Answer to Question #293685 in Finance for Robert

Question

Discuss the various challenges facing public sector accountants in Kenya today.

Answer 1

1. Cybersecurity

Accounting information is a hot target by hackers because of it's can high-value. Accounting professionals is their responsibility to protect the data which includes the data for all contacts in the systems, including clients, employees, and service providers.

2. Automation and AI are taking over more traditional accounting duties.

3. Need for diversification of their skills

Reduced need for traditional accounting skill has led to rules-based accounting skills and increased demand for financial analysis and strategy.

4. Repeated tax cuts

There is an increased rate of changing tax rates by the government and the accountants are facing the challenge of effecting these policies as they have to update their systems every time to capture the tax rate changes.