ICAP hosts Panel Discussion on Future Trends in Accounting and Auditing

On February 28, 2024, The Institute of Chartered Accountants of Pakistan (ICAP) organised a panel discussion on 'Future Trends in Accounting and Auditing.' The session, held at Suleman Dawood School of Business, brought together professionals and experts in the field to explore the evolving landscape of accounting practices. It drew attention to critical topics, including technology integration, data analytics, remote auditing, cybersecurity concerns, sustainability reporting, regulatory changes, the role of AI and automation, and the importance of continuous professional development.

Moderated by Mr. Anayat Ullah Khan, a member of ICAP with over two decades of experience in professional accountancy education management, the panel featured prominent figures from various industry sectors. Among the panellists were Mr. Ahmed Salaar Usman, a seasoned financial auditor and lead advisory professional; Ms. Hooria Batool, a Guinness World Record holder for being the youngest female Chartered Accountant and currently serving as a Business Analyst at Nestle, Pakistan; Mr. Ubaid Ullah Azam, Assistant Commercial Finance Manager at British American Tobacco; and Mr. Ali Khan, Partner at AFF, spearheading Strategy and Transformation. Two additional Chartered Accountants from A. F. Ferguson, Mr. Abdullah Ahmad and Mr. Muhammad Musa Malik, were also present to offer their insights.

The session commenced with introspective questions posed to the panellists regarding their perspectives on the future trends shaping the accounting and auditing landscape. Mr. Ali Khan initiated the dialogue by highlighting the transformative potential of technology integration in the auditing profession. The subsequent discussions touched upon various topics, including the impact of AI and machine learning on auditing processes, the significance of blockchain technology, challenges in auditing multinational corporations, and the implications of remote work on audit practices.

Ms. Hooria Batool emphasised the importance of leveraging data analytics to enhance audit quality, while Mr. Ubaid Ullah Azam shed light on the rising prominence of sustainability reporting and ESG factors in auditing practices. The panellists also addressed the challenges posed by the increasing complexity of financial transactions and the imperative for auditors to adapt their procedures accordingly.

Throughout the discussion, a consensus emerged regarding the vital role of continuous professional development in equipping auditors with the necessary skills and knowledge to navigate the evolving landscape effectively. The session concluded with an interactive Q&A session, allowing attendees to further explore key insights and engage with the panellists on pertinent issues.

The panel discussion provided a comprehensive exploration of the future trends in accounting and auditing, offering valuable perspectives and insights for professionals navigating the dynamic and ever-changing financial landscape. The event reflected a sense of optimism and anticipation for the transformative opportunities that lie ahead in accounting and auditing.