Technology helps accountants and auditors navigate change in the digital age
Although the accounting and audit professions have existed for centuries, these worlds are changing faster than they ever have throughout their long history. It’s imperative for professionals in these areas to continually be developing new skills and acquiring new knowledge to ensure they can both serve their existing stakeholder base effectively and further their own careers.
Some of the main ways in which accounting and audit are changing are focused on the ongoing process of digital transformation that is affecting nearly all industries. Advanced software solutions are able to provide more data than in the past on crucial areas related to financial statements. This helps accountants get to the root of risks that their organizations or stakeholders may be prone to, such as fraud dangers, cybersecurity breaches and material misstatements.
The recent COVID-19 pandemic also had a deep effect on how finance and audit functions operate, with a spike in remote working and electronic collaboration occurring since early 2020 when the pandemic first truly took hold. New hiring practices and communication methods with stakeholders and colleagues have also forced government organizations and corporations to adjust on the fly.
Another recent trend is the growing spotlight on environmental, social and governance (ESG) issues. As the importance of sustainability grows over time, businesses will increasingly call upon accountants to help produce the materials needed to prove their commitment to these issues and the actual steps they are taking to bring about improvement. Incorporating ESG into financial reporting marks a noteworthy — and positive — development for those in the profession.
These are but a few ways the accounting and auditing professions are changing at lightning-fast speed. Increasingly, these professionals are relying on advanced software platforms and solutions to help them navigate the new conditions and thrive within them.