The Impact of the Digital Revolution on the Accounting Profession (Currently Unavailable)
Author: Gary Cokins
| CPE Credit: |
2 hours for CPAs |
There is an accelerating and disruptive digital technology transformation in progress. It is referred to as the “digital revolution”. It can potentially adversely impact an organization’s competitiveness and will be replacing employee jobs with computers. The accounting profession needs to prepare itself for substantial change and a threat to jobs in accounting. Vulnerable jobs are transactional ones (e.g., payroll, payables, receivables, auditing, filings).
Digital transformation is not exclusively about physical robots, but also about software robots that perform functions that white collar employees perform. Digital transformation presents great potential but also raises concerns. It can provide invaluable business enhancements, but also be a threat to one’s job security. Join Gary Cokins, CPIM, as he walks through the threats and effects of digital revolution on accounting profession.
Publication Date: June 2018
Designed For
CFOs, CxOs, Financial officers and controllers, Managerial and cost accountants, Financial and business analysts, Budget managers, Strategic planners, Risk managers, CIO and information technology staff, and Board of Directors,
Topics Covered
- The Threat from the "Digital Revolution"
- How Artificial Intelligence Impacts Industries
- Continuums of Business Analytics
- Opportunities and Risks from Robotic Process Automation (RPA)
- Phases of Software and Auditing-SAS 99
- Skills Needed for Artificial Intelligence
- Five Effects of Automation on Accounting
- Risk Mitigation for the Impact of Digital Automation
Learning Objectives
- Recognize how artificial intelligence (AI), robotic process automation (RPA), and machine learning will impact jobs in accounting
- Identify why this impact can be a threat but also an opportunity
- Describe the continuum of business analytics
- Identify skills needed to embrace digital automation
- Recognize impacted functions: transactional, period end closing, auditing, regulatory filings
- Identify how to mitigate risks from digitalization automation
- Describe the digital revolution
- Describe business analytics
- Recognize why the accounting profession is particularly vulnerable to automation
- Differentiate recent phases of accounting software automation
- Identify how computer”assisted audit tools and techniques (CATTS) specifically improve the auditing process
- Recognize how accountants can reduce the impact of automation on their own role
- Identify how digitization is expected to affect CPA firms
- Describe how organizations that embrace a "digital disruptor" way of thinking will change
- Recognize myths about artificial intelligence
- Identify when the first attempts at automating data analysis took place
- Recognize how the digital revolution will require accountants' roles in effective decision making to shift
Level
Overview
Instructional Method
Self-Study
NASBA Field of Study
Computer Software & Applications (2 hours)
Program Prerequisites
None
Advance Preparation
None
