ASK THE EXPERT: How do ethics influence accounting?
In our continuing series on current issues in business, finance and law, one of Deakin University’s thought leaders shares her vision of tomorrow’s accountants. Hint: they’ll do so much more than balance the books.
Professor Kim Watty practised as a management accountant for the best part of a decade so she knows the sector inside out. As an academic, she focuses on the teaching and learning of accounting, defining key graduate attributes, the skills that boost employability, quality and industry standards. “I’ve been doing research in this area for about 25 years,” says Watty. “It wasn’t that popular when I started, but in the past 10 years it’s become more so.” Deakin University is one of only two Australian institutions to be announced as a Champion (2018-2019) in association with the Principles for Responsible Management Education (PRME), a set of United Nations-supported values aimed at developing responsible future leaders and sustainable, inclusive growth.
How has the scope of accountancy education widened in recent years?
“We make it clear to applicants that their future careers are not only about a balance sheet. There are unique discipline skills – rules, regulations and procedures you need to understand – and you need to be able to measure and report on transactions in a variety of ways. But the best accountants are able to understand all of those things and apply them creatively, to evidence professional skepticism and to show judgement in difficult and complex circumstances. There are ethical issues that may impact decision-making. On top of these technical attributes, we develop ‘soft skills’, which are often difficult skills to acquire, like communication, teamwork, resilience and cultural sensitivity.”
How do you embed ethics into the curriculum?
“In today’s complex global environment, being able to apply an ethical lens to what you’re working on is critical. We use case studies to scaffold learning around issues but, in my view, we don’t ‘teach’ ethics – it’s got to be part of your belief system. It’s about exposing students to ethical challenges, getting them to apply a solution and also seeing how others have approached it and whether that changes their own thinking. Ethics is certainly one of the areas where you need to have conversations. We have innovative ways of engaging students who are learning online through CloudDeakin. There are opportunities in every subject for students to join a Collaborate session, in which other students and a tutor are present for synchronous discussion. It’s interesting for all of us.
How can tomorrow’s accountants help restore public confidence in those with key financial roles?
“It can’t all be on them, of course – as with any industry, the new can’t be responsible for the behaviour of previous generations and the small minority who tarnish a profession. Because accountants operate directly in the public interest, we are held to account in that manner, as we should be. It’s up to firms that hire graduates to ensure that their culture is one that advances good standing. Deakin also promotes a lifelong learning continuum among our students and alumni. Business schools like ours offer the flexibility to dip back into education. It might not be for a degree; it might just be for a short course or even an alumni event but it all helps. When you come up against ethical or judgement dilemmas, it’s great to come back to education to expand your thinking, to reflect and to learn. That is lifelong learning.”