and Fraedrich, J., 2015. Business ethics: Ethical decision making & cases. Nelson Education.

Jamnik, A., 2011. Business ethics in financial sector. Economic Research-Ekonomska Istraživanja, 24(4), pp.153-163.

Musa, M.A., 2015. Islamic business ethics and finance: An exploratory study of Islamic banks in Malaysia. In Developing Inclusive and Sustainable Economic and Financial Systems (Vol. 4, pp. 21-36). Bloomsbury Qatar Foundation Journals.

Oh, C.H., Park, J.H. and Ghauri, P.N., 2013. Doing right, investing right: Socially responsible investing and shareholder activism in the financial sector. Business Horizons, 56(6), pp.703-714.

Rooney, D., Mandeville, T. and Kastelle, T., 2013. Abstract knowledge and reified financial innovation: Building wisdom and ethics into financial innovation networks. Journal of Business Ethics, 118(3), pp.447-459.

Trevino, L.K. and Nelson, K.A., 2016. Managing business ethics: Straight talk about how to do it right. John Wiley & Sons.

Woodbine, G.F., 2004. Moral choice and the declining influence of traditional value orientations within the financial sector of a rapidly developing region of the People’s Republic of China. Journal of Business Ethics, 55(1), pp.43-60.

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