MANILA, Philippines — Management accountants should upgrade their digital skills to be more globally competitive amid the increasing use of artificial intelligence (AI) in the accounting sector, the Professional Regulatory Commission (PRC) said.
PRC Board of Accountancy chairman Noe Quiñanola told reporters while management accountants already gain digital skills before taking their board exam, availing of continuing professional education would still be needed to acquire new digital skills beneficial in the job.
“The actual training for more skills as far as digitalization is concerned comes after (the board exam). That’s why we have continuing professional education so that we can be equipped with more skills because the skills that we get, of course, the basic things, they learn in college. But the more refined skills, they should learn when they become CPAs (certified public accountants) already…So, we support fully continuing professional education,” he said.
He said continuing professional education for management accountants is needed given the rise in technology and automation in the accounting sector.
Edmund Liaw, markets manager for emerging markets for Southeast Asia at the Chartered Institute of Management Accountants (CIMA), said a study conducted by the body shows 95 percent of accounting jobs would be affected by AI and automation.
Despite the increasing use of AI and automation, he said, such should not be viewed as a threat by management accountants.
“We should not see AI as a threat because of the fear of losing jobs. We should actually master the technology out there,” he said.
Quiñanola shared the same view as he said AI should be welcomed as a tool to help accountants improve their work.
“AI is an infrastructure to help the CPA think better, decide better and work better,” he said.
He said gaining new digital skills would also be beneficial for accountants in tapping opportunities overseas.
“We want to have our accountants to have the opportunity globally, to explore the global markets. Even if you are here in the Philippines, you can still serve the global markets,” he said.
In line with the push for continued professional education to acquire new digital skills in the accounting sector, the Philippine Association of Management Accountants (PAMA), which groups CPAs, finance executives, management practitioners and entrepreneurs, has partnered with CIMA to work together to enhance the country’s management accounting profession.
Under the partnership, CIMA, the world’s largest and leading professional body of management accountants, will introduce its Diploma Performance and Risk Management program to enable accountants, as well as professionals of other backgrounds, to learn how management accounting can help support crucial decision-making in all business functions.
The first course will begin on Oct.5. Interested parties can enroll by visiting the PAMA website: www.pama.com.ph.