Cost of Technology Stifling Accounting Advancement, Says Expert
An expert has expressed concern over the rising cost of technology, citing its consequence as stifling innovation and advancement in the accounting profession.
A Professor of Accounting and Financial Development at Lead City University, Ibadan, Prof. Godwin Oyedokun stated that prohibitive tech expenses affects forensic accounting operations, which relies on new technology, including machine learning and AI to address financial irregularities.
Oyedokun while speaking at ICAN Sokoto/ District Society virtual Technical Session, recently, defined forensic accounting as a specialised branch of accounting combining accounting, auditing and investigative skills to analyse financial information.
He noted that digital dawn and complex transactions continue to fuel demand for forensic accounting, requiring advanced data analytics and techniques for efficiency.
He identified other limitations in the practice as data quality and privacy issues, maintaining however the cruciality of analytics in modern investigation.
“Advanced data analytics has revolutionised forensic accounting by providing tools that enhance the efficiency, accuracy, and scope of fraud detection and investigation efforts.
“Data analytics leverages statistical techniques, machine learning and artificial Intelligence, enabling forensic accountant to uncover patterns, trends and anomalies that would be challenging to detect manually”, he said.
On surmounting identified challenges, the certified forensic professional advised organisations to consider collaborating with external experts, including forensic consultants and data scientist to stay at the forefront of fraud detection.
He stressed a need for forensic accountants to embrace new technology skills crucial amid increasing and sophisticated fraud threats
“As fraud schemes continue to evolve, so too must the methods employed to combat them, with advanced data analytics playing an increasingly central role in this fight”, he said.
