Question

discuss the increase importance that is being placed on data analysis in the accounting field. Do you agree or disagree with the panel in the podcast that technology will impact the auditing profession.   Be sure to provide detailed examples to support your opinion.

https://www.journalofaccountancy.com/podcast/ai-blockchain-automation-reinventing-accounting.html

Answer 1

The data analysis in accounting field, mainly in Auditing sub-field, has been increasing importance now a days because world market, pricing, trading, financing, etc. has been becoming very dynamic and profit center. To access the effect of the changes from one period to another and from one company to another. The professionals like CPA, has to contact the employees or owner of the company for any kind of information required while auditing the company, so this problem has been solved by Automated data analysis, Artificial intelligence, Blockchain technology, etc., the modern technological modules and CPA now get the informations directly without asking anyone and interrupting its work. If the CPA has to compare the current year’s figures with the last years, he/she can get the last years figure right from the financial reports posted at various sites or from the company’s site.

Thus, the technology has made the working in the accounting field very easy and hassle-free.