An expert has raised alarms about the soaring costs of technology, warning that this trend could hinder innovation and progress within the accounting profession.
Professor Godwin Oyedokun, who teaches Accounting and Financial Development at Lead City University in Ibadan, shared his insights during a recent virtual technical session hosted by the ICAN Sokoto/District Society. He explained that high tech costs particularly impact forensic accounting, which heavily relies on cutting-edge technologies such as machine learning and artificial intelligence to address financial discrepancies.
During his remarks, Oyedokun defined forensic accounting as a specialized area that merges accounting, auditing, and investigative skills to thoroughly analyze financial information. He pointed out that the increasing complexity of digital transactions drives a greater demand for forensic accounting, necessitating advanced data analytics and techniques to operate efficiently.
He also identified significant challenges faced in the field, including issues related to data quality and privacy. Nevertheless, he emphasized the vital role that analytics plays in modern investigations.
“Advanced data analytics has transformed forensic accounting by offering tools that improve the efficiency, accuracy, and breadth of fraud detection and investigation efforts,” he said. “Data analytics utilizes statistical methods, machine learning, and artificial intelligence, allowing forensic accountants to identify patterns, trends, and anomalies that would be difficult to uncover through manual processes.”
To address the challenges he outlined, this certified forensic professional recommended that organizations partner with external specialists, such as forensic consultants and data scientists, to maintain a competitive edge in fraud detection. He underscored the importance of forensic accountants developing new technological skills in light of increasingly sophisticated fraud threats.
“As fraud schemes continue to evolve, so too must our methods to counter them, with advanced data analytics becoming ever more central to this battle,” he concluded.
