The AICPA and NASBA recently surveyed 300 U.S. accounting programs to show what technical skills students need as they enter the profession and what they may be missing. The survey focuses on topics such as data analytics, IT audit, cybersecurity, etc.
The survey was done as part of the CPA Evolution Initiative which is transforming the licensure model for the CPA. The survey showed that 64% of accounting programs are teaching analytics, but less than half cover cybersecurity.
At the Consumer Electronics Show earlier this year, John Deere showcased how it is using Artificial Intelligence in its products. A large display of agricultural equipment is not what many attendees expect to find at the consumer electronics show, but a John Deere Sprayer was displayed prominently among the drones, games and other gadgets.
Not that long ago it seemed that blockchain was everywhere. The hype of blockchain as a cure-all was quite prevalent, including a commentary in the Wall Street Journal commenting how blockhain can end poverty. See article.
However, it seems that much of the hype has died for the moment as practitioners find ways to utilize blockchain when it makes the most sense, rather than implementing blockchain for the sake of using blockchain.
“In 2019 alone, an estimated $4.26 billion in cryptocurrencies was lost due to hacks, cybertheft, scams, misappropriation or insider fraud, up about 250% from 2018.” Fraudsters have upped efforts to attack cryptocurrencies in recent years.
Fraudsters are using schemes such as: embezzlement, Ponzi schemes, phishing and ransomware.
Unlike other frauds, if a person loses cryptocurrency, there is no recourse or way to recover it.
Deloitte released its 11th annual report on Tech Trends in the accounting field. Note: this report was written before the COVID 19 pandemic, so it will be interesting to see how that may change things in the 2021 report.
Some of the trends highlighted in the report include:
Macro Technology Forces – firms need to find value and bring the recent technologies together
Ethical Technology and Trust – use the new technologies in an ethical manner while building trust with all stakeholders
Finance and the Future of IT – using technology to become more agile within the organization
Digital Twins – bridge the physical and the digital operations to help the other
Thanks to a former student, I have been trying new Digital Fitness app from PWC. During the pandemic, they are making it free for anyone wanting to better understand the changing technologies and other issues in business.
Once you setup an account, the app guides you through a quiz to determine your digital aptitude. Then based on your score it puts you on a Fitness plan. You improve your score by reading short article or watching videos on various topics from environmental impacts, basics of the blockchain and project management. The articles I have read have been quite informative and interesting.
The amount of streaming data as well as the large data storage centers are having an negative impact on the environment. Some experts believe the data technology industry rivals the airline industry on the environmental impact.
With the number of new devices collecting data, the demands for electricity are set to increase significantly.
Tech companies are looking at how to curb the power usage from massive data centers. These centers not only expend large amounts of energy powering the data centers, but they also need significant air conditioning to cool the machines.
The algorithm made me do it shows one of the primary reasons explainable artificial intelligence will be needed in the future. Many AI solutions seem to be a black box which few, if any, individuals can explain the particular output.
This Harvard Business Review article highlights why the black box approach to AI in the future won’t be feasible. The author notes that the “The algorithm told me to do it” defense won’t likely stand up in court.
For those of us discussing blockchain in our accounting courses, it can sometimes be difficult for students to visualize how the blockchain works.
I recently used this game in my business analytics and emerging technologies course for upper level accounting students. The feedback was great! Students commented that it helped them visualize the blockchain even more.