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Auditors urged to adapt emerging technologies
(Left – Right) Robert Busuulwa, Founding Partner at Forvis Mazars having a light moment with H.E Mr Xavier Sticker the Ambassador of France to Uganda during the launch of the partnership between Forvis and Mazars in Kampala over the weekend. PHOTO/RACHEAL NABISUBI
What you need to know:
- The chief executive of ICPAU hinted at adaptation and seeking partnerships with global partners as the only way out.
The head of the Institute of Certified Public Accountants of Uganda (ICPAU), Derick Nkajja, has called upon auditors to adapt to the changing technology landscape to deliver value for their clients.
This comes at a time when artificial intelligence is threatening major professions with likely extinction.
Speaking at the launch of the partnership between Forvis and Mazars in Kampala over the weekend, Mr Nkajja, said that audit like other professions is also under threat of artificial intelligence which is rendering some professions obsolete.
"We are at a time when artificial intelligence is threatening to extinct some professions. We need to work hard to show our value and relevance for any business to thrive and grow," Mr Nkajja said.
He noted that auditors have the great potential to help businesses grow if we put our minds together.
However, he quickly noted that auditors are less understood, yet they are the cornerstone of businesses.
The chief executive of ICPAU hinted at adaptation and seeking partnerships with global partners as the only way out.
Mr Robert Busuulwa, founding partner, Forvis Mazars noted that although the audit profession is in light with new technology trends, local audit firms must harness partnerships with global firms which bring with it experience and other advantages.
“Technolgy has changed the way auditors work for instance the old ways of book keeping. Today we can work from anywhere around the globe and utilise cloud. These are opportunities presented by technology," Mr Busuulwa said.
Despite the opportunities, he noted that technology presents challenges such as cyber security, data protection and data privacy; something companies continuously fight to address. These Busuulwa explained that these can be minimised through partnerships with more expertise.
"Partnerships help companies adapt international accounting standards and ensure that sustainability conversation across the globe is at the forefront," he added.
Mazars will now operate as Forvis Mazars after signing a partnership with the American firm that operates in more than 100 countries.
He further added that the partnership will create employment opportunities, tap into the expertise of Mazars - which is at the forefront of financial crimes in other countries; and thus contribute to the development of the economy and businesses which require expert audit skills.
This implies that Uganda will be able to tap into expertise of over 40,000 people with a turn over of 4 billion dollars in terms of revenue generated.
