CIMA E1 Syllabus B. Technology In A Digital World - Process Automation and Finance Function - Notes ^{2 / 5}

Finance professionals in the future will see basic routine, transactional work automated.

Examples of the work that can be automated are:

Creation of statutory accounts can be automated in the financial reporting part of the finance function
Internal audit is a component of the finance function has the responsibility for ensuring that the organisation's rules and policies are complied with.
Examples of work that can be automated in the internal audit function are simulations of cyberattacks to test IT controls and vulnerability testing to identify weaknesses in the business.

Therefore, finance professionals will be driven to shift to higher level skills.

These skills are expected to be fundamental to future accountants:

Analytical skills
Most data produced will come from automated processes, therefore accountants will add value through analysing this data in the business context for meaning and insight.
Business acumen
Understanding how businesses work, change and can be disrupted.
Judgement
Making decisions, evaluating data sources and applying knowledge to make sound judgements.
People skills
Interpersonal skills will be essential as accountants will occupy a more central business partnering role as opposed to just producing accounts and reports for others.
Leadership
Accountants will have a unique central position in organisations.