- 20 Marks
ATAX – May 2023 – L3 – Q2 – Emerging Trends in Taxation
Discuss risks, mitigation measures, roles, benefits, and challenges of technology in accounting and tax practice.
Question
Tax legislations are becoming increasingly complex, creating more risks for professional accountants and tax practitioners. The role of technology in running a contemporary accounting firm and/or tax practice is evolving rapidly, bringing new layers of complexity and regulatory pressure.
Your firm of chartered accountants is organizing an in-house training for the newly employed audit officers. You have been mandated by the Senior Partner to prepare a paper on: “Risk and Role of Technology in Accounting/Tax Practice.”
Required:
As the paper presenter, prepare a paper for the training addressing the following:
(a) Risks of running a professional accounting firm and/or tax practice (4 Marks)
(b) Measures to mitigate the identified risks (5 Marks)
(c) Roles of technology in running a contemporary accounting/tax practice (3 Marks)
(d) Benefits and challenges of adopting technology by professionals in accounting firms and/or tax practices (8 Marks)
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