Accounting as a Socially Acceptable Profession (Essay Sample)

Socially Accepting Accounting as a Profession and bestowing Trust upon it by the Australian Public
Student’s name
University name
Unit name and code
Professor
Date
Accounting as a Socially Acceptable Profession
Accounting is socially accepted as a profession by many people. This can be seen in the many materials of research published and as evidenced by the media available and the fact that we live in a capitalistic society where everything is done as a business (Chinese Institute of CPAs. 2019). Lewis (2015) has written in support of this statement. However, on the matter of trust bestowed upon it by the Australian public, there are conflicting thoughts on the topic (White, 2015). Consider the much work put in on finding new methods of making loopholes in accounting laws and regulations to reduce the taxes incurred by organizations accountants work for. They successfully do it and in the process make the economy bleed from such acts (White, 2015). This they do by bending the rules of accounting (White, 2015). So on the matter of trust bestowed upon accounting by the Australian public, I think, like most of my group members, that it is misplaced.
White (2015) stated that as long as there are accounting laws, there will always be loopholes in the laws and so long as there are loopholes, accountants will be there to take advantage of them. He also wonders whether the high social standing in society accountants have is worthwhile considering the negative attitude people bestow on them, especially those working with large corporations. Accountants are willing to bend rules concerning their employers (White, 2015). According to multiple studies and as seconded by (White, 2015) the behaviour of accountants when working for large corporations is explained by the agency theory. 
The agency theory of accounting states that “contractual agreements between organizations and its employees must be utilized to reduce third party costs the organization might incur if there was no such an agreement (Deegan. 2020). Another advantage of the agreement is that it maximizes the value of the organization- this sure will directly benefit the organization and its owners at the possible expense of others. Besides, articles on the agency theory state that accountants will always benefit themselves at the expense of others (Deegan, 2020). The priorities of accountants working for corporations are always mapped out. 
Accountants understand that they have an obligation to their employers first then to themselves, while others come last (Deegan. 2020). However, scholarly articles published in recent times have developed support for theories that solicit organizations to be transparent with their accounting activities (Chinese Institute of CPAs. 2019). For instance, the legitimacy theory argues that the disclosure of an organization’s information and business activities to the public should be of paramount importance (Deegan, 2020). Accounting information and activities should be given priority during such disclosures. Presenting information to the public should be done more than once a year. Relaying