Developing accountants today to meet the challenges of tomorrow

Inflo are collaborating with the accountancy profession to develop the skills of the future workforce, by embedding the latest technologies into the education of future accountants joining the profession.

On the morning of 10 March 2021, 994 students sat their Audit & Assurance exam as part of the Professional Level of their ACA qualification. This was the first time that any external party/technology had formed part of an ACA exam.

The ACA is one of the most advanced learning and professional development accountancy programmes available and has been evolved by the ICAEW as part of an initiative to incorporate emerging technologies into accountancy education.

Recognising the impact of technology on future skills, the ICAEW has embedded Inflo Data Analytics software in the ACA Audit & Assurance and Corporate Reporting exams because:

  1. Students are now using a relevant real-world tool in their studies, not just an educational template,
  2. In a world where the audit profession is under the spotlight the software will help students develop crucial professional skepticism skills when interrogating data sets for transactions that stand out, and
  3. With so much data available an understanding of basic principles of how transactions are accounted for is more important than ever.

Beginning with the Audit and Assurance exam in March and the subsequent Corporate Reporting exam in July, Inflo will work closely with ICAEW’s Learning and Professional Development team, as well as examiners and other stakeholders, to produce client scenarios specifically designed to meet the needs of examinations.

Paul Wardle, Customer Success Manager at Inflo, commented: “I am hugely proud to have been part of a project these past few years in which the aim was to bring technology into the ICAEW ACA exams. This month will see students sit their Audit and Assurance exam using Inflo and I am so excited for what is a monumental shift in the profession.”

Robust technical fundamental knowledge blended with an understanding of cutting-edge digital tech is going to be an important part of the skills-set of future finance leaders.

Mark Edmondson, CEO of Inflo, commented: “Having qualified with ICAEW myself, I have experienced first-hand the opportunities presented by obtaining the ACA qualification. Yet the world of business is different now from when I sat my exams. The role of accountants is rapidly changing, and technology is the accelerant behind this change. Through embracing the resultant skills challenge and by incorporating emerging technologies within the ACA, ICAEW is ensuring that the accountancy profession remains attractive to those at the beginning of their career, while providing the skills and experience needed to have a long and successful one.”

You can learn more about inflo Data Analytics in ICAEW exams in a recent session with First Intuition Director Gareth John, Paul Wardle, Customer Success Manager at Inflo, and Andrea Cook, Head of Content Design and Development for Qualifications at the ICAEW now to learn more about Inflo Data Analytics in ICAEW Exams.

Get in touch today to hear how inflo can add value to your firm. Alternatively, sign up for Inflo for free today to get started on your Inflo journey.

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