Building a data strategy
Kirstin Gillon summarises the key points from the Tech Faculty’s recent webinar on creating a data solution that works for your business.
IT management
Good IT management is essential to achieving value from IT systems and managing the risks associated with them. IT management covers the full lifecycle of systems, from the initial decision to invest in a system through its operational life until it is no longer needed and ultimately decommissioned.
In this section
IT infrastructure
Adapting technology and security for homeworking
Lesley Meall examines the questions that remain about the technology required to support post-pandemic hybrid working – and whether accountants can adapt to the changes.
My system is down - what do I do now?
In the last couple of weeks, a significant number of accountants, their clients and businesses will have been affected by “major outages” with cloud accounting software.
Tax news in brief
Highlights from the broader tax news week ending 3 February, which includes: a restrained Scottish Budget in light of the coronavirus pandemic and HMRC publishes a Brexit edition of its Agent Update with guidance on postponed VAT accounting.
IT governance and strategy
Helping your business stand out with onboarding tools
Jessica Pillow of Pillow May chartered accountants considers the different tools available for onboarding clients into your growing cloud practice, including examples with GoProposal and Practice Ignition.
Data protection and privacy
All organisations that collect, store or process personal information on living and identifiable people must comply with the Data Protection Act 2018. Additional resources can be found on the GDPR (now the Data Protection Act 2018 in the UK).
5 things to think about when considering your IT options
Factors to consider when choosing IT infrastructure and systems for your practice.
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Industry press
The Library & Information Service provides a hand-picked collection of industry press articles as a benefit of membership. If you are unable to access an article, please see our Help and support or contact library@icaew.com
Data management trends: privacy, security and AI
This article discusses the importance of data management for accountancy firms, focusing on the trends of privacy, security, and artificial intelligence (AI). It highlights the challenges posed by cyberthreats and regulatory requirements, emphasizing the need to prioritize privacy and security measures. The article suggests strategies such as data encryption, cybersecurity measures, and staff training to enhance data management. It also recommends leveraging AI tools for automation, predictive analytics, and data visualization.
Digital transformation: strategies for small and midsize accounting firms
The article focuses on the challenges and opportunities faced by small to medium-sized accounting firms amidst digital transformation. Topics include evolving client expectations for remote access and intuitive digital platforms, strategies for integrating accounting systems with other business tools, and the critical importance of strong data security measures to maintain client trust.
AI at the crossroads: Revamping board structures for effective governance.
The article focuses on the dilemma faced by corporate boards regarding the oversight of artificial intelligence (AI) initiatives, questioning which committee is best suited for governing AI's multifaceted risks. The author explores potential contenders for this role, including the risk management committee, a dedicated AI governance committee, and the technology committee, each offering unique expertise and perspectives tailored to the challenges posed by AI governance.
Ethical failure led to the FTX scandal
Analyzing aspects of the cryptocurrency exchange FTX's fraud and money laundering scandal highlights the importance of ethics, corporate governance, and internal controls, says Daniel Butcher. Some of the failures at the company included unreliable financial statements, mishandling of confidential data, diversion of corporate funds, poor or no recordkeeping and a lack of control of company cash.
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Useful links
Establishing a pro-innovation approach to regulating AI
Policy paper from the Department for Digital, Culture, Media & Sport, Department for Business, Energy & Industrial Strategy, and Office for Artificial Intelligence on the UK's emerging approach to AI regulation.
The Future Of Accounting: How Will Digital Transformation Impact Accountants?
Forbes article which looks at the future role of accountants and the skills they will require.
A European approach to artificial intelligence
European Commission hub page for Europe's approach to AI, focussing on 2 areas: excellence in AI and trustworthy AI. The main publications are Proposal for a regulation on artificial intelligence; Strategy on artificial intelligence; Coordinated plan on artificial intelligence 2021 review.
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