Where do you see the future of accounting going in the next 5-10 years?

July 20, 2012

Lauren Bundy
Tax Staff

After reading an article recently on what the increased audit risks will be in the next 5-10 years, I believe the article reflects on accounting as a whole. The accounting world will be relying more on internal auditors along with certified information systems auditors. Auditors will be in greater need as more of companies information will be store on the cloud, there will continue to be increased financial pressures, and also regulatory pressures. Information security and accounting will start to become more reliant on each other, as technology continues to become more widespread in the world of accountants. Fraud will become more prevalent when more accounting information is transacted and stored over the internet, along with an amplified financial pressure because of the recession. Increased use of accounting systems will also create a vulnerability to fraud if internal controls and procedures are not up to par.