Written by Insights Team
One cannot overemphasize the important role accountants play in the business world, instilling confidence in the quality of financial reporting. Yet, there is this popular misconception that accountants will soon be replaced by robots. Quite the contrary.
While automated and cognitive technologies like artificial intelligence, robotics processing and predictive analytics will assume a growing portion of the rote manual work accountants perform, we’re a long way from a day when robots analyze data with a logic structure similar to how human beings draw conclusions.
Technology is not displacing accountants; rather, it is augmenting their technical proficiency as well as their critical thinking and problem-solving skills to make more insightful decisions, reducing the risks and increasing the efficiency of producing financial statements and tax filings.
“Traditional accounting and audit classes in many universities have been unchanged for many years,” explains Roger O’Donnell, Global Head of Data and Analytics, in KPMG’s audit practice. “Most classes continue to focus on accounting rules and the basics on how to audit, which is important, of course. But there’s a growing need for accounting students to learn how to harness and analyze financial and accounting data, as it can greatly enhance their abilities.”
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