Accountants have been urged to embrace artificial intelligence (AI) to remain relevant in their profession as they operate in a fast-evolving digital world.
This call to action was made at the 73rd induction ceremony of the Institute of Chartered Accountants of Nigeria (ICAN) held in Lagos on Tuesday, where 2,015 new members were inducted.
The Executive Director, Chief Operations and Information Officer of Fidelity Bank, Stanley Amuchie, delivering the keynote address at the event, pointed out that AI is already revolutionizing various business processes, from automated data entry to advanced financial analytics, thus enabling accountants to provide more strategic insights.
According to him, “Research by PWC projects that AI is expected to revolutionize the global economy by potentially deriving a staggering $15.7 trillion by 2030.
“The introduction of big data analytics into the accounting profession has equipped chartered accountants with the tools and insights needed to make more informed decisions based on actionable intelligence to ensure sustainable business growth and value creation across industries, adding to the development of the broader economy,” he explained.
Amuchie, who is also a Fellow of the Institute, however, highlighted the attendant cybersecurity risks, such as fraud, hacking, and privacy concerns. He urged accountants not to shy away from these issues but to proactively upskill and upscale in technology to mitigate these risks effectively.
“Continuous learning and adaptation are crucial. Accountants and the firms they belong to must invest in cybersecurity measures and stay ahead of potential threats.”
The 59th President of ICAN, Innocent Okwuosa, in his address to the new inductees, reinforced the importance of maintaining the highest standards of the profession.
“As you embark on your careers, remember that integrity, accuracy, and ethical practice are the bedrock of accounting. Embrace the technological evolution, but always uphold the principles that define our profession,” Okwuosa advised.
Okwuosa highlighted efforts by the Institute in training, upskilling, and equipping its members, including in the area of technology, and noted its recent partnership with Microsoft.