Given the penetration and competence of technology, accounting and tax professionals have been tasked to up their game in the area of technology to remain relevant in a dynamic world.
According to experts, staying up- to -date with technology directions during this era is non-negotiable, especially as Nigeria prepares to transit to a digital economy.
Speaking at the 11th Inaugural Lecture of Lead City University in Ibadan, a Professor of Management and Accounting, Prof. Godwin Oyedokun, averred that a digitised economy would create benefits and efficiencies.
He added also that technologies would be needed to drive innovation, fuel job opportunities and ultimately spur economic growth.
Oyedokun who delivered the inaugural lecture themed: “Growing our Digital World in Nigeria: Forensic and Tax Accounting Perspective”, noted that as economies and businesses are beginning to adjust to modern realities, so also should accountants and tax professionals.
He said, “The accounting and tax profession is witnessing major developments as a result of changes in technology. In addition to traditional accounting services, accountants are also involved in services as attestation reviews, forensic accounting, and fraud examinations while tax professionals are involved in filing, tax management, planning, and other tax-related services.
“To this end, today’s accountants and tax professionals must be grounded in the digital world, possess the knowledge to remain updated, and the skills to critically analyze and solve various problems. With this, we will continue to get our direction well In Nigeria.”
Oyedokun maintained that nations and businesses that embrace IT offerings would stand to enjoy better access to remote working, relevant software, cloud-based applications and online training amongst others.
He however disagreed that technology tools, especially artificial intelligence (AI) would take job away from accountants, adding that they have always adopted automated waves to improve efficiency and effectiveness.
“AI in accounting, taxation and finance is nothing to scare. While some jobs may disappear, new roles will definitely emerge and instead of replacing accountants, AI will allow forensic experts to focus on higher-level tasks that require human instinct and insight. AI will work alongside them to increase productivity.
“AI can make more efficient accounting while reducing errors and eliminating the annoying and slow work of our hands.”
Oyedokun also urged government to develop appropriate measures to ensure efficient use of AI and other financial innovations like crypto assets, blockchain technology and fintech.
He noted that doing so would translate into improving economic growth and development through Taxation and Forensic Accounting.
Earlier, Vice Chancellor of Lead City University, Prof. Kabiru Aderemi Adeyemo who alluded to the expertise of the inaugural lecturer urged policy makers to refer to Oyedokun submissions for directions.
