OLAYA, ALVIN JAMES I.

, BSA-4
Synthesis

What is skills gap in the field of accounting? How does one resolve issues of this skills gap?

For me, skills gap in the field of accounting is age and inexperience. As an accounting
student graduates, competition in any workplace is tough and rigid. There are of course
companies who want to employ fresh graduates who can work more effective and efficient.
Some might however consider experience as an edge among others. With the dynamics of
technology nowadays, I can say that whatever knowledge an accounting graduate is equipped of
is not sufficient. More and more skills are being required which include business skills, like
strategy formulation and analysis, planning and execution, and leadership. Schools play vital role
for these competencies to happen and be developed. However, those who are on track of a long
term career goals may find this skills gap inevitable but hard to combat. Same notion might also
be regarded by seniors who cant cope with the fast evolution of technology so it is essential that
businesses invest in professional development to train accounting professionals in some
competency-boosting fields like sales and marketing, production and distribution, leadership and
other skills.

Students who are taking their internship classes or apprenticeship should also plan well
where to be deployed. There are some who just want to complete the required industry hours
without even thinking what theyve learned and what they can do better. Schools should also
provide more practical trainings and seminars apart from internship that has to be organized by
students so they will know how to grip into responsibilities and can have an avenue to harness
their leadership skills. Exposure to noble trainings therefore resolves the issue. Expanding
accountants knowledge base will grant them the ability to adapt when abrupt changes occur.
Ultimately, it will translate into greater performance and profitability for companies as
employees can even work effectively and efficiently.

Filling in the gaping hole in our talent pool is a challenge so we need to help ourselves.
We all play a role in solving the competency crisis. Educators, students, professionals and
employers must work together to redefine the skills that accountants need on the job. Through
this collaborative undertaking, we can put an end to this crisis and keep our businesses vibrant
and sustainable.
OLAYA, ALVIN JAMES I., BSA-4
SYNTHESIS

Define AUDIT DATA ANALYTICS. How is it helpful in the accounting/audit industry. Is

Philippines ready to adapt to these new developments of the profession? Explain.

Audit Data Analytics is a tool that enables auditors to better identify financial reporting,
fraud and operational business risks. It aggregates date and provides with a whole lot of
information. The power of data analytics could make possible for external financial statement
auditors to improve audits by testing complete sets of data, rather than just testing samples,
aiding risk assessment through identification of anomalies and trends, perhaps even through
comparison to industry data, pointing auditors toward items they need to investigate further and
providing audit evidence through comprehensive analysis of organizations general ledger
systems.

In my stand, audit data analytics is a great system invention. Based on my research, data
analytics, combined with traditional auditing techniques, will give auditors a better
understanding of their clients but this is another birth of automation which brings concerns about
the potential loss of jobs like with the use of artificial intelligence. Big accounting and auditing
firms may consider audit data analytics as an advantage as competition is stiff but of course, it is
not that easy to just adopt it and use it right away. It requires special computer power. Cost is
quite expensive. Hence, you need to hire an IT expert who will further assist you.

Integration of Data analytics is still young. Although big firms are already using it
especially in the US but Philippines I believe is not yet ready for this. Systems used here in the
Philippines arent as updated as system upgrades abroad and besides we are all practical. At the
end of the day, it still requires a knowledgeable, skilled and trained auditors to stand back
analyze and interpret audit findings.