Page 38 - CMA Journal (Nov-Dec 2024)

Focus Section

Accountants must have comprehensive knowledge of Cybersecurity Skills
the software used by their organization, including
Accountants need essential cybersecurity skills to protect
software setup, invoicing, expense tracking, financial
important financial data from cyber-attacks on systems.
reporting (income statement, balance sheet, cash flow
Accountants should understand the encryption process
statement), payroll management, project management,
for securing financial data. It is also important to know
budgeting and forecasting, tax compliance, the
how to implement and control firewalls to prevent
integration process of ERP with e-commerce platforms,
unauthorized access to data. Password management is
payment gateways or banks, and customer relationship
also essential for protecting important financial data.
management (CRM).
Accountants should understand the process of
Accountants must also have knowledge of data safety developing strategies for dealing with cybersecurity
and backup processes, as well as compliance with IFRS, threats. Accountants must be able to identify phishing
GAAP, and the tax department. For audit and financial emails and other deceptive tactics used to gain
unauthorized access to systems. Accountants should also
reporting, accountants should be familiar with the
have a clear understanding of the different types of
processes in the software. Accountants need knowledge
malware, as malware can negatively affect financial data.
of communication and coordination with customers and
Therefore, accountants should know how to remove
team members using cloud-based software.
malware.
Problem-solving and troubleshooting skills are also
required, which can help accountants resolve common Accountants can improve their knowledge of
problems independently. Accountants need to cybersecurity by attending continuous training courses
continuously learn the new updates and features in to stay updated on the latest threats and available
cloud-based software, as updated knowledge improves technologies to prevent them. Cybercriminals constantly
the worth of an accountant and their position. try to use various tricks for cyberattacks. Accountants
Cloud-based systems work in three types of services: with effective skills can prevent cyberattacks and protect
Software as a Service (SaaS), Platform-as-a-Service (PaaS), financial data.
and Infrastructure-as-a-Service (IaaS). Blockchain Knowledge
“Blockchain is an accounting technology. It is concerned
Cloud Clients with the transfer of ownership of assets, and maintaining
Web browser, mobile app, thin client, terminal emulator,... a ledger of accurate financial information.” (ICAEW 2018)
Accountants must be prepared to adopt blockchain
technology in the future, as it is rapidly expanding in the
accounting sector. Blockchain can help solve accounting
problems by reducing fraud risk and improving audit
SaaS procedures. It also reduces costs through its
CRM, email, virtual desktop, Application decentralized system. The blockchain system allows
communication, games,..... accountants to trace any transaction recorded on the
blockchain ledger. The blockchain ledger is also known as
PaaS the triple-entry system, as it differs from the traditional
Execution runtime, database, web Platform double-entry system. In the triple-entry system, all
server, development tools,.... companies linked to the blockchain record entries on
their ledger as well as on the public ledger, which is
IaaS unchangeable. All linked users can access the data and
Virtual machines, servers, storage, load Infrastructure verify it immediately against their own double-entry
balancers, network,.......... records. This minimizes fraud and improves the efficiency
of accountants.
Companies should arrange training for their staff Professional development programs or workshops can
members when implementing new software to replace enhance knowledge and awareness of blockchain
an existing system. Accountants should also attend technology and its mechanisms in the accounting sector.
seminars/webinars hosted by professional bodies like Accountants need to understand the complete
ICMAP, ICAP, and Tax Bars for continuous professional blockchain procedure to ensure financial record accuracy
development. There are several factors to consider when and smooth transfer of ownership of assets. Blockchain is
a company selects software for its business data, not a replacement for accountants; rather, accountants
including flexibility to expand with the business, the can leverage blockchain for enhanced record-keeping
security of the data, integration with other business while continuing to manage traditional accounting
solutions, ease of use, and cost-effectiveness based on systems.
business size.
36 ICMA’s Chartered Management Accountant, Jan-Feb 2025 BACK TO CONTENTS PAGE