The Association of National Accountants of Nigeria has said that professional accountants must aspire to adapt with the emerging technologies as over 50 per cent of the work that accountants and other professionals are paid for is now automated.
The ANAN President, Prof Muhammad Mainoma, stated this in Abuja in a welcome address at the 25th annual conference of the association, according to a release on Saturday.
Mainoma noted that the conference bringing together over 5,000 accountants was to discuss the role of accountants and best strategies for managing the “disruptive technologies and innovation in contemporary times.”
The theme of the conference was, “Disruptive Technologies and Innovations: The Place of the Accountants.”
The President said, “The accountant of today is faced with the challenges of reconciling disruptive technologies and Innovative efforts, which has necessitated the need for us as professionals to have the conversations that have brought us here.
“The lead presenters will guide us to expose these disruptive technologies vis-a-vis the various innovative efforts and we shall discuss them with a view to clearly establishing the place of accountants.
“With the wave of globalisation cutting across all countries in the world today, the stark reality is that for accountants to remain relevant, we must gain an in-depth understanding of the various disruptive technologies.
“Recent examples of disruptive technologies include; robotic process automation, artificial intelligence, block chain, smart contracts, advanced analytics e-commerce, just to mention a few.
“It has been estimated that at least 50 per cent of the work that accountants and other professionals are paid for is automatable through currently available technologies, with an additional 15 per cent automatable forthcoming technologies which are still emerging.”
Dr Nuruddeen Abdullahi, the Chief Executive Officer of the association, noted that the evolving trend in the accountancy profession was fast becoming more technology-driven than the traditional book keeping.