Accounting

Topic: Discuss the impact of technology on the accounting profession in relation to the point that “Accounting is moving to information management” considering whether the impact has increased, whether greater changes in technology have taken place which has impacted the point raised since 1999, and what are the expected future effects of technology.

One of the impacts that the technology had on the Accounting profession was related to education needs. Upgrading the skills and practices seemed crucial to make pace with the changing world so that the accounting profession remains in the race against the competitors, as summed up by Jordan (1999).

A movement had started in education arena to create specialist courses of the subject at graduate level and set entry criteria to professional courses for better information management in accountancy. Impact of technology has been such that externally reporting professional accountants’ demand has multiplied in both public and privately managed organizations. Actually, technology has made advances in its own field; as a result reporting mechanism has become complex and volume of information to be reported has also increased because of its increased demand. In traditional system of accounting, it was not possible to access required information easily. Now, related information is available at the click of the mouse due to the internet and world-wide-web. Sophisticated information systems require accountants, who are efficient in both -- the profession as well as information management technology. Keeping pace with technology advances, the American Institute of Certified Public Accountants (AICPA) constituted a Special Committee on Assurances Services (SCAS) to broaden the compass of professional services by certified public accountants (CPA) for general public, tax payer, litigation services, and business needs. Now, a CPA has to get a license to operate in a state and belong to a professional organization and be an...