Information Technology and Its Significance in the Accounting Profession in Today’s Modern Society

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Eamonn, R. 2012. The evolution of accounting software: past, present and future. [Online] Available from: http://www.gaaaccounting.com/author/gaablog/ [Accessed: 2015-04-19].

In today's time the accounting and book keeping ranges from the old way of paper and pen to extremely large accounting data base systems for the major companies and organizations around the world; although either system could be used but

In the modern business today, there is no more manual accounting. Instead a lot of companies and businesses all over the world are trying to use and adapt by having an accounting system that is computerised, less hassle and fast processing.

Accounting Information Systems The Crossroads of Accounting and IT by Donna Kay, Ali Ovlia Test Bank

The biggest impact technology or Information Technology (IT) has made on accounting is the ability of companies to develop and use computerized systems to track and record financial transactions. Paper ledgers, manual spreadsheets and hand-written financial statements have all been translated into computer systems that can quickly present individual transactions into financial reports.

As long as this world have businesses and buying and selling within company to company accounting and Accounting Information Systems (AIS) will play a big role in financial management and decision making. The degree of value and how usable an AIS is depending on if the system is custom, outsourced or boxed. In this paper I will talk about just that. You will find out if the company should keep, change, modify or outsource and what will be the advantages and disadvantages of doing so. Analyze the need for changing to a new system and the potential benefits and risks associated with this. Identify three (3) advantages

This article is written by Nicholas Carr and it has become so popular because of its important topic about information technology in business today. Information technology has become a very important component in the success, efficiency and effectiveness of business.

Some discipline-specific questions 10. Are the accounting and financial-related evaluation items sufficient? Are they effective? 11. Are there sufficient evaluation items for IT-related activities? How would you evaluate IT performance? 12. What information technology strategies and projects add value to the business organization, operations, tactics? 13. How would you use IT to help enhance the budgeting process? 14. Are the management and strategy-related

The addition of computer technology in accounting systems has not only changed the way information is accessed, stored, and controlled, but encouraged auditors to become familiar with accounting technology and software. Entities using technology for information management provided a different perspective to the role IT played in accounting. At an accelerated pace, auditors need to become educated on capturing and analyzing information technology. While training and professional performance of an auditor are addressed in the standards, the AICPA has not updated this standard since 1975 (Krahel and Titera, 2015). Auditing Standard 1010: Training and Proficiency of the Independent Auditor requires an audit "to be performed by a person or persons having adequate technical training and proficiency as an auditor" became a guideline for auditor knowledge and professional development (Public Company Accounting Oversight

In business word wide the use of information technology systems is what keeps a business functioning properly. Every business holds a substantial amount of information that they must learn to sort, utilize and store efficiently. Everything a business does in their day to day operations requires the use of both information and technology. Payments, employee information, records, client information, all of this must be processed, stored, organized and analyzed for later use in the business. For example, at the end of a year businesses will need to pull old records and reports so that they can make predictions for future profit and pay their taxes to

Modern accounting systems have become the foundation from which the modern organization can rely and depend upon to maintain a strong efficient strategy that will help the organization grow. The modern accounting systems embraces the old accounting practices that have been used for hundreds of years and builds upon that platform to give modern organizations control over the finances. There must be set in place internal controls to keep the company assets from being stolen and that is why modern accounting systems utilizes many internal controls with the organization. The modern accounting system is one of the most valuable assets that a modern organization has in its possession because modern accounting systems make better use of the

Ethical issues involving information accounting is a part of doing business and a large part of personal human ethics. Accounting ethics refer to codes or moral systems used to determine right and wrong in accounting. Accountants have a challenge with the arrival of information technology to observe business ethics in the field of accounting. Technology needs to be appreciated and used by accountants in the most important ways to improve efficiency, regulatory compliance, enhance financial reporting, increase revenues, and enhance management practices. Accountants also need to be well informed with new technology and come up with the need for appreciating technology use in their firms. Technology has therefore created a

Information systems changed forever the way accounting tasks are processed. The days of green paper pads are gone, and instead businesses have a centralized place where all accounting transactions are entered and saved. No more looking for paper