Open Journal of Accounting, 2013, 2, 97-98
http://dx.doi.org/10.4236/ojacct.2013.24013 Published Online October 2013 (http://www.scirp.org/journal/ojacct)
Letter to Editor
Anastasia Maggina
Aristotle University of Thessaloniki, Thessaloniki, Greece
Received June 13, 2013; revised July 25, 2013; accepted August 4, 2013
Copyright © 2013 Anastasia Maggina. This is an open access article distributed under the Creative Commons Attribution License,
which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited.
Dear Editor,
Open Journal of Accoun ting ( OJAcct) is an international
journal dedicated to the latest advancement of all areas of
accounting. The goal of this journal is to provide a plat-
form for scientists and academicians all over the world to
provide, share and discuss various new issues and de-
velopments in different areas of accounting. It aims to
get through the accountin g developments, determines the
state-of-the art and advances progress in this field.
The accounting and in particular the auditing profes-
sion are at a cross road.
The auditing profession has been criticized a lot in last
few years. Nowadays, it faces great challenges. These are
the following:
1) The potential changes to the auditor’s reporting
model;
2) The European efforts to cooperate more on Audit
firm inspections;
3) Auditors’ role in the economic crisis;
4) Problems with audits of multinational companies,
and in the way that audit firms communicate with Audit
Committees on public company boards;
5) The contradictory views of EC and USA about au-
diting firms and audit market concentration and the de-
nial by the USA on mandatory rotation of auditors. As
far as auditor rotation, there are radical changes in Eu-
rope while in USA the matter is still in question;
6) The new bill known as Enforcement Transparency
Act of 2011;
7) The full liberalization of the auditing profession in
Europe;
8) Separation of entities providing audit services from
entities providing non-aud it services;
9) Joint audits (audit by two aud iting firms) or audit by
multiple auditors.
Challenges facing Accountants as shown by practi-
cioners are the challenges of growing an accounting
practice, retaining clients, increasing cash flow, recruit-
ing and retaining staff members and dealing with regula-
tory complexity.
Demand for accounting grads reaches all-time high. A
new study examining supply and demand trends in ac-
counting found that the profession is thriving-with col-
lege enrollments (AICPA).
Demand for new accounting grads is expected to set a
record this year, as CPA firms report plans to hire at least
as many new accountants as they did last year, itself a
banner year.
Just released by the American Institute of CPAs, its
annual survey of accounting graduates and hiring says
40,350 new bachelor’s and master’s degree graduates
were hired last year by CPA firms and a 22 percent over
the previous year and the largest number of new grads to
be hired, since the AICPA has kept records.
A decade ago, CPA firms hired 3555 students with
accounting masters. Last year, they hired 16,557. By
comparison, bachelor’s hires numbered 13,270 in 2003.
Last year, 23,793 were hired.
“Employers are increasingly looking to hire CPAs
with advanced degrees, as they have the education and
skills necessary to work in an increasingly complex, glo-
bal business environment,” said Jeannie Patton, AICPA
vice president, academics, professional pathways and
inclusion.
According to the AICPA survey, “Trends in the Sup-
ply of Accounting Graduates and the Demand for Public
Accounting Recruits”, it is also shown that there is a dra-
matic rise in students graduating from accounting pro-
grams. In the 1971-1972 school year, 26,000 accounting
degrees were awarded. Last year, 82,177 were awarded.
And the question to advance the academic activity is
how to reboot the academy and what is the role of Mas-
sive Open Online Courses (MOOCs) ?
Technology is rapidly changing and evolving, and al-
though it presents many opportunities, many education
innovators are just now embracing the advancements.
Rebooting the Academy has been examined through a
collection of essays that will explore how to:
 Implement new approaches to teaching and research
with the use of digital tools.
 Ensure access to your lessons and lectures.
 Take your class time to the next level of interactivity.
C
opyright © 2013 SciRes. OJAcct

A. MAGGINA
98
While there will always be a place for the traditional
inspired live lecture, new trends are focused on discov-
ering how we can revitalize highe r e ducation.
To face current challenges in the accounting area as far
as teaching, research and practice, we must focus on:
 The developments of the IASB and FASB communi-
cations as far as common projects (see incorporation
of IFRS in the US financial reporting system among
others).
 The developments of PCAOB and CPA Societies
communications about auditor rotation, audit quality,
auditor skepticism, renewal of audit reports, Audit
Committee performance, etc.