CA qualification is eligible for the registration of PhD programs. One hundred and eleven universities, 7 IIMs, and 2 IITs allow CA students to register for the Ph.D. courses. The ICAI has plans to introduce technologies such as artificial intelligence, block chain, and data science. The proposal is waiting for approval from the government. In the new CMA course, data science comes as a subject. Data science and cloud computing are inter-related subjects. Data analysis is analysing the patterns of data and finding the performance of the business. Cloud computing is the network for the delivery of data and infrastructure of the network. Cloud computing helps reduce the administrative cost. The business with multiple locations needs the infrastructure of cloud computing. Data science is helpful for cost-related decisions. Cloud computing helps improve the functionalities of the accounts department. Cloud computing help for implementing efficient financial system. The Digital Accounting and Assurance Board from ICAI fosters digital accounting and assurance. The blog reveals the concept of cloud computing, the challenges to chartered accountants in a cloud environment, and job opportunities for CA with cloud computing knowledge.
What is cloud computing?
Cloud technology offers memory and processors to connect through a network. Cloud computing prepares professionals for future jobs. Chartered accountants require communication, flexible thinking, strategic thinking and technology knowledge. The following points explain the value of cloud computing:
- The cloud computing provider collects the resources and allocates a portion to the customers.
- The administration through a single system is not required. Cloud provides on-demand services.
- Infrastructure as a service, software as a service, and platforms as a service are the three types of services in cloud computing.
- The resources are connected through the cloud. The network access is not through physical access.
- The resources have elasticity. The customers expand or contract the usage of resources according to the demand.
- Cloud computing offers a measured service. The consumers are monitored for the allotment and charged for the services.
- The auditors decide the type of cloud.
The challenge for chartered accountants in a cloud environment:
Cloud computing connects the work from multiple locations. The platform helps for accessing all financial data. Real-time financial information helps in analysing the business before making vital decisions. Cloud computing helps generate reports instantly. Cloud technology offers the security of data. The challenges to chartered accountants in a cloud environment are as follows:
- The chartered accountants should spend time understanding the functionality, and features and navigate the system effectively.
- Chartered accountants should understand the security challenges with the technology. Before the adoption of cloud technology, chartered accountants thought about the privacy of their financial data.
- The chartered accountants think about the reliability of the services. If the user data is deleted or altered, the administrators and chartered accountants find it difficult to get the financial information.
- Internet connection is essential for cloud services. Cloud services offer scalable and available solutions through the Internet. Availability of the internet is a challenge to businesses with multiple locations.
- Customers expect data privacy from business owners. Clouds use private information to make profits.
- Cloud computing restricts the personal information of customers. Data ownership is not possible with cloud technology.
- The chartered accountants implement a data protection plan before adopting cloud technology. The backup data helps to operate the business without risk.
Difference between cloud computing and data science:
Cost accountants work with data science. Chartered accountants are interested in learning cloud computing, machine learning and artificial intelligence. The differences between the two technologies are listed below:
- Cloud computing infrastructure is for the day-to-day operations in the accounting department. Cloud computing is used for data transfer, business solutions, and data storage.
- Data science is for large volumes of data. The technology analyses the data pattern. It helps understand consumer behaviour, demand and supply of the products.
- Cloud computing has its roots in IT solutions.
- Data science has its roots in software and mathematical algorithms.
- Cloud computing satisfies business requirements.
- Data science provides statistical evidence for the research activity.
- Cloud computing enhances innovative ideas to create networks, infrastructures, and new technologies.
- Data science knowledge is used to create AI models, computer systems, data-related software, hardware and mathematical methods.
- Opportunities for chartered accountants with cloud knowledge:
- Chartered accountants with cloud knowledge have the opportunity to work in the following areas.
- Analyse the cost data of the company for implementing cloud computing or in-house computing software.
- Check the facilities inside the organisation to migrate the technology.
- The chartered accountants arrange for the training of accountants in cloud technology.
- The chartered accountants offer advice regarding direct, indirect and international tax to the cloud service providers.
- The chartered accountants with experience can provide consultancy to the companies for the conversion from traditional to modern software systems.
- The following are the job roles for consultants in cloud computing with a background in chartered accountancy: Cloud contract negotiation, cloud vendor evaluation, cloud implementation advisor, and control implementation.
- Chartered accountants produce a logical and strategic framework for the adoption of cloud technology.
- Cloud computing governance deals with accountability, balancing benefits, risk, value, decision rights and resource allocation in a cloud environment.
Technology is associated with all job roles. The intensity of knowledge is the difference between a software engineer and a chartered accountant. Chartered accountants with technical knowledge provide better solutions to the business. Technical knowledge opens international opportunities to professionals. Technology prepares the students for future challenges in the profession.