How the COVID-19 Pandemic Affected Accountants Raef Lawson Feb 16th 2021 The ongoing pandemic has made a significant impact across industries and professions, as organizations report losses in earnings, layoffs and implementation of long-term remote work procedures. Finance and accounting are no exception. Professionals in the field remain at the forefront of a financial crisis and continue to navigate industry changes. IMA's (Institute of Management Accountants) recent report, "The Impact of COVID- 19 on the Finance Function," highlights how the pandemic has affected accounting and finance professionals across five countries, including China, India, Saudi Arabia, the United Arab Emirates and the United States. Respondents reported losses across the board, as well as shifting priorities in skills needed by today's professionals. With these changes taking place, how can the accounting and finance function progress both during and after the pandemic? Upskilling in New Core Areas Lifelong learning is top-of-mind for certified accounting professionals as they keep pace with mandated continuing professional education (CPE) requirements and emerging skill areas. The pandemic has both accelerated this need and exacerbated a skills gap. IMA's report revealed that 68 percent of respondents indicated greater interest in upskilling due to COVID-19, with this trend taking place across all levels of the organization. At the same time, 12 percent of respondents believed their skills will not be relevant post-pandemic, another 10 percent were unsure. Shifting priorities have upended typical day-to-day tasks for accounting and finance professionals as they are now a go-to source for guidance in a crisis. To maximize the positive impact on their organizations, finance professionals need to focus upskilling efforts on risk management and cash flow management and forecasting, which have increased in importance over the course of the pandemic. Eighty percent of survey respondents indicated that they are planning to improve or have improved in these areas, among others. Though many professionals likely already have a foundational understanding in these subject matters, it is critical to understand them in the context of a long-term crisis of the kind we are currently experiencing. Courses, webinars and workshops are evolving to address these areas so that current and future events do not catch accounting and finance departments off guard, and these resources can be utilized by both individuals and organizations. To move forward, organizations must first prioritize the needs of their staff, and are at least partially responsible for encouraging ongoing education to keep pace with evolving expectations. Note: ONLY Question 1 is based on the article above. Question 1 (50 marks) Identify and explain TEN (10) technological advancement that will be able to assist the roles of accountants post Covid-19