We are in a world of Information and Communication Technology (ICT), where virtually all activiti... more We are in a world of Information and Communication Technology (ICT), where virtually all activities are no longer done manually, but electronically. The enormous advantages ICT has accrued to the delivery of information and communication around the world, as well as the central role of ICT in the new global economy, means that ICT is shaping the dynamics of the new millennium. The role of and potential for ICTs in private and public sector accounting, auditing, investigation and reporting is enormous and cannot be over emphasized. Some years ago, most financial accounting was done manually, leading to a great deal of paperwork. Currently, most accounting information is recorded via computers and wide area networks. Technology has certainly changed the face of accounting over the years. While people have diverse views as to whether technology's impact on accounting has been positive or negative, it is clear that technology has drastically changed the accounting profession. This paper examines technology changes and its impact on accountancy profession. It successfully looked at the changing landscape in technology; the benefits of information technology based accounting and auditing; technology trends that will impact the accountancy profession and practically applied Interactive Data and Extractive Analysis (IDEA) software to carry out investigation electronically. The outcome revealed that technology application will not only provide reliable and sufficient evidence but the information will be made available on time. The paper recommends that Professionals should think ahead to take a more proactive than reactive response to digital technologies. By embracing the new normal, the profession can actively reshape it, rather than simply being reshaped by it.
We are in a world of Information and Communication Technology (ICT), where virtually all activiti... more We are in a world of Information and Communication Technology (ICT), where virtually all activities are no longer done manually, but electronically. The enormous advantages ICT has accrued to the delivery of information and communication around the world, as well as the central role of ICT in the new global economy, means that ICT is shaping the dynamics of the new millennium. The role of and potential for ICTs in private and public sector accounting, auditing, investigation and reporting is enormous and cannot be over emphasized. Some years ago, most financial accounting was done manually, leading to a great deal of paperwork. Currently, most accounting information is recorded via computers and wide area networks. Technology has certainly changed the face of accounting over the years. While people have diverse views as to whether technology's impact on accounting has been positive or negative, it is clear that technology has drastically changed the accounting profession. This paper examines technology changes and its impact on accountancy profession. It successfully looked at the changing landscape in technology; the benefits of information technology based accounting and auditing; technology trends that will impact the accountancy profession and practically applied Interactive Data and Extractive Analysis (IDEA) software to carry out investigation electronically. The outcome revealed that technology application will not only provide reliable and sufficient evidence but the information will be made available on time. The paper recommends that Professionals should think ahead to take a more proactive than reactive response to digital technologies. By embracing the new normal, the profession can actively reshape it, rather than simply being reshaped by it.
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