Technology is playing an increasingly vital role in core business functions such as audit and finance. At the recent Terrapinn Accounting & Finance Show 2020, Russell Isakow and Suhail Moosa, Engagement Manager and Consultant at Letsema respectively, spoke on a panel that discussed the effect of technology and data on finance, auditing and accounting functions.
In this segment, In this segment, Russell speaks about the challenge facing finance professionals as they integrate new technologies into their role and department, technology buzzword inertia, and the challenges of understanding technology, what it solves for, data abundance and historical technical debt.
In terms of the problem statements surrounding technological implementation, Russell addresses three key challenges faced by clients as they grapple with emerging technologies, while Suhail addresses the topic of technology’s integration into the accounting profession.
As a qualified accountant who has worked extensively within the audit environment, Suhail talks about the challenges faced by audit professionals, especially the vast amounts of data that need to be processed as they execute their role, and how technology can help remove these pain points and expand audit coverage.
Russell notes technology such as AI and machine learning can help broaden thinking around activities that are traditionally rules based. These include critical functions such as auditing, and give audit professionals increased abilities to perform their duties at a higher level of efficiency.
Russell and Suhail are members of Letsema’s Governance, Risk and Compliance (GRC) team. You can learn more about our GRC offering can help your business embrace new technologies here, or contact them at GRC@letsema.co.za or info@letsema.co.za.
You can also follow Letsema on LinkedIn.
