Financial Reporting Ranks as Top Technology Issue

The American Institute of CPAs' top technologies list for 2002 ranks business and financial reporting at the top of the list. The topic rose from No. 3 in 2002. AICPA suspects this rise was driven by concerns raised in the wake of Enron. Wayne Harding, a member of the AICPA's Top Technologies Task Force and Information Technology Executive Committee, officially announced the 2002 rankings during a presentation at the AICPA's TECH 2002 Conference in Washington.

"The very nature of financial reporting - its purpose and significance - is now a major part of the national debate," explained Mr. Harding, "so it makes sense that reporting applications would figure so prominently on the list."

The full listing of the top ten issues for 2002, in order of importance, is as follows:

  1. Business and Financial Reporting Applications
  2. Training and Technology Competency
  3. Information Security and Controls
  4. Quality of Service
  5. Disaster Recovery (includes business continuation and contingency planning)
  6. Communication Technologies - Bandwidth
  7. Remote Connectivity Tools
  8. Web-based and Web-enabled Applications (Internet)
  9. Qualified IT Personnel
  10. Messaging Applications (e-mail, faxing, voicemail, instant messaging)

The rankings were determined by a web-based survey of those who hold the CITP (Certified Information Technology Professional) credential. Additional details are available on the applications, issues, technologies and emerging technologies included in the AICPA's survey.

-Rosemary Schlank

You may like these other stories...

No field likes its buzzwords more than technology, and one of today's leading terms is "the cloud." But it's not just a matter of knowing what's fashionable. Accounting professionals who know how to use...
There is a growing trend of accountants moving away from traditional compliance work to more advisory work. Client demand is there, but it is up to the accountants to capitalize on that. What should accountants' roles be...
 Event Date: April 24, 2014 In this session Excel expert David Ringstrom, CPA introduces you to a powerful but underutilized macro feature in Excel. David will introduce the Macro Recorder, which transforms actions...

Upcoming CPE Webinars

Apr 22
Is everyone at your organization meeting your client service expectations? Let client service expert, Kristen Rampe, CPA help you establish a reputation of top-tier service in every facet of your firm during this one hour webinar.
Apr 24
In this session Excel expert David Ringstrom, CPA introduces you to a powerful but underutilized macro feature in Excel.
Apr 25
This material focuses on the principles of accounting for non-profit organizations' revenues. It will include discussions of revenue recognition for cash and non-cash contributions as well as other revenues commonly received by non-profit organizations.
Apr 30
During the second session of a four-part series on Individual Leadership, the focus will be on time management- a critical success factor for effective leadership. Each person has 24 hours of time to spend each day; the key is making wise investments and knowing what investments yield the greatest return.