Prof Oyedokun - Accountants of the Future Understanding Accounting Data and Analytics.pptx

Prof Oyedokun - Accountants of the Future Understanding Accounting Data and Analytics

Being a Lecture Delivered at the 2022 Mandatory Continuing Professional Development (MCPD) Programme, Organized By the Association of National Accountants of Nigeria (ANAN) on July 19th 2022.

1. Accountants of the Future: Understanding Accounting Data and Analytics Being a Lecture Delivered at the 2022 Mandatory Continuing Professional Development (MCPD) Programme , Organized By the Association of National Accountants of Nigeria (ANAN) on July 19 th 2022.

2. ND (Fin), HND (Acct.), BSc. (Acct. Ed), BSc (Acct. & Fin.), BSc. (Bus. Admin), MBA (Acct. & Fin.), MSc. (Acct.), MSc. (Bus & Econs ), MSc (Tax), MTP (SA), PhD (Acct), PhD (Fin), PhD (FA), FCA, FCTI, ACIB, ACS, ACIS, MNIM, FCNA, FCFIP, FCE, FERP, CICA, CFA, CFE, CIPFA, CPFA, ACAMS, ABR, CertIFR , IPA, IFA, FFAR, FPD-CR, FSEAN

3. Accountants of the Future: Understanding Accounting Data and Analytics

4. Introduction

5. History of the Profession – the world

6. History of the Profession – Nigeria

7. Current Trends 01 02 03 04 Beyond the numbers Accounting has expanded beyond crunching and reporting numbers. They have become increasingly involved in management decision-making, information dissemination and career planning . Finance is becoming central to providing management with information for making informed decisions. Strategic Reporting Beyond tactical planning and operational decision-making, accountants are involved in strategic coordination and collaboration, providing data for informing organizational decisions. Management Support Supporting management with information on operational activities to aid decision-making, expand performance and improve strategic planning. Financial professionals see responsibilities that add increased value to a corporation as personally satisfying and important. Value-added services and skills Accountants provide information and skills beyond financial data including human resource planning, risk management, economic assessment as well as product development, pricing and marketing. . In the last decade, the accounting practice has evolved in these aspects:

8. Current Trends 05 06 07 08 Data Analytics Analytics involve working with large volume, fast-paced data to identify patterns from past events as a basis for predicting the future. This yields basis for planning and resource management as well as ensuring that decisions align with the short term goals, plans and strategic decisions. Financial Control Accounting and finance has focused more of its efforts and change activity on creating robust financial control environment and leveraging global cost-saving opportunities through the creation of transaction-based shared service centres . Social Responsibility Sustainability is a big concern to shareholders and organizations now consider the impact of their business on the environment. As an accountant, CSR should be adequately disclosed as it promotes the greener conscience to potential investors, customers, employees and other stakeholders. Regulation and Globalization Local and international accounting bodies are strongly harping on ethical reporting. The IAASB, IFAC, OECD have spear-headed most of the changes in this area leading to more uniformity, collaboration and mobility in this field. In the last decade, the accounting practice has evolved in these aspects:

9. Current Trends role 09 10 11 12 Integrated Reporting Stakeholders are no longer interested in only the numbers and bottom line. Sustainability and the need to preserve a self-sustaining world is gaining momentum in their demands. Corporate Governance Corporate is gaining increased recognition given the numerous failures that has rattled the corporate world. Locally, the FRCN Code of governance is enforced, while globally, the OECD code of corporate governance is a guide for many Changing Organizational Roles and Functions In this new world, ‘jobs’ in the profession become more flexible making it tough for both employer and employee to determine and plan a clearly defined role or career path. As such, there will be increased permeability and cross-cut roles as well as collaboration within finance and across organizations. Technological Innovation Beyond the traditional accounting function, sophisticated systems are being developed. Accounting controls are increasingly being embedded in technology in order to refocus team efforts on enhanced financial development. In the last decade, the accounting practice has evolved in these aspects:

10. Trend of Data

11. Data Sources

12. Data in Accounting

13. The Three Vs of Data

14. Four Elements of Data

15. Data Analytics in Accounting

16. Types of Data Analytics

17. Importance of Data Analytics in Accounting

18. Emerging Accounting Technologies

19. Tools of Accounting Data Analytics

20. Data Analytics in Auditing

21. Areas Data Analytics Assist Auditors

22. Data Analytics in Financial Accounting

23. Data Analytics in Management Accounting

24. The Future – Tech expectations and predictions

25. Conclusion