By Our Correspondent
Worth Noting:
- “To succeed in the digital era, accountants must adjust and acquire new skills and knowledge. They are expected to possess a broad understanding of technology and use it to drive business decisions,” CPA Githinji noted.
- He added, “This includes using data analytics tools to provide insights and recommendations to support decision-making, playing a more active role in shaping business strategy by offering financial insights and advice to support growth and profitability, engaging in driving digital transformation initiatives within their organizations, and utilizing technology to improve processes”. Therefore, he continued, accountants must continuously broaden their knowledge of new technologies, emerging trends, and best practices.
Hundreds of The Institute of Professional Accountants of Kenya (ICPAK) members from Mt Kenya region over the weekend converged for their annual open forum.
The Accountants’ Consultative open forum organized by ICPAK Mt. Kenya branch took place at Bantu Africa Resort and Spa near Nyeri town for its second iteration.
The forum attracted ICPAK members drawn Nyeri, Kirinyaga, Embu, Meru, Tharaka Nithi, Muranga, and Kiambu counties who the branch chairman CPA CS Chris Githinji urged then to move with times and comply with the trending world issues.
This was in comparison with this year’s theme which was “How to Survive and Thrive in the Digital Era.”
During the event, the Chairman pointed out that technology has greatly impacted the accounting profession, changing the nature of accountants’ work and the tasks they perform. He acknowledged that in the digital era, the role of accountants has expanded beyond traditional bookkeeping and financial reporting.
“To succeed in the digital era, accountants must adjust and acquire new skills and knowledge. They are expected to possess a broad understanding of technology and use it to drive business decisions,” CPA Githinji noted.
He added, “This includes using data analytics tools to provide insights and recommendations to support decision-making, playing a more active role in shaping business strategy by offering financial insights and advice to support growth and profitability, engaging in driving digital transformation initiatives within their organizations, and utilizing technology to improve processes”. Therefore, he continued, accountants must continuously broaden their knowledge of new technologies, emerging trends, and best practices.
The chairman further stated that KASNEB strategically incorporated “Business and Data Analytics” as extra papers for CPA qualification and “Financial Modelling and Data Analytics” for CIFA qualification to enhance their positioning.
These computer-based papers are designed to showcase practical skills that allow CPA and CIFA graduates to face real-world scenarios.
He stated that the need to provide CPA finalist with an opportunity to interact with the different platforms for Business and Data Analytics certification who graduated before the inclusion of these extra papers, is crucial to engage with both ICPAK and KASNEB.
The keynote speaker, CPA CS Dr. Alex Kamau, who is both a practitioner and a lecturer at Cooperative University, emphasized that even the 30,000 practicing accountants need to continuously learn and relearn to keep up with the fast-changing technological landscape, which affects the survival, profitability, and growth of CPA firms and other companies.
Dr Kamau praised the government for digitizing and including digital literacy as one of the core competencies in the new competence-based curriculum.
He also commended KASNEB for revising the course outlines of new and existing subjects in various programs they offer which he noted will address emerging issues and incorporate digital literacy, critical thinking and problem solving, as well as imagination and creativity, allowing practitioners to remain relevant in the constantly changing social and political environment. Dr. Kamau also expressed his appreciation for ICPAK Mt. Kenya branch’s choice of the relevant topic on how to survive and thrive in the digital era.
A member of the branch Ms Olive Gitau disclosed that apart from working on figures, the Mt Kenya ICPAK 2,000 plus members branch is also involved in CSR activities like supporting children’s home in putting up ablution blocks and providing tanks for water harvesting.
