Accounting Enhancement Strategy Essay

4233 WordsMar 2, 201117 Pages
Fortifying Accounting Profession and Practices in Kuwait: Accounting Experts` strategy Dr. Wael AL-Rashed Ph.D. (UK), MBA (USA) Accounting Department College of Administrative Sciences, Kuwait University, P. O. Box 5468 - 13055 Kuwait Tel: ++965 - 2543618 / 5337961 Fax: ++965 - 2510055 / 2533382 Fortifying Accounting Profession and Practices in Kuwait: Accounting Experts` strategy ABSTRACT This paper examines accounting experts` perception on strategies for enhancing accounting profession and practices in Kuwait. Sixteen possible strategies were presented to three groups of accounting experts: (1) partners in public accounting firms operating in Kuwait, (2) managers of accounting and finance functions in Kuwait Share-holding companies, and (3) directors of accounting and finance departments in various governmental entities. Subjects were asked to rate the effectiveness of each strategy according to a five-point Likert-type scale. The study found that the adoption of international account standards, the adoption of international auditing standards, practical training for accounting students during their college education, and raising educational requirements for accounting at the entry level to the profession are perceived to be the most effective strategies for enhancing accounting profession and practices in Kuwait. These findings have important implications for various groups interested in enhancing the accounting profession and practices in Kuwait. KEY WORDS: Accounting Profession, Kuwait, Developing Countries. Introduction Researchers have long argued that economic development and prosperity in developing countries cannot reach its full potential without the existence of well developed accounting profession and practices in these countries. Seidler (1967) argued that the value of the accounting profession as

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