A study of IT competencies expected from accountancy professionals in South Africa

M.Comm.For professional accountants to be relevant in today’s fast changing business world and be able to apply relevant competencies in carrying out their daily duties, they need to acquire the skills, knowledge and competencies necessary to be competitive and add value. Fast change in the business world due to rapid changes in technology and the use of technology has been the major characteristic of the environment in which professional accountants work. Businesses participate in more and more complex transactions and activities. Information technology (hereafter referred to as “IT”) is commonly viewed as one of the main drivers changing the entire business environment, because it is integrated into almost all aspects of business. The International Federation of Accountants (2010:5) (hereafter referred to as IFAC) uses the expression “professional accountants in business” to refer to all those members of the profession who are not primarily focused on performing the external audit of an organisation’s financial statements. They are a very diverse constituency, and can be found working as employees, consultants, and self-employed owner-managers or advisers in commerce, industry, financial services, the public sector, education, and the not-for-profit sector. IFAC has a role in defining the values and expected competencies of all professional accountants