Accountants have been advised to keep in touch with latest developments in the profession, considering that many industries are undergoing technological transformation.
The counsel was given at the inauguration of the second chairman and new executive committee for 2023/2024 of the Institute of Chartered Accountants of Nigeria (ICAN), Lekki District Society (LEDS), Gbenga Oyewole, in Lagos State.
Professor of Accounting and Financial Development, Lead City University, Godwin Oyedokun, admitted that professional standards were changing and technologies advancing, hence the need for accountants to be abreast with current trends.
Speaking on the investiture’s theme, ‘Current trends in accounting profession’, Oyedokun noted that collaboration plays a critical role in elevating the discipline to the next level.
He pointed out that by implementing automation and artificial Intelligence (AI), professionals could focus on more complex tasks for efficiency and cost-effectiveness.
Oyedokun highlighted automation and AI, data analytics, block chain technology, cloud-based accounting, sustainability and ethics as new trends in the profession.
“The accounting profession is undergoing a massive transformation, and it’s crucial for professionals to adapt to these changes. By embracing technology and adopting new practices, accounting firms can remain competitive, efficient and effective in meeting their clients’ needs,” the expert added.
Oyedokun implored Oyewole to drive the adoption of the new trends in his district, noting that by supporting and promoting them, he would set a precedent for other members in the realm of competitiveness.
ICAN President, Innocent Iweka Okwuosa, represented by his deputy, Davidson Alaribe, commended Oyewole and his team for their commitment and being the youngest district.
He charged the chairman to contribute his quota towards growing the district and the institute, even as he pledged continued support for the districts.
Okwuosa hinted that the parent body was working to amend its enabling law to allow all members practise diversely without hindrance. In his acceptance speech, Oyewole pledged that the district would remain in the forefront to make future accountants to be chartered.
Chairman, Second Investiture Committee, Olufunmilayo Olaniyi, said amid prevailing challenges, the district had recorded a lot of milestones since inception.