Why Should CPAs Gain IT Savvy?

Source: AICPA CPA Insider

The following includes excerpts, reproduced with permission, from an article by Janis Parthun.

How do you gain an advantage as a CPA regardless of your chosen career path? According to Robert Half's 2011 Salary Guide – Accounting & Finance, one out of four (27 percent) surveyed CFOs said software/technology knowledge is the second highest trait they look for in a candidate.

Corporate Finance
As your financial technology advances from hardware and enterprise resource planning (ERP) systems to virtualization and Software as a Service (SaaS), ensuring the integrity of financial data and business reporting information is becoming more complex.

During these challenging economic times, it's imperative for CPAs to have the desired skill-set of their current or potential employer[s]. In a recent CFO magazine whitepaper, executives pointed out that “simply improving technology literacy in finance and improving business savvy in IT can be valuable steps toward improvement.”

Audit and Attestation
Organizations continue to improve and advance their financial technology to remain competitive. Auditors must ensure the integrity and accuracy of financial information reported in a timely manner.

Auditors should take IT into consideration when determining the risks associated with the financial data generated. Additionally, auditors who know how to leverage technology are more effective and efficient in completing the audit, allowing more time for analysis and final assessment.

Risk Management and Fraud Investigations
If you decide to become a risk management officer or a fraud investigator, how do you gain an advantage as a CPA?

Ensuring the integrity of financial data is becoming more complex with new ways of performing fraud in financial systems. However, sophisticated forensic tools and techniques have also evolved. CPAs who leverage technology to conduct investigations can conduct fieldwork efficiently, leaving more time for effective analysis.

For the complete article, read “One in Four CFOs Are Looking for CPAs With IT Skills.”

From AICPA CPA Insider, January 18, 2011, http://www.CPA2biz.com.