Data Science And Automation Application In Accounting

Data Science and Automation Application in Accounting Name Institution Date The adoption of new technologies necessitates auditors to rely on work approaches, while having good knowledge of computer tools and analytical tools to carry out their work. According to Murphy (2016), this has compelled educators to consider training required for auditors and while there are questions about the influence of education and professional certification exams in improving competency where auditors increasingly use technology tools. Even though, digital competency is required in modern work settings, there is a shortage of accountants with data analytic skills as they do not acquire them at school (Murphy, 2016). There is a mismatch between what undergraduates are taught and what they encounter in the workplace where adoption of IT is the norm, while the curricula mainly focus on accounting while failing to impart important IT skills. The use of data analysis capabilities will be a more important need in the future, but there is no certainty on whether university graduate can take on more responsibilities. At the same time, auditors will require interpreting accounting concepts and technological aspects in the workplace. As such, for the audit teams, there are accountants, auditors who work closely with the clients and data analysis experts who deal with data and information as they have knowledge of accounting and information technology (Sun & Vasarhelyi, 2017). One of the options to improve skills acquisition in business information technology is to offer courses on data and analytics in assurance. When auditors use automated audit system and data analytics, this helps to perform the audit procedures, but the challenge is that current auditing tools are inadequate to help automating the auditing profession rapidly (Sun & Vasarhelyi, 2017). Deep learning technology that the potential to improve the efficiency and effectiveness of audit procedures especially repetitive ones, while also supporting auditor decision making and facilitating automation of the audit profession. In any case, there is growing demand for accountants and auditors with good data analysis skills at a time when big data support decision making (Vasarhelyi et al., 2017). Microsoft and Access are the most common tools that are widely used in data analytics even among those who are not proficient in specialized programs (PwC, 2015). Nonetheless, there is a need to focus more on databases, cleaning data, data visualization, machine learning tools and programming languages at the undergraduate level (Murphy 2016). At the same time, graduate programs ought to emphasize aspects of advanced statistics and data analytics. In any case, in the future, training on different aspects like forensic procedures, management, and information technology will improve the ability of accountants to use data analytics tool...