Summary of George Victor discussion

The article “Expectation Gap in Accounting Professionals” is written by George Victor. Victor is the quality control partner in an accounting firm Holtz Rubenstein Reminick (HRR) and he gives accounting lectures on topics related to auditing and career development. This article revolves around the aspect of expectation gap and the author uses the difference between students and professionals in this entire article. The sole purpose of the article is to assess the current trends of professionalism in the accounting industry.In this article the author stresses on the point that the industry is lacking accounting professionals and all the accounting firms are experiencing the dearth of professionals in this industry. The lack of professionalism in students is known as the expectation gap. The expectation gap is basically the difference between the technical skills that the student considers to be adequate in his/her entry level job versus the technical skill that the employer assumes is necessary for the individual in the entry level. Accounting firms and the academic institutions must address this gap in a positive manner. They can reduce this gap by teaching practical implications of studies to the students because students are well versed in theoretical aspects (Victor, 2009). The skill set must be reviewed at the staff and the managerial level. The employees of the organization must develop a thinking pattern in solving a problem and they must not follow the mechanical way in solving issues. These issues must be addressed by both the parties that are the academic institutions and the accounting firms.The author emphasizes on time management and explains that professionals at entry level must recognize the value of time and they must also consider the facts that deadline are very important. Other individuals are linked with their time and their lapse of time would definitely affect individuals like clients, administration etc. Similarly, graduates must know what the priorities of different tasks are and what must be done to complete an entire task. Professionals must review the work of their subordinates and the subordinates must develop problem solving skills in order to solve wide and varied problems. That is the reason why students must analyze and think like auditors. Research skills are also lacking in students that is why they don’t know how to solve a practical problem. The students must use a judgmental approach and they must research the facts and issues when arriving to a conclusion. Writing skills is another major problem of students and they are unable to writer concise business letters and memos. Proper work paper documentation must be adopted by students because it a legal formality. Therefore, getting the task done in a timely manner and in accordance with the standards of GAAP is a necessary requirement.Besides these skills certain complex issues must be taught to students and entry level accountants. Victor gives examples from his firm that at HRR practical skills are taught to entry level accountants and they can work on practical cases that would help them to acquire practical knowledge that is related with the field of accountancy. HRR offers an internship program that helps the student in developing accounting skills that are required in this field. These students are supervised by professionals and they involve in engagements. Thus, the article suggests that the process of imparting knowledge is two way traffic and practitioners must coordinate with academic institutes to impart quality and practical knowledge to students (Victor, 2009).