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MIA DIGITAL TECHNOLOGY BLUEPRINT, Link Title - Coggle Diagram
MIA DIGITAL TECHNOLOGY BLUEPRINT
MIA CHARTERED ACCOUNTANT (where MIA aspires its members to be five years from now.)
Public practice: Retain reimagine and innovate practices and services.
Public sector: Leverage on digital technology to achieve an efficient and effective public financial management.
Academia: Equip accounting talent pipeline with necessary skills.
Commerce and industry: Transition to a more strategic role as business advisor.
5 principles
Principle 3: Harness digital technology
Principle 5: Governance
Principle 1: Assess digital technological trends
Principle 4: Funding
Principle 2: Identify capabilities
Impact of Technology on the Accountancy Profession
Members in public practice
Large Firms
: Technology now become part of the new baseline of operational costs for major first which approximately $3 to $5 billion a year. they use technologies such as data analytics, AI and cognitive technology in performing audits.
.
Small and Medium Practitioners (SPMs)
:
Automation of the core work; ex: organize data on everything from payroll and inventory to audits and performs on tedious task like bank reconciliation
Move into tasks and activities that are less susceptible to automation such advisory that involves managing others and applying expertise
Emerging ERP software provides SMPs with access to extensive databases, shifting focus from mechanical procedures to analytical consistency
Cloud computing will allow SMPs to perform accounting and auditing procedures
Members in public sector
Role of CFOs and Finance Functions
: CFOs are becoming more strategic, offering analysis to help leaders make decisions. 90% of CFOs think they should be more involved in digital transformation.
Technology Adoption
: Using tools like big data and digital systems improves efficiency and helps make better, evidence-based decisions.
Transition to Accrual Accounting
: Malaysia's government is switching to accrual accounting, giving clearer insights into finances and improving planning and decision-making, making the finance function more like the private sector
Members in commerce and industry
Four Forces disrupting the CFO role
Data
57% of group CFO believe that delivery and advanced analytics will be a critical capability for tomorrow's finance function
Risk and Uncertainty
57% of finance leaders believe that risk management will be a critical capability in the future
Digital
58% of finance leaders say they need to build understanding of
digital, smart technologies and sophisticated data analytics
Stakeholder Scrutiny and Regulation
71% of finance leaders say the will increasingly be responsible for the ethics of decision-making in support of their organization's purpose
Generally involves CFO or working in a finance function
automation is increasingly critical for CFOs in improving the finance function's efficiency
finance teams may need to put more resources into strategy and planning around cybersecurity which is a top business risk
CFO most often identified as the position within the organisation responsible for cybersecurity as well as reporting it to the board
as they spend less time on manual operation tasks, they have more time for value-added tasks that require human judgement (ex; being central to helping business capitalise on new opportunity
Members in academia
Technology Adoption by the Accountancy Profession in Malaysia
Link Title