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POSTED AT 10:42 AM 12-12-2018

Big data, data analytics vital for work efficacy - Peter Carey

Peter Carey

To keep up with the ever-changing technological advancements in the world, accounting professionals need to utilise big data, data analytics in improving the efficacy of their work.

“Emerging technologies such Artificial Intelligence (AI) and Blockchain today are likely to reshape many aspects of accountancy profession and at the same time, the relevance of the role of accountants in the financial markets is more important than ever before. Hence it is essential to incorporate or respond to these technologies as they become significant, said Peter Carey, Head of Accounting, Deakin University- Australia at the 15th graduation ceremony of Institute of Certified Management Accountants of Sri Lanka (CMA), held in Colombo yesterday.

“If you don’t do that, you will risk losing your relevance in market place,” he said. He also noted that professional accountants must maintain integrity, transparency and independence to serve the public interest by delivering more insights and value to the users of the financial information and statements.

“Technical competence is also important and critical for accountants. Hence it is essential to focus on developing technical competency of accountants. A creative person is someone who can look at a problem and find a unique way to solve that problem. He or she should be creative and innovative in dealing with day to day problems, that’s the real creativity. Accountants also need to be vigilant and constantly enhance their own creativity to address problems in day to day work,” Carey noted.

Chief Guest of the event, Bryce Hutchesson- Australian High Commissioner in Sri Lanka speaking at the event noted that in Sri Lanka and Australia, management accountants are recognized and respected for the key role they play in government and private sector in enabling good governance, focused expenditure and strategic decision making. He said Sri Lanka has immense potential to grow, for that he noted that Sri Lanka needs highly talented, bright young professionals to realise the goals of country’s development agenda. Furthermore, he reiterated the Australian government’s willingness to provide fullest support to realise the goals of economic agenda of Sri Lankan government.

President of CMA, Prof. Lakshman R Watawala delivering the welcome address at the event said it is essential to further develop knowledge and skills of accountants to ensure that their client or the employer receives a competent professional service based on current developments. “Professional accountants should be straight forward and honest in their professional and business relationships,” Prof. Watawala stressed.

Speaking on new reporting concepts in annual reports, he said that integrated reporting brings together the material information about an organization’s strategy, governance, performance and prospects in a way that reflects the commercial, social and environmental context within which it operates. It provides a clear and concise representation of how an organization demonstrates stewardship and how it creates value, now and in the future.

“Today we find very large reports. But no one reads them. But integrated reports put everything in a condensed format so that any shareholder will be able to read it.” Prof. Watawala said.

He also said that two decades ago, global accountancy professionals including auditors and professional accountants as well as governments and businesses have supported the fight against bribery.

Indunil Hewage