There is no comparison of ideas that Information Technology (IT) is pervading all professional frontiers. It is no longer a question of whether IT is relevant in performing professional or other duties. It is a fact of life that IT has come to stay and would continue to affect and impact all that we do whether in our private or professional lives. This shift in paradigm has continued to send shivers down the spine of professionals including accountants who think of their careers being gradually impaired by the ‘monstrosity’ of IT. Is the fear justified? Well, fear is basic and everyone experiences it one way or the other.
Nonetheless, the place of IT in the affairs of professional accountants came up very prominently during one of the plenary sessions in the 2017 Annual Accountants’ Conference organized by the Institute of Chartered Accountants of Nigeria (ICAN). This refreshed the fear among some participants. The question was whether the accounting profession of the future would be populated by ‘accountants with IT skills’ or ‘IT experts with accounting skills.’ The question is relevant because the benefits of IT to the accounting profession are a legion. For instance, the repetitive aspects of accounting have already been taken over by technology. The outcomes of certain events are now being speedily and accurately predicted by learning algorithms which represent the power of Artificial Intelligence (AI). IT is assisting auditors to provide new levels of insights to their clients and much more.
There were indications, however, of divided opinion among participants on the vexed issue. A number of colleagues I had informal chat with saw the incursion of IT experts into accounting as a case of the Mistletoe which attaches itself to trees, steal nutrients, drain their water, weaken the trees and often difficult to get rid of. They reasoned that the ‘placental’ of IT experts is now firmly tied to the accounting profession. Yes, deeply tied. I believe it is much more than being a mistletoe. They have become a ‘baggage’ that must be carried along as they serve to facilitate the delivery of high-quality accounting services, especially in terms of speed and timeliness. If we can extricate them fine, but what happens if we can’t? There lies the dilemma.
In all of these, one thing is clear- it would be absurd to have an ‘accounting profession of IT experts’ with some faint knowledge of accounting. The ideal and most pragmatic position should be an accounting profession made up of ‘professional accountants with relevant IT skills. ’In this case, the accounting profession will be preserved and remain a ‘going concern’ ,notwithstanding the incursion of IT experts. The IT experts will take a slice of the pie, no doubt, but they can’t drive the accounting profession into extinction.
In order to have the role of the accounting profession remain consistent and preserved, therefore, the time to fully embrace IT by all is now. The accounting curricula at all levels require to be redesigned by relevant authorities in partnership with key stakeholders such as ICAN to ensure there is sufficient dosage of IT contents in the teaching, learning, and practice of accounting in Nigeria. It would also be necessary to introduce better and more creative pedagogical approaches and infrastructure to support accounting instructions generally. There is no reason every accountant should not be adequately literate and competent in financial modeling using IT skills, writing simple programmes and using advanced electronic spreadsheets as well as having some knowledge of ‘soft computing,’ that is, AI with the application of Mathlab. But can it happen when most of the accounting departments in our tertiary institutions lack computer laboratories and teachers?
The new technologies have just begun their invasion and exploits and the speed of development is alarming. The only gap left is that the new technologies lack conscience and feelings, can’t deploy human judgment and skepticism as required of accountants/auditors. It won’t be long before the vacuum is filed. Would you still be relevant in the absence of skills in the new and emerging technologies? The time to be technology-savvy to optimizing current and future business potentials is now. It does not matter that there still exists some accountants in practice, business, and the academia to whom the subject of IT is a closed book. Adopting IT tools is compelling and there is no alternative. The usefulness of IT can no longer be defined just in terms of current needs and the needs around us. In the fullness of time, IT will overrun all aspects of daily activities, especially that the ‘internet of things’ represent no buzzword bingo anymore. The days of self-referential as ‘all knowing’ professionals are fading away. Irrespective of our current skills, lets further tune-up.
Francis Iyoha
Professor Iyoha is of the Department of Accounting, Covenant University and Research Fellow, the Institute of Chartered Accountants of Nigeria (ICAN). He wrote viafoiyoha@ican.org.ng
