The accounting and finance experts from academics and the industrial sector have affirmed that the rebranding process of the accounting and finance profession to meet service demands in this 21st century is inevitable because of the emergence of Artificial Intelligence in the labour markets globally.
This was the resolution at the third biennial International Conference on Accounting and Finance (ICAF 2025), organised by the Accounting and Finance Programme in the College of Management and Social Sciences, Bowen University, Iwo, Osun, State.
At the opening ceremony of the 3rd conference held on Monday, the head of the Accounting and Finance programme in the university, Professor Ezekiel Oyerogba, noted that the assembly was the third International Conference the unit would organise for scholars across the globe.
He added that it is a forum for accounting lecturers and those in the private sector to brainstorm on how to improve the practice and operations of the profession with an intent to move it forward technologically.
He noted that about 44 papers were presented from 33 universities in the country for the conference, with experts from Canada and Kenya also contributing their quota to the conference.
According to him, the 44 papers presented were focused on the theme of the conference, ‘Navigating the Future: Sustainable Innovation Through Accounting and Finance’, as a way to reposition the profession with special reference to modern-day technological operation compliance.
The college provost, Professor Olayinka Adenikeju, asserted that the profession must engage in periodical updating and upgrading skills to establish its relevance in this technological-based world; hence, the conference was held to identify areas that call for a reform process in the profession to sustain its relevance in this AI-based world.
The keynote speaker at the conference, Professor Rufus Akintoye, noted that there must be a synergy between town and gown for an impactful relationship in terms of production and market needs.
According to him, sustainable innovation is essential for modern finance, ensuring resilience and accountability in global markets.
Professor Akintoye suggested that to revamp the Accounting and Finance profession, strengthening the regulatory Environmental, Social, and Governance framework is highly required, as well as integrating AI and blockchain in finance, expanding sustainable finance, and promoting FinTech inclusion.
Similarly, the lead paper presenter, Professor Rafiu Salawu from Obafemi Awolowo University, Ile Ife, Osun State, in his affirmation, declared that the future of the accounting profession is not predetermined.
He noted that it depends on the decisions made by accountants today.
He said that those who continue to use old-fashioned methods run the very real risk of losing their jobs to more adaptable professionals or accountants who are technology experts, noting that individuals who welcome change, learn new abilities, and develop into strategic advisors will not only survive but flourish.
He stated further that in addition to technical and professional skills like accounting standards, knowledge of laws and government regulations, software development, computing, and listing rules, accountants of today and tomorrow must also possess multidisciplinary qualities and act with ethics and integrity when interacting with others and making decisions, adding that “the time to act is now.”
“First, accountants should stay curious and continuously update their skills. They should be open to adopting emerging technologies and explore new areas such as data analytics and blockchain,” he said.
He emphasised in his paper that professional accountants must be equipped with the right digital skills in response to digital transformation.
“Second, firms should invest in technology and employee training to facilitate the transition. In addition, they should embrace the role of advisory services to deliver greater value to clients.
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“Third, Professional accounting bodies must be prepared to play a key role in developing the technology capabilities needed by finance professionals and ensuring they are embracing digital opportunities, bringing those essential technological skills into the workplace. This is where deep skills in areas like data analytics, business insight, automation, and machine learning are becoming increasingly relevant to the work of accountants, leveraging technologies to increase business value in their organizations.
“Lastly, Higher institutions should revise curricula to incorporate technology, soft skills, and the evolving demands of the profession. Provide practical experience with real-world software and tools. Introducing new relevant courses, especially in the faculty of management sciences.
“Ultimately, it is not a question of whether the accounting profession will change—it will, without a doubt. Whether it will evolve quickly enough to remain relevant is the true question.
“The future is bright for those who do. The profession might experience an existential crisis for those who don’t. The decision is simple: evolve (change by adding value to yourself) or die by not doing so,” he noted.
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