Question

• Discuss some of the risks of these technologies on the accounting profession.
• Discuss the ethical implications of these technologies on the accounting profession.
• What skills should students and CPAs in practice be developing now to stay competitive?

Answer 1

Some of the risks of these technologies on the accounting profession are-

1.Dependence on frameworks or projects that are mistakenly preparing information, handling erroneous information, or both

2. since the data is available online, if anyone unauthorized to view the data gets access, it may hamper the confidentiality of the information

3.Unauthorized or unwanted changes in the available data can be made for personal benefits

4.Unauthorized changes can be made in the systems

5.Since the data is stored online there is always a possibility of data to be washed out or get corrupted or theft of data

Ethical implications of these technologies on the accounting profession are:

ethics is very much important not only for accounting professions but for each and every field of work

without ethics no business or work can be done

every business service professional has its own set of ethics and rules which is the implied duty of the particular person related to that field to follow it

skills that students and CPAs in practice be developing now to stay competitive

To be techno friendly- in this growing world of technology everyone should have a grip and command over the technology so as to be at par with everyone

be updated- accounting professions should be updated with all the important changes in the rules and regulations going on in the particular country and should be updated with the upcoming schemes and rules for the betterment and easment of client