ICAN Encourages New Accountants to Embrace AI for Career Advancement

 

In an era of rapid digital transformation, accountants have been encouraged to adopt artificial intelligence (AI) to stay competitive and relevant in their field. This message was emphasized during the 73rd induction ceremony of the Institute of Chartered Accountants of Nigeria (ICAN), held in Lagos on Tuesday, where 2,015 new members were welcomed into the profession.

Stanley Amuchie, Executive Director, Chief Operations, and Information Officer of Fidelity Bank, delivered the keynote address at the event. He highlighted the transformative impact of AI on various business processes, including automated data entry and advanced financial analytics. These advancements, he noted, empower accountants to offer more strategic insights.

Amuchie cited a PWC study predicting that AI could contribute a staggering $15.7 trillion to the global economy by 2030. He explained that the integration of big data analytics into accounting equips professionals with the necessary tools and insights to make well-informed decisions, fostering sustainable business growth and value creation across industries, thereby contributing to the broader economy.

However, Amuchie, who is also a Fellow of the Institute, pointed out the associated cybersecurity risks such as fraud, hacking, and privacy concerns. He urged accountants to proactively upskill and embrace technology to effectively mitigate these risks. "Continuous learning and adaptation are crucial. Accountants and their firms must invest in cybersecurity measures and stay ahead of potential threats," he advised.

In his address to the new inductees, Innocent Okwuosa, the 59th President of ICAN, underscored the importance of maintaining the highest professional standards. "As you embark on your careers, remember that integrity, accuracy, and ethical practice are the bedrock of accounting. Embrace technological evolution, but always uphold the principles that define our profession," Okwuosa encouraged.

Okwuosa also highlighted ICAN's ongoing efforts in training and upskilling its members, particularly in technology. He noted the Institute's recent partnership with Microsoft as part of its commitment to equipping members with the necessary skills to thrive in the digital age.