Challenges to the Accounting Profession As the business world continues to change the way in which business is conducted, accountants are faced with the challenge of accounting for these changes. Who, for example, could have anticipated the risks associated with asbestos? Or the decline of communism? Or the increasingly litigious environment in the United States? Each of these events, and many more, has influenced business—which has, in turn, influenced accounting. From your general understanding of accounting and the current business environment, what are some of the challenges you see facing the accounting profession?