Preliminary Study Of The Accountancy Professional Competency Framework

With the development of economy and the changes in the environment, the traditional competency of the professional accountants can not satisfied the needs of the account profession. The commitment by the profession to provide high quality services to the public require accountants to obtain integrated competency witch is different from the traditional ones. At present, scholarships in and out have put out several views on the competency of the professional accountants, but our country can not work out an integrated and well organized competency framework yet. The competency framework can be used as an indicator of the profession's ability to serve the public and to protect the public interest. It also provides a guide to understanding the important roles that accountants perform. So I discuss the establishment of the competency framework of the professional accountants, the reason to build such a framework and the assessment of the ability of the accountants in this paper. There are four parts in this paper:Part one: summarize of the professional accountants competency framework Taking into account the particular economic and cultural environments in China, I depict the definition of "profession competency" at the base of introducing definitions in other countries. In the past, there have been two rather different approaches to competence. One approach is founded on a formal technique known as functional analysis. Another approach focuses, as a starting point, on the capabilities necessary to achieve potential competence as a professional accountant. I point out the difference between the two approach and the advantages and disadvantages of each approach.Part two: the introduction to the competency framework of other countries In this part, I introduce the competency frame published by AICPA, ACCA, CICA, IFAC and other profession's institutes.Part three: the competency framework in our countryAn integrated and well organized competency framework should be established in China, but there are a lot of works to do before we achieve this goal. Rather than present two dichotomous approaches, this Paper aims to move the discussion of competence-based approaches forward by pulling the performance outcomes-based approach and capability-based approach together. It aims to identify and embrace the particular strengths of each approach, acknowledging the common objectives of both.Part four: the assessment system for the competencyAssessment methods need to offer validity, reliability and adequate cost-benefits to employers. Validated competence standards can provide the platform for valid assessments. Assessment structures and systems can then be designed to provide reliability and cost-effectiveness.