CONTEMPORARY ACCOUNTING PRACTICE.

Running head: CONTEMPORARY ACCOUNTING PRACTICE
Contemporary accounting practice
Name of the student
Name of the university
Student ID
Author note

1CONTEMPORARY ACCOUNTING PRACTICE
Impact of developing information systems on business accounting practices
Journey to the digital business is the major theme highlighted by Gartner. Gartner argued
that as the companies set out journeys towards digital businesses, recognizing and using right
technologies at appropriate time is critical. If the organizations get it right, the accounting
practices and the clients will leverage the opportunities and will be able to meet the challenges
that will be presented by pervasiveness and pace with regard to the technological changes. For
instance, usage of emails for the purpose of communication and excel for the purpose of
financial and accounting reporting have an impact on the accounting profession (Schaltegger &
Burritt, 2017).
Australian businesses are warned that they are not required to keep quite regarding the
cyber security breach after the mandating laws have been passed by Senate regarding the
disclosures. As per the Notifiable Data Breaches Bill that is passed by Senate, any company
which is accountable to Privacy Act is required to inform Australian Information Commissioner
and the members of the public if any data has been compromised. Implications of data breach are
financially crippling and may lead to severe damages to reputation. Hence, the management shall
proactively act for managing the cyber risks for reducing severity and frequency of the breach
(Nuhu, Baird & Appuhami, 2016).
Understanding of new software and the other financial and business models are required
if practicing by the accountants are aimed to effective audit conduct and discharging of the
responsibilities. Continuous professional education and development in this aspect is required for
the auditors. Further, the accountants shall improve the understanding and practical ability for
using the leverage technology. For instance, integrated ERP (enterprise resource planning) with