The accounting industry is one of the most steadfast on the planet. It has often been called the “language of business,” and is the backbone of every economic entity. Thus, as the global economy progresses, so does the need for accountants. The profession measures the results of an organization’s economic activities and conveys this information to a variety of users, including investors, creditors, management and regulators. Accounting reports provide information on a company’s financial position, its liquidity, solvency, cash flows and day-to-day operations. This report aims to better understand accounting discourse communities. It discusses the standardization of reporting practices, various standard-setting boards, organizations available to professionals in the community and current issues in the field. Considering first the industry as a whole, the report then discusses tools of the trade, professional accounting communities and current issues in the industry. Finally, it narrows to various discourse communities within Deloitte specifically and the tangible benefits that these communities produce. This information will be invaluable to the brothers of the Beta Alpha Psi Accounting Fraternity as they prepare for graduation and ultimately careers in the accounting industry.

Accountancy as a Profession

Auditors are the “fact-checkers” of accounting information and it is up to them to call out fraudulent bookkeeping activities. The industry values ethical behavior above all else, and one needs not dig deeper than the 2001 Enron and WorldCom scandals for evidence as to why. These companies committed enormous fraud over the course of many years, fudging the books to increase assets, lower expenses and misstate various other accounts in an attempt to cover up mounting debts and overstate future potential. These reporting infractions would have likely amounted to nothing more than a slap on the wrist and a couple lost jobs had the auditors over at Arthur Anderson done their job initially. Unfortunately, those assigned to check Enron’s and WorldCom’s books for errors turned a blind eye to the mess, giving birth to the greatest accounting scandals in modern history. An auditor must pit his or her moral compass against corruption and fraudulent activities even when calling these activities into question may not be in his or her best personal interest.