ACCOUNTANTS, like any other professionals, are often exposed to stress and are at risk of burnout due to high pressure from their jobs and their demanding workloads. Certified public accountants (CPAs) in public practice, in particular, are usually confronted with a multitude of challenges associated with the dynamic and competitive environment of the profession.
CPA practitioners must bear with the increased pressure to demonstrate exceptional performance amid uncertainties as they establish a fair compromise between providing quality service to their clients, managing the organization, attracting and retaining talent, adhering to various regulatory compliances and fulfilling their responsibility to act in the public interest.
Publications upholding the practice of the accountancy profession are usually obtainable. In acting in the public interest, accountants observe and comply with the fundamental principles established in the Code of Ethics for Professional Accountants. Governing bodies continually issue updated Accounting and Auditing Standards to which reports and deliverables prepared by practitioners must conform. Regulatory agencies periodically publish circulars, advisories and regulations for compliance.
The Quality Assurance Review Program, introduced recently, is intended to ensure the quality audit of financial statements and adopt practices consistent with prescribed professional, ethical and technical standards. What is rarely accessible is related literature on auditor resilience, especially with the newest generation of accountants.
Generational research finds that the younger generation of accountants prioritizes leisure time more than the prior generations. It is imperative, therefore, to consider generational differences in developing and implementing firm policies, as the newest generations comprise a large proportion of the workforce in public accounting firms.
What does it mean, then, to be resilient?
The American Psychological Association (2012) defines resilience as "the process of adapting well in the face of adversity, trauma, tragedy, threats or even significant sources of threat." Connor and Davidson (2003) also noted that resilience involves multiple dimensions and is affected by factors such as gender, culture, age and life experiences.
A resilient accountant can readily adapt to the changes and effectively handle the challenges of the profession. One who is composed and can maintain an optimistic view as issues or complicated situations arise, effectively resolves problems or conflicts, efficiently manages tasks and deadlines, and is persistent toward achieving goals and objectives.
After reviewing the antecedents of burnout in public accountants and positive psychology interventions, research concluded that identifying and using one's character strengths, connecting with one's purpose and the meaning of one's work, and cultivating skills to adapt to stress are effective ways to increase auditor resilience.
It's that time of the year again. The upcoming tax deadlines pose another challenge for practitioners. This time, we need resilience skills to overcome the circumstances this overwhelming busy season may bring.
Becoming a resilient accountant means building habits and developing mindset shifts to navigate life and work challenges strategically. To build resilience, an accountant must develop a positive attitude, viewing any challenge not as a hurdle but as an opportunity for learning and growth. An environment offering mentorship and emotional help when needed and building strong relationships with family, friends and colleagues can also substantially help develop resilience.
Inevitable setbacks can occur, and being resilient means being able to assess what went wrong and applying the lessons learned by approaching the problem differently next time. Rather than avoiding problems, focus on controllable aspects of the situation to overcome the feeling of being overwhelmed.
A vital part of building resilience is attending to one's physical and mental health. Exercise or any regular physical activity can alleviate the effects of stress, and mindfulness practices can help maintain composure in difficult situations. Getting enough sleep, eating healthy food and intentionally allocating time away from work or everyday routines to unwind, travel or participate in leisure activities provide a chance for rest and renewal to enhance both mental and physical well-being.
As a CPA in public practice for almost seven years, I, too, have my share of experiences overcoming deadlines for several tax seasons. I must say every busy season is overwhelming, but it's different — a different me learning and growing one season after another.
In addition to technical knowledge and skills, resilience is a valuable trait every accountant in public practice must have in order to not only survive but also thrive.
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Mary Joyce Makilan is currently the junior audit partner of Inventor, Miranda & Associates and treasurer of the Association of CPAs in Public Practice-Negros Occidental Chapter and an active member of the said organization. She has more than six years of experience in various fields in the profession, such as auditing, financial statements preparation and analysis, tax consultation, and business processing and consulting. The views and opinions expressed in this article are those of the author and do not necessarily reflect the views and opinions of the abovementioned institutions.
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