A three-day international conference, themed ‘Artificial Intelligence and Disruptive Innovation/Technologies: A Curriculum Change in Accounting Education and Practice’, was held at Chukwuemeka Odumegwu Ojukwu University (COOU), Igbariam, Anambra State. Organised by the Association of National Accountants of Nigeria (ANAN) in partnership with COOU’s Department of Accountancy, the event brought together academics, researchers, and practitioners to discuss the growing influence of Artificial Intelligence (AI) on accounting education and practice. The conference served as a platform to deliberate on how emerging technologies could transform the profession, address current challenges, and equip future accountants for a rapidly evolving global landscape.
In his keynote address, Professor Meshack Ifurueze, Head of Research at ANAN’s Centre at COOU, emphasised the urgent need for the accounting profession to embrace AI and disruptive innovations. He highlighted AI’s transformative potential in revolutionising education, research, and practice, stating that it is both an opportunity and a challenge. He warned that accounting bodies that fail to integrate these technologies into their operations and curricula risk becoming obsolete in a competitive global economy. Ifurueze further commended the ANAN research centre, which was established during the tenure of Professor Benjamin Osisioma, for championing forward-thinking initiatives. The centre’s workshops on research methods, grant writing, and postgraduate training aim to modernise accounting education and equip participants with essential tools for a tech-driven future.
Traditional accounting curriculum is inadequate for the digital era.
Professor Emma Okoye, a lecturer at the Nnamdi Azikiwe University, Awka, echoed these sentiments, stressing that the traditional accounting curriculum is outdated and ill-suited to the demands of the digital era. In his speech, Okoye highlighted the transformative power of innovations such as machine learning, natural language processing, and automated financial systems, which have become integral to global accounting practices. He criticised the reluctance of some Nigerian institutions to adopt these technologies, warning that graduates without exposure to AI-driven tools would struggle to compete internationally. Okoye urged educators and institutions to redesign their curriculum to reflect modern realities, ensuring that students acquire the necessary skills to thrive in the workforce.
The conference underscored the pressing need for Nigerian accounting professionals to align with global trends in Technology adoption. Around the world, AI is revolutionising accounting processes by automating routine tasks, improving accuracy, and offering predictive insights. In the United Kingdom, platforms such as Xero and QuickBooks have streamlined tasks like payroll management, Tax compliance, and financial reporting, enabling businesses to operate with greater efficiency. In the United States, major accounting firms are leveraging machine learning algorithms to analyse vast datasets, uncover trends, and enhance decision-making. In fact, a report by PwC’s highlights that 45% of global Economic Growth by 2030 will likely stem from AI-driven advancements in product development, leading to increased demand. These shifts demonstrate AI’s transformative role in not only accounting but also in driving broader economic progress.
Nigeria lags in global AI adoption for accounting.
Furthermore, emerging economies are also witnessing rapid adoption of AI in accounting. India, for instance, has seen businesses integrate AI-driven solutions for tax compliance and bookkeeping, drastically reducing errors and improving efficiency. Singapore’s government has employed AI tools in public financial management, enhancing transparency and enabling better allocation of resources. However, Nigeria lags behind, with many organisations still reliant on manual processes. This lack of adoption not only hampers efficiency but also places Nigerian accountants at a disadvantage in the global marketplace. Bridging this gap will require a concerted effort from educators, professional bodies, and policymakers to invest in digital tools, training, and infrastructure.
Moreover, AI’s benefits in accounting extend beyond improving efficiency. One of the most significant advantages is its ability to enhance Fraud detection. AI-driven systems are now widely used in financial institutions to identify transaction irregularities with remarkable speed and accuracy. By analysing large datasets in real-time, AI can pinpoint potential fraud far more effectively than traditional methods. In addition, AI helps automate repetitive and time-consuming tasks, freeing accountants to focus on more strategic roles such as financial planning and advisory services. This shift not only increases Productivity but also elevates the role of accountants, making them key contributors to decision-making within organisations. Also, AI’s ability to provide real-time financial insights boosts transparency and accountability across the financial sector, fostering better decision-making and improving overall risk management.
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Ultimately, the conference underscored the necessity of integrating artificial intelligence and disruptive technologies into accounting education and practice. For Nigerian accountants and educators, adopting these innovations is imperative to remain relevant in a rapidly evolving digital economy. While the path to full integration may present challenges, the opportunities it offers far outweigh the difficulties. By embracing AI, the Nigerian accounting profession can transform itself, ensuring global competitiveness and positioning itself as a key driver of economic growth in the years to come.