Cameron Modisane

On Wednesday, Prof Cameron Modisane from the University of South Africa’s (Unisa)  College of Accounting and Sciences says accounting has evolved from paper based accounting, learning and recording of transaction to a more technology based system.

Modisane who was addressing auditing and accounting professionals on accountability and auditing changing times at the Southern African Institute of Government Auditors (SAIGA) virtual conference says technology impacts the work done by auditors and accountants in future.

“The fact that we’re now living in the advent technology and the internet has actually accelerated the process of learning and as a result auditors and accountants need to up-skill themselves on the latest skills. They also need to have the appropriate knowledge in order to be able to identify the key risks which actually emerge due to the emergence of technology risk, “ he says.

Modisane added that the fact that in the near future, certain jobs will be redundant, and there’ll be job losses due to the introduction of robotics will have an impact on the jobs of auditors and accountants. “We need to keep abreast with the latest technology and we need to learn how to apply new audit pathologies that will ultimately benefit our clients,” advices Modisane.

From a government perspective, he says that the fact that government is in the process of implementing a digital transformation strategy the implementation of new systems and auditors, we would have to know how to go about auditing those systems.

He says: “Government must use more of these systems to benefit the citizens and also help around digital skills and transformation. Ultimately, making sure we deal with the issue of unemployment specifically for the youth.”

Currently, he says there’s a new robot called LS, which has been introduced in South Africa. “Already some auditing firms are using it to provide online real time alerts and to assist with identifying errors, monitoring, continuous auditing, which actually is an improvement form the old process or way of doing things.”

CEO Russel Morena says digital technology up-skilling and development have become more critical for accountants and auditors amid COVID-19 restrictions, as local professionals are playing catch up with global trends.

He says auditing is now becoming more digital, with less physical contact, which requires scaling up technology investments. “Since COVID-19 came, physical audits happen less than before. Digital technology ups-killing and development is critical for our accountants and auditors,” he says.

“Auditors in South Africa are also increasing their investment in technology to fulfil their audit obligations, as the profession is becoming digital with less physical contact,” says Morena
For other prominent speakers to be featured and for more information on the conference, please see link: https://www.saiga.co.za/saiga/conference/

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