Today a software product is a must have for the work of specialists in accountancy professionals. The conclusions of the independent auditor should be of high quality, informative and prepared as quickly as possible. The world is starting to work at high speeds, so any delays in the work of the auditor can significantly affect the quality of the services. Modern audit programs help speed up processes without compromising quality. Cloud technologies, day planning programs, teamwork allow to improve the quality of audit services.

According to experts, in the next five years, the design attributes of almost every successful company will be a project approach to business and the use of data-driven solutions, machine learning and artificial intelligence, as well as modern methods of communication and continuous monitoring of staff efficiency. The capability to change quickly in the face of constant digitalization is the main competitive advantage that should be taken into account. Therefore, it is not surprising that most companies are undergoing a digital transformation of business, due to the growing popularity of new technologies and understanding of their benefits.

A study Ethics for Sustainable AI Adoption conducted by ACCA in collaboration with CA ANZ, showed that finance professional with their commitment to ethical standards can guide organizations along the responsible path for artificial intelligence (AI) adoption. Despite the potentially huge benefits, its widespread use requires a responsible approach by finance professionals.

The world has inevitably changed under the influence of the pandemic and the restrictions that continue to this day. Businesses try to adapt to new environment, transforming business processes, management styles and approaches to working with clients.

The UK Financial Reporting Council (FRC) has published a review of current companies’ viability and going concern disclosures, identifying several problem areas that need significant improvement. They are particularly important given the impact of the COVID-19 pandemic, which has added uncertainty to the long-term prospects of many UK companies.

Financial regulators and central banks should not prematurely and abruptly withdraw the support measures introduced against the background of the pandemic, as the situation will remain uncertain in the near future. This opinion was expressed by representatives of the Organization for Economic Cooperation and Development (OECD).

The U.S. Financial Accounting Standards Board (FASB) has amended the standards in Topic 820, Fair Value Measurement, that can enhance the usefulness of financial statements to investors and other users. The main objective is to increase the comparability of financial information on investments in securities (equity securities) subject to certain contractual restrictions preventing their sale, but which must be measured at fair value.