What are the challenges in bridging data science, machine learning, and Accounting and Auditing?
Have a look at : https://d1wqtxts1xzle7.cloudfront.net/40803074/Challenges_for_Ed_Neuro_1_.pdf?1450417800=&response-content-disposition=inline%3B+filename%3DScientific_and_Pragmatic_Challenges_for.pdf&Expires=1594821060&Signature=M3wxTarcxzAM2fPkghCKGAA86WNtfI59Hm84iPiOQQloGOgm9ssRpBoOnxSFJyySG6LvbwO0KnUtOkb1YbwublXiNgsoM2iLS~Y5lY-rg4x0moqIhdgcrGoFqun8aVg2hx3icurMQX21rQA8Tv~qjppeMrjyVavLpFkLghuJrmVhZQ9tHxSxHhZvCTR5ey6bfKeFZ-aRC9fokjnLi19seAqugAvjCd03jUjMBDnpPYLDKwMk14D7jjzgRCKQ4gWOkdgM3zoVMT3EYa-N-g3o0YjkpHLuQ019-1zYxLhU2of1NFAoQ~1Q~twZAZG-HJoJ2wuHedCasb4amzuFcKlFvA__&Key-Pair-Id=APKAJLOHF5GGSLRBV4ZA
https://www.ifac.org/knowledge-gateway/preparing-future-ready-professionals/discussion/building-data-science-and-analytics-capabilities-finance-and-accounting
https://aaapubs.org/doi/abs/10.2308/isys-51805?journalCode=isys
Hi! Check the following papers:
Yermack, D. (2017). Corporate governance and blockchains. Review of Finance, 21(1), 7-31.
Yu, T., Lin, Z., & Tang, Q. (2018). Blockchain: The introduction and its application in financial accounting. Journal of Corporate Accounting & Finance, 29(4), 37-47.
Lack of technical skill, lack of motivation and urge to learn something new may create a challenge. Sharp IT skills and Analytical skills are required to be successful in coordinating these.
Sanjeev
Accounting and Auditing is the same field used by students interchangeably. In order for students to bridge the gap, they must always read and explore of financial literature. Another area which accounting and auditing professionals are lacking are the skills to navigate into computer systems used by organisations like SAP, Pastel and lack of hands on as they use one package at a time. Computer modules must form part and parcel of these programs.
strong finance and accounting background is no longer sufficient to become a value-add business partner over the long term.
That was the clear message from IFAC's Professional Accountants in Business Committee which is looking at the finance and accounting professional role in data science and analytics. At its March 2019 meeting, a workshop led by Jeff Thomson, President and CEO of the IMA, and Daniel Smith, Founder of advisory firm Theory Lane and member of the IMA Technology Solutions Group, considered how finance and accounting talent management needs to evolve quickly to emphasize competency in data science, analysis, and visualization.
Bhavesh Shah, Senior Vice President (and incoming IMA Board member), and Gurdeep Singh, Global Data and Analytics Lead, both from Johnson & Johnson’s Global Finance, based in its Singapore Financial Planning and Analysis (FP&A) Center of Excellence, provided insights into the knowledge, competency and skills required for accounting and finance professionals to develop their contribution to data analytics. They also outlined best practices in learning and development approaches.
Why are data and analytics so important to finance and accounting professionals?
As The Economist aptly put it in 2017, the world’s most valuable resource is no longer oil, but data. Technology advances have made it much easier to amass data in huge quantities. Capitalizing on this data helps to create value and growth, which is why organizations are investing in people and technological capabilities to extract greater value from data.
The digital and data revolution provides massive opportunity for finance functions and offers exciting career options for existing and prospective finance and accounting professionals. CFOs, finance functions and internal audit functions, as well as accountancy firms, are significantly increasing their capacity in data science, data analytics, and data governance.
Thank you Very much, Dr. Muna Almarey for your detailed explanation
Yes there are challenges but they are not insurmountable. Companies like Google, Microsoft and Alteryx are doing a great deal to bridge the gaps between data science, accountants and auditors. I hope the following may be helpful:
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