Impacts of Future Technological Innovation on Accounting Skills, Ethics, and Career Opportunities

This study evaluates the impacts of future technological innovation on accounting skills, ethics, and career opportunities. It discusses the current and future technology, accounting skills, and ethics, along with the Australian viewpoint on these aspects. The study also highlights the changes and adaptations required in accounting courses.

Principles of Accounting

Table of Contents
Introduction......................................................................................................................................3
Assessment of technology, accounting skills, Ethics and Career Opportunity for those who
pursue accounting careers................................................................................................................3
Current and Future technology....................................................................................................3
Accounting skills and ethics........................................................................................................5
Information that surprised the group...............................................................................................5
Assessment of Australian viewpoint regarding accounting skills, ethics, and career opportunities
along with changes and adaption required to be accepted...............................................................6
Accounting skills.........................................................................................................................6
Ethics...........................................................................................................................................7
Career opportunities.....................................................................................................................8
Conclusion and Recommendations..................................................................................................9
References......................................................................................................................................11
Appendix........................................................................................................................................14
Accountant Job Advertisements................................................................................................14
Minute of Meetings....................................................................................................................24

INTRODUCTION
The present study is based on the critical evaluation and analysis of the impacts of future
technological innovation such as artificial intelligence and accounting software automation on
the accountant skills, ethics, and career opportunities, related with several accounting
designations in future. Along with this, the study considers current as well as future technology,
accountant skills, and ethics and career opportunities for the individuals who are in pursuit of the
accounting career. This piece of work also emphasizes on the ethics and career opportunities for
accountants from the viewpoint of Australia, while describing the aspects, changes or adaptation
that are required to be taken into account for the accounting courses.
ASSESSMENT OF TECHNOLOGY, ACCOUNTING SKILLS, ETHICS
AND CAREER OPPORTUNITY FOR THOSE WHO PURSUE
ACCOUNTING CAREERS
Current and Future technology
Artificial Intelligence
As per the World Congress of Accountants (WCOA) in the process of accounting Artificial
Intelligence will quickly split from the element for observance as well as in the direction of
delivery of advice. On the other hand, it will not put back a human accountant (Gunning, 2017).
Furthermore, according to Carole Barney, head of AI research & development programs at Xero
informed the World Congress of Accountants (WCOA) that Artificial Intelligence is on the way
of affecting the jobs of administration as well as in 2019 quick expansion would come in
consideration. (Wilson, et al., 2016). On the other hand, the accountant should not get tensed
about their replacement. Besides that, it is made clear the AI is majorly formed to enhance the
individual those are in the center, according to the Barany (Franklin, 2017). Thus, it could be
accessed that in order to increase the probability of being successful as an accountant, it is
necessary to learn and accept Artificial Intelligence technology.

DIY" Cloud Accounting Software
The growing DIY" Cloud Accounting Software that helps in simplifying the traditional
accounting management is not only popular as other technologies but also has a great influence
on the market on a daily basis towards accounting professionals (Ramchand, Chhetri, and
Kowalczyk, 2017). Although such reasonable priced DIY" Cloud Accounting Software can
reduce the book work for small companies, on the other hand in small business, also they need
financial advice which can only be provided by experts (Karamatova, 2017). Such professionals
have knowledge about both technical as well as regulatory services however which is essential
for an accountant in various aspects like it makes solutions easy in the leading bookkeeping that
can be accepted by clients as well as to be their go-to expert for such sets (Nyberg, 2019). Thus,
through accepting this technology accountant can accomplish their obligations in a fast and easy
manner.
Cryptocurrencies, Blockchain, and Distributed Ledgers
It is obvious that financial technologies are not getting completed without the rising stars of
2017s like bitcoin, cryptocurrencies and the knowledge that strengthens them, i.e. blockchain and
distributed ledgers (Davidson, De Filippi, and Potts, 2016). Whilst cryptocurrencies pretense
their own possessed confronts for accountants that are described in the Digital Currencies of
2015: Where to from here? report particularly with regards to auditing, fraud detection, taxation
along with money-laundering, in spite of their dramatic rise in fiscal values and media
concentration, cryptocurrencies are improbable to go normal in 2018, as per the international
monetary firm UBS (Gong, 2017).
On the other hand, distributed ledger, as well as blockchain technologies, are connected with
much broader insinuation for the upcoming future. According to the discussion of 2017
report The Future of Blockchain, discrete ledgers ( that operates as "cooperative databases" in
which information is detained by numerous computers immediately) endorse sharing,
confirmation, and trust, as lots of computers have to have the same opinion for data edit, and all
computers uphold a documentation of all changes that are made. Moreover, such characteristic
has direct towards some referring to the blockchain as "Triple-Entry Bookkeeping,"10 even

though the term's suitability has come beneath several discussions (Mainelli, and Smith, 2015). It
could be accessed that above-specified technology has widened the scope of an accountant and
increased its responsibilities as well.
Accounting skills and ethics
It is very obvious that to perform any kind of job; soft skills are very helpful in the place of work
and besides that to perform the specific jobs, there is a greater need of technical skills. In the
same manner in accountancy, soft skills are general skill that is acquired by the experts for
developing the specific program of accounting (West, 2017) According to assessment of U.S.
Bureau of Labor Statistics accountant is supposed to have a following soft skills, i.e. strong oral
and written communication, attention and management of important information, systematic and
decision making aptitude, system and time management, decisive and active learning,
Mathematical and deductive way of thinking, knowledge of accounting as well as expertise in
Microsoft Office Suite (Gerstein, Winter and Hertz, 2016.)
Work related to finance is done by the auditors as well as an accountant. They manage the huge
information and facts correctly and effectively. Therefore, it is important for them to have
knowledge about the budgeting software, financial management as well as their procedures of
accounting and Generally Accepted Accounting Principles (GAAP). People those are going for
their career in accounting must have technical skills relating to evaluation and financial
reporting, tax management software and financial statements, software compliance, settlement of
accounts , project management software, the software’s for spreadsheet, database reporting
software as well as business resource planning software’s (Tang, 2017).
INFORMATION THAT SURPRISED THE GROUP
The manner in which technologies have to widen the scope of the accountant’s responsibilities
surprised the members of the group. As it is no more limited to entering transactions and making
financial reports. Application of technology such as cloud software and their online datasets
makes it simpler than ever to interpret the significant financial facts towards clients as well as
allow the authority to connect with their recommendation and proficiency. On the other hand,
accounting skills and ethics assists in enhancing communication at the place of work and also

helps in managing a team of different workers (West, 2017.). The fact that accountants also have
to comply with the code of ethics and conducts while taking a decision at work also surprised the
members as they were not aware of the same. The same represents that as professional
accountants also have to comply with ethics so that they can make moral decisions.
ASSESSMENT OF AUSTRALIAN VIEWPOINT REGARDING
ACCOUNTING SKILLS, ETHICS, AND CAREER OPPORTUNITIES
ALONG WITH CHANGES AND ADAPTION REQUIRED TO BE
ACCEPTED
Accounting skills
Accounting faces big challenges as it strives to consider and define reliable skills, abilities, and
knowledge in the ever-evolving world. It can be stated that technological innovation engaged
with AI, big data, automatic and the changing contexts of economy, society, culture, and politics
wherein accountants work, call for a broad variety of qualified transferrable skills as well as
inter-cultural fluency(Pan, & Seow, 2016). It has been evidenced that in audit and assurance,
practices are highly changing, because of the data analytics and the potential that is offered by
big data and innovative technologies. The manners by which resourcing of audit practices are
done are also evolving, with offshoring turning out to be a more general and higher requirement
of new skills from the side of accountants. In terms of financial reporting, organizations are
facing higher pressure from regulatory bodies to seek improvements in the quality of audits and
the revelation of professional skepticism. For staying viable and reliable, auditors are required to
consider new aspects of external reporting that need non-financial information assurance
(O'Connell and et al. 2015). Acting in the best interest of public and ethical conduct are
overarching jobs of accounting professionals, these tasks need particular individual capabilities,
culture, technical skills, and organizational infrastructure. In consideration with the individual
and organizational complex ethical conduct; there is a demand for multidisciplinary insights for
developing a suitable understanding and valuable models of accounting ethics (Watty, McKay, &
Ngo, 2016).

The technological skills, abilities, and knowledge, ethical competency, as well as the
professional technical and ethical quotient of accountant in Australia, stay as the prime quality
ensuring their overall success. Furthermore, these skills will contain not only the tax and
accounting but also the skills regarding risk as well as governance (Rikhardsson & Yigitbasioglu,
2018) . Additionally, professional accounts will be required
to state the interpersonal skills, conduct, and qualities, in the future to establish more of
networking skills.
Ethics
Ethical conduct is a key trait for professional accountants. The core principles for accountants set
out by the International Ethics Standards Board for Accountants (IESBA) are applicable and
reasonable in the digital age, which is inclusive of Integrity, Objectivity, Professional
Competence and due care, and Confidentiality and Professional behavior (West, 2018).
APES 110 Code of Ethics for Professional Accountants (Code) has been set out by the
Accounting Professional and Ethical Standards Board (APESB). APESB is stated as an
independent body developed in the year 2006, being and Chartered Accountants in Australia and
New Zealand and CPA Australia’s major initiative. The members of APESB are CPA Australia
and Chartered Accountants ANZ and the Institute of Public Accountants (Payne and et al. 2019).
Further, the APESB aims to establish and develop professionally as well as ethical standards in
the best interest of the public that is applicable to the CPA Australian members and other two
accounting bodies of Australia. The basic principles of the professional accountants are
described as below:
Integrity: In this principle, all accountants are required to act in a straightforward, fair, and
honest way in terms of their business as well as professional relationships.
Objectivity: Accountant shall never allow biases, undue influence of others for overruling
professional judgments while avoiding conflict of interest (CPA, 2019).
Professional competence and due care: Accountants are required to maintain business skills and
professional skills at the level for the objective to ensure that a client derives competent
professional services which are in accordance with relevant technical and professional standards.

Confidentiality: It is significant to give priority to confidential information acquired as a
conclusion of business relationships, it is the responsibility of account to not to disclose any
information to the third party in the absence of consent. Under this principle, accountants are
obliged to prevent; revealing the confidential information to external parties, using
confidentiality of information attained on a business account and professional relationships for
the individual benefit (APESB, 2018).
Professional behavior: This principle is engaged with the duties that are implied on all members
to meet the considerable regulations and rules while avoiding any action that can potentially
disrepute the profession. It is essential that accountant make full compliance towards the
reasonable laws, rules, and regulation, with acting professionally and good interest for the public.
In terms of ethical conflict resolution, a member might be capable of addressing ethical
situations and are needed to resolve a conflict in compliance with the fundamental principles
mentioned above. For resolving the ethical conflict, the factors which are relevant for the
accountants are relevant facts, involved ethical issues, basic principles regarding the matter in
questions, set internal procedure, and alternative action courses. It is integral that accountants
consider all such relevant factors while identifying the suitable action course, putting weight on
outcomes of each potential course of action and if or if not other individuals and those entitled
with governance must be consulted (Sheehan & Schmidt, 2015). It has been stated under
Paragraph 100.22, that members must act in the best interest of the public, for the matter of the
issues, the discussion detailers and the decisions which are considered in regards with the issue
are required to be determined. In a situation where an important conflict is not able to be
resolved, then under paragraph 100.21, it has been stated that the members might take into the
account the acquiring professional consultancy from the reliable, professional accounting bodies
or the legal advisors, while making sure that there is no breach of the fundamental principle of
confidentiality. Furthermore, this can be attained by the discussion of issues based anonymously
with the professional bodies or as per the protection of legal rights with the legal advisor. In a
situation where all such reliable possibilities are exhausted, and still the ethical conflict stays as
unresolved, then, in this case, the member is required to refuse to stay as associated with the
issue that is forming the conflict. Additionally, the described principles which are applicable to

all of the members, and the specified requirement provided by the Code for the members in the
interest and practice of the public should be followed.
Career opportunities
Career opportunities that are accessible to the highly qualified accountants are inclusive of
management, tax, auditing, financial control, business services, insolvency, financial, corporate,
funds, costs, forensic. Australia has two major professional accounting bodies, and an
accountant for gaining a competitive edge must aim to turn out to be a member of the bodies
after the graduation (Ahmad, Ismail, and Anantharaman, 2015). There are several accounting
careers which can be pursued including, accounts clerk, auditor, bookkeeper, business service
accounting, Chief Financial Officer (CFO), corporate accounting, cost accounting, financial
accounting, financial controllers, forensic accounting, fund accounting, group accounting,
graduate accountant, insolvency accounting, management accounting, mine accounting project,
accounting, revenue accounting and tax accounting. The opportunities available to the
accountant are:
Chartered Accountant: For becoming a Chartered Accountant (CA), the individual pursuing the
same is required to obtained an accounting degree by the Chartered Accountants Australia New
Zealand (Chartered Accountants ANZ, and also required to fulfill the overall CA program, while
passing the needed examinations and tests, along with doing approved employment of 3 years.
CPA: For qualifying as a Certified Practising Accountant (CPA), the person pursuing the same
is required to obtain an accounting degree that is completely recognized by the CPA Australia,
while finishing the Practical Experience Requirement and other requirements for study with
passing all the eligible examinations. In addition, there are key three study options made
available by the CPA programs, including a combined postgraduate degree, distance learning,
and full-time study.
Other roles: The roles in demand for accountants are including of the mid-level management of
technological positions. In terms of accounting, there is more demand for financial business
analytics and those with higher experience in governance.

CONCLUSION AND RECOMMENDATIONS
On the basis of the above analysis, it can be concluded that future technological innovation, such
as AI and automation can help an accountant in delivering benefits in practice. However, they
can also come up with various impacts, implication, challenges, as well as opportunities. It can
be recommended that professional accountants are required to consider the aspects such as
building understanding and skills of emerging technologies and digital issues, integrating process
control in aligned with strategic views, monitoring measures for the reporting of non-ethical
behavior. Since accountants will make increased use of innovative and sophisticated
technologies to improvise their practicing, and ways of working, for this aspect, have to enhance
their skills and replace their traditional approach with the new and digital aspects. It is also
recommended that future accountants must increase their education in digital technology and
changing regulations, new types of company accounting, etc. Thus, these following aspects are
required to be considered as they navigate ethical issues in the future technological age.

REFERENCES
Books and Journals
Ahmad, Z., Ismail, H. and Anantharaman, R.N., 2015. To be or not to be: an investigation of
accounting students’ career intentions. Education+ Training, 57(3), pp.360-376.
Davidson, S., De Filippi, P. and Potts, J., 2016. Disrupting governance: The new institutional
economics of distributed ledger technology. Available at SSRN 2811995.
Franklin, M.A., 2017. Integration of Ethics into the Introductory Accounting Course Through Active
Learning. ASBBS Proceedings, 24(1), p.199.
Gerstein, M., Winter, E. and Hertz, S., 2016. Teaching accounting ethics: a problem-based learning
approach. Journal of Accounting, Ethics and Public Policy, 17(1).
Gong, J.J., 2017. Ethics in Accounting: A Decision-Making Approach.
Gunning, D., 2017. Explainable artificial intelligence (xai). Defense Advanced Research Projects
Agency (DARPA), nd Web.
Karamatova, L., 2017. Management Accounting and ERP Systems: Factors behind the Choice of
Information Systems when Exercising Management Accounting.
Mainelli, M. and Smith, M., 2015. Sharing ledgers for sharing economies: an exploration of mutual
distributed ledgers (aka blockchain technology). Journal of Financial Perspectives, 3(3).
Nyberg, C., 2019. Intuit, Inc.’s Small Business and Self Employed Unit: A Strategic Analysis
O'Connell, B., Carnegie, G., Carter, A., de Lange, P., Hancock, P., Helliar, C., and Watty, K. 2015.
Shaping the future of accounting in business education in Australia.
Pan, G., and Seow, P. S. 2015. Preparing accounting graduates for digital revolution: A critical review
of information technology competencies and skills development. Journal of Education for
Business, 91(3), 166-175.

Payne, D. M., Corey, C., Raiborn, C., and Zingoni, M. 2019. An applied code of ethics model for
decision-making in the accounting profession. Management Research Review.
Ramchand, K., Chhetri, M.B. and Kowalczyk, R., 2017, December. Towards a Flexible Cloud
Architectural Decision Framework for Diverse Application Architectures. In The 28th Australasian
Conference on Information Systems,(ACIS2017), WestPoint Tasmania, Hobart, Tasmania, 4-6
December 2017.
Rikhardsson, P., and Yigitbasioglu, O. 2018. Business intelligence & analytics in management
accounting research: Status and future focus. International Journal of Accounting Information
Systems, 29, 37-58.
Sheehan, N. T., and Schmidt, J. A. 2015. Preparing accounting students for ethical decision making:
Developing individual codes of conduct based on personal values. Journal of Accounting
Education, 33(3), 183-197.
Tang, Y., 2017, June. Combination of Innovative Thinking with Accounting Teaching. In 2nd
International Conference on Contemporary Education, Social Sciences and Humanities (ICCESSH
2017). Atlantis Press.
Watty, K., McKay, J., and Ngo, L. 2016. Innovators or inhibitors? Accounting faculty resistance to new
educational technologies in higher education. Journal of Accounting Education, 36, 1-15.
West, A. 2018. After virtue and accounting ethics. Journal of Business Ethics, 148(1), 21-36.
West, A., 2017. The ethics of professional accountants: An Aristotelian perspective. Accounting,
Auditing & Accountability Journal, 30(2), pp.328-351..
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intelligence valet systems and methods. U.S. Patent 9,429,943.
Online
APESB, 2018. Proposed Standard: APES 110 Code of Ethics for Professional Accountants (including
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https://www.apesb.org.au/uploads/home/11052018154637_ED_02_18_APES_110_Restructured_Code
_May_2018.pdf> [Accessed on 20 January 2019].
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APPENDIX
Accountant Job Advertisements

Minute of Meetings
(I)
Minutes
Date: 5th February
Sub: Discussion regarding opportunities available with accountant in Australia
A variety of options are available to accountants which comprises cost accounts, trade and cost
accountant, commercial financial manager, cost controller, financial controller etc. Above specified
career opportunities are available to the accountants along with many other options. Thus, in case an
accountant is qualified than a variety of options are available for attaining growth in career.
Thanks
(II)
Minutes
Date: 5th March
Sub: Changes in technology relating to accounts.
The technology has changed with time and it is necessary for accountant to learn and accept same in
order to sustain their position as accountant.Artificial Intelligenceand Cloud accounting are two
technologies which have been transformed the role of accountants. As accounting has widen its scope
due to specified technologies. Thus, it can be concluded that it is necessary to accept as well as learn
changes in technologies with time.
Thanks

(III)
Minutes
Date: 5th April
Sub: Ethics to be complied by an accountant
Accountants are require to comply with APES 110 Code of Ethics for professional accounts. The code
specifies five accounting principles which are to be followed by accountant i.e. integrity, objectivity,
professional competence and due care. These principles assists an accountant in taking appropriate
decision while providing services to customers.
Thanks