RAPID automation is threatening jobs that use repetitive human tasks, which can soon be replaced by robots and machines. One of the sectors facing digital disruption is accountancy, one of the oldest professions in the Philippines.
To remain relevant in the digital age, the Philippine Institute of Certified Public Accountants (PICPA) is pushing for the continuing professional development of its 30,000 members in business and industry, education, government and public practice nationwide.
The country’s 89-year-old professional national accountancy body, led by PICPA president Maria Asuncion M. Golez, marked Accountancy Week on July 15 to 21 with the theme, “Promoting Integrity, Advancing Excellence.”
“In an era of disruption, it is inevitable that some of our functions will soon be done by machines. But I believe that integrity and excellence are some of the virtues that can distinguish us humans from robots,” said Maria Victoria C. Españo, chairperson and chief executive officer of top auditing firm P&A Grant Thornton.
“Promoting integrity and quality have never been as important as today for the accounting and auditing profession.” Españo is also a PICPA national board director and chairperson of PICPA’s Metro Manila regional council, which accounts for 60 percent of PICPA’s membership.
Emerging digital technologies and other “hot-button” issues on the future of the accounting and auditing profession were among the topics discussed at PICPA’s Metro Manila Region Day last July 16.
Among the discussions were on the increasing use of devices using artificial intelligence (AI) that can perform routine functions of accountants such as performing automatic coding of accounting data entries.
As part of the networked economy, Philippine enterprises have been steadily adapting disruptive technologies to transform the way business is conducted.
Citing a 2017 report from McKinsey Institute that says 43 percent of data collecting and processing work in the wider financial services sector can be fully automated, Españo said technology is one of the biggest game changers in recent years. (PR)