Question

In: Accounting

Please read and share your thoughts on this recent brief article from the Journal of Accountancy...

Please read and share your thoughts on this recent brief article from the Journal of Accountancy on accountant skills needed for success in a tech-enabled future. Do you agree? Can you think of other skills that future accountants will need?

JOFA Article: (https://www.journalofaccountancy.com/issues/2018/jun/technology-skills-for-accountants.html)

"Many experts expect accountants' work and duties to change fundamentally in the coming years. As technology is developed to handle tasks that accountants traditionally have performed, CPAs' attention is likely to shift toward advisory roles, investigating exceptions and anomalies identified by technology, and developing processes and controls that will enable technology to perform certain necessary tasks. The technology will allow for a more complete audit that uses all available data rather than samples. And the scrutinizing of anomalies will provide opportunities for auditors to provide more useful information to clients.

Here are some of the skills CPAs will need to succeed in these new duties:

Understand how processes work. Even the most well-designed technological solutions are useless if they are not set up properly and monitored to determine whether they are performing effectively. Advising and consulting on business process improvements also will be a promising niche for CPAs in the future.

Communicate effectively with technologists. Successful CPAs who understand processes likely will not have the technological skills to code and implement systems. Technology experts, meanwhile, are unlikely to understand accounting and auditing rules and the deliverables required from systems. CPAs will need to be able to team with technologists and describe the decision trees that must be embedded in the technology to process the correct data and deliver the desired intelligence.

Learn to advise or consult, not command. Accountants are used to providing rule-based, definitive answers about making appropriate journal entries, information to be included in footnotes, and whether financial statements are materially misstated. But as accountants take on more advisory and consulting duties, they will need to learn how to provide opinions and advocate for their ideas without being overbearing.

Analyze data and communicate with clients. As technology results in the automation of more compliance-based services, accountants will have more time to spend with clients. To make the most of this time, accountants will need to learn how to analyze data for business insights and then be able to communicate those insights to clients."

Solutions

Expert Solution

Ans DISCUSSION REGARDING CHANGING ROLES OF CPA IN FUTURE

1. I COMPLETELY AGREE THAT IN CURRENT SCENARIO THE ACCOUNTANTS HAD TO TAKE CHARGE AND BE PROACTIVE THEY CANNOT JUST SIT AND MAKE ACCOUNTING ENTRIES AS THEY DID EARLIER THEY HAD TO ACT LIKE THEY ARE THE OWNERS .

2.ACCOUNTANTS NOW HAD TO PROVIDE VAULABLE IDEAS TO TAKE BUSINESS TO THE TOP . NOW WITH THE CHANGING LEGAL AND TECHNICAL ENVIRONMENT IN WHICH BUSINESS OPERATES THE ACCOUNTANTS HAVE AN INTEGRAL PART TO PLAY IN THE BUSINESS . WITHOUT THEIR PROPER GUIDANCE AND COOPERATION SURVIVAL OF BUSINESS WILL GET TOUGH .

3. ACCOUNTANTS SHOULD BE FLEXIBLE AND DYNAMIC TO COPE UP WITH THE CHANGES THEY ARE TAKING PLACE IN THE CURRENT SCENARIO THEY SHOULD BE READY TO COPE UP AND ADAPT WITH THE OPERATIONAL CHANGES THAT ARE TAKING PLACE IN THE INDUSTRY . THEY SHOULD ADD VALUE TO THE ORGANIZATION .

ON THE BASIS OF THE ABOVE DISCUSSION I CONCLUDE THAT ACCOUNTANTS HAVE A GREATER ROLE TO PLAY IN THE CURRENT CHANGING SCENARIO AND I COMPLETELY AGREE AND ADVOCATE THE POINTS THAT HAVE BEEN DISCUSSED IN THE ARTICLE . ACCOUNTANTS NEED TO BE FLEXIBLE AND ADAPTIVE .


Related Solutions

Please read the ' Last Word: U.S family Wealth and its Distribution' please share your thoughts...
Please read the ' Last Word: U.S family Wealth and its Distribution' please share your thoughts in this subjects.
As stated in the Executive Summary of the Journal of Accountancy article, three of the most...
As stated in the Executive Summary of the Journal of Accountancy article, three of the most common complaints made against small to midsize CPA firms involve failure to return client records on a timely basis, failure to exercise due professional care and conflicts of interest. Select one of these issues and discuss why you feel it is the most important.
read ONE ARTICLE from a reputable business journal of your choice (and summarize the article's focus...
read ONE ARTICLE from a reputable business journal of your choice (and summarize the article's focus in a half-page. Just provide an overview of the big ideas presented. Please provide the title of the article, author AND any website/URL where you found it.
Read the Ethical Dilemma, Anything for a BUC, and share your thoughts by answering the following...
Read the Ethical Dilemma, Anything for a BUC, and share your thoughts by answering the following ethical question also posed at the end of the story. What should you do? When answering the question elaborate, expand upon, and support your thoughts. The bank of Universal City (BUC) is a medium-size state banking organization that is located in Louisiana. BUC offers a good variety of products and services, including checking and savings accounts, a bill-paying service, credit cards, business consulting, insurance,...
Please share your thoughts on the transition period from Adolescence into Early Adulthood on why some...
Please share your thoughts on the transition period from Adolescence into Early Adulthood on why some consider it as its own period of development. Do you think it should be considered as such?
For this week's Brief, read the attached article (below) from The Economist magazine and write a...
For this week's Brief, read the attached article (below) from The Economist magazine and write a one page summary of it. Bucks 114--Economist Article--VR.docx Your objective is to produce an easy-to-read document that allows your reader to understand the article without having to read it in its entirety. There is no word count requirement for this assignment, but you must make sure that you include the vital information from the article (while necessarily eliminating noncritical information). There are two specific...
Summary and Thoughts about this article (please, without copying it from another article, resource or whatever,...
Summary and Thoughts about this article (please, without copying it from another article, resource or whatever, your own words). (It doesn't have to be long, at least 4 paragraphs). People in Economics Man with a Mission Hyun-Sung Khang profiles Princeton’s Atif Mian, who sees the fight against inequality as a moral imperative Everyone knows someone who buys more than he or she can afford. This has been characterized mockingly as millennials spending beyond their means on avocado toast and expensive...
I need a brief summary/your thoughts on the article. The long-standing narrative of credit card security...
I need a brief summary/your thoughts on the article. The long-standing narrative of credit card security is that offline transactions are more secure than online. Today, this narrative is more fiction than fact. Online transactions are more popular and secure than ever before, thanks to advancements in digital payments technology, demographic shifts, and the evolving cyber-security landscape. At the same time, offline payments seem more insecure than ever before. The outbreak of high-profile security breaches at major retailers has shed...
Find an article about recent findings in physics from a reputable source. After you've read your...
Find an article about recent findings in physics from a reputable source. After you've read your article, Summarize it in 1-2 paragraphs. In an additional paragraph, discuss any evidence presented in the article. Use the following questions to help guide you: What, if anything, does this evidence support? Is it relevant to the author's main idea(s)? Is a claim made or a position taken on a scientific issue? If so, to what degree does the evidence and reasoning in the...
Please read the following article and discuss the following article in 450 word count in your...
Please read the following article and discuss the following article in 450 word count in your own words. If need any additional information I have attached the name and author of the article and you can pull the article up. Fibuch, E. E. (2011). Failure of senior leadership: Is this a problem in your hospital? Physician Executive, 37(2), 46‐50. The article looks at the reasons behind failed leadership in the context of health care organizations in the U.S. It provides...
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT